PFFA vs. HYGW
PFFA (Virtus InfraCap U.S. Preferred Stock ETF) and HYGW (iShares High Yield Corporate Bond Buywrite Strategy ETF) are both exchange-traded funds - PFFA is a Preferred Stock/Convertible Bonds fund actively managed by Virtus Investment Partners, while HYGW is a High Yield Bonds fund tracking the Cboe HYG BuyWrite Index. PFFA is actively managed, while HYGW is passively managed. Over the past 3 years, PFFA returned 14.42%/yr vs 5.70%/yr for HYGW. A 0.51 correlation means they provide meaningful diversification when combined. PFFA charges 1.47%/yr vs 0.69%/yr for HYGW.
Performance
PFFA vs. HYGW - Performance Comparison
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Returns By Period
In the year-to-date period, PFFA achieves a 3.08% return, which is significantly higher than HYGW's 2.12% return.
PFFA
- 1D
- 0.19%
- 1M
- -0.14%
- YTD
- 3.08%
- 6M
- 2.32%
- 1Y
- 12.59%
- 3Y*
- 14.42%
- 5Y*
- 6.42%
- 10Y*
- —
HYGW
- 1D
- 0.24%
- 1M
- 0.84%
- YTD
- 2.12%
- 6M
- 2.52%
- 1Y
- 6.56%
- 3Y*
- 5.70%
- 5Y*
- —
- 10Y*
- —
PFFA vs. HYGW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
PFFA Virtus InfraCap U.S. Preferred Stock ETF | 3.08% | 8.22% | 16.11% | 26.45% | -16.19% |
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 2.12% | 6.19% | 6.99% | 7.31% | -0.39% |
Correlation
The correlation between PFFA and HYGW is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Aug 22, 2022 | 0.51 |
The correlation between PFFA and HYGW has been stable across timeframes, ranging from 0.48 to 0.51 - a consistent structural relationship.
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Return for Risk
PFFA vs. HYGW — Risk / Return Rank
PFFA
HYGW
PFFA vs. HYGW - 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 High Yield Corporate Bond Buywrite Strategy ETF (HYGW). 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 | HYGW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.53 | ||
| Sortino ratioReturn per unit of downside risk | -0.85 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.49 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.95 | 3.62 | -1.67 |
| Martin ratioReturn relative to average drawdown | 6.47 | 16.51 | -10.04 |
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Drawdowns
PFFA vs. HYGW - Drawdown Comparison
The maximum PFFA drawdown since its inception was -70.52%, which is greater than HYGW's maximum drawdown of -5.49%. Use the drawdown chart below to compare losses from any high point for PFFA and HYGW.
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Drawdown Indicators
| PFFA | HYGW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.52% | -5.49% | -65.03% |
Max Drawdown (1Y)Largest decline over 1 year | -6.49% | -1.82% | -4.67% |
Max Drawdown (3Y)Largest decline over 3 years | -12.15% | -3.66% | -8.49% |
Max Drawdown (5Y)Largest decline over 5 years | -22.70% | — | — |
Current DrawdownCurrent decline from peak | -1.50% | 0.00% | -1.50% |
Average DrawdownAverage peak-to-trough decline | -6.62% | -0.60% | -6.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.95% | 0.40% | +1.55% |
Volatility
PFFA vs. HYGW - Volatility Comparison
Virtus InfraCap U.S. Preferred Stock ETF (PFFA) has a higher volatility of 2.17% compared to iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) at 0.91%. This indicates that PFFA's price experiences larger fluctuations and is considered to be riskier than HYGW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFFA | HYGW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.17% | 0.91% | +1.26% |
Volatility (6M)Calculated over the trailing 6-month period | 5.89% | 2.24% | +3.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.13% | 2.87% | +4.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.53% | 4.67% | +6.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.76% | 4.67% | +27.09% |
PFFA vs. HYGW - Expense Ratio Comparison
PFFA has a 1.47% expense ratio, which is higher than HYGW's 0.69% expense ratio.
Dividends
PFFA vs. HYGW - Dividend Comparison
PFFA's dividend yield for the trailing twelve months is around 9.62%, less than HYGW's 11.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 11.52% | 12.53% | 12.30% | 15.98% | 8.71% | 0.00% | 0.00% | 0.00% | 0.00% |
PFFA Virtus InfraCap U.S. Preferred Stock ETF | 9.62% | 9.47% | 9.18% | 9.56% | 10.75% | 7.64% | 8.54% | 10.02% | 5.15% |
Frequently Asked Questions
PFFA and HYGW have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFFA has higher volatility (2.17%) compared to HYGW (0.91%). In terms of maximum drawdown, PFFA dropped -70.52% vs HYGW's -5.49%.
On 3-year performance, PFFA leads with 14.42% vs 5.70% for HYGW. On fees, HYGW is cheaper at 0.69% per year. On volatility, HYGW has been the lower-risk option at 0.91%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PFFA has performed better with a 14.42% return vs 5.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYGW is cheaper with a 0.69% expense ratio, compared with 1.47% for PFFA.
HYGW has the higher dividend yield at 11.52%, compared with 9.62% for PFFA.
PFFA is categorized as Preferred Stock/Convertible Bonds, while HYGW is High Yield Bonds. They also come from different issuers: Virtus Investment Partners and iShares. Their fees differ too: 1.47% for PFFA and 0.69% for HYGW.
HYGW currently has the higher Sharpe Ratio (2.31 vs 1.77), 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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