AWF vs. PFF
AWF (AllianceBernstein Global High Income Closed Fund) and PFF (iShares Preferred and Income Securities ETF) are both funds - AWF is a High Yield Bonds fund actively managed by AllianceBernstein, while PFF is a Preferred Stock/Convertible Bonds fund tracking the ICE Exchange-Listed Preferred & Hybrid Securities Index. AWF is actively managed, while PFF is passively managed. Over the past 10 years, AWF returned 5.47%/yr vs 2.91%/yr for PFF. At a 0.41 correlation, their price movements are largely independent. AWF charges 1.00%/yr vs 0.46%/yr for PFF.
Performance
AWF vs. PFF - Performance Comparison
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Returns By Period
In the year-to-date period, AWF achieves a -1.22% return, which is significantly lower than PFF's 0.49% return. Over the past 10 years, AWF has outperformed PFF with an annualized return of 5.47%, while PFF has yielded a comparatively lower 2.91% annualized return.
AWF
- 1D
- -0.68%
- 1M
- 0.64%
- 6M
- -1.19%
- YTD
- -1.22%
- 1Y
- -1.11%
- 3Y*
- 8.80%
- 5Y*
- 3.85%
- 10Y*
- 5.47%
PFF
- 1D
- -0.62%
- 1M
- -1.86%
- 6M
- -1.60%
- YTD
- 0.49%
- 1Y
- 2.62%
- 3Y*
- 5.73%
- 5Y*
- 0.76%
- 10Y*
- 2.91%
AWF vs. PFF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AWF AllianceBernstein Global High Income Closed Fund | -1.22% | 7.54% | 14.30% | 18.37% | -16.62% | 9.95% | 4.40% | 23.40% | -11.35% | 7.77% |
PFF iShares Preferred and Income Securities ETF | 0.49% | 4.87% | 7.24% | 9.22% | -18.19% | 7.15% | 7.89% | 15.93% | -4.64% | 8.10% |
Correlation
The correlation between AWF and PFF is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.49 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since Mar 30, 2007 | 0.41 |
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Return for Risk
AWF vs. PFF — Risk / Return Rank
AWF
PFF
AWF vs. PFF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AllianceBernstein Global High Income Closed Fund (AWF) and iShares Preferred and Income Securities ETF (PFF). 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.
| AWF | PFF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.50 | ||
| Sortino ratioReturn per unit of downside risk | -0.69 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.07 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.11 | 0.50 | -0.61 |
| Martin ratioReturn relative to average drawdown | -0.24 | 1.40 | -1.64 |
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Drawdowns
AWF vs. PFF - Drawdown Comparison
The maximum AWF drawdown since its inception was -55.54%, smaller than the maximum PFF drawdown of -65.55%. Use the drawdown chart below to compare losses from any high point for AWF and PFF.
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Drawdown Indicators
| AWF | PFF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.54% | -65.55% | +10.01% |
Max Drawdown (1Y)Largest decline over 1 year | -10.19% | -5.28% | -4.91% |
Max Drawdown (3Y)Largest decline over 3 years | -11.12% | -10.63% | -0.49% |
Max Drawdown (5Y)Largest decline over 5 years | -25.25% | -21.05% | -4.20% |
Max Drawdown (10Y)Largest decline over 10 years | -40.12% | -34.10% | -6.02% |
Current DrawdownCurrent decline from peak | -5.34% | -3.45% | -1.89% |
Average DrawdownAverage peak-to-trough decline | -12.29% | -5.75% | -6.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.61% | 1.88% | +2.73% |
Volatility
AWF vs. PFF - Volatility Comparison
The current volatility for AllianceBernstein Global High Income Closed Fund (AWF) is 2.12%, while iShares Preferred and Income Securities ETF (PFF) has a volatility of 2.68%. This indicates that AWF experiences smaller price fluctuations and is considered to be less risky than PFF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AWF | PFF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.12% | 2.68% | -0.56% |
Volatility (6M)Calculated over the trailing 6-month period | 7.48% | 5.61% | +1.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.87% | 7.09% | +1.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.12% | 10.37% | +1.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.18% | 12.69% | +2.49% |
AWF vs. PFF - Expense Ratio Comparison
AWF has a 1.00% expense ratio, which is higher than PFF's 0.46% expense ratio.
Dividends
AWF vs. PFF - Dividend Comparison
AWF's dividend yield for the trailing twelve months is around 7.74%, more than PFF's 5.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AWF AllianceBernstein Global High Income Closed Fund | 7.74% | 7.81% | 7.47% | 7.33% | 10.30% | 6.48% | 6.68% | 6.62% | 7.97% | 6.03% | 7.73% | 10.28% |
PFF iShares Preferred and Income Securities ETF | 5.52% | 6.30% | 6.32% | 6.63% | 6.01% | 4.45% | 4.79% | 5.31% | 6.32% | 5.59% | 5.85% | 5.76% |
Frequently Asked Questions
AWF and PFF have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFF has higher volatility (2.68%) compared to AWF (2.12%). In terms of maximum drawdown, AWF dropped -55.54% vs PFF's -65.55%.
PFF currently has the higher Sharpe Ratio (0.37 vs -0.13), 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.
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