PFF vs. PFXF
PFF (iShares Preferred and Income Securities ETF) and PFXF (VanEck Preferred Securities ex Financials ETF) are both Preferred Stock/Convertible Bonds funds - PFF tracks the ICE Exchange-Listed Preferred & Hybrid Securities Index while PFXF tracks the ICE Exchange-Listed Fixed & Adjustable Rate Non-Financial Preferred Securities Index. Both are passively managed. Over the past 10 years, PFF returned 2.91%/yr vs 4.56%/yr for PFXF. Their correlation of 0.81 suggests significant overlap in exposure. PFF charges 0.46%/yr vs 0.40%/yr for PFXF.
Performance
PFF vs. PFXF - Performance Comparison
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Returns By Period
In the year-to-date period, PFF achieves a 0.49% return, which is significantly lower than PFXF's 2.40% return. Over the past 10 years, PFF has underperformed PFXF with an annualized return of 2.91%, while PFXF has yielded a comparatively higher 4.56% annualized 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%
PFXF
- 1D
- -1.23%
- 1M
- -4.02%
- 6M
- -0.70%
- YTD
- 2.40%
- 1Y
- 6.79%
- 3Y*
- 7.65%
- 5Y*
- 3.05%
- 10Y*
- 4.56%
PFF vs. PFXF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PFF iShares Preferred and Income Securities ETF | 0.49% | 4.87% | 7.24% | 9.22% | -18.19% | 7.15% | 7.89% | 15.93% | -4.64% | 8.10% |
PFXF VanEck Preferred Securities ex Financials ETF | 2.40% | 9.64% | 8.42% | 11.20% | -18.83% | 11.61% | 7.61% | 20.52% | -4.17% | 7.93% |
Correlation
The correlation between PFF and PFXF is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.89 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Jul 19, 2012 | 0.81 |
The correlation between PFF and PFXF has been stable across timeframes, ranging from 0.81 to 0.90 - a consistent structural relationship.
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Return for Risk
PFF vs. PFXF — Risk / Return Rank
PFF
PFXF
PFF vs. PFXF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Preferred and Income Securities ETF (PFF) and VanEck Preferred Securities ex Financials ETF (PFXF). 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 | PFXF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.34 | ||
| Sortino ratioReturn per unit of downside risk | -0.49 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.13 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.50 | 1.04 | -0.54 |
| Martin ratioReturn relative to average drawdown | 1.40 | 3.11 | -1.71 |
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Drawdowns
PFF vs. PFXF - Drawdown Comparison
The maximum PFF drawdown since its inception was -65.55%, which is greater than PFXF's maximum drawdown of -35.49%. Use the drawdown chart below to compare losses from any high point for PFF and PFXF.
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Drawdown Indicators
| PFF | PFXF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -65.55% | -35.49% | -30.06% |
Max Drawdown (1Y)Largest decline over 1 year | -5.28% | -6.55% | +1.27% |
Max Drawdown (3Y)Largest decline over 3 years | -10.63% | -11.90% | +1.27% |
Max Drawdown (5Y)Largest decline over 5 years | -21.05% | -21.80% | +0.75% |
Max Drawdown (10Y)Largest decline over 10 years | -34.10% | -35.49% | +1.39% |
Current DrawdownCurrent decline from peak | -3.45% | -6.55% | +3.10% |
Average DrawdownAverage peak-to-trough decline | -5.75% | -3.91% | -1.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.88% | 2.19% | -0.31% |
Volatility
PFF vs. PFXF - Volatility Comparison
The current volatility for iShares Preferred and Income Securities ETF (PFF) is 2.68%, while VanEck Preferred Securities ex Financials ETF (PFXF) has a volatility of 3.63%. This indicates that PFF experiences smaller price fluctuations and is considered to be less risky than PFXF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFF | PFXF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.68% | 3.63% | -0.95% |
Volatility (6M)Calculated over the trailing 6-month period | 5.61% | 7.62% | -2.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.09% | 9.55% | -2.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.37% | 11.05% | -0.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.69% | 13.27% | -0.58% |
PFF vs. PFXF - Expense Ratio Comparison
PFF has a 0.46% expense ratio, which is higher than PFXF's 0.40% expense ratio.
Dividends
PFF vs. PFXF - Dividend Comparison
PFF's dividend yield for the trailing twelve months is around 5.52%, less than PFXF's 6.55% 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% |
PFXF VanEck Preferred Securities ex Financials ETF | 6.55% | 6.72% | 7.82% | 7.88% | 6.74% | 4.66% | 5.19% | 5.35% | 6.56% | 5.93% | 5.81% | 5.99% |
Frequently Asked Questions
PFF and PFXF have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFXF has higher volatility (3.63%) compared to PFF (2.68%). In terms of maximum drawdown, PFF dropped -65.55% vs PFXF's -35.49%.
On 10-year performance, PFXF leads with 4.56% vs 2.91% for PFF. On fees, PFXF is cheaper at 0.40% per year. On volatility, PFF has been the lower-risk option at 2.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PFXF has performed better with a 4.56% return vs 2.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PFXF is cheaper with a 0.40% expense ratio, compared with 0.46% for PFF.
PFXF has the higher dividend yield at 6.55%, compared with 5.52% for PFF.
PFF tracks ICE Exchange-Listed Preferred & Hybrid Securities Index, while PFXF tracks ICE Exchange-Listed Fixed & Adjustable Rate Non-Financial Preferred Securities Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.46% for PFF and 0.40% for PFXF.
PFXF currently has the higher Sharpe Ratio (0.72 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.
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