PFF vs. PFLD
PFF (iShares Preferred and Income Securities ETF) and PFLD (AAM Low Duration Preferred and Income Securities ETF 144A) are both Preferred Stock/Convertible Bonds funds - PFF tracks the ICE Exchange-Listed Preferred & Hybrid Securities Index while PFLD tracks the ICE 0-5 Year Duration Exchange-Listed Preferred & Hybrid Securities Index. Both are passively managed. Over the past 5 years, PFF returned 0.76%/yr vs 0.88%/yr for PFLD. A 0.71 correlation means they provide meaningful diversification when combined. PFF charges 0.46%/yr vs 0.45%/yr for PFLD.
Performance
PFF vs. PFLD - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PFF achieves a 0.49% return, which is significantly lower than PFLD's 2.84% return.
PFF
- 1D
- -0.62%
- 1M
- -1.86%
- 6M
- -1.60%
- YTD
- 0.49%
- 1Y
- 2.62%
- 3Y*
- 5.73%
- 5Y*
- 0.76%
- 10Y*
- 2.91%
PFLD
- 1D
- -0.10%
- 1M
- 0.41%
- 6M
- 2.19%
- YTD
- 2.84%
- 1Y
- 5.66%
- 3Y*
- 4.59%
- 5Y*
- 0.88%
- 10Y*
- —
PFF vs. PFLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
PFF iShares Preferred and Income Securities ETF | 0.49% | 4.87% | 7.24% | 9.22% | -18.19% | 7.15% | 7.89% | 1.84% |
PFLD AAM Low Duration Preferred and Income Securities ETF 144A | 2.84% | 1.44% | 5.48% | 8.16% | -12.73% | 4.49% | 5.34% | 0.86% |
Correlation
The correlation between PFF and PFLD is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2019 | 0.71 |
Over the past year, the correlation between PFF and PFLD has dropped to 0.42 - well below their long-term average of 0.71, suggesting their price drivers have been diverging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PFF vs. PFLD — Risk / Return Rank
PFF
PFLD
PFF vs. PFLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Preferred and Income Securities ETF (PFF) and AAM Low Duration Preferred and Income Securities ETF 144A (PFLD). 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 | PFLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.40 | ||
| Sortino ratioReturn per unit of downside risk | -2.30 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.34 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | 0.50 | 2.54 | -2.04 |
| Martin ratioReturn relative to average drawdown | 1.40 | 11.93 | -10.53 |
Loading charts...
Drawdowns
PFF vs. PFLD - Drawdown Comparison
The maximum PFF drawdown since its inception was -65.55%, which is greater than PFLD's maximum drawdown of -33.20%. Use the drawdown chart below to compare losses from any high point for PFF and PFLD.
Loading charts...
Drawdown Indicators
| PFF | PFLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -65.55% | -33.20% | -32.35% |
Max Drawdown (1Y)Largest decline over 1 year | -5.28% | -2.23% | -3.05% |
Max Drawdown (3Y)Largest decline over 3 years | -10.63% | -6.41% | -4.22% |
Max Drawdown (5Y)Largest decline over 5 years | -21.05% | -15.51% | -5.54% |
Max Drawdown (10Y)Largest decline over 10 years | -34.10% | — | — |
Current DrawdownCurrent decline from peak | -3.45% | -0.10% | -3.35% |
Average DrawdownAverage peak-to-trough decline | -5.75% | -4.11% | -1.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.88% | 0.48% | +1.40% |
Volatility
PFF vs. PFLD - Volatility Comparison
iShares Preferred and Income Securities ETF (PFF) has a higher volatility of 2.68% compared to AAM Low Duration Preferred and Income Securities ETF 144A (PFLD) at 0.69%. This indicates that PFF's price experiences larger fluctuations and is considered to be riskier than PFLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| PFF | PFLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.68% | 0.69% | +1.99% |
Volatility (6M)Calculated over the trailing 6-month period | 5.61% | 2.28% | +3.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.09% | 3.21% | +3.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.37% | 7.50% | +2.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.69% | 13.27% | -0.58% |
PFF vs. PFLD - Expense Ratio Comparison
PFF has a 0.46% expense ratio, which is higher than PFLD's 0.45% expense ratio.
Dividends
PFF vs. PFLD - Dividend Comparison
PFF's dividend yield for the trailing twelve months is around 5.52%, more than PFLD's 5.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PFF iShares Preferred and Income Securities ETF | 5.52% | 6.30% | 6.32% | 6.63% | 6.01% | 4.45% | 4.79% | 5.31% | 6.32% | 5.59% | 5.85% | 5.76% |
PFLD AAM Low Duration Preferred and Income Securities ETF 144A | 5.46% | 6.52% | 7.09% | 7.09% | 5.76% | 4.52% | 4.79% | 0.82% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PFF and PFLD have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFF has higher volatility (2.68%) compared to PFLD (0.69%). In terms of maximum drawdown, PFF dropped -65.55% vs PFLD's -33.20%.
On 5-year performance, PFLD leads with 0.88% vs 0.76% for PFF. On fees, PFLD is cheaper at 0.45% per year. On volatility, PFLD has been the lower-risk option at 0.69%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PFLD has performed better with a 0.88% return vs 0.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PFLD is cheaper with a 0.45% expense ratio, compared with 0.46% for PFF.
PFF has the higher dividend yield at 5.52%, compared with 5.46% for PFLD.
PFF tracks ICE Exchange-Listed Preferred & Hybrid Securities Index, while PFLD tracks ICE 0-5 Year Duration Exchange-Listed Preferred & Hybrid Securities Index. They also come from different issuers: iShares and Advisors Asset Management. Their fees differ too: 0.46% for PFF and 0.45% for PFLD.
PFLD currently has the higher Sharpe Ratio (1.77 vs 0.37), 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.
Find the right allocation for PFF and PFLD
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer