HYGW vs. PFFA
HYGW (iShares High Yield Corporate Bond Buywrite Strategy ETF) and PFFA (Virtus InfraCap U.S. Preferred Stock ETF) are both exchange-traded funds - HYGW is a High Yield Bonds fund tracking the Cboe HYG BuyWrite Index, while PFFA is a Preferred Stock/Convertible Bonds fund actively managed by Virtus Investment Partners. HYGW is passively managed, while PFFA is actively managed. Over the past 3 years, HYGW returned 5.70%/yr vs 14.42%/yr for PFFA. A 0.51 correlation means they provide meaningful diversification when combined. HYGW charges 0.69%/yr vs 1.47%/yr for PFFA.
Performance
HYGW vs. PFFA - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, HYGW achieves a 2.12% return, which is significantly lower than PFFA's 3.08% return.
HYGW
- 1D
- 0.24%
- 1M
- 0.84%
- YTD
- 2.12%
- 6M
- 2.52%
- 1Y
- 6.56%
- 3Y*
- 5.70%
- 5Y*
- —
- 10Y*
- —
PFFA
- 1D
- 0.19%
- 1M
- -0.14%
- YTD
- 3.08%
- 6M
- 2.32%
- 1Y
- 12.59%
- 3Y*
- 14.42%
- 5Y*
- 6.42%
- 10Y*
- —
HYGW vs. PFFA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 2.12% | 6.19% | 6.99% | 7.31% | -0.39% |
PFFA Virtus InfraCap U.S. Preferred Stock ETF | 3.08% | 8.22% | 16.11% | 26.45% | -16.19% |
Correlation
The correlation between HYGW and PFFA is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Aug 22, 2022 | 0.51 |
The correlation between HYGW and PFFA has been stable across timeframes, ranging from 0.48 to 0.51 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
HYGW vs. PFFA — Risk / Return Rank
HYGW
PFFA
HYGW vs. PFFA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) 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.
| HYGW | PFFA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.53 | ||
| Sortino ratioReturn per unit of downside risk | +0.85 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.33 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 3.62 | 1.95 | +1.67 |
| Martin ratioReturn relative to average drawdown | 16.51 | 6.47 | +10.04 |
Loading charts...
Drawdowns
HYGW vs. PFFA - Drawdown Comparison
The maximum HYGW drawdown since its inception was -5.49%, smaller than the maximum PFFA drawdown of -70.52%. Use the drawdown chart below to compare losses from any high point for HYGW and PFFA.
Loading charts...
Drawdown Indicators
| HYGW | PFFA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.49% | -70.52% | +65.03% |
Max Drawdown (1Y)Largest decline over 1 year | -1.82% | -6.49% | +4.67% |
Max Drawdown (3Y)Largest decline over 3 years | -3.66% | -12.15% | +8.49% |
Max Drawdown (5Y)Largest decline over 5 years | — | -22.70% | — |
Current DrawdownCurrent decline from peak | 0.00% | -1.50% | +1.50% |
Average DrawdownAverage peak-to-trough decline | -0.60% | -6.62% | +6.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.40% | 1.95% | -1.55% |
Volatility
HYGW vs. PFFA - Volatility Comparison
The current volatility for iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) is 0.91%, while Virtus InfraCap U.S. Preferred Stock ETF (PFFA) has a volatility of 2.17%. This indicates that HYGW experiences smaller price fluctuations and is considered to be less risky than PFFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| HYGW | PFFA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.91% | 2.17% | -1.26% |
Volatility (6M)Calculated over the trailing 6-month period | 2.24% | 5.89% | -3.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.87% | 7.13% | -4.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.67% | 11.53% | -6.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.67% | 31.76% | -27.09% |
HYGW vs. PFFA - Expense Ratio Comparison
HYGW has a 0.69% expense ratio, which is lower than PFFA's 1.47% expense ratio.
Dividends
HYGW vs. PFFA - Dividend Comparison
HYGW's dividend yield for the trailing twelve months is around 11.52%, more than PFFA's 9.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 11.52% | 12.53% | 12.30% | 15.98% | 8.71% | 0.00% | 0.00% | 0.00% | 0.00% |
PFFA Virtus InfraCap U.S. Preferred Stock ETF | 9.62% | 9.47% | 9.18% | 9.56% | 10.75% | 7.64% | 8.54% | 10.02% | 5.15% |
Frequently Asked Questions
HYGW and PFFA have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFFA has higher volatility (2.17%) compared to HYGW (0.91%). In terms of maximum drawdown, HYGW dropped -5.49% vs PFFA's -70.52%.
On 3-year performance, PFFA leads with 14.42% vs 5.70% for HYGW. On fees, HYGW is cheaper at 0.69% per year. On volatility, HYGW has been the lower-risk option at 0.91%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PFFA has performed better with a 14.42% return vs 5.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYGW is cheaper with a 0.69% expense ratio, compared with 1.47% for PFFA.
HYGW has the higher dividend yield at 11.52%, compared with 9.62% for PFFA.
HYGW is categorized as High Yield Bonds, while PFFA is Preferred Stock/Convertible Bonds. They also come from different issuers: iShares and Virtus Investment Partners. Their fees differ too: 0.69% for HYGW and 1.47% for PFFA.
HYGW currently has the higher Sharpe Ratio (2.31 vs 1.77), 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.
Find the right allocation for HYGW and PFFA
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer