Invesco Variable Rate Preferred ETF (VRP) Performance
VRP total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +0.9% since Dec 31, 2025
- 1 year
- +1.3% total return
- 5 years
- +3.8% a year
- 10 years
- +4.6% a year
- Since first price
- +4.9% a year since 2014
VRP trailing returns vs AGG, TLT, SPY
| Period | VRP total return | Price only | U.S. bonds (AGG) | 20+ yr Treasuries (TLT) | S&P 500 (SPY) |
|---|---|---|---|---|---|
| 1 month | −1.0% | −1.5% | +0.9% | +1.5% | −1.0% |
| 3 months | −1.2% | −2.6% | −0.4% | −1.0% | +3.2% |
| 6 months | −0.8% | −3.2% | −1.5% | −3.8% | +7.8% |
| YTD | +0.9% | −3.2% | −1.0% | −3.4% | +12.3% |
| 1 year | +1.3% | −4.3% | −1.1% | −6.9% | +14.4% |
| 3 years | +30.0%+9.1%/yr | +8.7% | +16.6%+5.2%/yr | +9.7%+3.1%/yr | +87.4%+23.3%/yr |
| 5 years | +20.6%+3.8%/yr | −9.9% | −0.8%−0.2%/yr | −32.5%−7.6%/yr | +79.3%+12.4%/yr |
| 10 years | +57.3%+4.6%/yr | −7.4% | +14.0%+1.3%/yr | −18.7%−2.0%/yr | +315.9%+15.3%/yr |
| Since inceptionMay 1, 2014 | +81.1%+4.9%/yr | −5.6% | — | — | — |
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: VRP vs AGG
From May 1, 2014: VRP grew to $18,113, AGG to $12,452.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
VRP returns by calendar year
9 of 11 full years positive. Best 2019 (+19.4%), worst 2022 (−9.0%). 2026 is year to date.
VRP annual returns table
| Year | VRP | Largest drop | AGG | TLT | SPY |
|---|---|---|---|---|---|
| 2026YTD | +0.9% | −2.9% | −1.0% | −3.4% | +12.3% |
| 2025 | +7.3% | −4.3% | +7.2% | +4.3% | +17.7% |
| 2024 | +11.1% | −1.9% | +1.3% | −8.1% | +24.9% |
| 2023 | +10.3% | −10.3% | +5.7% | +2.8% | +26.2% |
| 2022 | −9.0% | −13.0% | −13.0% | −31.2% | −18.2% |
| 2021 | +4.2% | −2.2% | −1.8% | −4.6% | +28.7% |
| 2020 | +5.1% | −46.0% | +7.5% | +18.2% | +18.3% |
| 2019 | +19.4% | −0.7% | +8.5% | +14.1% | +31.2% |
| 2018 | −6.6% | −9.0% | +0.1% | −1.6% | −4.6% |
| 2017 | +9.3% | −1.5% | +3.6% | +9.2% | +21.7% |
| 2016 | +6.8% | −7.2% | +2.4% | +1.2% | +12.0% |
| 2015 | +3.4% | −3.1% | +0.5% | −1.8% | +1.2% |
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.
VRP largest drawdowns
Now 1.9% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Feb 14, 2020 | −46.0% | Mar 18, 2020 | Nov 16, 2020 | 33 days | 9 months |
| Sep 22, 2021 | −13.8% | Mar 13, 2023 | Jan 10, 2024 | 1.5 years | 2.3 years |
| Aug 31, 2018 | −9.0% | Dec 27, 2018 | Mar 1, 2019 | 4 months | 6 months |
| Apr 28, 2015 | −7.5% | Feb 11, 2016 | Apr 22, 2016 | 9 months | 12 months |
| Sep 6, 2016 | −5.4% | Nov 14, 2016 | Feb 7, 2017 | 2 months | 5 months |
Declines from a closing high (distributions reinvested) of 5% or more. Underwater = time from the peak until the old high was regained.
VRP risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2014 |
|---|---|---|---|---|
| Annualized return | +8.3% | +3.9% | +4.7% | +4.9% |
| Volatility (annualized) | 4.5% | 6.8% | 8.0% | 7.4% |
| Sharpe ratio | 0.84 | 0.06 | 0.33 | 0.43 |
| Sortino ratio | 1.49 | 0.10 | 0.47 | 0.63 |
| Best month | +5.0% | +5.7% | +9.1% | +9.1% |
| Worst month | −2.5% | −4.1% | −12.1% | −12.1% |
| Best 12 months | +19.8% | +19.8% | +25.9% | +25.9% |
| Worst 12 months | +2.0% | −12.3% | −12.3% | −12.3% |
| Positive months | 78% | 63% | 67% | 66% |
| Beta vs S&P 500 | 0.27 | 0.31 | 0.39 | — |
| Correlation with S&P 500 | 0.75 | 0.73 | 0.74 | — |
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.
VRP rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 138 | −12.3% | +5.7% | +25.9% | 81% |
| 3-year (a year) | 114 | −0.7% | +5.3% | +10.6% | 96% |
| 5-year (a year) | 90 | +1.3% | +4.6% | +8.1% | 100% |
| 10-year (a year) | 30 | +4.6% | +5.1% | +5.9% | 100% |
Every holding period starting at a month-end since 2014. Returns for 3 years and longer are annualized.
VRP performance overview
Invesco Variable Rate Preferred ETF (VRP) returned +1.3% over the past year and +4.6% a year over ten years, with distributions reinvested. Since its first recorded price in 2014 it has returned +4.9% a year, turning $10,000 into about $18,113. Over the same year U.S. bonds (AGG) returned −1.1%.
The deepest decline was −46.0%, from Feb 14, 2020 to Mar 18, 2020, and it took 8 months to get back to the old high. VRP finished 9 of its 11 full calendar years with a gain; the best year was 2019 (+19.4%) and the worst 2022 (−9.0%). Volatility has been 7.4% a year.
Related: VRP chart, VRP dividends, VRP bond profile. See the VRP overview for the latest quote and fund facts.
VRP performance FAQ
What is the VRP return over the past year?
VRP returned +1.3% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 4.3%.
What is the average annual return of VRP?
VRP has returned +3.8% a year over 5 years, +4.6% a year over 10 years, +4.9% a year since May 1, 2014 (total return, distributions reinvested).
How much would $10,000 invested in VRP be worth?
$10,000 invested in VRP at its first recorded close on May 1, 2014 would be worth about $18,113 on October 23, 2026 with distributions reinvested.
What was the worst year for VRP?
The worst calendar year was 2022, with a total return of −9.0%. The best was 2019 at +19.4%.
What is the biggest drawdown of VRP?
The largest peak-to-trough decline was −46.0% between February 14, 2020 and March 18, 2020. It recovered to the old high on November 16, 2020, 8 months after the bottom.
How volatile is VRP?
Over the past 3 years VRP had an annualized volatility of 4.5% and a Sharpe ratio of 0.84 (excess return over 1–3 month T-bills per unit of risk).