PFFL vs. GSG
PFFL (ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - PFFL is a Leveraged Bonds fund tracking the Solactive Preferred Stock ETF Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 5 years, PFFL returned -7.04%/yr vs 14.20%/yr for GSG. Their 0.14 correlation means their historical movements had little consistent relationship. PFFL charges 0.85%/yr vs 0.75%/yr for GSG.
Performance
PFFL vs. GSG - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PFFL achieves a -2.55% return, which is significantly lower than GSG's 32.52% return.
PFFL
- 1D
- -0.14%
- 1M
- -1.09%
- 6M
- -5.39%
- YTD
- -2.55%
- 1Y
- -2.28%
- 3Y*
- 3.15%
- 5Y*
- -7.04%
- 10Y*
- —
- ALL TIME*
- -3.95%
GSG
- 1D
- 0.36%
- 1M
- 5.78%
- 6M
- 21.95%
- YTD
- 32.52%
- 1Y
- 37.47%
- 3Y*
- 12.51%
- 5Y*
- 14.20%
- 10Y*
- 8.03%
- ALL TIME*
- -2.36%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $18.96M | $16.42M | $22.87M | |
| $12.82K | $14.65K | $16.20K |
PFFL vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | -2.55% | 2.18% | 4.77% | 8.65% | -39.15% | 7.52% | -15.47% | 30.21% | -10.77% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 32.52% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 15.62% | -21.89% |
Correlation
The correlation between PFFL and GSG is -0.16, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.16 |
Correlation (3Y) Balances recent behavior with more history. | 0.00 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.09 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2018 | 0.14 |
The correlation between PFFL and GSG shifts across timeframes, from -0.16 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.
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. GSG — Risk / Return Rank
PFFL
GSG
PFFL vs. GSG - 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 S&P GSCI Commodity-Indexed Trust (GSG). 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 | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.71 | ||
| Sortino ratioReturn per unit of downside risk | -2.23 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.27 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.22 | 2.00 | -2.22 |
| Martin ratioReturn relative to average drawdown | -0.42 | 6.32 | -6.74 |
Loading charts...
Drawdowns
PFFL vs. GSG - Drawdown Comparison
The maximum PFFL drawdown since its inception was -80.68%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for PFFL and GSG.
Loading charts...
Drawdown Indicators
| PFFL | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.68% | -89.62% | +8.94% |
Max Drawdown (1Y)Largest decline over 1 year | -11.92% | -18.81% | +6.89% |
Max Drawdown (3Y)Largest decline over 3 years | -23.75% | -18.81% | -4.94% |
Max Drawdown (5Y)Largest decline over 5 years | -48.51% | -29.12% | -19.39% |
Max Drawdown (10Y)Largest decline over 10 years | — | -57.64% | — |
Current DrawdownCurrent decline from peak | -39.97% | -59.99% | +20.02% |
Average DrawdownAverage peak-to-trough decline | -28.76% | -63.67% | +34.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.11% | 5.94% | +0.17% |
Volatility
PFFL vs. GSG - Volatility Comparison
The current volatility for ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) is 4.54%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 8.99%. This indicates that PFFL experiences smaller price fluctuations and is considered to be less risky than GSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| PFFL | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.54% | 8.99% | -4.45% |
Volatility (6M)Calculated over the trailing 6-month period | 11.38% | 21.89% | -10.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.69% | 24.44% | -8.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.74% | 22.90% | +0.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.78% | 22.08% | +32.70% |
PFFL vs. GSG - Expense Ratio Comparison
PFFL has a 0.85% expense ratio, which is higher than GSG's 0.75% expense ratio.
Dividends
PFFL vs. GSG - Dividend Comparison
PFFL's dividend yield for the trailing twelve months is around 12.63%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | 12.63% | 13.27% | 13.76% | 13.71% | 13.90% | 8.82% | 9.75% | 11.21% | 2.02% |
Frequently Asked Questions
PFFL and GSG 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.
GSG has higher volatility (8.99%) compared to PFFL (4.54%). In terms of maximum drawdown, PFFL dropped -80.68% vs GSG's -89.62%.
On 5-year performance, GSG leads with 14.20% vs -7.04% for PFFL. On fees, GSG is cheaper at 0.75% per year. On volatility, PFFL has been the lower-risk option at 4.54%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GSG has performed better with a 14.20% return vs -7.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GSG is cheaper with a 0.75% expense ratio, compared with 0.85% for PFFL.
PFFL has the higher dividend yield at 12.63%, compared with 0.00% for GSG.
PFFL is categorized as Leveraged Bonds, while GSG is Commodities. PFFL tracks Solactive Preferred Stock ETF Index, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: UBS and iShares. Their fees differ too: 0.85% for PFFL and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.54 vs -0.17), 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 GSG
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