PFFA vs. PFFV

Last updated Jun 23, 2026

PFFA (Virtus InfraCap U.S. Preferred Stock ETF) and PFFV (Global X Variable Rate Preferred ETF) are both Preferred Stock/Convertible Bonds funds. PFFA is actively managed, while PFFV is passively managed. Over the past 5 years, PFFA returned 6.18%/yr vs 1.90%/yr for PFFV. A 0.68 correlation means they provide meaningful diversification when combined. PFFA charges 1.47%/yr vs 0.25%/yr for PFFV.

Performance

PFFA vs. PFFV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus InfraCap U.S. Preferred Stock ETF (PFFA) and Global X Variable Rate Preferred ETF (PFFV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PFFA achieves a 2.55% return, which is significantly higher than PFFV's 2.28% return.

PFFA

• 1D: -0.51%
• 1M: 0.05%
• YTD: 2.55%
• 6M: 1.89%
• 1Y: 11.80%
• 3Y*: 14.21%
• 5Y*: 6.18%
• 10Y*: —

PFFV

• 1D: -0.83%
• 1M: -0.45%
• YTD: 2.28%
• 6M: 2.11%
• 1Y: 4.43%
• 3Y*: 7.71%
• 5Y*: 1.90%
• 10Y*: —

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

PFFA vs. PFFV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PFFA Virtus InfraCap U.S. Preferred Stock ETF	2.55%	8.22%	16.11%	26.45%	-20.91%	23.53%	23.78%
PFFV Global X Variable Rate Preferred ETF	2.28%	2.08%	9.45%	10.64%	-13.81%	6.35%	13.36%

Correlation

The correlation between PFFA and PFFV is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (All Time) Calculated using the full available price history since Jun 24, 2020	0.68

The correlation between PFFA and PFFV has been stable across timeframes, ranging from 0.62 to 0.68 - a consistent structural relationship.

Return for Risk

PFFA vs. PFFV — Risk / Return Rank

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

PFFA

PFFA Risk / Return Rank: 45
PFFA Sharpe Ratio Rank: 50
PFFA Sortino Ratio Rank: 50
PFFA Omega Ratio Rank: 50
PFFA Calmar Ratio Rank: 37
PFFA Martin Ratio Rank: 40

PFFV

PFFV Risk / Return Rank: 29
PFFV Sharpe Ratio Rank: 30
PFFV Sortino Ratio Rank: 29
PFFV Omega Ratio Rank: 28
PFFV Calmar Ratio Rank: 29
PFFV Martin Ratio Rank: 29

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. PFFV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus InfraCap U.S. Preferred Stock ETF (PFFA) and Global X Variable Rate Preferred ETF (PFFV). 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	PFFV	Difference
Sharpe ratio: Return per unit of total volatility	1.66	1.05	+0.61
Sortino ratio: Return per unit of downside risk	2.37	1.54	+0.83
Omega ratio: Gain probability vs. loss probability	1.31	1.19	+0.12
Calmar ratio: Return relative to maximum drawdown	1.83	1.38	+0.45
Martin ratio: Return relative to average drawdown	6.05	3.84	+2.22

PFFA vs. PFFV - Sharpe Ratio Comparison

The current PFFA Sharpe Ratio is 1.66, which is higher than the PFFV Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of PFFA and PFFV, 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. PFFV - Drawdown Comparison

The maximum PFFA drawdown since its inception was -70.52%, which is greater than PFFV's maximum drawdown of -18.96%. Use the drawdown chart below to compare losses from any high point for PFFA and PFFV.

Drawdown Indicators

	PFFA	PFFV	Difference
Max Drawdown Largest peak-to-trough decline	-70.52%	-18.96%	-51.56%
Max Drawdown (1Y) Largest decline over 1 year	-6.49%	-3.23%	-3.26%
Max Drawdown (3Y) Largest decline over 3 years	-12.15%	-6.07%	-6.08%
Max Drawdown (5Y) Largest decline over 5 years	-22.70%	-18.96%	-3.74%
Current Drawdown Current decline from peak	-2.00%	-0.94%	-1.06%
Average Drawdown Average peak-to-trough decline	-6.62%	-4.15%	-2.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	1.16%	+0.79%

Volatility

PFFA vs. PFFV - Volatility Comparison

Virtus InfraCap U.S. Preferred Stock ETF (PFFA) has a higher volatility of 2.16% compared to Global X Variable Rate Preferred ETF (PFFV) at 1.19%. This indicates that PFFA's price experiences larger fluctuations and is considered to be riskier than PFFV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFFA	PFFV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.16%	1.19%	+0.97%
Volatility (6M) Calculated over the trailing 6-month period	5.92%	2.99%	+2.93%
Volatility (1Y) Calculated over the trailing 1-year period	7.16%	4.24%	+2.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.54%	8.85%	+2.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.75%	8.66%	+23.09%

PFFA vs. PFFV - Expense Ratio Comparison

PFFA has a 1.47% expense ratio, which is higher than PFFV's 0.25% expense ratio.

Dividends

PFFA vs. PFFV - Dividend Comparison

PFFA's dividend yield for the trailing twelve months is around 9.76%, more than PFFV's 8.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
PFFA Virtus InfraCap U.S. Preferred Stock ETF	9.76%	9.47%	9.18%	9.56%	10.75%	7.64%	8.54%	10.02%	5.15%
PFFV Global X Variable Rate Preferred ETF	8.17%	8.26%	7.33%	7.17%	6.60%	5.23%	2.29%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PFFA and PFFV in my portfolio?

PFFA and PFFV have a correlation of 0.63, 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 PFFV?

PFFA has higher volatility (2.16%) compared to PFFV (1.19%). In terms of maximum drawdown, PFFA dropped -70.52% vs PFFV's -18.96%.

Which ETF is better, PFFA or PFFV?

On 5-year performance, PFFA leads with 6.18% vs 1.90% for PFFV. On fees, PFFV is cheaper at 0.25% per year. On volatility, PFFV has been the lower-risk option at 1.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PFFA or PFFV?

Over the 5-year period, PFFA has performed better with a 6.18% return vs 1.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PFFA or PFFV?

PFFV is cheaper with a 0.25% expense ratio, compared with 1.47% for PFFA.

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

PFFA has the higher dividend yield at 9.76%, compared with 8.17% for PFFV.

What is the main difference between PFFA and PFFV?

They also come from different issuers: Virtus Investment Partners and Global X. Their fees differ too: 1.47% for PFFA and 0.25% for PFFV.

Which has better risk-adjusted returns?

PFFA currently has the higher Sharpe Ratio (1.66 vs 1.05), 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.