CSPF vs. PFF

Last updated Jun 3, 2026

CSPF (Cohen & Steers Preferred and Income Opportunities Active ETF) and PFF (iShares Preferred and Income Securities ETF) are both Preferred Stock/Convertible Bonds funds. CSPF is actively managed, while PFF is passively managed. Over the past year, CSPF returned 9.32% vs 9.35% for PFF. A 0.52 correlation means they provide meaningful diversification when combined. CSPF charges 0.59%/yr vs 0.46%/yr for PFF.

Performance

CSPF vs. PFF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cohen & Steers Preferred and Income Opportunities Active ETF (CSPF) and iShares Preferred and Income Securities ETF (PFF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with CSPF having a 2.86% return and PFF slightly higher at 2.93%.

CSPF

• 1D: 0.10%
• 1M: 0.74%
• YTD: 2.86%
• 6M: 3.11%
• 1Y: 9.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PFF

• 1D: -0.67%
• 1M: 0.34%
• YTD: 2.93%
• 6M: 3.41%
• 1Y: 9.35%
• 3Y*: 6.70%
• 5Y*: 1.50%
• 10Y*: 3.30%

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

CSPF vs. PFF - Yearly Performance Comparison

	2026 (YTD)	2025
CSPF Cohen & Steers Preferred and Income Opportunities Active ETF	2.86%	8.03%
PFF iShares Preferred and Income Securities ETF	2.93%	3.11%

Correlation

The correlation between CSPF and PFF is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.54
Correlation (All Time) Calculated using the full available price history since Feb 6, 2025	0.52

The correlation between CSPF and PFF has been stable across timeframes, ranging from 0.52 to 0.54 - a consistent structural relationship.

Return for Risk

CSPF vs. PFF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CSPF

CSPF Risk / Return Rank: 70
CSPF Sharpe Ratio Rank: 68
CSPF Sortino Ratio Rank: 71
CSPF Omega Ratio Rank: 75
CSPF Calmar Ratio Rank: 62
CSPF Martin Ratio Rank: 73

PFF

PFF Risk / Return Rank: 36
PFF Sharpe Ratio Rank: 38
PFF Sortino Ratio Rank: 38
PFF Omega Ratio Rank: 35
PFF Calmar Ratio Rank: 35
PFF Martin Ratio Rank: 35

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CSPF vs. PFF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cohen & Steers Preferred and Income Opportunities Active ETF (CSPF) 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.

	CSPF	PFF	Difference
Sharpe ratio Return per unit of total volatility	2.31	1.39	+0.91
Sortino ratio Return per unit of downside risk	3.32	2.01	+1.30
Omega ratio Gain probability vs. loss probability	1.46	1.24	+0.22
Calmar ratio Return relative to maximum drawdown	3.11	1.78	+1.33
Martin ratio Return relative to average drawdown	14.18	5.51	+8.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CSPF vs. PFF - Sharpe Ratio Comparison

The current CSPF Sharpe Ratio is 2.31, which is higher than the PFF Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of CSPF and PFF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CSPF	PFF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.31	1.39	+0.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.15	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.26	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.01	0.21	+1.80

Drawdowns

CSPF vs. PFF - Drawdown Comparison

The maximum CSPF drawdown since its inception was -3.06%, smaller than the maximum PFF drawdown of -65.55%. Use the drawdown chart below to compare losses from any high point for CSPF and PFF.

Drawdown Indicators

	CSPF	PFF	Difference
Max Drawdown Largest peak-to-trough decline	-3.06%	-65.55%	+62.49%
Max Drawdown (1Y) Largest decline over 1 year	-3.06%	-5.28%	+2.22%
Max Drawdown (3Y) Largest decline over 3 years	—	-10.63%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-21.05%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-34.10%	—
Current Drawdown Current decline from peak	-0.11%	-1.11%	+1.00%
Average Drawdown Average peak-to-trough decline	-0.44%	-5.77%	+5.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	1.70%	-1.03%

Volatility

CSPF vs. PFF - Volatility Comparison

The current volatility for Cohen & Steers Preferred and Income Opportunities Active ETF (CSPF) is 1.06%, while iShares Preferred and Income Securities ETF (PFF) has a volatility of 2.09%. This indicates that CSPF 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.

Volatility by Period

	CSPF	PFF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.06%	2.09%	-1.03%
Volatility (6M) Calculated over the trailing 6-month period	3.02%	5.09%	-2.07%
Volatility (1Y) Calculated over the trailing 1-year period	4.06%	6.75%	-2.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.17%	10.30%	-6.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.17%	12.66%	-8.49%

CSPF vs. PFF - Expense Ratio Comparison

CSPF has a 0.59% expense ratio, which is higher than PFF's 0.46% expense ratio.

Dividends

CSPF vs. PFF - Dividend Comparison

CSPF's dividend yield for the trailing twelve months is around 5.15%, less than PFF's 5.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSPF Cohen & Steers Preferred and Income Opportunities Active ETF	5.15%	4.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PFF iShares Preferred and Income Securities ETF	5.47%	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

Can I hold both CSPF and PFF in my portfolio?

CSPF and PFF have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CSPF or PFF?

PFF has higher volatility (2.09%) compared to CSPF (1.06%). In terms of maximum drawdown, CSPF dropped -3.06% vs PFF's -65.55%.

Which ETF is better, CSPF or PFF?

On 1-year performance, PFF leads with 9.35% vs 9.32% for CSPF. On fees, PFF is cheaper at 0.46% per year. On volatility, CSPF has been the lower-risk option at 1.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CSPF or PFF?

Over the 1-year period, PFF has performed better with a 9.35% return vs 9.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CSPF or PFF?

PFF is cheaper with a 0.46% expense ratio, compared with 0.59% for CSPF.

Which ETF pays a higher dividend yield, CSPF or PFF?

PFF has the higher dividend yield at 5.47%, compared with 5.15% for CSPF.

What is the main difference between CSPF and PFF?

They also come from different issuers: Cohen & Steers and iShares. Their fees differ too: 0.59% for CSPF and 0.46% for PFF.

Which has better risk-adjusted returns?

CSPF currently has the higher Sharpe Ratio (2.31 vs 1.39), 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.