PFFL vs. IIPR

Last updated Apr 1, 2026

Compare and contrast key facts about ETRACS 2xMonthly Pay Leveraged Preferred Stock Index ETN (PFFL) and Innovative Industrial Properties, Inc. (IIPR).

PFFL is a passively managed fund by UBS that tracks the performance of the Solactive Preferred Stock ETF Index (+200%). It was launched on Sep 25, 2018.

Performance

PFFL vs. IIPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS 2xMonthly Pay Leveraged Preferred Stock Index ETN (PFFL) and Innovative Industrial Properties, Inc. (IIPR). The values are adjusted to include any dividend payments, if applicable.

PFFL vs. IIPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PFFL ETRACS 2xMonthly Pay Leveraged Preferred Stock Index ETN	-4.36%	2.18%	4.77%	8.65%	-39.15%	7.52%	-15.47%	30.21%	-11.05%
IIPR Innovative Industrial Properties, Inc.	10.03%	-18.40%	-28.55%	8.78%	-59.02%	47.49%	151.33%	72.52%	-2.24%

Returns By Period

In the year-to-date period, PFFL achieves a -4.36% return, which is significantly lower than IIPR's 10.03% return.

PFFL

• 1D: 0.68%
• 1M: -7.39%
• YTD: -4.36%
• 6M: -7.76%
• 1Y: 0.89%
• 3Y*: 2.13%
• 5Y*: -6.10%
• 10Y*: —

IIPR

• 1D: 2.66%
• 1M: -1.60%
• YTD: 10.03%
• 6M: 1.11%
• 1Y: 7.31%
• 3Y*: -3.14%
• 5Y*: -16.29%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

PFFL vs. IIPR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PFFL

PFFL Risk / Return Rank: 13
PFFL Sharpe Ratio Rank: 13
PFFL Sortino Ratio Rank: 13
PFFL Omega Ratio Rank: 13
PFFL Calmar Ratio Rank: 12
PFFL Martin Ratio Rank: 12

IIPR

IIPR Risk / Return Rank: 40
IIPR Sharpe Ratio Rank: 49
IIPR Sortino Ratio Rank: 44
IIPR Omega Ratio Rank: 44
IIPR Calmar Ratio Rank: 33
IIPR Martin Ratio Rank: 31

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PFFL vs. IIPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS 2xMonthly Pay Leveraged Preferred Stock Index ETN (PFFL) and Innovative Industrial Properties, Inc. (IIPR). 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	IIPR	Difference
Sharpe ratio Return per unit of total volatility	0.05	0.18	-0.14
Sortino ratio Return per unit of downside risk	0.20	0.56	-0.37
Omega ratio Gain probability vs. loss probability	1.03	1.07	-0.04
Calmar ratio Return relative to maximum drawdown	-0.01	-0.29	+0.28
Martin ratio Return relative to average drawdown	-0.02	-0.70	+0.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PFFL vs. IIPR - Sharpe Ratio Comparison

The current PFFL Sharpe Ratio is 0.05, which is lower than the IIPR Sharpe Ratio of 0.18. The chart below compares the historical Sharpe Ratios of PFFL and IIPR, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PFFL	IIPR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.05	0.18	-0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.26	-0.40	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	-0.08	0.37	-0.44

Correlation

The correlation between PFFL and IIPR is 0.38, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

PFFL vs. IIPR - Dividend Comparison

PFFL's dividend yield for the trailing twelve months is around 13.68%, less than IIPR's 15.15% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
PFFL ETRACS 2xMonthly Pay Leveraged Preferred Stock Index ETN	13.68%	13.27%	13.76%	13.71%	13.90%	8.82%	9.75%	11.21%	2.02%	0.00%
IIPR Innovative Industrial Properties, Inc.	15.15%	16.05%	11.28%	7.16%	7.01%	2.18%	2.44%	3.73%	1.87%	1.70%

Drawdowns

PFFL vs. IIPR - Drawdown Comparison

The maximum PFFL drawdown since its inception was -80.68%, roughly equal to the maximum IIPR drawdown of -78.42%. Use the drawdown chart below to compare losses from any high point for PFFL and IIPR.

Drawdown Indicators

	PFFL	IIPR	Difference
Max Drawdown Largest peak-to-trough decline	-80.68%	-78.42%	-2.26%
Max Drawdown (1Y) Largest decline over 1 year	-11.92%	-21.29%	+9.37%
Max Drawdown (5Y) Largest decline over 5 years	-48.51%	-78.42%	+29.91%
Current Drawdown Current decline from peak	-41.08%	-73.58%	+32.50%
Average Drawdown Average peak-to-trough decline	-28.32%	-36.35%	+8.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.74%	8.73%	-3.99%

Volatility

PFFL vs. IIPR - Volatility Comparison

The current volatility for ETRACS 2xMonthly Pay Leveraged Preferred Stock Index ETN (PFFL) is 6.74%, while Innovative Industrial Properties, Inc. (IIPR) has a volatility of 9.37%. This indicates that PFFL experiences smaller price fluctuations and is considered to be less risky than IIPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFFL	IIPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.74%	9.37%	-2.63%
Volatility (6M) Calculated over the trailing 6-month period	12.28%	28.46%	-16.18%
Volatility (1Y) Calculated over the trailing 1-year period	19.42%	42.31%	-22.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.54%	41.17%	-17.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.95%	48.45%	+7.50%