PFFD vs. PFFL
PFFD (Global X U.S. Preferred ETF) and PFFL (ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN) are both Preferred Stock/Convertible Bonds funds - PFFD tracks the ICE BofA Diversified Core U.S. Preferred Securities Index while PFFL tracks the Solactive Preferred Stock ETF Index. Both are passively managed. Over the past 5 years, PFFD returned -0.48%/yr vs -6.56%/yr for PFFL. Their correlation of 0.81 suggests significant overlap in exposure. PFFD charges 0.23%/yr vs 0.85%/yr for PFFL.
Performance
PFFD vs. PFFL - Performance Comparison
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Returns By Period
In the year-to-date period, PFFD achieves a 1.75% return, which is significantly higher than PFFL's -1.72% return.
PFFD
- 1D
- -0.79%
- 1M
- 0.10%
- YTD
- 1.75%
- 6M
- 1.05%
- 1Y
- 7.25%
- 3Y*
- 5.74%
- 5Y*
- -0.48%
- 10Y*
- —
PFFL
- 1D
- -1.92%
- 1M
- -1.21%
- YTD
- -1.72%
- 6M
- -2.34%
- 1Y
- 5.32%
- 3Y*
- 4.24%
- 5Y*
- -6.56%
- 10Y*
- —
PFFD vs. PFFL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PFFD Global X U.S. Preferred ETF | 1.75% | 3.22% | 7.07% | 6.85% | -20.20% | 5.07% | 8.90% | 17.43% | -4.63% |
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | -1.72% | 2.18% | 4.77% | 8.65% | -39.15% | 7.52% | -15.47% | 30.21% | -10.77% |
Correlation
The correlation between PFFD and PFFL is 0.73, 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 | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.72 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2018 | 0.81 |
The correlation between PFFD and PFFL has been stable across timeframes, ranging from 0.72 to 0.81 - a consistent structural relationship.
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Return for Risk
PFFD vs. PFFL — Risk / Return Rank
PFFD
PFFL
PFFD vs. PFFL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X U.S. Preferred ETF (PFFD) 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.
| PFFD | PFFL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.68 | ||
| Sortino ratioReturn per unit of downside risk | +0.89 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.07 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.22 | 0.45 | +0.77 |
| Martin ratioReturn relative to average drawdown | 3.57 | 1.04 | +2.52 |
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Drawdowns
PFFD vs. PFFL - Drawdown Comparison
The maximum PFFD drawdown since its inception was -30.93%, smaller than the maximum PFFL drawdown of -80.68%. Use the drawdown chart below to compare losses from any high point for PFFD and PFFL.
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Drawdown Indicators
| PFFD | PFFL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.93% | -80.68% | +49.75% |
Max Drawdown (1Y)Largest decline over 1 year | -5.97% | -11.92% | +5.95% |
Max Drawdown (3Y)Largest decline over 3 years | -10.84% | -23.75% | +12.91% |
Max Drawdown (5Y)Largest decline over 5 years | -24.45% | -48.51% | +24.06% |
Current DrawdownCurrent decline from peak | -4.19% | -39.45% | +35.26% |
Average DrawdownAverage peak-to-trough decline | -6.57% | -28.58% | +22.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.04% | 5.11% | -3.07% |
Volatility
PFFD vs. PFFL - Volatility Comparison
The current volatility for Global X U.S. Preferred ETF (PFFD) is 1.99%, while ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) has a volatility of 4.11%. This indicates that PFFD 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
| PFFD | PFFL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.99% | 4.11% | -2.12% |
Volatility (6M)Calculated over the trailing 6-month period | 5.46% | 10.67% | -5.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.36% | 17.16% | -9.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.01% | 23.66% | -12.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.73% | 55.18% | -42.45% |
PFFD vs. PFFL - Expense Ratio Comparison
PFFD has a 0.23% expense ratio, which is lower than PFFL's 0.85% expense ratio.
Dividends
PFFD vs. PFFL - Dividend Comparison
PFFD's dividend yield for the trailing twelve months is around 6.40%, less than PFFL's 13.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
PFFD Global X U.S. Preferred ETF | 6.40% | 6.37% | 6.42% | 6.49% | 6.63% | 5.09% | 5.17% | 5.48% | 6.21% | 1.94% |
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | 13.11% | 13.27% | 13.76% | 13.71% | 13.90% | 8.82% | 9.75% | 11.21% | 2.02% | 0.00% |
Frequently Asked Questions
PFFD and PFFL have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFFL has higher volatility (4.11%) compared to PFFD (1.99%). In terms of maximum drawdown, PFFD dropped -30.93% vs PFFL's -80.68%.
On 5-year performance, PFFD leads with -0.48% vs -6.56% for PFFL. On fees, PFFD is cheaper at 0.23% per year. On volatility, PFFD has been the lower-risk option at 1.99%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PFFD has performed better with a -0.48% return vs -6.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PFFD is cheaper with a 0.23% expense ratio, compared with 0.85% for PFFL.
PFFL has the higher dividend yield at 13.11%, compared with 6.40% for PFFD.
PFFD tracks ICE BofA Diversified Core U.S. Preferred Securities Index, while PFFL tracks Solactive Preferred Stock ETF Index. They also come from different issuers: Global X and UBS. Their fees differ too: 0.23% for PFFD and 0.85% for PFFL.
PFFD currently has the higher Sharpe Ratio (0.99 vs 0.31), 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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