PFFA vs. PFFL

Last updated Jun 4, 2026

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 6.57%/yr vs -5.89%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus InfraCap U.S. Preferred Stock ETF (PFFA) and ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PFFA achieves a 3.08% return, which is significantly higher than PFFL's 0.10% return.

PFFA

• 1D: -0.70%
• 1M: -0.26%
• YTD: 3.08%
• 6M: 4.03%
• 1Y: 14.79%
• 3Y*: 14.46%
• 5Y*: 6.57%
• 10Y*: —

PFFL

• 1D: -0.99%
• 1M: -1.06%
• YTD: 0.10%
• 6M: 0.21%
• 1Y: 8.48%
• 3Y*: 3.14%
• 5Y*: -5.89%
• 10Y*: —

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

PFFA vs. PFFL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PFFA Virtus InfraCap U.S. Preferred Stock ETF	3.08%	8.22%	16.11%	26.45%	-20.91%	23.53%	-7.87%	31.99%	-11.15%
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN	0.10%	2.18%	4.77%	8.65%	-39.15%	7.52%	-15.47%	30.21%	-11.05%

Correlation

The correlation between PFFA and PFFL is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (All Time) Calculated using the full available price history since Sep 27, 2018	0.68

The correlation between PFFA and PFFL has been stable across timeframes, ranging from 0.59 to 0.68 - a consistent structural relationship.

Return for Risk

PFFA vs. PFFL — Risk / Return Rank

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

PFFA

PFFA Risk / Return Rank: 56
PFFA Sharpe Ratio Rank: 61
PFFA Sortino Ratio Rank: 63
PFFA Omega Ratio Rank: 64
PFFA Calmar Ratio Rank: 45
PFFA Martin Ratio Rank: 46

PFFL

PFFL Risk / Return Rank: 17
PFFL Sharpe Ratio Rank: 17
PFFL Sortino Ratio Rank: 16
PFFL Omega Ratio Rank: 17
PFFL Calmar Ratio Rank: 18
PFFL Martin Ratio Rank: 17

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. 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.

	PFFA	PFFL	Difference
Sharpe ratio: Return per unit of total volatility	2.12	0.50	+1.61
Sortino ratio: Return per unit of downside risk	3.00	0.81	+2.19
Omega ratio: Gain probability vs. loss probability	1.40	1.11	+0.29
Calmar ratio: Return relative to maximum drawdown	2.29	0.71	+1.58
Martin ratio: Return relative to average drawdown	7.79	1.76	+6.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PFFA vs. PFFL - Sharpe Ratio Comparison

The current PFFA Sharpe Ratio is 2.12, which is higher than the PFFL Sharpe Ratio of 0.50. The chart below compares the historical Sharpe Ratios of PFFA and PFFL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PFFA	PFFL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.12	0.50	+1.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	-0.25	+0.82
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	-0.07	+0.31

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.

Drawdown Indicators

	PFFA	PFFL	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-1.50%	-38.34%	+36.84%
Average Drawdown Average peak-to-trough decline	-6.65%	-28.54%	+21.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.90%	4.84%	-2.94%

Volatility

PFFA vs. PFFL - Volatility Comparison

The current volatility for Virtus InfraCap U.S. Preferred Stock ETF (PFFA) is 1.87%, while ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) has a volatility of 3.83%. 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.

Volatility by Period

	PFFA	PFFL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.87%	3.83%	-1.96%
Volatility (6M) Calculated over the trailing 6-month period	5.68%	10.33%	-4.65%
Volatility (1Y) Calculated over the trailing 1-year period	7.02%	16.91%	-9.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.51%	23.62%	-12.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.84%	55.35%	-23.51%

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 9.62%, less than PFFL's 12.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN	12.44%	13.27%	13.76%	13.71%	13.90%	8.82%	9.75%	11.21%	2.02%

Frequently Asked Questions

Can I hold both PFFA and PFFL in my portfolio?

PFFA and PFFL have a correlation of 0.62, 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 PFFL?

PFFL has higher volatility (3.83%) compared to PFFA (1.87%). In terms of maximum drawdown, PFFA dropped -70.52% vs PFFL's -80.68%.

Which ETF is better, PFFA or PFFL?

On 5-year performance, PFFA leads with 6.57% vs -5.89% for PFFL. On fees, PFFL is cheaper at 0.85% per year. On volatility, PFFA has been the lower-risk option at 1.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PFFA or PFFL?

Over the 5-year period, PFFA has performed better with a 6.57% return vs -5.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PFFA or PFFL?

PFFL is cheaper with a 0.85% expense ratio, compared with 1.47% for PFFA.

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

PFFL has the higher dividend yield at 12.44%, compared with 9.62% for PFFA.

What is the main difference between PFFA and PFFL?

They also come from different issuers: Virtus Investment Partners and UBS. Their fees differ too: 1.47% for PFFA and 0.85% for PFFL.

Which has better risk-adjusted returns?

PFFA currently has the higher Sharpe Ratio (2.12 vs 0.50), 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.