PFFL vs. CEFD
PFFL (ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN) and CEFD (ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN) are both exchange-traded funds - PFFL is a Preferred Stock/Convertible Bonds fund tracking the Solactive Preferred Stock ETF Index, while CEFD is a fund fund tracking the S-Network Composite Closed-End Fund Index (150%). Both are passively managed. Over the past 5 years, PFFL returned -6.57%/yr vs 2.85%/yr for CEFD. A 0.58 correlation means they provide meaningful diversification when combined. PFFL charges 0.85%/yr vs 0.95%/yr for CEFD.
Performance
PFFL vs. CEFD - Performance Comparison
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Returns By Period
In the year-to-date period, PFFL achieves a -1.90% return, which is significantly lower than CEFD's 5.55% return.
PFFL
- 1D
- -0.19%
- 1M
- -1.40%
- YTD
- -1.90%
- 6M
- -2.44%
- 1Y
- 4.83%
- 3Y*
- 4.18%
- 5Y*
- -6.57%
- 10Y*
- —
CEFD
- 1D
- -0.83%
- 1M
- 0.88%
- YTD
- 5.55%
- 6M
- 5.82%
- 1Y
- 16.51%
- 3Y*
- 14.99%
- 5Y*
- 2.85%
- 10Y*
- —
PFFL vs. CEFD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | -1.90% | 2.18% | 4.77% | 8.65% | -39.15% | 7.52% | 20.80% |
CEFD ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN | 5.55% | 14.15% | 20.06% | 8.36% | -28.93% | 22.09% | 23.01% |
Correlation
The correlation between PFFL and CEFD is 0.53, 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 | 0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2020 | 0.58 |
The correlation between PFFL and CEFD shifts across timeframes, from 0.48 (3 years) to 0.58 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PFFL vs. CEFD — Risk / Return Rank
PFFL
CEFD
PFFL vs. CEFD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) and ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN (CEFD). 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.
| PFFL | CEFD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.97 | ||
| Sortino ratioReturn per unit of downside risk | -1.27 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.25 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 0.41 | 1.33 | -0.92 |
| Martin ratioReturn relative to average drawdown | 0.94 | 6.09 | -5.14 |
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Drawdowns
PFFL vs. CEFD - Drawdown Comparison
The maximum PFFL drawdown since its inception was -80.68%, which is greater than CEFD's maximum drawdown of -36.95%. Use the drawdown chart below to compare losses from any high point for PFFL and CEFD.
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Drawdown Indicators
| PFFL | CEFD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.68% | -36.95% | -43.73% |
Max Drawdown (1Y)Largest decline over 1 year | -11.92% | -12.51% | +0.59% |
Max Drawdown (3Y)Largest decline over 3 years | -23.75% | -21.76% | -1.99% |
Max Drawdown (5Y)Largest decline over 5 years | -48.51% | -36.95% | -11.56% |
Current DrawdownCurrent decline from peak | -39.57% | -1.80% | -37.77% |
Average DrawdownAverage peak-to-trough decline | -28.59% | -11.63% | -16.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.14% | 2.72% | +2.42% |
Volatility
PFFL vs. CEFD - Volatility Comparison
ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) and ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN (CEFD) have volatilities of 4.10% and 4.13%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFFL | CEFD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.10% | 4.13% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 10.67% | 11.71% | -1.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.12% | 13.28% | +3.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.66% | 17.99% | +5.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 55.16% | 17.30% | +37.86% |
PFFL vs. CEFD - Expense Ratio Comparison
PFFL has a 0.85% expense ratio, which is lower than CEFD's 0.95% expense ratio.
Dividends
PFFL vs. CEFD - Dividend Comparison
PFFL's dividend yield for the trailing twelve months is around 13.14%, less than CEFD's 14.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CEFD ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN | 14.84% | 14.88% | 13.90% | 14.76% | 16.56% | 10.31% | 5.37% | 0.00% | 0.00% |
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | 13.14% | 13.27% | 13.76% | 13.71% | 13.90% | 8.82% | 9.75% | 11.21% | 2.02% |
Frequently Asked Questions
PFFL and CEFD have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CEFD has higher volatility (4.13%) compared to PFFL (4.10%). In terms of maximum drawdown, PFFL dropped -80.68% vs CEFD's -36.95%.
On 5-year performance, CEFD leads with 2.85% vs -6.57% for PFFL. On fees, PFFL is cheaper at 0.85% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, CEFD has performed better with a 2.85% return vs -6.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PFFL is cheaper with a 0.85% expense ratio, compared with 0.95% for CEFD.
CEFD has the higher dividend yield at 14.84%, compared with 13.14% for PFFL.
PFFL tracks Solactive Preferred Stock ETF Index, while CEFD tracks S-Network Composite Closed-End Fund Index (150%). Their fees differ too: 0.85% for PFFL and 0.95% for CEFD.
CEFD currently has the higher Sharpe Ratio (1.25 vs 0.28), 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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