PFFL vs. MLPB
PFFL (ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN) and MLPB (ETRACS Alerian MLP Infrastructure Index ETN Series B) are both exchange-traded funds - PFFL is a Preferred Stock/Convertible Bonds fund tracking the Solactive Preferred Stock ETF Index, while MLPB is a MLPs fund tracking the Alerian MLP Infrastructure Index. Both are passively managed. Over the past 5 years, PFFL returned -6.57%/yr vs 18.51%/yr for MLPB. At a 0.29 correlation, their price movements are largely independent. Both charge a 0.85% expense ratio.
Performance
PFFL vs. MLPB - Performance Comparison
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Returns By Period
In the year-to-date period, PFFL achieves a -1.90% return, which is significantly lower than MLPB's 17.00% return.
PFFL
- 1D
- -0.19%
- 1M
- -1.40%
- YTD
- -1.90%
- 6M
- -2.44%
- 1Y
- 4.83%
- 3Y*
- 4.18%
- 5Y*
- -6.57%
- 10Y*
- —
MLPB
- 1D
- 2.04%
- 1M
- -6.13%
- YTD
- 17.00%
- 6M
- 16.53%
- 1Y
- 18.65%
- 3Y*
- 21.94%
- 5Y*
- 18.51%
- 10Y*
- 8.03%
PFFL vs. MLPB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | -1.90% | 2.18% | 4.77% | 8.65% | -39.15% | 7.52% | -15.47% | 30.21% | -10.77% |
MLPB ETRACS Alerian MLP Infrastructure Index ETN Series B | 17.00% | 7.40% | 25.53% | 22.01% | 30.22% | 39.42% | -30.80% | 5.69% | -15.68% |
Correlation
The correlation between PFFL and MLPB is 0.04, 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 | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2018 | 0.29 |
Over the past year, the correlation between PFFL and MLPB has dropped to 0.04 - well below their long-term average of 0.29, suggesting their price drivers have been diverging.
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Return for Risk
PFFL vs. MLPB — Risk / Return Rank
PFFL
MLPB
PFFL vs. MLPB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) and ETRACS Alerian MLP Infrastructure Index ETN Series B (MLPB). 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 | MLPB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.09 | ||
| Sortino ratioReturn per unit of downside risk | -1.44 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.24 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 0.41 | 1.93 | -1.53 |
| Martin ratioReturn relative to average drawdown | 0.94 | 5.43 | -4.49 |
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Drawdowns
PFFL vs. MLPB - Drawdown Comparison
The maximum PFFL drawdown since its inception was -80.68%, which is greater than MLPB's maximum drawdown of -71.93%. Use the drawdown chart below to compare losses from any high point for PFFL and MLPB.
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Drawdown Indicators
| PFFL | MLPB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.68% | -71.93% | -8.75% |
Max Drawdown (1Y)Largest decline over 1 year | -11.92% | -9.68% | -2.24% |
Max Drawdown (3Y)Largest decline over 3 years | -23.75% | -16.49% | -7.26% |
Max Drawdown (5Y)Largest decline over 5 years | -48.51% | -20.41% | -28.10% |
Max Drawdown (10Y)Largest decline over 10 years | — | -71.93% | — |
Current DrawdownCurrent decline from peak | -39.57% | -6.86% | -32.71% |
Average DrawdownAverage peak-to-trough decline | -28.59% | -14.78% | -13.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.14% | 3.44% | +1.70% |
Volatility
PFFL vs. MLPB - Volatility Comparison
The current volatility for ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) is 4.10%, while ETRACS Alerian MLP Infrastructure Index ETN Series B (MLPB) has a volatility of 5.33%. This indicates that PFFL experiences smaller price fluctuations and is considered to be less risky than MLPB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFFL | MLPB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.10% | 5.33% | -1.23% |
Volatility (6M)Calculated over the trailing 6-month period | 10.67% | 10.30% | +0.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.12% | 13.70% | +3.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.66% | 19.90% | +3.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 55.16% | 27.16% | +28.00% |
PFFL vs. MLPB - Expense Ratio Comparison
Both PFFL and MLPB have an expense ratio of 0.85%.
Dividends
PFFL vs. MLPB - Dividend Comparison
PFFL's dividend yield for the trailing twelve months is around 13.14%, more than MLPB's 5.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
MLPB ETRACS Alerian MLP Infrastructure Index ETN Series B | 5.99% | 6.51% | 5.95% | 6.37% | 6.00% | 6.98% | 11.93% | 7.98% | 8.11% | 7.23% | 6.85% |
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | 13.14% | 13.27% | 13.76% | 13.71% | 13.90% | 8.82% | 9.75% | 11.21% | 2.02% | 0.00% | 0.00% |
Frequently Asked Questions
PFFL and MLPB have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MLPB has higher volatility (5.33%) compared to PFFL (4.10%). In terms of maximum drawdown, PFFL dropped -80.68% vs MLPB's -71.93%.
On 5-year performance, MLPB leads with 18.51% vs -6.57% for PFFL. Both ETFs have the same 0.85% expense ratio. 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, MLPB has performed better with a 18.51% return vs -6.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PFFL and MLPB have the same expense ratio: 0.85% per year.
PFFL has the higher dividend yield at 13.14%, compared with 5.99% for MLPB.
PFFL is categorized as Preferred Stock/Convertible Bonds, while MLPB is MLPs. PFFL tracks Solactive Preferred Stock ETF Index, while MLPB tracks Alerian MLP Infrastructure Index.
MLPB currently has the higher Sharpe Ratio (1.37 vs 0.28), 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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