PFF vs. NEA
PFF (iShares Preferred and Income Securities ETF) is Preferred Stock/Convertible Bonds fund tracking the ICE Exchange-Listed Preferred & Hybrid Securities Index, while NEA (Nuveen AMT-Free Quality Municipal Income Fund) is a stock. Over the past 10 years, PFF returned 3.30%/yr vs 3.01%/yr for NEA. At a 0.28 correlation, their price movements are largely independent. PFF charges 0.46%/yr vs 1.41%/yr for NEA.
Performance
PFF vs. NEA - Performance Comparison
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Returns By Period
In the year-to-date period, PFF achieves a 2.93% return, which is significantly lower than NEA's 3.22% return. Over the past 10 years, PFF has outperformed NEA with an annualized return of 3.30%, while NEA has yielded a comparatively lower 3.01% annualized return.
PFF
- 1D
- 0.45%
- 1M
- 0.83%
- YTD
- 2.93%
- 6M
- 2.33%
- 1Y
- 9.03%
- 3Y*
- 7.05%
- 5Y*
- 1.45%
- 10Y*
- 3.30%
NEA
- 1D
- 0.61%
- 1M
- 3.54%
- YTD
- 3.22%
- 6M
- 3.85%
- 1Y
- 15.57%
- 3Y*
- 9.20%
- 5Y*
- -0.07%
- 10Y*
- 3.01%
PFF vs. NEA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PFF iShares Preferred and Income Securities ETF | 2.93% | 4.87% | 7.24% | 9.22% | -18.19% | 7.15% | 7.89% | 15.93% | -4.64% | 8.10% |
NEA Nuveen AMT-Free Quality Municipal Income Fund | 3.22% | 11.31% | 9.50% | 0.75% | -23.32% | 8.16% | 10.07% | 22.42% | -5.72% | 8.77% |
Correlation
The correlation between PFF and NEA is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.43 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since Mar 30, 2007 | 0.28 |
The correlation between PFF and NEA shifts across timeframes, from 0.28 (all time) to 0.44 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
PFF vs. NEA — Risk / Return Rank
PFF
NEA
PFF vs. NEA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Preferred and Income Securities ETF (PFF) and Nuveen AMT-Free Quality Municipal Income Fund (NEA). 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 | NEA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.29 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.72 | 2.15 | -0.43 |
| Martin ratioReturn relative to average drawdown | 5.21 | 8.57 | -3.36 |
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Drawdowns
PFF vs. NEA - Drawdown Comparison
The maximum PFF drawdown since its inception was -65.55%, which is greater than NEA's maximum drawdown of -43.83%. Use the drawdown chart below to compare losses from any high point for PFF and NEA.
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Drawdown Indicators
| PFF | NEA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -65.55% | -43.83% | -21.72% |
Max Drawdown (1Y)Largest decline over 1 year | -5.28% | -7.27% | +1.99% |
Max Drawdown (3Y)Largest decline over 3 years | -10.63% | -15.16% | +4.53% |
Max Drawdown (5Y)Largest decline over 5 years | -21.05% | -36.57% | +15.52% |
Max Drawdown (10Y)Largest decline over 10 years | -34.10% | -36.57% | +2.47% |
Current DrawdownCurrent decline from peak | -1.11% | -4.02% | +2.91% |
Average DrawdownAverage peak-to-trough decline | -5.75% | -8.00% | +2.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.73% | 1.82% | -0.09% |
Volatility
PFF vs. NEA - Volatility Comparison
The current volatility for iShares Preferred and Income Securities ETF (PFF) is 2.08%, while Nuveen AMT-Free Quality Municipal Income Fund (NEA) has a volatility of 2.67%. This indicates that PFF experiences smaller price fluctuations and is considered to be less risky than NEA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFF | NEA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.08% | 2.67% | -0.59% |
Volatility (6M)Calculated over the trailing 6-month period | 5.28% | 8.67% | -3.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.91% | 10.72% | -3.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.33% | 11.52% | -1.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.67% | 11.82% | +0.85% |
PFF vs. NEA - Expense Ratio Comparison
PFF has a 0.46% expense ratio, which is lower than NEA's 1.41% expense ratio.
Dividends
PFF vs. NEA - Dividend Comparison
PFF's dividend yield for the trailing twelve months is around 5.47%, less than NEA's 7.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NEA Nuveen AMT-Free Quality Municipal Income Fund | 7.13% | 7.36% | 6.63% | 3.95% | 5.49% | 4.50% | 4.45% | 4.46% | 5.40% | 5.33% | 5.70% | 5.71% |
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
PFF and NEA have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NEA has higher volatility (2.67%) compared to PFF (2.08%). In terms of maximum drawdown, PFF dropped -65.55% vs NEA's -43.83%.
NEA currently has the higher Sharpe Ratio (1.46 vs 1.31), 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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