PFFL vs. PFF
PFFL (ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN) and PFF (iShares Preferred and Income Securities ETF) are both Preferred Stock/Convertible Bonds funds - PFFL tracks the Solactive Preferred Stock ETF Index while PFF tracks the ICE Exchange-Listed Preferred & Hybrid Securities Index. Both are passively managed. Over the past 5 years, PFFL returned -7.00%/yr vs 0.76%/yr for PFF. Their correlation of 0.85 suggests significant overlap in exposure. PFFL charges 0.85%/yr vs 0.46%/yr for PFF.
Performance
PFFL vs. PFF - Performance Comparison
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Returns By Period
In the year-to-date period, PFFL achieves a -3.57% return, which is significantly lower than PFF's 0.49% return.
PFFL
- 1D
- -0.48%
- 1M
- -2.65%
- 6M
- -6.30%
- YTD
- -3.57%
- 1Y
- -2.06%
- 3Y*
- 2.84%
- 5Y*
- -7.00%
- 10Y*
- —
PFF
- 1D
- -0.62%
- 1M
- -1.86%
- 6M
- -1.60%
- YTD
- 0.49%
- 1Y
- 2.62%
- 3Y*
- 5.73%
- 5Y*
- 0.76%
- 10Y*
- 2.91%
PFFL vs. PFF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | -3.57% | 2.18% | 4.77% | 8.65% | -39.15% | 7.52% | -15.47% | 30.21% | -10.77% |
PFF iShares Preferred and Income Securities ETF | 0.49% | 4.87% | 7.24% | 9.22% | -18.19% | 7.15% | 7.89% | 15.93% | -5.69% |
Correlation
The correlation between PFFL and PFF is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2018 | 0.85 |
The correlation between PFFL and PFF has been stable across timeframes, ranging from 0.76 to 0.85 - a consistent structural relationship.
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Return for Risk
PFFL vs. PFF — Risk / Return Rank
PFFL
PFF
PFFL vs. PFF - 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 Preferred and Income Securities ETF (PFF). 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 | PFF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.50 | ||
| Sortino ratioReturn per unit of downside risk | -0.62 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.07 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.17 | 0.50 | -0.67 |
| Martin ratioReturn relative to average drawdown | -0.37 | 1.40 | -1.77 |
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Drawdowns
PFFL vs. PFF - Drawdown Comparison
The maximum PFFL drawdown since its inception was -80.68%, which is greater than PFF's maximum drawdown of -65.55%. Use the drawdown chart below to compare losses from any high point for PFFL and PFF.
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Drawdown Indicators
| PFFL | PFF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.68% | -65.55% | -15.13% |
Max Drawdown (1Y)Largest decline over 1 year | -11.92% | -5.28% | -6.64% |
Max Drawdown (3Y)Largest decline over 3 years | -23.75% | -10.63% | -13.12% |
Max Drawdown (5Y)Largest decline over 5 years | -48.51% | -21.05% | -27.46% |
Max Drawdown (10Y)Largest decline over 10 years | — | -34.10% | — |
Current DrawdownCurrent decline from peak | -40.60% | -3.45% | -37.15% |
Average DrawdownAverage peak-to-trough decline | -28.67% | -5.75% | -22.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.55% | 1.88% | +3.67% |
Volatility
PFFL vs. PFF - Volatility Comparison
ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) has a higher volatility of 4.25% compared to iShares Preferred and Income Securities ETF (PFF) at 2.68%. This indicates that PFFL's price experiences larger fluctuations and is considered to be riskier than PFF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFFL | PFF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.25% | 2.68% | +1.57% |
Volatility (6M)Calculated over the trailing 6-month period | 10.91% | 5.61% | +5.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.91% | 7.09% | +9.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.69% | 10.37% | +13.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.99% | 12.69% | +42.30% |
PFFL vs. PFF - Expense Ratio Comparison
PFFL has a 0.85% expense ratio, which is higher than PFF's 0.46% expense ratio.
Dividends
PFFL vs. PFF - Dividend Comparison
PFFL's dividend yield for the trailing twelve months is around 13.37%, more than PFF's 5.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PFF iShares Preferred and Income Securities ETF | 5.52% | 6.30% | 6.32% | 6.63% | 6.01% | 4.45% | 4.79% | 5.31% | 6.32% | 5.59% | 5.85% | 5.76% |
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | 13.37% | 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 PFF have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFFL has higher volatility (4.25%) compared to PFF (2.68%). In terms of maximum drawdown, PFFL dropped -80.68% vs PFF's -65.55%.
On 5-year performance, PFF leads with 0.76% vs -7.00% for PFFL. On fees, PFF is cheaper at 0.46% per year. On volatility, PFF has been the lower-risk option at 2.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PFF has performed better with a 0.76% return vs -7.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PFF is cheaper with a 0.46% expense ratio, compared with 0.85% for PFFL.
PFFL has the higher dividend yield at 13.37%, compared with 5.52% for PFF.
PFFL tracks Solactive Preferred Stock ETF Index, while PFF tracks ICE Exchange-Listed Preferred & Hybrid Securities Index. They also come from different issuers: UBS and iShares. Their fees differ too: 0.85% for PFFL and 0.46% for PFF.
PFF currently has the higher Sharpe Ratio (0.37 vs -0.12), 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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