Dividend comparison
PFF vs PGX: Which Is Better for Income?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for iShares Preferred and Income Securities ETF and Invesco Preferred ETF, side by side. Updated October 21, 2026.
PFF vs PGX: key differences
The short answer, from the latest data on this page.
- Fees. PFF is cheaper at 0.45% a year versus 0.50% for PGX. On $10,000 that is $5 a year less in fees.
- Income. PGX pays more income, yielding 6.95% over the last twelve months versus 5.65% for PFF. That is about $130 more a year on $10,000. Both pay monthly.
- Performance. Over the last 5 years, PFF returned -4.9% versus -15.7% for PGX, with dividends reinvested. $10,000 would have grown to $9,506 in PFF and $8,430 in PGX.
- Risk. PGX has been the bumpier ride. Its worst peak-to-trough decline over the last 5 years was -24.6%, against -21.0% for PFF.
- Diversification. PFF holds 453 positions and PGX holds 270. The ten largest positions make up 25.4% of PFF and 13.0% of PGX.
- Overlap. At least 22% of the two portfolios overlap by weight, across 54 shared holdings.
- Dividend growth. PFF grew its yearly payout 2.7% a year over the last 4 years, versus -1.6% for PGX.
- Size. PFF is the larger fund with $12.0 billion in assets, against $3.6 billion for PGX.
Bottom line: PFF fits better if you care most about lower fees, stronger 5-year returns, smaller drawdowns, faster dividend growth and broader diversification. PGX fits better if you care most about more income today.
Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
| Metric | PFF iShares Preferred and Income Securities ETF | PGX Invesco Preferred ETF |
|---|---|---|
| Dividend yield (TTM) | 5.65% | 6.95% |
| Dividend / share (TTM) | $1.63 | $0.69 |
| Payout frequency | Monthly | Monthly |
| Last dividend | $0.1594 on Oct 6, 2026 | $0.0573 on Sep 25, 2026 |
| Ex-dividend date | Oct 1, 2026 | Oct 19, 2026 |
| Next payment | — | $0.0610 on Oct 23, 2026 |
| Dividend growth (CAGR) | 2.7% over 4 yrs | -1.6% over 4 yrs |
| Price | $28.87 | $9.93 |
| Beta | 0.97 | 1.21 |
| Max drawdown (5Y) | -21.0% | -24.6% |
| Market cap | $11.94B | $3.61B |
| Exchange | NASDAQ | AMEX |
| Expense ratio | 0.45% | 0.50% |
| Assets under management | $11.95B | $3.57B |
| Number of holdings | 453 | 270 |
| Top 10 concentration | 25.4% | 13.0% |
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.
PFF
$47.11/mo
$565 /yr at 5.65% yield
PGX
$57.93/mo
$695 /yr at 6.95% yield
Dividend history
Total dividends paid per share in each calendar year. PFF pays monthly; PGX pays monthly.
| Year | PFF | PGX |
|---|---|---|
| 2025 | $1.9492 | $0.6771 |
| 2024 | $1.9861 | $0.6860 |
| 2023 | $2.0682 | $0.7365 |
| 2022 | $1.8350 | $0.7030 |
| 2021 | $1.7555 | $0.7232 |
Strategy: Alternative income
Income vehicles outside ordinary stocks and bonds: real estate investment trusts, preferred shares, business development companies that lend to private firms, and energy pipeline partnerships. Each is structured to pass most of its earnings through to shareholders, which is why yields are high. Their payouts depend on rents, loan books or pipeline volumes rather than on corporate dividend policy.
These income streams are sensitive to interest rates and credit conditions, and much of the income is taxed as ordinary income rather than qualified dividends.
Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Oct 20, 2021 would now be worth $9,506 in PFF and $8,430 in PGX.
| Period | PFF | PGX |
|---|---|---|
| 1 month | -3.77% | -4.43% |
| 3 months | -4.88% | -8.56% |
| Year to date | -6.75% | -11.65% |
| 1 year | -7.79% | -13.80% |
| 3 years | 16.55% | 9.85% |
| 5 years | -4.94% | -15.70% |
- PFF
- PGX
Both series indexed to 100 on 2021-10-20 using the adjusted closing price series. Past performance does not guarantee future results.
Sector allocation
Weight of each sector within the fund. Sectors are aligned on the same row so the two funds can be read against each other directly.
