PFFA vs. PFLD

Last updated Apr 2, 2026

Compare and contrast key facts about Virtus InfraCap U.S. Preferred Stock ETF (PFFA) and AAM Low Duration Preferred and Income Securities ETF 144A (PFLD).

PFFA and PFLD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PFFA is an actively managed fund by Virtus Investment Partners. It was launched on May 15, 2018. PFLD is a passively managed fund by Advisors Asset Management that tracks the performance of the ICE 0-5 Year Duration Exchange-Listed Preferred & Hybrid Securities Index. It was launched on Nov 19, 2019.

Performance

PFFA vs. PFLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus InfraCap U.S. Preferred Stock ETF (PFFA) and AAM Low Duration Preferred and Income Securities ETF 144A (PFLD). The values are adjusted to include any dividend payments, if applicable.

PFFA vs. PFLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PFFA Virtus InfraCap U.S. Preferred Stock ETF	-2.13%	8.22%	16.11%	26.45%	-20.91%	23.53%	-7.87%	2.49%
PFLD AAM Low Duration Preferred and Income Securities ETF 144A	0.71%	1.44%	5.48%	8.16%	-12.73%	4.49%	5.34%	1.04%

Returns By Period

In the year-to-date period, PFFA achieves a -2.13% return, which is significantly lower than PFLD's 0.71% return.

PFFA

• 1D: 1.13%
• 1M: -3.12%
• YTD: -2.13%
• 6M: -1.65%
• 1Y: 7.01%
• 3Y*: 12.51%
• 5Y*: 6.08%
• 10Y*: —

PFLD

• 1D: 0.46%
• 1M: -0.73%
• YTD: 0.71%
• 6M: 1.28%
• 1Y: 2.14%
• 3Y*: 4.18%
• 5Y*: 0.98%
• 10Y*: —

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

PFFA vs. PFLD - Expense Ratio Comparison

PFFA has a 1.47% expense ratio, which is higher than PFLD's 0.45% expense ratio.

PFFA

Virtus InfraCap U.S. Preferred Stock ETF

PFLD

AAM Low Duration Preferred and Income Securities ETF 144A

Return for Risk

PFFA vs. PFLD — Risk / Return Rank

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

PFFA

PFFA Risk / Return Rank: 33
PFFA Sharpe Ratio Rank: 36
PFFA Sortino Ratio Rank: 31
PFFA Omega Ratio Rank: 36
PFFA Calmar Ratio Rank: 31
PFFA Martin Ratio Rank: 31

PFLD

PFLD Risk / Return Rank: 22
PFLD Sharpe Ratio Rank: 23
PFLD Sortino Ratio Rank: 20
PFLD Omega Ratio Rank: 21
PFLD Calmar Ratio Rank: 23
PFLD Martin Ratio Rank: 25

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. PFLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus InfraCap U.S. Preferred Stock ETF (PFFA) and AAM Low Duration Preferred and Income Securities ETF 144A (PFLD). 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	PFLD	Difference
Sharpe ratio Return per unit of total volatility	0.70	0.41	+0.30
Sortino ratio Return per unit of downside risk	0.95	0.59	+0.36
Omega ratio Gain probability vs. loss probability	1.15	1.09	+0.06
Calmar ratio Return relative to maximum drawdown	0.80	0.54	+0.26
Martin ratio Return relative to average drawdown	2.82	1.96	+0.86
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. PFLD - Sharpe Ratio Comparison

The current PFFA Sharpe Ratio is 0.70, which is higher than the PFLD Sharpe Ratio of 0.41. The chart below compares the historical Sharpe Ratios of PFFA and PFLD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PFFA	PFLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.70	0.41	+0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.13	+0.40
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.15	+0.08

Correlation

The correlation between PFFA and PFLD is 0.64, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

PFFA vs. PFLD - Dividend Comparison

PFFA's dividend yield for the trailing twelve months is around 9.94%, more than PFLD's 6.02% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
PFFA Virtus InfraCap U.S. Preferred Stock ETF	9.94%	9.47%	9.18%	9.56%	10.75%	7.64%	8.54%	10.02%	5.15%
PFLD AAM Low Duration Preferred and Income Securities ETF 144A	6.02%	6.52%	7.09%	7.09%	5.76%	4.52%	4.79%	0.82%	0.00%

Drawdowns

PFFA vs. PFLD - Drawdown Comparison

The maximum PFFA drawdown since its inception was -70.52%, which is greater than PFLD's maximum drawdown of -33.20%. Use the drawdown chart below to compare losses from any high point for PFFA and PFLD.

Drawdown Indicators

	PFFA	PFLD	Difference
Max Drawdown Largest peak-to-trough decline	-70.52%	-33.20%	-37.32%
Max Drawdown (1Y) Largest decline over 1 year	-8.54%	-4.06%	-4.48%
Max Drawdown (5Y) Largest decline over 5 years	-22.70%	-15.51%	-7.19%
Current Drawdown Current decline from peak	-5.01%	-1.21%	-3.80%
Average Drawdown Average peak-to-trough decline	-6.77%	-4.28%	-2.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.43%	1.12%	+1.31%

Volatility

PFFA vs. PFLD - Volatility Comparison

Virtus InfraCap U.S. Preferred Stock ETF (PFFA) has a higher volatility of 3.52% compared to AAM Low Duration Preferred and Income Securities ETF 144A (PFLD) at 1.25%. This indicates that PFFA's price experiences larger fluctuations and is considered to be riskier than PFLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFFA	PFLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.52%	1.25%	+2.27%
Volatility (6M) Calculated over the trailing 6-month period	5.31%	2.27%	+3.04%
Volatility (1Y) Calculated over the trailing 1-year period	10.02%	5.28%	+4.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.49%	7.49%	+4.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.17%	13.54%	+18.63%