MLPB vs. PFFL

Last updated Jun 4, 2026

MLPB (ETRACS Alerian MLP Infrastructure Index ETN Series B) and PFFL (ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN) are both exchange-traded funds - MLPB is a MLPs fund tracking the Alerian MLP Infrastructure Index, while PFFL is a Preferred Stock/Convertible Bonds fund tracking the Solactive Preferred Stock ETF Index. Both are passively managed. Over the past 5 years, MLPB returned 19.42%/yr vs -5.89%/yr for PFFL. At a 0.29 correlation, their price movements are largely independent. Both charge a 0.85% expense ratio.

Performance

MLPB vs. PFFL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS Alerian MLP Infrastructure Index ETN Series B (MLPB) and ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MLPB achieves a 19.72% return, which is significantly higher than PFFL's 0.10% return.

MLPB

• 1D: -0.05%
• 1M: -0.42%
• YTD: 19.72%
• 6M: 18.24%
• 1Y: 20.60%
• 3Y*: 22.21%
• 5Y*: 19.42%
• 10Y*: 10.20%

PFFL

• 1D: -0.99%
• 1M: -1.06%
• YTD: 0.10%
• 6M: 0.21%
• 1Y: 8.48%
• 3Y*: 3.14%
• 5Y*: -5.89%
• 10Y*: —

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

MLPB vs. PFFL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
MLPB ETRACS Alerian MLP Infrastructure Index ETN Series B	19.72%	7.40%	25.53%	22.01%	30.22%	39.42%	-30.80%	5.69%	-15.68%
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN	0.10%	2.18%	4.77%	8.65%	-39.15%	7.52%	-15.47%	30.21%	-11.05%

Correlation

The correlation between MLPB and PFFL is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (All Time) Calculated using the full available price history since Sep 27, 2018	0.29

Over the past year, the correlation between MLPB and PFFL has dropped to 0.03 - well below their long-term average of 0.29, suggesting their price drivers have been diverging.

Return for Risk

MLPB vs. PFFL — Risk / Return Rank

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

MLPB

MLPB Risk / Return Rank: 42
MLPB Sharpe Ratio Rank: 43
MLPB Sortino Ratio Rank: 42
MLPB Omega Ratio Rank: 40
MLPB Calmar Ratio Rank: 43
MLPB Martin Ratio Rank: 41

PFFL

PFFL Risk / Return Rank: 17
PFFL Sharpe Ratio Rank: 17
PFFL Sortino Ratio Rank: 16
PFFL Omega Ratio Rank: 17
PFFL Calmar Ratio Rank: 18
PFFL Martin Ratio Rank: 17

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.

MLPB vs. PFFL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS Alerian MLP Infrastructure Index ETN Series B (MLPB) and ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL). 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.

	MLPB	PFFL	Difference
Sharpe ratio Return per unit of total volatility	1.54	0.50	+1.04
Sortino ratio Return per unit of downside risk	2.16	0.81	+1.35
Omega ratio Gain probability vs. loss probability	1.26	1.11	+0.16
Calmar ratio Return relative to maximum drawdown	2.14	0.71	+1.42
Martin ratio Return relative to average drawdown	6.60	1.76	+4.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MLPB vs. PFFL - Sharpe Ratio Comparison

The current MLPB Sharpe Ratio is 1.54, which is higher than the PFFL Sharpe Ratio of 0.50. The chart below compares the historical Sharpe Ratios of MLPB and PFFL, 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

	MLPB	PFFL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.54	0.50	+1.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.97	-0.25	+1.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	-0.07	+0.30

Drawdowns

MLPB vs. PFFL - Drawdown Comparison

The maximum MLPB drawdown since its inception was -71.93%, smaller than the maximum PFFL drawdown of -80.68%. Use the drawdown chart below to compare losses from any high point for MLPB and PFFL.

Drawdown Indicators

	MLPB	PFFL	Difference
Max Drawdown Largest peak-to-trough decline	-71.93%	-80.68%	+8.75%
Max Drawdown (1Y) Largest decline over 1 year	-9.68%	-11.92%	+2.24%
Max Drawdown (3Y) Largest decline over 3 years	-16.49%	-23.75%	+7.26%
Max Drawdown (5Y) Largest decline over 5 years	-20.41%	-48.51%	+28.10%
Max Drawdown (10Y) Largest decline over 10 years	-71.93%	—	—
Current Drawdown Current decline from peak	-4.69%	-38.34%	+33.65%
Average Drawdown Average peak-to-trough decline	-14.83%	-28.54%	+13.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.13%	4.84%	-1.71%

Volatility

MLPB vs. PFFL - Volatility Comparison

ETRACS Alerian MLP Infrastructure Index ETN Series B (MLPB) has a higher volatility of 5.40% compared to ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) at 3.83%. This indicates that MLPB's price experiences larger fluctuations and is considered to be riskier than PFFL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MLPB	PFFL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.40%	3.83%	+1.57%
Volatility (6M) Calculated over the trailing 6-month period	10.05%	10.33%	-0.28%
Volatility (1Y) Calculated over the trailing 1-year period	13.51%	16.91%	-3.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.03%	23.62%	-3.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.11%	55.35%	-27.24%

MLPB vs. PFFL - Expense Ratio Comparison

Both MLPB and PFFL have an expense ratio of 0.85%.

Dividends

MLPB vs. PFFL - Dividend Comparison

MLPB's dividend yield for the trailing twelve months is around 5.85%, less than PFFL's 12.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
MLPB ETRACS Alerian MLP Infrastructure Index ETN Series B	5.85%	6.51%	5.95%	6.37%	6.00%	6.98%	11.93%	7.98%	8.11%	7.23%	6.85%
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN	12.44%	13.27%	13.76%	13.71%	13.90%	8.82%	9.75%	11.21%	2.02%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MLPB and PFFL in my portfolio?

MLPB and PFFL have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MLPB or PFFL?

MLPB has higher volatility (5.40%) compared to PFFL (3.83%). In terms of maximum drawdown, MLPB dropped -71.93% vs PFFL's -80.68%.

Which ETF is better, MLPB or PFFL?

On 5-year performance, MLPB leads with 19.42% vs -5.89% for PFFL. Both ETFs have the same 0.85% expense ratio. On volatility, PFFL has been the lower-risk option at 3.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MLPB or PFFL?

Over the 5-year period, MLPB has performed better with a 19.42% return vs -5.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MLPB or PFFL?

MLPB and PFFL have the same expense ratio: 0.85% per year.

Which ETF pays a higher dividend yield, MLPB or PFFL?

PFFL has the higher dividend yield at 12.44%, compared with 5.85% for MLPB.

What is the main difference between MLPB and PFFL?

MLPB is categorized as MLPs, while PFFL is Preferred Stock/Convertible Bonds. MLPB tracks Alerian MLP Infrastructure Index, while PFFL tracks Solactive Preferred Stock ETF Index.

Which has better risk-adjusted returns?

MLPB currently has the higher Sharpe Ratio (1.54 vs 0.50), 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.