PFFL vs. PFFA
PFFL (ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN) and PFFA (Virtus InfraCap U.S. Preferred Stock ETF) are both exchange-traded funds - PFFL is a Leveraged Bonds fund tracking the Solactive Preferred Stock ETF Index, while PFFA is a Preferred Stock fund actively managed by Virtus. PFFL is passively managed, while PFFA is actively managed. Over the past 5 years, PFFL returned -7.13%/yr vs 5.57%/yr for PFFA. Their 0.68 correlation means they have sometimes moved together and sometimes differently. PFFL charges 0.85%/yr vs 1.47%/yr for PFFA.
Performance
PFFL vs. PFFA - Performance Comparison
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Returns By Period
In the year-to-date period, PFFL achieves a -3.79% return, which is significantly lower than PFFA's 1.20% return.
PFFL
- 1D
- -0.02%
- 1M
- -1.28%
- 6M
- -7.26%
- YTD
- -3.79%
- 1Y
- -1.99%
- 3Y*
- 2.35%
- 5Y*
- -7.13%
- 10Y*
- —
- ALL TIME*
- -4.12%
PFFA
- 1D
- 0.44%
- 1M
- -0.04%
- 6M
- -0.75%
- YTD
- 1.20%
- 1Y
- 6.02%
- 3Y*
- 11.42%
- 5Y*
- 5.57%
- 10Y*
- —
- ALL TIME*
- 7.21%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $15.74M | $17.23M | $20.45M | |
| $16.66K | $15.21K | $17.72K |
PFFL vs. PFFA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | -3.79% | 2.18% | 4.77% | 8.65% | -39.15% | 7.52% | -15.47% | 30.21% | -10.77% |
PFFA Virtus InfraCap U.S. Preferred Stock ETF | 1.20% | 8.22% | 16.11% | 26.45% | -20.91% | 23.53% | -7.87% | 31.99% | -10.98% |
Correlation
The correlation between PFFL and PFFA is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.67 |
Correlation (3Y) Balances recent behavior with more history. | 0.61 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.68 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2018 | 0.68 |
The correlation between PFFL and PFFA has been stable across timeframes, ranging from 0.61 to 0.68 - a consistent structural relationship.
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Return for Risk
PFFL vs. PFFA — Risk / Return Rank
PFFL
PFFA
PFFL vs. PFFA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) and Virtus InfraCap U.S. Preferred Stock ETF (PFFA). 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 | PFFA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.92 | ||
| Sortino ratioReturn per unit of downside risk | -1.22 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.14 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | -0.21 | 0.89 | -1.10 |
| Martin ratioReturn relative to average drawdown | -0.42 | 2.56 | -2.97 |
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Drawdowns
PFFL vs. PFFA - Drawdown Comparison
The maximum PFFL drawdown since its inception was -80.68%, which is greater than PFFA's maximum drawdown of -70.52%. Use the drawdown chart below to compare losses from any high point for PFFL and PFFA.
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Drawdown Indicators
| PFFL | PFFA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.68% | -70.52% | -10.16% |
Max Drawdown (1Y)Largest decline over 1 year | -11.92% | -6.49% | -5.43% |
Max Drawdown (3Y)Largest decline over 3 years | -23.75% | -12.15% | -11.60% |
Max Drawdown (5Y)Largest decline over 5 years | -48.51% | -22.70% | -25.81% |
Current DrawdownCurrent decline from peak | -40.73% | -3.29% | -37.44% |
Average DrawdownAverage peak-to-trough decline | -28.75% | -6.57% | -22.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.05% | 2.25% | +3.80% |
Volatility
PFFL vs. PFFA - Volatility Comparison
ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) has a higher volatility of 4.44% compared to Virtus InfraCap U.S. Preferred Stock ETF (PFFA) at 2.32%. This indicates that PFFL's price experiences larger fluctuations and is considered to be riskier than PFFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFFL | PFFA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.44% | 2.32% | +2.12% |
Volatility (6M)Calculated over the trailing 6-month period | 11.28% | 6.46% | +4.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.65% | 7.62% | +8.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.73% | 11.59% | +12.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.81% | 31.55% | +23.26% |
PFFL vs. PFFA - Expense Ratio Comparison
PFFL has a 0.85% expense ratio, which is lower than PFFA's 1.47% expense ratio.
Dividends
PFFL vs. PFFA - Dividend Comparison
PFFL's dividend yield for the trailing twelve months is around 12.79%, more than PFFA's 9.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
PFFA Virtus InfraCap U.S. Preferred Stock ETF | 9.98% | 9.47% | 9.18% | 9.56% | 10.75% | 7.64% | 8.54% | 10.02% | 5.15% |
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | 12.79% | 13.27% | 13.76% | 13.71% | 13.90% | 8.82% | 9.75% | 11.21% | 2.02% |
Frequently Asked Questions
PFFL and PFFA have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFFL has higher volatility (4.44%) compared to PFFA (2.32%). In terms of maximum drawdown, PFFL dropped -80.68% vs PFFA's -70.52%.
On 5-year performance, PFFA leads with 5.57% vs -7.13% for PFFL. On fees, PFFL is cheaper at 0.85% per year. On volatility, PFFA has been the lower-risk option at 2.32%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PFFA has performed better with a 5.57% return vs -7.13%. 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 1.47% for PFFA.
PFFL has the higher dividend yield at 12.79%, compared with 9.98% for PFFA.
PFFL is categorized as Leveraged Bonds, while PFFA is Preferred Stock. They also come from different issuers: UBS and Virtus. Their fees differ too: 0.85% for PFFL and 1.47% for PFFA.
PFFA currently has the higher Sharpe Ratio (0.76 vs -0.16), 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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