I've read online and in the literature that apparently preferred stocks don't grow as much as common stocks. That makes sense, but Goog and Googl are closely tracking each other. I suppose Goog is technically considered as "common stock" but it neither has voting rights nor dividend payments. Can someone explain this situation to me? It doesn't make any sense.
Preferred stocks are income securities that pay an annual dividend (usually quarterly but sometimes monthly or semi-annually) unless they are fixed/floating issues. Most are issued at $25. Most have no maturity date but they are callable at the issue price five years after the date of issue hence they 'don't grow' unless it's a convertible preferred.
GOOG and GOOGL are not preferred stocks and their correlation has nothing to do with preferred stocks.