Invesco Preferred ETF (PGX) Performance
PGX total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −7.1% since Dec 31, 2025
- 1 year
- −8.6% total return
- 5 years
- −2.3% a year
- 10 years
- +1.5% a year
- Since first price
- +2.5% a year since 2008
PGX trailing returns vs AGG, TLT, SPY
| Period | PGX total return | Price only | U.S. bonds (AGG) | 20+ yr Treasuries (TLT) | S&P 500 (SPY) |
|---|---|---|---|---|---|
| 1 month | −3.2% | −3.8% | +0.9% | +1.5% | −1.0% |
| 3 months | −5.9% | −7.5% | −0.4% | −1.0% | +3.2% |
| 6 months | −8.3% | −11.2% | −1.5% | −3.8% | +7.8% |
| YTD | −7.1% | −11.8% | −1.0% | −3.4% | +12.3% |
| 1 year | −8.6% | −14.1% | −1.1% | −6.9% | +14.4% |
| 3 years | +15.9%+5.1%/yr | −3.3% | +16.6%+5.2%/yr | +9.7%+3.1%/yr | +87.4%+23.3%/yr |
| 5 years | −11.0%−2.3%/yr | −34.0% | −0.8%−0.2%/yr | −32.5%−7.6%/yr | +79.3%+12.4%/yr |
| 10 years | +16.2%+1.5%/yr | −34.2% | +14.0%+1.3%/yr | −18.7%−2.0%/yr | +315.9%+15.3%/yr |
| 15 years | +73.1%+3.7%/yr | −28.1% | +32.2%+1.9%/yr | +9.9%+0.6%/yr | +696.0%+14.8%/yr |
| Since inceptionJan 31, 2008 | +57.6%+2.5%/yr | −51.3% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: PGX vs AGG
From Jan 31, 2008: PGX grew to $15,757, AGG to $16,188.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
PGX returns by calendar year
14 of 17 full years positive. Best 2009 (+19.5%), worst 2022 (−21.2%). 2026 is year to date.
PGX annual returns table
| Year | PGX | Largest drop | AGG | TLT | SPY |
|---|---|---|---|---|---|
| 2026YTD | −7.1% | −10.1% | −1.0% | −3.4% | +12.3% |
| 2025 | +3.5% | −7.5% | +7.2% | +4.3% | +17.7% |
| 2024 | +6.5% | −7.4% | +1.3% | −8.1% | +24.9% |
| 2023 | +9.5% | −16.5% | +5.7% | +2.8% | +26.2% |
| 2022 | −21.2% | −22.6% | −13.0% | −31.2% | −18.2% |
| 2021 | +3.1% | −3.5% | −1.8% | −4.6% | +28.7% |
| 2020 | +7.1% | −34.1% | +7.5% | +18.2% | +18.3% |
| 2019 | +17.6% | −2.0% | +8.5% | +14.1% | +31.2% |
| 2018 | −4.0% | −8.1% | +0.1% | −1.6% | −4.6% |
| 2017 | +10.5% | −1.8% | +3.6% | +9.2% | +21.7% |
| 2016 | +0.9% | −7.6% | +2.4% | +1.2% | +12.0% |
| 2015 | +7.9% | −3.1% | +0.5% | −1.8% | +1.2% |
| 2014 | +16.3% | −1.9% | +6.0% | +27.3% | +13.5% |
| 2013 | −2.4% | −9.6% | −2.0% | −13.4% | +32.3% |
| 2012 | +14.5% | −3.5% | +3.8% | +2.6% | +16.0% |
| 2011 | +3.6% | −11.1% | +7.7% | +34.0% | +1.9% |
| 2010 | +11.6% | −8.6% | +6.4% | +9.0% | +15.1% |
| 2009 | +19.5% | −53.5% | +3.0% | −21.8% | +26.4% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
PGX largest drawdowns
Now 11.8% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Feb 6, 2008 | −66.4% | Mar 6, 2009 | Aug 6, 2012 | 1.1 years | 4.5 years |
| Feb 11, 2020 | −34.1% | Mar 18, 2020 | Aug 17, 2020 | 36 days | 6 months |
| Nov 5, 2021 | −24.7% | Oct 19, 2023 | not yet | 2.0 years | 5.0 years so far |
| May 8, 2013 | −9.6% | Aug 19, 2013 | Mar 31, 2014 | 3 months | 11 months |
| Aug 31, 2018 | −8.1% | Dec 24, 2018 | Feb 12, 2019 | 4 months | 5 months |
| Sep 7, 2016 | −7.6% | Nov 14, 2016 | Apr 3, 2017 | 2 months | 7 months |
Declines from a closing high (distributions reinvested) of 5% or more. Underwater = time from the peak until the old high was regained.
