VRP vs SPY

Comparison between INVESCO VARIABLE RATE PREFERRED ETF (VRP, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).

5-Year PerformanceSPY has outperformed VRP, delivering a return of +13.3% compared to +4.5%

VRP vs SPY - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	VRP(ETF)	SPY(ETF)
Net Assets	$2.40B	$652B
Expense Ratio	0.50%	0.09%
Max Drawdown	46.22%	56.47%
Sharpe Ratio	1.57	2.07
5Y Beta	0.16	1.00
P/E Ratio	N/A	28.24
Forward P/E	N/A	21.85
5Y Dividends CAGR	6.90%	5.43%
5Y EPS CAGR	N/A	25.79%
Debt to Equity	N/A	22.35%
P/S Ratio	N/A	3.55
P/B Ratio	N/A	5.29

Net Assets

VRP

$2.40B

Winner

SPY

$652B

Expense Ratio

VRP

0.50%

Winner

SPY

0.09%

Max Drawdown

Winner

VRP

46.22%

SPY

56.47%

Sharpe Ratio

VRP

1.57

Winner

SPY

2.07

5Y Beta

Winner

VRP

0.16

SPY

1.00

P/E Ratio

VRP

N/A

SPY

28.24

Forward P/E

VRP

N/A

SPY

21.85

5Y Dividends CAGR

Winner

VRP

6.90%

SPY

5.43%

5Y EPS CAGR

VRP

N/A

SPY

25.79%

Debt to Equity

VRP

N/A

SPY

22.35%

P/S Ratio

VRP

N/A

SPY

3.55

P/B Ratio

VRP

N/A

SPY

5.29

VRP vs SPY - Historical Returns

Returns include dividend reinvestment.

Period	VRP	SPY
1 month	+0.71%	+9.11%
3 months	+0.89%	+6.59%
6 months	+2.61%	+10.56%
1 year	+8.40%	+32.04%
5 years(CAGR)	+4.46%	+13.35%
10 years(CAGR)	+5.46%	+15.49%
Max(CAGR)	+5.11%	+8.50%

VRP

+0.71%

Winner

SPY

+9.11%

VRP

+0.89%

Winner

SPY

+6.59%

VRP

+2.61%

Winner

SPY

+10.56%

VRP

+8.40%

Winner

SPY

+32.04%

5Y(CAGR)

VRP

+4.46%

Winner

SPY

+13.35%

10Y(CAGR)

VRP

+5.46%

Winner

SPY

+15.49%

Max(CAGR)

VRP

+5.11%

Winner

SPY

+8.50%

VRP vs SPY - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	VRP	SPY
2026	+1.68%	+8.27%
2025	+7.07%	+18.00%
2024	+11.29%	+25.59%
2023	+10.49%	+26.72%
2022	-9.00%	-18.64%
2021	+4.93%	+30.52%
2020	+4.79%	+17.28%
2019	+18.32%	+31.09%
2018	-6.37%	-5.24%
2017	+8.94%	+20.78%
2016	+6.93%	+13.59%
2015	+2.65%	+1.31%
2014	+1.81%	+14.56%
2013	N/A	+29.00%
2012	N/A	+14.17%
2011	N/A	+0.85%
2010	N/A	+13.14%
2009	N/A	+22.67%
2008	N/A	-36.25%
2007	N/A	+5.32%
2006	N/A	+13.85%
2005	N/A	+5.32%
2004	N/A	+10.75%
2003	N/A	+24.18%
2002	N/A	-22.42%
2001	N/A	-10.13%
2000	N/A	-8.84%
1999	N/A	+8.61%

VRP vs SPY Drawdown Comparison

The maximum drawdown for VRP was -46.04%, occurring on Mar 18, 2020. Recovery took 193 trading sessions.

The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.

Rank	VRP	SPY
#1	-46.04% Feb 12, 2020 - Nov 16, 2020	-55.20% Oct 9, 2007 - Aug 16, 2012
#2	-13.76% Sep 22, 2021 - Jan 10, 2024	-47.50% Mar 24, 2000 - Oct 26, 2006
#3	-9.04% Aug 31, 2018 - Mar 1, 2019	-33.70% Feb 19, 2020 - Aug 10, 2020
#4	-7.54% Apr 24, 2015 - Apr 22, 2016	-24.50% Jan 3, 2022 - Dec 13, 2023
#5	-5.38% Sep 6, 2016 - Feb 7, 2017	-19.34% Sep 20, 2018 - Apr 12, 2019
#6	-4.26% Feb 28, 2025 - May 16, 2025	-18.76% Feb 19, 2025 - Jun 26, 2025
#7	-2.89% Feb 24, 2026 - Apr 20, 2026	-13.02% Jul 20, 2015 - Apr 18, 2016
#8	-2.43% Oct 23, 2017 - Aug 31, 2018	-10.10% Jan 26, 2018 - Aug 6, 2018
#9	-1.88% Jul 18, 2024 - Aug 15, 2024	-9.44% Sep 2, 2020 - Nov 11, 2020
#10	-1.72% Mar 22, 2024 - May 2, 2024	-9.30% Jan 19, 2000 - Mar 17, 2000
#11	-1.71% Aug 29, 2014 - Jan 26, 2015	-9.05% Jul 19, 2007 - Oct 5, 2007
#12	-1.67% Feb 9, 2021 - Mar 31, 2021	-8.88% Jan 27, 2026 - Apr 14, 2026
#13	-1.55% Jan 3, 2025 - Feb 5, 2025	-8.41% Jul 16, 2024 - Sep 19, 2024
#14	-1.41% Feb 27, 2017 - Mar 30, 2017	-7.35% Sep 14, 2012 - Jan 2, 2013
#15	-1.41% Aug 3, 2017 - Oct 23, 2017	-7.27% Sep 18, 2014 - Oct 31, 2014

Correlation

Correlation between VRP and SPY is 0.98 which considered as a very strong positive correlation - the stocks move almost identically together.

0.98

-101

Dividend Comparison (1999 - 2026)

VRP vs SPY dividend yield comparison.

Year	VRP	SPY
2026	1.63%	0.24%
2025	6.53%	1.07%
2024	5.78%	1.21%
2023	6.61%	1.40%
2022	5.38%	1.65%
2021	4.25%	1.20%
2020	4.17%	1.52%
2019	4.71%	1.75%
2018	5.28%	2.04%
2017	4.69%	1.80%
2016	5.10%	2.03%
2015	5.02%	2.06%
2014	3.04%	1.87%
2013	0.00%	1.81%
2012	0.00%	2.18%
2011	0.00%	2.05%
2010	0.00%	1.80%
2009	0.00%	1.95%
2008	0.00%	3.02%
2007	0.00%	1.85%
2006	0.00%	1.73%
2005	0.00%	1.73%
2004	0.00%	1.82%
2003	0.00%	1.47%
2002	0.00%	1.70%
2001	0.00%	1.25%
2000	0.00%	1.15%
1999	0.00%	0.24%