PFF vs. PFFL
PFF (iShares Preferred and Income Securities ETF) and PFFL (ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN) are both exchange-traded funds - PFF is a Preferred Stock fund tracking the ICE Exchange-Listed Preferred & Hybrid Securities Index, while PFFL is a Leveraged Bonds fund tracking the Solactive Preferred Stock ETF Index. Both are passively managed. Over the past 5 years, PFF returned 0.85%/yr vs -6.94%/yr for PFFL. Their correlation of 0.85 means they have usually moved in the same direction. 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 1.86% return, which is significantly higher than PFFL's -2.41% return.
PFF
- 1D
- 0.96%
- 1M
- 0.93%
- 6M
- -0.32%
- YTD
- 1.86%
- 1Y
- 4.05%
- 3Y*
- 6.21%
- 5Y*
- 0.85%
- 10Y*
- 2.99%
- ALL TIME*
- 3.77%
PFFL
- 1D
- 1.44%
- 1M
- 0.14%
- 6M
- -5.93%
- YTD
- -2.41%
- 1Y
- -0.58%
- 3Y*
- 3.20%
- 5Y*
- -6.94%
- 10Y*
- —
- ALL TIME*
- -3.94%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $86.37M | $81.59M | $92.47M | |
| $14.02K | $14.94K | $17.61K |
PFF vs. PFFL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PFF iShares Preferred and Income Securities ETF | 1.86% | 4.87% | 7.24% | 9.22% | -18.19% | 7.15% | 7.89% | 15.93% | -5.69% |
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | -2.41% | 2.18% | 4.77% | 8.65% | -39.15% | 7.52% | -15.47% | 30.21% | -10.77% |
Correlation
The correlation between PFF and PFFL is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.78 |
Correlation (3Y) Balances recent behavior with more history. | 0.76 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.84 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2018 | 0.85 |
The correlation between PFF and PFFL has been stable across timeframes, ranging from 0.76 to 0.85 - a consistent structural relationship.
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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.
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 | PFFL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.59 | ||
| Sortino ratioReturn per unit of downside risk | +0.76 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.01 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.77 | -0.05 | +0.82 |
| Martin ratioReturn relative to average drawdown | 1.98 | -0.10 | +2.07 |
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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 | -2.13% | -39.88% | +37.75% |
Average DrawdownAverage peak-to-trough decline | -5.74% | -28.76% | +23.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.05% | 6.08% | -4.03% |
Volatility
PFF vs. PFFL - Volatility Comparison
The current volatility for iShares Preferred and Income Securities ETF (PFF) is 2.77%, while ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) has a volatility of 4.68%. 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 | 2.77% | 4.68% | -1.91% |
Volatility (6M)Calculated over the trailing 6-month period | 5.95% | 11.38% | -5.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.38% | 15.72% | -8.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.42% | 23.74% | -13.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.71% | 54.80% | -42.09% |
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 5.41%, less than PFFL's 12.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PFF iShares Preferred and Income Securities ETF | 5.41% | 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 | 12.61% | 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 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFFL has higher volatility (4.68%) compared to PFF (2.77%). In terms of maximum drawdown, PFF dropped -65.55% vs PFFL's -80.68%.
On 5-year performance, PFF leads with 0.85% vs -6.94% for PFFL. On fees, PFF is cheaper at 0.46% per year. On volatility, PFF has been the lower-risk option at 2.77%. 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 0.85% return vs -6.94%. 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 12.61%, compared with 5.41% for PFF.
PFF is categorized as Preferred Stock, while PFFL is Leveraged Bonds. PFF tracks ICE Exchange-Listed Preferred & Hybrid Securities 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 (0.55 vs -0.04), 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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