PFF vs. JNK
PFF (iShares Preferred and Income Securities ETF) and JNK (State Street SPDR Bloomberg High Yield Bond ETF) are both exchange-traded funds - PFF is a Preferred Stock/Convertible Bonds fund tracking the ICE Exchange-Listed Preferred & Hybrid Securities Index, while JNK is a High Yield Bonds fund tracking the Bloomberg High Yield Very Liquid Index. Both are passively managed. Over the past 10 years, PFF returned 3.35%/yr vs 5.09%/yr for JNK. A 0.56 correlation means they provide meaningful diversification when combined. PFF charges 0.46%/yr vs 0.40%/yr for JNK.
Performance
PFF vs. JNK - Performance Comparison
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Returns By Period
In the year-to-date period, PFF achieves a 2.40% return, which is significantly higher than JNK's 1.83% return. Over the past 10 years, PFF has underperformed JNK with an annualized return of 3.35%, while JNK has yielded a comparatively higher 5.09% annualized return.
PFF
- 1D
- 0.16%
- 1M
- -1.24%
- YTD
- 2.40%
- 6M
- 2.42%
- 1Y
- 8.83%
- 3Y*
- 6.77%
- 5Y*
- 1.32%
- 10Y*
- 3.35%
JNK
- 1D
- 0.02%
- 1M
- 0.73%
- YTD
- 1.83%
- 6M
- 2.49%
- 1Y
- 7.45%
- 3Y*
- 8.62%
- 5Y*
- 3.65%
- 10Y*
- 5.09%
PFF vs. JNK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PFF iShares Preferred and Income Securities ETF | 2.40% | 4.87% | 7.24% | 9.22% | -18.19% | 7.15% | 7.89% | 15.93% | -4.64% | 8.10% |
JNK State Street SPDR Bloomberg High Yield Bond ETF | 1.83% | 8.76% | 7.71% | 12.42% | -12.19% | 4.00% | 4.95% | 14.88% | -3.28% | 6.49% |
Correlation
The correlation between PFF and JNK is 0.75, 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 | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.74 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2007 | 0.56 |
The correlation between PFF and JNK shifts across timeframes, from 0.56 (all time) to 0.75 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PFF vs. JNK — Risk / Return Rank
PFF
JNK
PFF vs. JNK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Preferred and Income Securities ETF (PFF) and State Street SPDR Bloomberg High Yield Bond ETF (JNK). 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.
| PFF | JNK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.65 | ||
| Sortino ratioReturn per unit of downside risk | -1.08 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.35 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 1.56 | 2.85 | -1.29 |
| Martin ratioReturn relative to average drawdown | 4.75 | 12.52 | -7.77 |
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Drawdowns
PFF vs. JNK - Drawdown Comparison
The maximum PFF drawdown since its inception was -65.55%, which is greater than JNK's maximum drawdown of -38.48%. Use the drawdown chart below to compare losses from any high point for PFF and JNK.
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Drawdown Indicators
| PFF | JNK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -65.55% | -38.48% | -27.07% |
Max Drawdown (1Y)Largest decline over 1 year | -5.28% | -2.51% | -2.77% |
Max Drawdown (3Y)Largest decline over 3 years | -10.63% | -5.02% | -5.61% |
Max Drawdown (5Y)Largest decline over 5 years | -21.05% | -16.67% | -4.38% |
Max Drawdown (10Y)Largest decline over 10 years | -34.10% | -22.89% | -11.21% |
Current DrawdownCurrent decline from peak | -1.62% | 0.00% | -1.62% |
Average DrawdownAverage peak-to-trough decline | -5.76% | -3.69% | -2.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.73% | 0.57% | +1.16% |
Volatility
PFF vs. JNK - Volatility Comparison
iShares Preferred and Income Securities ETF (PFF) has a higher volatility of 2.29% compared to State Street SPDR Bloomberg High Yield Bond ETF (JNK) at 1.21%. This indicates that PFF's price experiences larger fluctuations and is considered to be riskier than JNK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFF | JNK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.29% | 1.21% | +1.08% |
Volatility (6M)Calculated over the trailing 6-month period | 5.21% | 3.03% | +2.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.88% | 3.87% | +3.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.32% | 7.55% | +2.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.67% | 8.31% | +4.36% |
PFF vs. JNK - Expense Ratio Comparison
PFF has a 0.46% expense ratio, which is higher than JNK's 0.40% expense ratio.
Dividends
PFF vs. JNK - Dividend Comparison
PFF's dividend yield for the trailing twelve months is around 5.50%, less than JNK's 6.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
JNK State Street SPDR Bloomberg High Yield Bond ETF | 6.60% | 6.54% | 6.63% | 6.38% | 6.06% | 4.27% | 5.11% | 5.44% | 5.90% | 5.60% | 6.06% | 6.59% |
PFF iShares Preferred and Income Securities ETF | 5.50% | 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
PFF and JNK have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFF has higher volatility (2.29%) compared to JNK (1.21%). In terms of maximum drawdown, PFF dropped -65.55% vs JNK's -38.48%.
On 10-year performance, JNK leads with 5.09% vs 3.35% for PFF. On fees, JNK is cheaper at 0.40% per year. On volatility, JNK has been the lower-risk option at 1.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, JNK has performed better with a 5.09% return vs 3.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JNK is cheaper with a 0.40% expense ratio, compared with 0.46% for PFF.
JNK has the higher dividend yield at 6.60%, compared with 5.50% for PFF.
PFF is categorized as Preferred Stock/Convertible Bonds, while JNK is High Yield Bonds. PFF tracks ICE Exchange-Listed Preferred & Hybrid Securities Index, while JNK tracks Bloomberg High Yield Very Liquid Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.46% for PFF and 0.40% for JNK.
JNK currently has the higher Sharpe Ratio (1.84 vs 1.19), 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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