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 -0.36% vs 3.66% for CSHP. At a correlation of -0.04, 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 -3.27% return, which is significantly lower than CSHP's 1.84% return.
PFFL
- 1D
- -1.16%
- 1M
- -3.46%
- 6M
- -7.41%
- YTD
- -3.27%
- 1Y
- -0.36%
- 3Y*
- 3.48%
- 5Y*
- -6.81%
- 10Y*
- —
CSHP
- 1D
- -0.32%
- 1M
- 0.11%
- 6M
- 1.73%
- YTD
- 1.84%
- 1Y
- 3.66%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PFFL vs. CSHP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | -3.27% | 2.18% | -1.63% |
CSHP iShares Enhanced Short-Term Bond Active ETF | 1.84% | 4.10% | 2.24% |
Correlation
The correlation between PFFL and CSHP is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.07 |
Correlation (All Time) Calculated using the full available price history since Jul 18, 2024 | -0.04 |
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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.
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 | CSHP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.60 | ||
| Sortino ratioReturn per unit of downside risk | -7.69 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 3.37 | -2.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.03 | 11.37 | -11.40 |
| Martin ratioReturn relative to average drawdown | -0.06 | 118.25 | -118.31 |
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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 -0.32%. 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% | -0.32% | -80.36% |
Max Drawdown (1Y)Largest decline over 1 year | -11.92% | -0.32% | -11.60% |
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 | -40.41% | -0.32% | -40.09% |
Average DrawdownAverage peak-to-trough decline | -28.68% | -0.01% | -28.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.63% | 0.03% | +5.60% |
Volatility
PFFL vs. CSHP - Volatility Comparison
ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) has a higher volatility of 4.10% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.58%. 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 | 4.10% | 0.58% | +3.52% |
Volatility (6M)Calculated over the trailing 6-month period | 11.00% | 0.62% | +10.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.37% | 0.66% | +15.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.70% | 0.57% | +23.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.95% | 0.57% | +54.38% |
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 12.72%, more than CSHP's 4.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CSHP iShares Enhanced Short-Term Bond Active ETF | 4.02% | 5.39% | 1.96% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | 12.72% | 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 -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFFL has higher volatility (4.10%) compared to CSHP (0.58%). In terms of maximum drawdown, PFFL dropped -80.68% vs CSHP's -0.32%.
On 1-year performance, CSHP leads with 3.66% vs -0.36% for PFFL. On fees, CSHP is cheaper at 0.20% per year. On volatility, CSHP has been the lower-risk option at 0.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CSHP has performed better with a 3.66% return vs -0.36%. 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 12.72%, compared with 4.02% 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 (5.58 vs -0.02), 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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