PFFL vs. FCVT
PFFL (ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN) and FCVT (First Trust SSI Strategic Convertible Securities ETF) are both Preferred Stock/Convertible Bonds funds. PFFL is passively managed, while FCVT is actively managed. Over the past 5 years, PFFL returned -6.81%/yr vs 6.06%/yr for FCVT. At a 0.48 correlation, their price movements are largely independent. PFFL charges 0.85%/yr vs 0.95%/yr for FCVT.
Performance
PFFL vs. FCVT - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PFFL achieves a -3.27% return, which is significantly lower than FCVT's 15.27% return.
PFFL
- 1D
- -1.16%
- 1M
- -3.46%
- 6M
- -7.41%
- YTD
- -3.27%
- 1Y
- -0.36%
- 3Y*
- 3.48%
- 5Y*
- -6.81%
- 10Y*
- —
FCVT
- 1D
- -2.43%
- 1M
- -7.95%
- 6M
- 8.71%
- YTD
- 15.27%
- 1Y
- 26.24%
- 3Y*
- 16.15%
- 5Y*
- 6.06%
- 10Y*
- 11.17%
PFFL vs. FCVT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | -3.27% | 2.18% | 4.77% | 8.65% | -39.15% | 7.52% | -15.47% | 30.21% | -10.77% |
FCVT First Trust SSI Strategic Convertible Securities ETF | 15.27% | 19.60% | 11.92% | 7.12% | -20.88% | 4.23% | 51.02% | 22.30% | -10.23% |
Correlation
The correlation between PFFL and FCVT is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2018 | 0.48 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PFFL vs. FCVT — Risk / Return Rank
PFFL
FCVT
PFFL vs. FCVT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) and First Trust SSI Strategic Convertible Securities ETF (FCVT). 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 | FCVT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.48 | ||
| Sortino ratioReturn per unit of downside risk | -1.87 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.25 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | -0.03 | 2.71 | -2.75 |
| Martin ratioReturn relative to average drawdown | -0.06 | 9.48 | -9.54 |
Loading charts...
Drawdowns
PFFL vs. FCVT - Drawdown Comparison
The maximum PFFL drawdown since its inception was -80.68%, which is greater than FCVT's maximum drawdown of -31.79%. Use the drawdown chart below to compare losses from any high point for PFFL and FCVT.
Loading charts...
Drawdown Indicators
| PFFL | FCVT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.68% | -31.79% | -48.89% |
Max Drawdown (1Y)Largest decline over 1 year | -11.92% | -9.71% | -2.21% |
Max Drawdown (3Y)Largest decline over 3 years | -23.75% | -15.06% | -8.69% |
Max Drawdown (5Y)Largest decline over 5 years | -48.51% | -30.43% | -18.08% |
Max Drawdown (10Y)Largest decline over 10 years | — | -31.79% | — |
Current DrawdownCurrent decline from peak | -40.41% | -9.71% | -30.70% |
Average DrawdownAverage peak-to-trough decline | -28.68% | -10.29% | -18.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.63% | 2.77% | +2.86% |
Volatility
PFFL vs. FCVT - Volatility Comparison
The current volatility for ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) is 4.10%, while First Trust SSI Strategic Convertible Securities ETF (FCVT) has a volatility of 6.34%. This indicates that PFFL experiences smaller price fluctuations and is considered to be less risky than FCVT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| PFFL | FCVT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.10% | 6.34% | -2.24% |
Volatility (6M)Calculated over the trailing 6-month period | 11.00% | 15.02% | -4.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.37% | 18.09% | -1.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.70% | 14.56% | +9.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.95% | 14.88% | +40.07% |
PFFL vs. FCVT - Expense Ratio Comparison
PFFL has a 0.85% expense ratio, which is lower than FCVT's 0.95% expense ratio.
Dividends
PFFL vs. FCVT - Dividend Comparison
PFFL's dividend yield for the trailing twelve months is around 12.72%, more than FCVT's 1.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FCVT First Trust SSI Strategic Convertible Securities ETF | 1.20% | 1.98% | 1.30% | 1.76% | 3.71% | 23.07% | 1.72% | 1.60% | 1.85% | 2.18% | 1.88% | 0.59% |
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% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PFFL and FCVT have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FCVT has higher volatility (6.34%) compared to PFFL (4.10%). In terms of maximum drawdown, PFFL dropped -80.68% vs FCVT's -31.79%.
On 5-year performance, FCVT leads with 6.06% vs -6.81% for PFFL. On fees, PFFL is cheaper at 0.85% per year. On volatility, PFFL has been the lower-risk option at 4.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FCVT has performed better with a 6.06% return vs -6.81%. 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 FCVT.
PFFL has the higher dividend yield at 12.72%, compared with 1.20% for FCVT.
They also come from different issuers: UBS and First Trust. Their fees differ too: 0.85% for PFFL and 0.95% for FCVT.
FCVT currently has the higher Sharpe Ratio (1.46 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.
Find the right allocation for PFFL and FCVT
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer