PFFD vs. SPY
PFFD (Global X U.S. Preferred ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - PFFD is a Preferred Stock/Convertible Bonds fund tracking the ICE BofA Diversified Core U.S. Preferred Securities Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, PFFD returned -0.48%/yr vs 13.51%/yr for SPY. A 0.52 correlation means they provide meaningful diversification when combined. PFFD charges 0.23%/yr vs 0.09%/yr for SPY.
Performance
PFFD vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, PFFD achieves a 1.75% return, which is significantly lower than SPY's 9.74% return.
PFFD
- 1D
- -0.79%
- 1M
- 0.10%
- YTD
- 1.75%
- 6M
- 1.05%
- 1Y
- 7.25%
- 3Y*
- 5.74%
- 5Y*
- -0.48%
- 10Y*
- —
SPY
- 1D
- -0.31%
- 1M
- 0.09%
- YTD
- 9.74%
- 6M
- 9.27%
- 1Y
- 26.65%
- 3Y*
- 21.27%
- 5Y*
- 13.51%
- 10Y*
- 15.70%
PFFD vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PFFD Global X U.S. Preferred ETF | 1.75% | 3.22% | 7.07% | 6.85% | -20.20% | 5.07% | 8.90% | 17.43% | -3.94% | 0.69% |
SPY State Street SPDR S&P 500 ETF | 9.74% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 7.80% |
Correlation
The correlation between PFFD and SPY is 0.70, 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 | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2017 | 0.52 |
The correlation between PFFD and SPY shifts across timeframes, from 0.52 (all time) to 0.70 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PFFD vs. SPY — Risk / Return Rank
PFFD
SPY
PFFD vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X U.S. Preferred ETF (PFFD) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.17 | ||
| Sortino ratioReturn per unit of downside risk | -1.47 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.39 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 1.22 | 3.01 | -1.79 |
| Martin ratioReturn relative to average drawdown | 3.57 | 13.54 | -9.97 |
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Drawdowns
PFFD vs. SPY - Drawdown Comparison
The maximum PFFD drawdown since its inception was -30.93%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for PFFD and SPY.
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Drawdown Indicators
| PFFD | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.93% | -55.19% | +24.26% |
Max Drawdown (1Y)Largest decline over 1 year | -5.97% | -8.88% | +2.91% |
Max Drawdown (3Y)Largest decline over 3 years | -10.84% | -18.76% | +7.92% |
Max Drawdown (5Y)Largest decline over 5 years | -24.45% | -24.50% | +0.05% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -4.19% | -1.75% | -2.44% |
Average DrawdownAverage peak-to-trough decline | -6.57% | -9.04% | +2.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.04% | 1.97% | +0.07% |
Volatility
PFFD vs. SPY - Volatility Comparison
The current volatility for Global X U.S. Preferred ETF (PFFD) is 1.99%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that PFFD experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFFD | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.99% | 4.64% | -2.65% |
Volatility (6M)Calculated over the trailing 6-month period | 5.46% | 9.75% | -4.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.36% | 12.43% | -5.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.01% | 17.14% | -6.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.73% | 17.99% | -5.26% |
PFFD vs. SPY - Expense Ratio Comparison
PFFD has a 0.23% expense ratio, which is higher than SPY's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
PFFD vs. SPY - Dividend Comparison
PFFD's dividend yield for the trailing twelve months is around 6.40%, more than SPY's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
SPY State Street SPDR S&P 500 ETF | 1.01% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
PFFD and SPY have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPY has higher volatility (4.64%) compared to PFFD (1.99%). In terms of maximum drawdown, PFFD dropped -30.93% vs SPY's -55.19%.
On 5-year performance, SPY leads with 13.51% vs -0.48% for PFFD. On fees, SPY is cheaper at 0.09% 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, SPY has performed better with a 13.51% return vs -0.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.23% for PFFD.
PFFD has the higher dividend yield at 6.40%, compared with 1.01% for SPY.
PFFD is categorized as Preferred Stock/Convertible Bonds, while SPY is S&P 500. PFFD tracks ICE BofA Diversified Core U.S. Preferred Securities Index, while SPY tracks S&P 500 Index. They also come from different issuers: Global X and State Street. Their fees differ too: 0.23% for PFFD and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (2.16 vs 0.99), 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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