PFFL vs. CSHP
PFFL (ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - PFFL is a Preferred Stock/Convertible Bonds fund tracking the Solactive Preferred Stock ETF Index, while CSHP is a Ultrashort Bond fund actively managed by iShares. PFFL is passively managed, while CSHP is actively managed. Over the past year, PFFL returned 8.48% vs 3.96% for CSHP. At a correlation of -0.06, they often move in opposite directions. PFFL charges 0.85%/yr vs 0.20%/yr for CSHP.
Performance
PFFL vs. CSHP - Performance Comparison
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Returns By Period
In the year-to-date period, PFFL achieves a 0.10% return, which is significantly lower than CSHP's 1.63% return.
PFFL
- 1D
- -0.99%
- 1M
- -1.06%
- YTD
- 0.10%
- 6M
- 0.21%
- 1Y
- 8.48%
- 3Y*
- 3.14%
- 5Y*
- -5.89%
- 10Y*
- —
CSHP
- 1D
- 0.02%
- 1M
- 0.27%
- YTD
- 1.63%
- 6M
- 1.93%
- 1Y
- 3.96%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PFFL vs. CSHP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | 0.10% | 2.18% | -1.24% |
CSHP iShares Enhanced Short-Term Bond Active ETF | 1.63% | 4.10% | 2.24% |
Correlation
The correlation between PFFL and CSHP is -0.16, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.16 |
Correlation (All Time) Calculated using the full available price history since Jul 19, 2024 | -0.06 |
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Return for Risk
PFFL vs. CSHP — Risk / Return Rank
PFFL
CSHP
PFFL vs. CSHP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) and iShares Enhanced Short-Term Bond Active ETF (CSHP). 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.
| PFFL | CSHP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -11.40 | ||
| Sortino ratioReturn per unit of downside risk | -30.45 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 7.44 | -6.33 |
| Calmar ratioReturn relative to maximum drawdown | 0.71 | 65.71 | -64.99 |
| Martin ratioReturn relative to average drawdown | 1.76 | 432.16 | -430.41 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PFFL | CSHP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.50 | 11.91 | -11.40 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.25 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.07 | 10.75 | -10.82 |
Drawdowns
PFFL vs. CSHP - Drawdown Comparison
The maximum PFFL drawdown since its inception was -80.68%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for PFFL and CSHP.
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Drawdown Indicators
| PFFL | CSHP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.68% | -0.08% | -80.60% |
Max Drawdown (1Y)Largest decline over 1 year | -11.92% | -0.06% | -11.86% |
Max Drawdown (3Y)Largest decline over 3 years | -23.75% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -48.51% | — | — |
Current DrawdownCurrent decline from peak | -38.34% | 0.00% | -38.34% |
Average DrawdownAverage peak-to-trough decline | -28.54% | -0.00% | -28.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.84% | 0.01% | +4.83% |
Volatility
PFFL vs. CSHP - Volatility Comparison
ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) has a higher volatility of 3.83% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.07%. This indicates that PFFL's price experiences larger fluctuations and is considered to be riskier than CSHP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFFL | CSHP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.83% | 0.07% | +3.76% |
Volatility (6M)Calculated over the trailing 6-month period | 10.33% | 0.24% | +10.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.91% | 0.33% | +16.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.62% | 0.40% | +23.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 55.35% | 0.40% | +54.95% |
PFFL vs. CSHP - Expense Ratio Comparison
PFFL has a 0.85% expense ratio, which is higher than CSHP's 0.20% expense ratio.
Dividends
PFFL vs. CSHP - Dividend Comparison
PFFL's dividend yield for the trailing twelve months is around 12.44%, more than CSHP's 3.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CSHP iShares Enhanced Short-Term Bond Active ETF | 3.92% | 5.39% | 1.96% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | 12.44% | 13.27% | 13.76% | 13.71% | 13.90% | 8.82% | 9.75% | 11.21% | 2.02% |
Frequently Asked Questions
PFFL and CSHP have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFFL has higher volatility (3.83%) compared to CSHP (0.07%). In terms of maximum drawdown, PFFL dropped -80.68% vs CSHP's -0.08%.
On 1-year performance, PFFL leads with 8.48% vs 3.96% for CSHP. On fees, CSHP is cheaper at 0.20% per year. On volatility, CSHP has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, PFFL has performed better with a 8.48% return vs 3.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CSHP is cheaper with a 0.20% expense ratio, compared with 0.85% for PFFL.
PFFL has the higher dividend yield at 12.44%, compared with 3.92% for CSHP.
PFFL is categorized as Preferred Stock/Convertible Bonds, while CSHP is Ultrashort Bond. They also come from different issuers: UBS and iShares. Their fees differ too: 0.85% for PFFL and 0.20% for CSHP.
CSHP currently has the higher Sharpe Ratio (11.91 vs 0.50), 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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