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 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 5.40%/yr vs 2.99%/yr for PFF. Their 0.41 correlation means their historical movements had little consistent relationship. 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 -1.31% return, which is significantly lower than PFF's 1.86% return. Over the past 10 years, AWF has outperformed PFF with an annualized return of 5.40%, while PFF has yielded a comparatively lower 2.99% annualized return.
AWF
- 1D
- 0.50%
- 1M
- -0.59%
- 6M
- -1.56%
- YTD
- -1.31%
- 1Y
- -1.92%
- 3Y*
- 8.78%
- 5Y*
- 3.59%
- 10Y*
- 5.40%
- ALL TIME*
- 6.27%
PFF
- 1D
- 0.96%
- 1M
- 0.93%
- 6M
- -0.32%
- YTD
- 1.86%
- 1Y
- 4.05%
- 3Y*
- 6.21%
- 5Y*
- 0.85%
- 10Y*
- 2.99%
- ALL TIME*
- 3.77%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.79M | $3.34M | $3.76M | |
| $86.37M | $81.59M | $92.47M |
AWF vs. PFF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AWF AllianceBernstein Global High Income Closed Fund | -1.31% | 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 | 1.86% | 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 0.49, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.49 |
Correlation (3Y) Balances recent behavior with more history. | 0.48 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.49 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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 | -0.78 | ||
| Sortino ratioReturn per unit of downside risk | -1.09 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.10 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | -0.19 | 0.77 | -0.96 |
| Martin ratioReturn relative to average drawdown | -0.40 | 1.98 | -2.38 |
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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 | -5.43% | -2.13% | -3.30% |
Average DrawdownAverage peak-to-trough decline | -12.27% | -5.74% | -6.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.81% | 2.05% | +2.76% |
Volatility
AWF vs. PFF - Volatility Comparison
The current volatility for AllianceBernstein Global High Income Closed Fund (AWF) is 1.77%, while iShares Preferred and Income Securities ETF (PFF) has a volatility of 2.77%. 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 | 1.77% | 2.77% | -1.00% |
Volatility (6M)Calculated over the trailing 6-month period | 7.47% | 5.95% | +1.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.48% | 7.38% | +1.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.09% | 10.42% | +1.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.18% | 12.71% | +2.47% |
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 7.75%, more than PFF's 5.41% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AWF AllianceBernstein Global High Income Closed Fund | 7.75% | 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 | 5.41% | 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 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFF has higher volatility (2.77%) compared to AWF (1.77%). In terms of maximum drawdown, AWF dropped -55.54% vs PFF's -65.55%.
PFF currently has the higher Sharpe Ratio (0.55 vs -0.23), 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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