PFF vs. PFFV

Last updated Jun 4, 2026

PFF (iShares Preferred and Income Securities ETF) and PFFV (Global X Variable Rate Preferred ETF) are both Preferred Stock/Convertible Bonds funds - PFF tracks the S&P U.S. Preferred Stock Index while PFFV tracks the ICE U.S. Variable Rate Preferred Securities Index. Both are passively managed. Over the past 5 years, PFF returned 1.50%/yr vs 2.24%/yr for PFFV. Their correlation of 0.81 suggests significant overlap in exposure. PFF charges 0.46%/yr vs 0.25%/yr for PFFV.

Performance

PFF vs. PFFV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Preferred and Income Securities ETF (PFF) and Global X Variable Rate Preferred ETF (PFFV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with PFF at 2.93% and PFFV at 2.93%.

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%

PFFV

• 1D: -0.05%
• 1M: 0.45%
• YTD: 2.93%
• 6M: 2.88%
• 1Y: 5.19%
• 3Y*: 7.51%
• 5Y*: 2.24%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

PFF vs. PFFV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PFF iShares Preferred and Income Securities ETF	2.93%	4.87%	7.24%	9.22%	-18.19%	7.15%	14.11%
PFFV Global X Variable Rate Preferred ETF	2.93%	2.08%	9.45%	10.64%	-13.81%	6.35%	13.36%

Correlation

The correlation between PFF and PFFV is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jun 25, 2020	0.81

The correlation between PFF and PFFV shifts across timeframes, from 0.69 (1 year) to 0.81 (all time), reflecting how their relationship changes across market environments.

PFF vs. PFFV - Sectors Allocation Comparison

Sectors	PFF	PFFV
Financial Services	52.3%	72.1%
Real Estate	10.7%	19.6%
Utilities	8.9%	-
Industrials	5.5%	-
Technology	4.4%	-
Communication Services	3.5%	-
Basic Materials	1.6%	-
Consumer Cyclical	1.3%	-
Healthcare	1.3%	-
Consumer Defensive	1.2%	-
Energy	0.4%	1.6%

Return for Risk

PFF vs. PFFV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PFF

PFF Risk / Return Rank: 36
PFF Sharpe Ratio Rank: 38
PFF Sortino Ratio Rank: 38
PFF Omega Ratio Rank: 35
PFF Calmar Ratio Rank: 35
PFF Martin Ratio Rank: 35

PFFV

PFFV Risk / Return Rank: 33
PFFV Sharpe Ratio Rank: 35
PFFV Sortino Ratio Rank: 35
PFFV Omega Ratio Rank: 34
PFFV Calmar Ratio Rank: 32
PFFV Martin Ratio Rank: 31

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PFF vs. PFFV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Preferred and Income Securities ETF (PFF) and Global X Variable Rate Preferred ETF (PFFV). 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	PFFV	Difference
Sharpe ratio: Return per unit of total volatility	1.39	1.27	+0.13
Sortino ratio: Return per unit of downside risk	2.01	1.88	+0.13
Omega ratio: Gain probability vs. loss probability	1.24	1.23	+0.01
Calmar ratio: Return relative to maximum drawdown	1.78	1.61	+0.17
Martin ratio: Return relative to average drawdown	5.51	4.52	+1.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PFF vs. PFFV - Sharpe Ratio Comparison

The current PFF Sharpe Ratio is 1.39, which is comparable to the PFFV Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of PFF and PFFV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PFF	PFFV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.39	1.27	+0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.15	0.26	-0.11
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	0.56	-0.35

Drawdowns

PFF vs. PFFV - Drawdown Comparison

The maximum PFF drawdown since its inception was -65.55%, which is greater than PFFV's maximum drawdown of -18.96%. Use the drawdown chart below to compare losses from any high point for PFF and PFFV.

Drawdown Indicators

	PFF	PFFV	Difference
Max Drawdown Largest peak-to-trough decline	-65.55%	-18.96%	-46.59%
Max Drawdown (1Y) Largest decline over 1 year	-5.28%	-3.23%	-2.05%
Max Drawdown (3Y) Largest decline over 3 years	-10.63%	-6.07%	-4.56%
Max Drawdown (5Y) Largest decline over 5 years	-21.05%	-18.96%	-2.09%
Max Drawdown (10Y) Largest decline over 10 years	-34.10%	—	—
Current Drawdown Current decline from peak	-1.11%	-0.31%	-0.80%
Average Drawdown Average peak-to-trough decline	-5.77%	-4.18%	-1.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.70%	1.15%	+0.55%

Volatility

PFF vs. PFFV - Volatility Comparison

iShares Preferred and Income Securities ETF (PFF) has a higher volatility of 2.09% compared to Global X Variable Rate Preferred ETF (PFFV) at 0.79%. This indicates that PFF's price experiences larger fluctuations and is considered to be riskier than PFFV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFF	PFFV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.09%	0.79%	+1.30%
Volatility (6M) Calculated over the trailing 6-month period	5.09%	2.84%	+2.25%
Volatility (1Y) Calculated over the trailing 1-year period	6.75%	4.12%	+2.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.30%	8.84%	+1.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.66%	8.69%	+3.97%

PFF vs. PFFV - Expense Ratio Comparison

PFF has a 0.46% expense ratio, which is higher than PFFV's 0.25% expense ratio.

Dividends

PFF vs. PFFV - Dividend Comparison

PFF's dividend yield for the trailing twelve months is around 5.47%, less than PFFV's 8.12% 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%
PFFV Global X Variable Rate Preferred ETF	8.12%	8.26%	7.33%	7.17%	6.60%	5.23%	2.29%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PFF and PFFV in my portfolio?

PFF and PFFV have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PFF or PFFV?

PFF has higher volatility (2.09%) compared to PFFV (0.79%). In terms of maximum drawdown, PFF dropped -65.55% vs PFFV's -18.96%.

Which ETF is better, PFF or PFFV?

On 5-year performance, PFFV leads with 2.24% vs 1.50% for PFF. On fees, PFFV is cheaper at 0.25% per year. On volatility, PFFV has been the lower-risk option at 0.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PFF or PFFV?

Over the 5-year period, PFFV has performed better with a 2.24% return vs 1.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PFF or PFFV?

PFFV is cheaper with a 0.25% expense ratio, compared with 0.46% for PFF.

Which ETF pays a higher dividend yield, PFF or PFFV?

PFFV has the higher dividend yield at 8.12%, compared with 5.47% for PFF.

What is the main difference between PFF and PFFV?

PFF tracks S&P U.S. Preferred Stock Index, while PFFV tracks ICE U.S. Variable Rate Preferred Securities Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.46% for PFF and 0.25% for PFFV.

Which has better risk-adjusted returns?

PFF currently has the higher Sharpe Ratio (1.39 vs 1.27), 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.