PFF vs. PFFL
Compare and contrast key facts about iShares Preferred and Income Securities ETF (PFF) and ETRACS 2xMonthly Pay Leveraged Preferred Stock Index ETN (PFFL).
PFF and PFFL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PFF is a passively managed fund by iShares that tracks the performance of the S&P U.S. Preferred Stock Index. It was launched on Mar 30, 2007. PFFL is a passively managed fund by UBS that tracks the performance of the Solactive Preferred Stock ETF Index (+200%). It was launched on Sep 25, 2018. Both PFF and PFFL are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
PFF vs. PFFL - Performance Comparison
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PFF vs. PFFL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PFF iShares Preferred and Income Securities ETF | -1.42% | 4.87% | 7.24% | 9.22% | -18.19% | 7.15% | 7.89% | 15.93% | -5.61% |
PFFL ETRACS 2xMonthly Pay Leveraged Preferred Stock Index ETN | -4.36% | 2.18% | 4.77% | 8.65% | -39.15% | 7.52% | -15.47% | 30.21% | -11.05% |
Returns By Period
In the year-to-date period, PFF achieves a -1.42% return, which is significantly higher than PFFL's -4.36% return.
PFF
- 1D
- 0.66%
- 1M
- -3.37%
- YTD
- -1.42%
- 6M
- -1.65%
- 1Y
- 4.61%
- 3Y*
- 5.39%
- 5Y*
- 1.02%
- 10Y*
- 3.24%
PFFL
- 1D
- 0.68%
- 1M
- -7.39%
- YTD
- -4.36%
- 6M
- -7.76%
- 1Y
- 0.89%
- 3Y*
- 2.13%
- 5Y*
- -6.10%
- 10Y*
- —
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PFF vs. PFFL - Expense Ratio Comparison
PFF has a 0.46% expense ratio, which is lower than PFFL's 0.85% expense ratio.
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 2xMonthly Pay Leveraged Preferred Stock Index 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 | 0.56 | 0.05 | +0.51 |
Sortino ratioReturn per unit of downside risk | 0.82 | 0.20 | +0.63 |
Omega ratioGain probability vs. loss probability | 1.11 | 1.03 | +0.08 |
Calmar ratioReturn relative to maximum drawdown | 0.80 | -0.01 | +0.80 |
Martin ratioReturn relative to average drawdown | 2.28 | -0.02 | +2.29 |
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 | 0.56 | 0.05 | +0.51 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.10 | -0.26 | +0.36 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.26 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.20 | -0.08 | +0.28 |
Correlation
The correlation between PFF and PFFL is 0.85, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
PFF vs. PFFL - Dividend Comparison
PFF's dividend yield for the trailing twelve months is around 5.97%, less than PFFL's 13.68% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PFF iShares Preferred and Income Securities ETF | 5.97% | 6.30% | 6.32% | 6.63% | 6.01% | 4.45% | 4.79% | 5.31% | 6.32% | 5.59% | 5.85% | 5.76% |
PFFL ETRACS 2xMonthly Pay Leveraged Preferred Stock Index ETN | 13.68% | 13.27% | 13.76% | 13.71% | 13.90% | 8.82% | 9.75% | 11.21% | 2.02% | 0.00% | 0.00% | 0.00% |
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 (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 | -4.65% | -41.08% | +36.43% |
Average DrawdownAverage peak-to-trough decline | -5.81% | -28.32% | +22.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.84% | 4.74% | -2.90% |
Volatility
PFF vs. PFFL - Volatility Comparison
The current volatility for iShares Preferred and Income Securities ETF (PFF) is 2.59%, while ETRACS 2xMonthly Pay Leveraged Preferred Stock Index ETN (PFFL) has a volatility of 6.74%. 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 | 2.59% | 6.74% | -4.15% |
Volatility (6M)Calculated over the trailing 6-month period | 5.10% | 12.28% | -7.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.32% | 19.42% | -11.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.26% | 23.54% | -13.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.63% | 55.95% | -43.32% |