VRPvsPREFETF Comparison
ETF 1
VRP
Invesco Variable Rate Preferred ETF
VS
ETF 2
PREF
Principal Spectrum Preferred Securities Active ETF
Invesco Variable Rate Preferred ETF (VRP) and Principal Spectrum Preferred Securities Active ETF (PREF) belong to the same industry segment: . Both ETFs have the same top 3 sector exposures: Finance, Utilities and Energy. VRP is less expensive with a Total Expense Ratio (TER) of 0.5%, versus 0.55% for PREF. VRP is down -0.4% year-to-date (YTD) with +$696M in YTD flows. PREF performs better with 1.9% YTD performance, and +$495M in YTD flows. Run a side-by-side ETF comparison of VRP and PREF below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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VRP vs PREF performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/02/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | VRP PREF | -0.22%+0.08% | -0.45%+0.20% | -0.40%+1.90% | +1.80%+4.51% | +24.68%+28.09% | +16.25%+14.89% |
| Flows | VRP PREF | +$12M+$107M | +$104M+$179M | +$696M+$495M | +$878M+$617M | +$1.43B+$1.20B | +$1.30B+$1.48B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | VRP PREF | +1.78%+1.52% | +2.12%+1.87% | +2.37%+2.34% | +3.98%+3.90% |
| Max drawdown | VRP PREF | -0.97%-0.73% | -2.97%-2.22% | -2.97%-3.65% | -14.25%-16.83% |
| Max drawdown duration | VRP PREF | 58d57d | 192d90d | 192d59d | 882d1025d |
Trading data
VRP | PREF | |
Last sale 9/3/2026 at 1:30 PM | $24.13 | $18.77 |
| Previous close 09/02/2026 | $24.12 | $18.75 |
| Consolidated volume 09/02/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of September 4, 2026
1-year trailing difference
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PREF
is actively managed and doesn’t replicate an indexVRP | PREF | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 9/3/2026 at 1:30 PM
Live
Closed
VRP | PREF | |
|---|---|---|
| Last price | $24.13 | $18.77 |
| 1D performance | +0.04% | +0.11% |
| AuM | $3.02 B | $1.88 B |
| E/R | 0.5% | 0.55% |
Characteristics
VRP | PREF | |
|---|---|---|
| Management strategy | Passive | Active |
| Provider | Invesco | Principal Global Investors |
| Benchmark | ICE Variable Rate Preferred & Hybrid Securities Index | - |
| N° of holdings | 313 | 158 |
| Asset class | Fixed Income | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | May 1, 2014 | July 10, 2017 |
| ESG | No | No |
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Exposure
Countries
VRP
USA
82.9%
Canada
10.31%
Other
6.78%
PREF
USA
62.89%
Canada
23.27%
Other
13.84%
Sectors
VRP
Finance
53.9%
Utilities
23.26%
Energy
11.61%
Other
11.23%
PREF
Finance
64.64%
Utilities
16.73%
Energy
11.07%
Other
7.56%
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Diversification
VRP
Total weight of top 15 holdings out of 15
13.48%
PREF
Total weight of top 15 holdings out of 15
27.41%
Top 15 holdings
Data as of July 31, 2026
VRP
Bank of America Corporation, 6.625% perp., USD (OO)
1.11%
US48128BAR24
1.08%
JP Morgan, 6.5% perp., USD (OO)
1.07%
Citigroup, 6.875% perp., USD (GG)
0.99%
JP Morgan, 6.875% perp., USD (NN)
0.91%
Citigroup, 6.625% perp., USD (HH)
0.91%
Bank of America Corp.
0.89%
BP PLC, 4.875% perp., USD
0.88%
Citigroup, 7.875% 30oct2040, USD
0.87%
CVS Health, 7% 10mar2055, USD (A)
0.85%
Bank of America Corporation, 5.875% perp., USD (FF)
0.81%
Wells Fargo & Co.
0.81%
Goldman Sachs, 7.5% perp., USD (X)
0.80%
Vodafone Group, 7% 4apr2079, USD
0.75%
Wells Fargo, 6.85% perp., USD (FF)
0.74%
PREF
Bank of America Corp.
2.68%
Enbridge, 8.5% 15jan2084, USD (2023-B)
2.40%
Metlife, 5.85% 15mar2056, USD
2.37%
Toronto-Dominion Bank, 8.125% 31oct2082, USD (3)
2.05%
JP Morgan, 6.5% perp., USD (OO)
1.94%
Bank of Nova Scotia, 8.625% 27oct2082, USD (4)
1.82%
PNC Financial Services Group, 6.25% perp., USD (W)
1.81%
M&T Bank, 3.5% perp., USD (I)
1.68%
US808513CM57
1.65%
Wells Fargo, 6.85% perp., USD (FF)
1.59%
Bank of America Corporation, 6.625% perp., USD (OO)
1.56%
Truist Financial, 6.25% perp., USD (S)
1.49%
Prudential Financial, 3.7% 1oct2050, USD
1.47%
Electricite de France (EDF), 9.125% perp., USD
1.46%
Bank of Nova Scotia, 6.875% 27oct2085, USD (7)
1.44%
Frequently asked questions about VRP and PREF
How have the VRP and PREF ETFs performed in 2026?
As of September 2, 2026, VRP is down -0.4% year-to-date (YTD), while PREF has returned 1.9%. That puts PREF better performer ahead so far this year.
Which ETF is attracting more investor money: VRP or PREF?
Year-to-date, the VRP ETF saw +$696M in flows, compared to +$495M for PREF.
Which ETF is more volatile: VRP or PREF?
Over the past year, VRP had a volatility of 2.12%, while PREF experienced 1.87%.
Which ETF is bigger: VRP or PREF?
As of September 2, 2026, VRP holds $3.02 B in assets under management (AUM), while PREF manages $1.88 B.
What sectors do the VRP and PREF ETFs invest in?
VRP leans toward sectors like Finance, Utilities and Energy. Meanwhile, PREF focuses on Finance, Utilities and Energy.
What are the top holdings of the VRP ETF and PREF ETF?
VRP top holdings include Bank of America Corporation, 6.625% perp., USD (OO), US48128BAR24 and JP Morgan, 6.5% perp., USD (OO). PREF holds in its top three: Bank of America Corp., Enbridge, 8.5% 15jan2084, USD (2023-B) and Metlife, 5.85% 15mar2056, USD.
Which ETF is more diversified: VRP or PREF?
VRP holds 351 securities with 13.48% of its assets in the top 15. PREF has 160 securities and a top 15 weight of 27.41%.
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