- PFF
- PGX
PFF vs PGX holdings overlap
At least 22% overlap by weight, with 54 holdings in common. Overlap adds up the smaller of the two weights for every stock both funds own, so 100% would mean identical portfolios.
| Largest shared holdings | PFF weight | PGX weight |
|---|---|---|
| JPM-PCJPMORGAN CHASE & CO | 0.86% | 1.77% |
| JPM-PDJPMORGAN CHASE & CO | 0.74% | 1.53% |
| WFC-PZWELLS FARGO & COMPANY | 0.69% | 1.41% |
| JPM-PMJPMORGAN CHASE AND CO DS REPSTG T | 0.64% | 1.33% |
| JPM-PLJPMORGAN CHASE NON-CUMULATIVE PREF | 0.64% | 1.32% |
| T-PCAT&T INC | 0.56% | 1.17% |
| JPM-PKJPMORGAN CHASE DRC | 0.51% | 1.05% |
| COF-PICAPITAL ONE FINANCIAL CORPORATION | 0.51% | 1.05% |
| MS-PQMORGAN STANLEY | 0.48% | 1.00% |
| TBBAT&T INC | 0.48% | 1.01% |
Top 10 holdings
Largest positions by portfolio weight.
PFF453 holdings total
PGX270 holdings total
| Name | Weight |
|---|---|
| JPM-PCJPMorgan Chase & Co 6.00% 12/31/2079 | 1.77% |
| JPM-PDJPMorgan Chase & Co 5.75% 12/31/2079 | 1.53% |
| WFC-PZWells Fargo & Co 4.75% 12/31/2079 | 1.41% |
| JPM-PMJPMorgan Chase & Co 4.20% 12/31/2079 | 1.33% |
| JPM-PLJPMorgan Chase & Co 4.63% 12/31/2079 | 1.32% |
| BAC-PBBank of America Corp 6.00% 12/31/2079 | 1.26% |
| T-PCAT&T Inc 4.75% 12/31/2079 | 1.17% |
| BAC-PMBank of America Corp 5.38% 12/30/2049 | 1.12% |
| JPM-PKJPMorgan Chase & Co 4.55% 12/31/2079 | 1.05% |
| COF-PICapital One Financial Corp 5.00% 12/31/2079 | 1.05% |
Quick verdict
PFF fits better if you care most about lower fees, stronger 5-year returns, smaller drawdowns, faster dividend growth and broader diversification. PGX fits better if you care most about more income today. Model the holding inside your real portfolio before deciding.
Still deciding? Compare them in your portfolio
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Frequently asked questions
Is PFF or PGX better for dividend income?
It depends on your goals. PFF currently yields 5.65% Trailing Twelve Months (TTM) while PGX yields 6.95%. Higher yield means more current income per dollar invested, but may come with different risk, growth, or NAV characteristics. Compare total return and payout sustainability — not just the headline yield.
What is the difference between PFF and PGX?
iShares Preferred and Income Securities ETF (PFF) is an ETF listed on NASDAQ. Invesco Preferred ETF (PGX) is an ETF listed on AMEX. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, PFF or PGX?
PFF has the lower expense ratio. PFF charges 0.45% a year and PGX charges 0.50%, a difference of $5 a year on a $10,000 investment.
Which has performed better, PFF or PGX?
Over the last 5 years, PFF has the higher total return with dividends reinvested: PFF returned -4.9% and PGX returned -15.7%. Past performance does not predict future returns.
Which is riskier, PFF or PGX?
Measured by the worst peak-to-trough decline over the last five years, PGX has been riskier: PFF fell as much as 21.0% and PGX as much as 24.6%. Their betas are 0.97 and 1.21.
How much do PFF and PGX overlap?
At least 22% of the two portfolios overlap by weight, across 54 shared holdings. The largest shared positions are JPM-PC, JPM-PD, WFC-PZ. Holding both still adds meaningful diversification.
How often do PFF and PGX pay dividends?
Both pay monthly. The most recent payments were $0.1594 for PFF and $0.0573 for PGX.
How much income does $10,000 in PFF vs PGX generate?
At current TTM yields, $10,000 in PFF would generate roughly $47.11 per month ($565 annually). The same amount in PGX would produce about $57.93 per month ($695 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both PFF and PGX?
Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.
Where can I compare PFF vs PGX with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how PFF and PGX fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.
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For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.