PFFA vs. DGRO

Last updated Jun 13, 2026

PFFA (Virtus InfraCap U.S. Preferred Stock ETF) and DGRO (iShares Core Dividend Growth ETF) are both exchange-traded funds - PFFA is a Preferred Stock/Convertible Bonds fund actively managed by Virtus Investment Partners, while DGRO is a Large Cap Growth Equities fund tracking the Morningstar US Dividend Growth Index. PFFA is actively managed, while DGRO is passively managed. Over the past 5 years, PFFA returned 6.13%/yr vs 10.82%/yr for DGRO. A 0.52 correlation means they provide meaningful diversification when combined. PFFA charges 1.47%/yr vs 0.08%/yr for DGRO.

Performance

PFFA vs. DGRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus InfraCap U.S. Preferred Stock ETF (PFFA) and iShares Core Dividend Growth ETF (DGRO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PFFA achieves a 1.97% return, which is significantly lower than DGRO's 9.86% return.

PFFA

• 1D: 0.00%
• 1M: -2.29%
• YTD: 1.97%
• 6M: 1.59%
• 1Y: 11.48%
• 3Y*: 13.86%
• 5Y*: 6.13%
• 10Y*: —

DGRO

• 1D: 0.69%
• 1M: 3.74%
• YTD: 9.86%
• 6M: 9.27%
• 1Y: 22.26%
• 3Y*: 16.74%
• 5Y*: 10.82%
• 10Y*: 13.52%

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

PFFA vs. DGRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PFFA Virtus InfraCap U.S. Preferred Stock ETF	1.97%	8.22%	16.11%	26.45%	-20.91%	23.53%	-7.87%	31.99%	-7.29%
DGRO iShares Core Dividend Growth ETF	9.86%	15.69%	16.62%	10.47%	-7.91%	26.64%	9.50%	29.87%	-2.10%

Correlation

The correlation between PFFA and DGRO is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (All Time) Calculated using the full available price history since May 16, 2018	0.52

The correlation between PFFA and DGRO has been stable across timeframes, ranging from 0.46 to 0.53 - a consistent structural relationship.

PFFA vs. DGRO - Sectors Allocation Comparison

Sectors	PFFA	DGRO
Real Estate	40.6%	-
Financial Services	27.6%	21.2%
Industrials	10.2%	10.8%
Communication Services	5.3%	0.1%
Energy	3.2%	5.6%
Technology	3.0%	19.4%
Utilities	2.3%	6.9%
Healthcare	0.9%	16.4%
Basic Materials	0.3%	2.5%
Consumer Cyclical	0.2%	5.7%
Consumer Defensive	-	11.5%

Return for Risk

PFFA vs. DGRO — Risk / Return Rank

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

PFFA

PFFA Risk / Return Rank: 49
PFFA Sharpe Ratio Rank: 54
PFFA Sortino Ratio Rank: 55
PFFA Omega Ratio Rank: 55
PFFA Calmar Ratio Rank: 40
PFFA Martin Ratio Rank: 42

DGRO

DGRO Risk / Return Rank: 82
DGRO Sharpe Ratio Rank: 84
DGRO Sortino Ratio Rank: 87
DGRO Omega Ratio Rank: 82
DGRO Calmar Ratio Rank: 77
DGRO Martin Ratio Rank: 79

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.

PFFA vs. DGRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus InfraCap U.S. Preferred Stock ETF (PFFA) and iShares Core Dividend Growth ETF (DGRO). 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.

	PFFA	DGRO	Difference
Sharpe ratio: Return per unit of total volatility	1.62	2.34	-0.72
Sortino ratio: Return per unit of downside risk	2.30	3.40	-1.10
Omega ratio: Gain probability vs. loss probability	1.30	1.42	-0.12
Calmar ratio: Return relative to maximum drawdown	1.78	3.46	-1.68
Martin ratio: Return relative to average drawdown	5.93	13.36	-7.43

PFFA vs. DGRO - Sharpe Ratio Comparison

The current PFFA Sharpe Ratio is 1.62, which is lower than the DGRO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of PFFA and DGRO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PFFA vs. DGRO - Drawdown Comparison

The maximum PFFA drawdown since its inception was -70.52%, which is greater than DGRO's maximum drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for PFFA and DGRO.

Drawdown Indicators

	PFFA	DGRO	Difference
Max Drawdown Largest peak-to-trough decline	-70.52%	-35.10%	-35.42%
Max Drawdown (1Y) Largest decline over 1 year	-6.49%	-6.47%	-0.02%
Max Drawdown (3Y) Largest decline over 3 years	-12.15%	-14.03%	+1.88%
Max Drawdown (5Y) Largest decline over 5 years	-22.70%	-19.31%	-3.39%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.10%	—
Current Drawdown Current decline from peak	-2.56%	0.00%	-2.56%
Average Drawdown Average peak-to-trough decline	-6.63%	-3.44%	-3.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.94%	1.68%	+0.26%

Volatility

PFFA vs. DGRO - Volatility Comparison

The current volatility for Virtus InfraCap U.S. Preferred Stock ETF (PFFA) is 2.05%, while iShares Core Dividend Growth ETF (DGRO) has a volatility of 2.64%. This indicates that PFFA experiences smaller price fluctuations and is considered to be less risky than DGRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFFA	DGRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.05%	2.64%	-0.59%
Volatility (6M) Calculated over the trailing 6-month period	5.82%	6.96%	-1.14%
Volatility (1Y) Calculated over the trailing 1-year period	7.13%	9.59%	-2.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.52%	13.83%	-2.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.79%	16.62%	+15.17%

PFFA vs. DGRO - Expense Ratio Comparison

PFFA has a 1.47% expense ratio, which is higher than DGRO's 0.08% expense ratio.

Dividends

PFFA vs. DGRO - Dividend Comparison

PFFA's dividend yield for the trailing twelve months is around 9.72%, more than DGRO's 1.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGRO iShares Core Dividend Growth ETF	1.94%	2.09%	2.26%	2.45%	2.34%	1.93%	2.30%	2.21%	2.44%	2.03%	2.27%	2.52%
PFFA Virtus InfraCap U.S. Preferred Stock ETF	9.72%	9.47%	9.18%	9.56%	10.75%	7.64%	8.54%	10.02%	5.15%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PFFA and DGRO in my portfolio?

PFFA and DGRO have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PFFA or DGRO?

DGRO has higher volatility (2.64%) compared to PFFA (2.05%). In terms of maximum drawdown, PFFA dropped -70.52% vs DGRO's -35.10%.

Which ETF is better, PFFA or DGRO?

On 5-year performance, DGRO leads with 10.82% vs 6.13% for PFFA. On fees, DGRO is cheaper at 0.08% per year. On volatility, PFFA has been the lower-risk option at 2.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PFFA or DGRO?

Over the 5-year period, DGRO has performed better with a 10.82% return vs 6.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PFFA or DGRO?

DGRO is cheaper with a 0.08% expense ratio, compared with 1.47% for PFFA.

Which ETF pays a higher dividend yield, PFFA or DGRO?

PFFA has the higher dividend yield at 9.72%, compared with 1.94% for DGRO.

What is the main difference between PFFA and DGRO?

PFFA is categorized as Preferred Stock/Convertible Bonds, while DGRO is Large Cap Growth Equities. They also come from different issuers: Virtus Investment Partners and iShares. Their fees differ too: 1.47% for PFFA and 0.08% for DGRO.

Which has better risk-adjusted returns?

DGRO currently has the higher Sharpe Ratio (2.34 vs 1.62), 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.