ASMF vs. PFFA

Last updated Aug 2, 2026

ASMF (Virtus AlphaSimplex Managed Futures ETF) and PFFA (Virtus InfraCap U.S. Preferred Stock ETF) are both exchange-traded funds - ASMF is a Systematic Trend fund actively managed by Virtus, while PFFA is a Preferred Stock fund actively managed by Virtus. Both are actively managed. Over the past year, ASMF returned 16.60% vs 6.02% for PFFA. Their 0.19 correlation means their historical movements had little consistent relationship. ASMF charges 0.80%/yr vs 1.47%/yr for PFFA.

Performance

ASMF vs. PFFA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus AlphaSimplex Managed Futures ETF (ASMF) and Virtus InfraCap U.S. Preferred Stock ETF (PFFA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ASMF achieves a 7.73% return, which is significantly higher than PFFA's 1.20% return.

ASMF

• 1D: 0.77%
• 1M: 1.36%
• 6M: 3.31%
• YTD: 7.73%
• 1Y: 16.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 2.24%

PFFA

• 1D: 0.44%
• 1M: -0.04%
• 6M: -0.75%
• YTD: 1.20%
• 1Y: 6.02%
• 3Y*: 11.42%
• 5Y*: 5.57%
• 10Y*: —
• ALL TIME*: 7.21%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ASMF Virtus AlphaSimplex Managed Futures ETF	$131.02K	$83.29K	$68.36K
PFFA Virtus InfraCap U.S. Preferred Stock ETF	$15.74M	$17.23M	$20.45M

ASMF vs. PFFA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ASMF Virtus AlphaSimplex Managed Futures ETF	7.73%	1.16%	-3.65%
PFFA Virtus InfraCap U.S. Preferred Stock ETF	1.20%	8.22%	10.07%

Correlation

The correlation between ASMF and PFFA is 0.27, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.27
Correlation (All Time) Calculated using the full available price history since May 16, 2024	0.19

Return for Risk

ASMF vs. PFFA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ASMF

ASMF Risk / Return Rank: 65
ASMF Sharpe Ratio Rank: 61
ASMF Sortino Ratio Rank: 58
ASMF Omega Ratio Rank: 61
ASMF Calmar Ratio Rank: 85
ASMF Martin Ratio Rank: 62

PFFA

PFFA Risk / Return Rank: 29
PFFA Sharpe Ratio Rank: 31
PFFA Sortino Ratio Rank: 29
PFFA Omega Ratio Rank: 29
PFFA Calmar Ratio Rank: 28
PFFA Martin Ratio Rank: 29

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ASMF vs. PFFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus AlphaSimplex Managed Futures ETF (ASMF) and Virtus InfraCap U.S. Preferred Stock ETF (PFFA). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ASMF	PFFA	Difference
Sharpe ratio: Return per unit of total volatility	1.43	0.76	+0.67
Sortino ratio: Return per unit of downside risk	1.99	1.11	+0.88
Omega ratio: Gain probability vs. loss probability	1.27	1.14	+0.13
Calmar ratio: Return relative to maximum drawdown	3.26	0.89	+2.38
Martin ratio: Return relative to average drawdown	7.54	2.56	+4.98

ASMF vs. PFFA - Sharpe Ratio Comparison

The current ASMF Sharpe Ratio is 1.43, which is higher than the PFFA Sharpe Ratio of 0.76. The chart below compares the historical Sharpe Ratios of ASMF and PFFA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ASMF vs. PFFA - Drawdown Comparison

The maximum ASMF drawdown since its inception was -15.31%, smaller than the maximum PFFA drawdown of -70.52%. Use the drawdown chart below to compare losses from any high point for ASMF and PFFA.

Drawdown Indicators

	ASMF	PFFA	Difference
Max Drawdown Largest peak-to-trough decline	-15.31%	-70.52%	+55.21%
Max Drawdown (1Y) Largest decline over 1 year	-5.02%	-6.49%	+1.47%
Max Drawdown (3Y) Largest decline over 3 years	—	-12.15%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-22.70%	—
Current Drawdown Current decline from peak	-2.83%	-3.29%	+0.46%
Average Drawdown Average peak-to-trough decline	-7.27%	-6.57%	-0.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.17%	2.25%	-0.08%

Volatility

ASMF vs. PFFA - Volatility Comparison

Virtus AlphaSimplex Managed Futures ETF (ASMF) and Virtus InfraCap U.S. Preferred Stock ETF (PFFA) have volatilities of 2.26% and 2.32%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ASMF	PFFA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.26%	2.32%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	9.19%	6.46%	+2.73%
Volatility (1Y) Calculated over the trailing 1-year period	11.49%	7.62%	+3.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.90%	11.59%	-0.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.90%	31.55%	-20.65%

ASMF vs. PFFA - Expense Ratio Comparison

ASMF has a 0.80% expense ratio, which is lower than PFFA's 1.47% expense ratio.

Dividends

ASMF vs. PFFA - Dividend Comparison

ASMF's dividend yield for the trailing twelve months is around 0.20%, less than PFFA's 9.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
ASMF Virtus AlphaSimplex Managed Futures ETF	0.20%	0.22%	1.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PFFA Virtus InfraCap U.S. Preferred Stock ETF	9.98%	9.47%	9.18%	9.56%	10.75%	7.64%	8.54%	10.02%	5.15%

Frequently Asked Questions

Can I hold both ASMF and PFFA in my portfolio?

ASMF and PFFA have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ASMF or PFFA?

PFFA has higher volatility (2.32%) compared to ASMF (2.26%). In terms of maximum drawdown, ASMF dropped -15.31% vs PFFA's -70.52%.

Which ETF is better, ASMF or PFFA?

On 1-year performance, ASMF leads with 16.60% vs 6.02% for PFFA. On fees, ASMF is cheaper at 0.80% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ASMF or PFFA?

Over the 1-year period, ASMF has performed better with a 16.60% return vs 6.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ASMF or PFFA?

ASMF is cheaper with a 0.80% expense ratio, compared with 1.47% for PFFA.

Which ETF pays a higher dividend yield, ASMF or PFFA?

PFFA has the higher dividend yield at 9.98%, compared with 0.20% for ASMF.

What is the main difference between ASMF and PFFA?

ASMF is categorized as Systematic Trend, while PFFA is Preferred Stock. Their fees differ too: 0.80% for ASMF and 1.47% for PFFA.

Which has better risk-adjusted returns?

ASMF currently has the higher Sharpe Ratio (1.43 vs 0.76), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.