PFFA vs. PFFL
PFFA (Virtus InfraCap U.S. Preferred Stock ETF) and PFFL (ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN) are both Preferred Stock/Convertible Bonds funds. PFFA is actively managed, while PFFL is passively managed. Over the past 5 years, PFFA returned 5.83%/yr vs -6.86%/yr for PFFL. A 0.68 correlation means they provide meaningful diversification when combined. PFFA charges 1.47%/yr vs 0.85%/yr for PFFL.
Performance
PFFA vs. PFFL - Performance Comparison
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Returns By Period
In the year-to-date period, PFFA achieves a 2.21% return, which is significantly higher than PFFL's -3.06% return.
PFFA
- 1D
- 0.57%
- 1M
- 0.24%
- 6M
- 0.67%
- YTD
- 2.21%
- 1Y
- 8.19%
- 3Y*
- 12.44%
- 5Y*
- 5.83%
- 10Y*
- —
PFFL
- 1D
- 0.53%
- 1M
- -2.13%
- 6M
- -6.00%
- YTD
- -3.06%
- 1Y
- -0.76%
- 3Y*
- 3.02%
- 5Y*
- -6.86%
- 10Y*
- —
PFFA vs. PFFL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PFFA Virtus InfraCap U.S. Preferred Stock ETF | 2.21% | 8.22% | 16.11% | 26.45% | -20.91% | 23.53% | -7.87% | 31.99% | -10.98% |
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | -3.06% | 2.18% | 4.77% | 8.65% | -39.15% | 7.52% | -15.47% | 30.21% | -10.77% |
Correlation
The correlation between PFFA and PFFL is 0.66, 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 | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2018 | 0.68 |
The correlation between PFFA and PFFL has been stable across timeframes, ranging from 0.61 to 0.68 - a consistent structural relationship.
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Return for Risk
PFFA vs. PFFL — Risk / Return Rank
PFFA
PFFL
PFFA vs. PFFL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Virtus InfraCap U.S. Preferred Stock ETF (PFFA) and ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL). 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 | PFFL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.15 | ||
| Sortino ratioReturn per unit of downside risk | +1.54 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.01 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 1.27 | -0.06 | +1.33 |
| Martin ratioReturn relative to average drawdown | 3.90 | -0.14 | +4.03 |
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Drawdowns
PFFA vs. PFFL - Drawdown Comparison
The maximum PFFA drawdown since its inception was -70.52%, smaller than the maximum PFFL drawdown of -80.68%. Use the drawdown chart below to compare losses from any high point for PFFA and PFFL.
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Drawdown Indicators
| PFFA | PFFL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.52% | -80.68% | +10.16% |
Max Drawdown (1Y)Largest decline over 1 year | -6.49% | -11.92% | +5.43% |
Max Drawdown (3Y)Largest decline over 3 years | -12.15% | -23.75% | +11.60% |
Max Drawdown (5Y)Largest decline over 5 years | -22.70% | -48.51% | +25.81% |
Current DrawdownCurrent decline from peak | -2.32% | -40.28% | +37.96% |
Average DrawdownAverage peak-to-trough decline | -6.59% | -28.67% | +22.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.11% | 5.58% | -3.47% |
Volatility
PFFA vs. PFFL - Volatility Comparison
The current volatility for Virtus InfraCap U.S. Preferred Stock ETF (PFFA) is 2.80%, while ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) has a volatility of 4.13%. This indicates that PFFA experiences smaller price fluctuations and is considered to be less risky than PFFL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFFA | PFFL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.80% | 4.13% | -1.33% |
Volatility (6M)Calculated over the trailing 6-month period | 6.31% | 10.90% | -4.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.43% | 16.89% | -9.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.59% | 23.69% | -12.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.64% | 54.98% | -23.34% |
PFFA vs. PFFL - Expense Ratio Comparison
PFFA has a 1.47% expense ratio, which is higher than PFFL's 0.85% expense ratio.
Dividends
PFFA vs. PFFL - Dividend Comparison
PFFA's dividend yield for the trailing twelve months is around 9.79%, less than PFFL's 12.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
PFFA Virtus InfraCap U.S. Preferred Stock ETF | 9.79% | 9.47% | 9.18% | 9.56% | 10.75% | 7.64% | 8.54% | 10.02% | 5.15% |
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | 12.69% | 13.27% | 13.76% | 13.71% | 13.90% | 8.82% | 9.75% | 11.21% | 2.02% |
Frequently Asked Questions
PFFA and PFFL have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFFL has higher volatility (4.13%) compared to PFFA (2.80%). In terms of maximum drawdown, PFFA dropped -70.52% vs PFFL's -80.68%.
On 5-year performance, PFFA leads with 5.83% vs -6.86% for PFFL. On fees, PFFL is cheaper at 0.85% per year. On volatility, PFFA has been the lower-risk option at 2.80%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PFFA has performed better with a 5.83% return vs -6.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PFFL is cheaper with a 0.85% expense ratio, compared with 1.47% for PFFA.
PFFL has the higher dividend yield at 12.69%, compared with 9.79% for PFFA.
They also come from different issuers: Virtus Investment Partners and UBS. Their fees differ too: 1.47% for PFFA and 0.85% for PFFL.
PFFA currently has the higher Sharpe Ratio (1.11 vs -0.05), 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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