PFFA vs. UTG

Last updated Jun 9, 2026

PFFA (Virtus InfraCap U.S. Preferred Stock ETF) is Preferred Stock/Convertible Bonds fund actively managed by Virtus Investment Partners, while UTG (Reaves Utility Income Trust) is a stock. Over the past 5 years, PFFA returned 6.35%/yr vs 10.59%/yr for UTG. At a 0.42 correlation, their price movements are largely independent.

Performance

PFFA vs. UTG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus InfraCap U.S. Preferred Stock ETF (PFFA) and Reaves Utility Income Trust (UTG). 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 lower than UTG's 12.62% return.

PFFA

• 1D: 0.28%
• 1M: -2.00%
• YTD: 2.55%
• 6M: 3.30%
• 1Y: 12.99%
• 3Y*: 14.14%
• 5Y*: 6.35%
• 10Y*: —

UTG

• 1D: -1.44%
• 1M: -4.42%
• YTD: 12.62%
• 6M: 12.10%
• 1Y: 23.24%
• 3Y*: 22.14%
• 5Y*: 10.59%
• 10Y*: 10.17%

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

PFFA vs. UTG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PFFA Virtus InfraCap U.S. Preferred Stock ETF	2.55%	8.22%	16.11%	26.45%	-20.91%	23.53%	-7.87%	31.99%	-7.10%
UTG Reaves Utility Income Trust	12.62%	23.24%	28.10%	2.84%	-13.38%	14.26%	-5.25%	33.65%	10.10%

Correlation

The correlation between PFFA and UTG is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (All Time) Calculated using the full available price history since May 17, 2018	0.42

The correlation between PFFA and UTG shifts across timeframes, from 0.27 (1 year) to 0.44 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

PFFA vs. UTG — Risk / Return Rank

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

PFFA

PFFA Risk / Return Rank: 55
PFFA Sharpe Ratio Rank: 61
PFFA Sortino Ratio Rank: 62
PFFA Omega Ratio Rank: 62
PFFA Calmar Ratio Rank: 45
PFFA Martin Ratio Rank: 45

UTG

UTG Risk / Return Rank: 75
UTG Sharpe Ratio Rank: 80
UTG Sortino Ratio Rank: 73
UTG Omega Ratio Rank: 73
UTG Calmar Ratio Rank: 75
UTG Martin Ratio Rank: 74

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. UTG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus InfraCap U.S. Preferred Stock ETF (PFFA) and Reaves Utility Income Trust (UTG). 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	UTG	Difference
Sharpe ratio: Return per unit of total volatility	1.83	1.39	+0.44
Sortino ratio: Return per unit of downside risk	2.59	1.83	+0.76
Omega ratio: Gain probability vs. loss probability	1.34	1.24	+0.10
Calmar ratio: Return relative to maximum drawdown	2.01	2.01	0.00
Martin ratio: Return relative to average drawdown	6.80	4.46	+2.34
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. UTG - Sharpe Ratio Comparison

The current PFFA Sharpe Ratio is 1.83, which is higher than the UTG Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of PFFA and UTG, 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	UTG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.83	1.39	+0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	0.63	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.47	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.48	-0.24

Drawdowns

PFFA vs. UTG - Drawdown Comparison

The maximum PFFA drawdown since its inception was -70.52%, roughly equal to the maximum UTG drawdown of -67.77%. Use the drawdown chart below to compare losses from any high point for PFFA and UTG.

Drawdown Indicators

	PFFA	UTG	Difference
Max Drawdown Largest peak-to-trough decline	-70.52%	-67.77%	-2.75%
Max Drawdown (1Y) Largest decline over 1 year	-6.49%	-11.59%	+5.10%
Max Drawdown (3Y) Largest decline over 3 years	-12.15%	-15.03%	+2.88%
Max Drawdown (5Y) Largest decline over 5 years	-22.70%	-26.54%	+3.84%
Max Drawdown (10Y) Largest decline over 10 years	—	-47.91%	—
Current Drawdown Current decline from peak	-2.00%	-7.00%	+5.00%
Average Drawdown Average peak-to-trough decline	-6.64%	-8.74%	+2.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	5.22%	-3.31%

Volatility

PFFA vs. UTG - Volatility Comparison

The current volatility for Virtus InfraCap U.S. Preferred Stock ETF (PFFA) is 2.16%, while Reaves Utility Income Trust (UTG) has a volatility of 6.24%. This indicates that PFFA experiences smaller price fluctuations and is considered to be less risky than UTG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFFA	UTG	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.16%	6.24%	-4.08%
Volatility (6M) Calculated over the trailing 6-month period	5.81%	12.95%	-7.14%
Volatility (1Y) Calculated over the trailing 1-year period	7.12%	16.83%	-9.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.52%	16.84%	-5.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.82%	21.61%	+10.21%

Dividends

PFFA vs. UTG - Dividend Comparison

PFFA's dividend yield for the trailing twelve months is around 9.67%, more than UTG's 5.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PFFA Virtus InfraCap U.S. Preferred Stock ETF	9.67%	9.47%	9.18%	9.56%	10.75%	7.64%	8.54%	10.02%	5.15%	0.00%	0.00%	0.00%
UTG Reaves Utility Income Trust	5.91%	6.42%	7.19%	8.53%	8.07%	6.35%	6.59%	5.69%	6.86%	6.21%	9.02%	6.86%

Frequently Asked Questions

Can I hold both PFFA and UTG in my portfolio?

PFFA and UTG have a correlation of 0.27, 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 UTG?

UTG has higher volatility (6.24%) compared to PFFA (2.16%). In terms of maximum drawdown, PFFA dropped -70.52% vs UTG's -67.77%.

Which has better risk-adjusted returns?

PFFA currently has the higher Sharpe Ratio (1.83 vs 1.39), 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.