PFF vs. PFFL
PFF (iShares Preferred and Income Securities ETF) and PFFL (ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN) are both Preferred Stock/Convertible Bonds funds - PFF tracks the S&P U.S. Preferred Stock Index while PFFL tracks the Solactive Preferred Stock ETF Index. Both are passively managed. Over the past 5 years, PFF returned 1.50%/yr vs -5.89%/yr for PFFL. Their correlation of 0.85 suggests significant overlap in exposure. PFF charges 0.46%/yr vs 0.85%/yr for PFFL.
Performance
PFF vs. PFFL - Performance Comparison
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Returns By Period
In the year-to-date period, PFF achieves a 2.93% return, which is significantly higher than PFFL's 0.10% return.
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%
PFFL
- 1D
- -0.99%
- 1M
- -1.06%
- YTD
- 0.10%
- 6M
- 0.21%
- 1Y
- 8.48%
- 3Y*
- 3.14%
- 5Y*
- -5.89%
- 10Y*
- —
PFF vs. PFFL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PFF iShares Preferred and Income Securities ETF | 2.93% | 4.87% | 7.24% | 9.22% | -18.19% | 7.15% | 7.89% | 15.93% | -5.61% |
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 PFF and PFFL is 0.77, 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 | 0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.75 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2018 | 0.85 |
The correlation between PFF and PFFL shifts across timeframes, from 0.75 (3 years) to 0.85 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PFF vs. PFFL — Risk / Return Rank
PFF
PFFL
PFF vs. PFFL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Preferred and Income Securities ETF (PFF) 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.
| PFF | PFFL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.89 | ||
| Sortino ratioReturn per unit of downside risk | +1.20 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.11 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.78 | 0.71 | +1.06 |
| Martin ratioReturn relative to average drawdown | 5.51 | 1.76 | +3.76 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PFF | PFFL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.39 | 0.50 | +0.89 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.15 | -0.25 | +0.40 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.26 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.21 | -0.07 | +0.28 |
Drawdowns
PFF vs. PFFL - Drawdown Comparison
The maximum PFF drawdown since its inception was -65.55%, smaller than the maximum PFFL drawdown of -80.68%. Use the drawdown chart below to compare losses from any high point for PFF and PFFL.
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Drawdown Indicators
| PFF | PFFL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -65.55% | -80.68% | +15.13% |
Max Drawdown (1Y)Largest decline over 1 year | -5.28% | -11.92% | +6.64% |
Max Drawdown (3Y)Largest decline over 3 years | -10.63% | -23.75% | +13.12% |
Max Drawdown (5Y)Largest decline over 5 years | -21.05% | -48.51% | +27.46% |
Max Drawdown (10Y)Largest decline over 10 years | -34.10% | — | — |
Current DrawdownCurrent decline from peak | -1.11% | -38.34% | +37.23% |
Average DrawdownAverage peak-to-trough decline | -5.77% | -28.54% | +22.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.70% | 4.84% | -3.14% |
Volatility
PFF vs. PFFL - Volatility Comparison
The current volatility for iShares Preferred and Income Securities ETF (PFF) is 2.09%, while ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) has a volatility of 3.83%. This indicates that PFF experiences smaller price fluctuations and is considered to be less risky than PFFL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFF | PFFL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.09% | 3.83% | -1.74% |
Volatility (6M)Calculated over the trailing 6-month period | 5.09% | 10.33% | -5.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.75% | 16.91% | -10.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.30% | 23.62% | -13.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.66% | 55.35% | -42.69% |
PFF vs. PFFL - Expense Ratio Comparison
PFF has a 0.46% expense ratio, which is lower than PFFL's 0.85% expense ratio.
Dividends
PFF vs. PFFL - Dividend Comparison
PFF's dividend yield for the trailing twelve months is around 5.47%, less than PFFL's 12.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
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% | 0.00% |
Frequently Asked Questions
PFF and PFFL have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFFL has higher volatility (3.83%) compared to PFF (2.09%). In terms of maximum drawdown, PFF dropped -65.55% vs PFFL's -80.68%.
On 5-year performance, PFF leads with 1.50% vs -5.89% for PFFL. On fees, PFF is cheaper at 0.46% per year. On volatility, PFF has been the lower-risk option at 2.09%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PFF has performed better with a 1.50% return vs -5.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PFF is cheaper with a 0.46% expense ratio, compared with 0.85% for PFFL.
PFFL has the higher dividend yield at 12.44%, compared with 5.47% for PFF.
PFF tracks S&P U.S. Preferred Stock Index, while PFFL tracks Solactive Preferred Stock ETF Index. They also come from different issuers: iShares and UBS. Their fees differ too: 0.46% for PFF and 0.85% for PFFL.
PFF currently has the higher Sharpe Ratio (1.39 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.
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