PGX risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2008 |
|---|---|---|---|---|
| Annualized return | +3.3% | −2.1% | +1.6% | +2.5% |
| Volatility (annualized) | 10.1% | 13.2% | 10.9% | 14.4% |
| Sharpe ratio | -0.06 | -0.37 | -0.01 | 0.16 |
| Sortino ratio | -0.09 | -0.53 | -0.01 | 0.21 |
| Best month | +9.8% | +13.7% | +13.7% | +18.3% |
| Worst month | −5.5% | −7.7% | −8.4% | −26.1% |
| Best 12 months | +24.6% | +24.6% | +24.6% | +81.8% |
| Worst 12 months | −7.6% | −21.5% | −21.5% | −55.0% |
| Positive months | 56% | 48% | 57% | 62% |
| Beta vs S&P 500 | 0.57 | 0.55 | 0.45 | — |
| Correlation with S&P 500 | 0.70 | 0.66 | 0.63 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
PGX rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 214 | −55.0% | +5.5% | +81.8% | 80% |
| 3-year (a year) | 190 | −6.1% | +5.6% | +29.4% | 81% |
| 5-year (a year) | 166 | −2.4% | +5.8% | +19.1% | 93% |
| 10-year (a year) | 106 | +1.6% | +4.2% | +12.6% | 100% |
Every holding period starting at a month-end since 2008. Returns for 3 years and longer are annualized.
PGX performance overview
Invesco Preferred ETF (PGX) returned −8.6% over the past year and +1.5% a year over ten years, with distributions reinvested. Since its first recorded price in 2008 it has returned +2.5% a year, turning $10,000 into about $15,757. Over the same year U.S. bonds (AGG) returned −1.1%.
The deepest decline was −66.4%, from Feb 6, 2008 to Mar 6, 2009, and it took 3.4 years to get back to the old high. PGX finished 14 of its 17 full calendar years with a gain; the best year was 2009 (+19.5%) and the worst 2022 (−21.2%). Volatility has been 14.4% a year.
Related: PGX chart, PGX dividends, PGX bond profile. See the PGX overview for the latest quote and fund facts.
PGX performance FAQ
What is the PGX return over the past year?
PGX returned −8.6% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 14.1%.
What is the average annual return of PGX?
PGX has returned −2.3% a year over 5 years, +1.5% a year over 10 years, +2.5% a year since January 31, 2008 (total return, distributions reinvested).
How much would $10,000 invested in PGX be worth?
$10,000 invested in PGX at its first recorded close on January 31, 2008 would be worth about $15,757 on October 23, 2026 with distributions reinvested.
What was the worst year for PGX?
The worst calendar year was 2022, with a total return of −21.2%. The best was 2009 at +19.5%.
What is the biggest drawdown of PGX?
The largest peak-to-trough decline was −66.4% between February 6, 2008 and March 6, 2009. It recovered to the old high on August 6, 2012, 3.4 years after the bottom.
How volatile is PGX?
Over the past 3 years PGX had an annualized volatility of 10.1% and a Sharpe ratio of -0.06 (excess return over 1–3 month T-bills per unit of risk).