PFFL vs. PFXF
PFFL (ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN) and PFXF (VanEck Preferred Securities ex Financials ETF) are both Preferred Stock/Convertible Bonds funds - PFFL tracks the Solactive Preferred Stock ETF Index while PFXF tracks the ICE Exchange-Listed Fixed & Adjustable Rate Non-Financial Preferred Securities Index. Both are passively managed. Over the past 5 years, PFFL returned -7.00%/yr vs 3.05%/yr for PFXF. A 0.76 correlation means they provide meaningful diversification when combined. PFFL charges 0.85%/yr vs 0.40%/yr for PFXF.
Performance
PFFL vs. PFXF - 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 PFXF's 2.40% return.
PFFL
- 1D
- -0.48%
- 1M
- -2.65%
- 6M
- -6.30%
- YTD
- -3.57%
- 1Y
- -2.06%
- 3Y*
- 2.84%
- 5Y*
- -7.00%
- 10Y*
- —
PFXF
- 1D
- -1.23%
- 1M
- -4.02%
- 6M
- -0.70%
- YTD
- 2.40%
- 1Y
- 6.79%
- 3Y*
- 7.65%
- 5Y*
- 3.05%
- 10Y*
- 4.56%
PFFL vs. PFXF - 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% |
PFXF VanEck Preferred Securities ex Financials ETF | 2.40% | 9.64% | 8.42% | 11.20% | -18.83% | 11.61% | 7.61% | 20.52% | -6.54% |
Correlation
The correlation between PFFL and PFXF is 0.69, 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 | 0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2018 | 0.76 |
The correlation between PFFL and PFXF has been stable across timeframes, ranging from 0.69 to 0.76 - a consistent structural relationship.
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Return for Risk
PFFL vs. PFXF — Risk / Return Rank
PFFL
PFXF
PFFL vs. PFXF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) and VanEck Preferred Securities ex Financials ETF (PFXF). 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 | PFXF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.84 | ||
| Sortino ratioReturn per unit of downside risk | -1.12 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.13 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | -0.17 | 1.04 | -1.21 |
| Martin ratioReturn relative to average drawdown | -0.37 | 3.11 | -3.49 |
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Drawdowns
PFFL vs. PFXF - Drawdown Comparison
The maximum PFFL drawdown since its inception was -80.68%, which is greater than PFXF's maximum drawdown of -35.49%. Use the drawdown chart below to compare losses from any high point for PFFL and PFXF.
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Drawdown Indicators
| PFFL | PFXF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.68% | -35.49% | -45.19% |
Max Drawdown (1Y)Largest decline over 1 year | -11.92% | -6.55% | -5.37% |
Max Drawdown (3Y)Largest decline over 3 years | -23.75% | -11.90% | -11.85% |
Max Drawdown (5Y)Largest decline over 5 years | -48.51% | -21.80% | -26.71% |
Max Drawdown (10Y)Largest decline over 10 years | — | -35.49% | — |
Current DrawdownCurrent decline from peak | -40.60% | -6.55% | -34.05% |
Average DrawdownAverage peak-to-trough decline | -28.67% | -3.91% | -24.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.55% | 2.19% | +3.36% |
Volatility
PFFL vs. PFXF - Volatility Comparison
ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) has a higher volatility of 4.25% compared to VanEck Preferred Securities ex Financials ETF (PFXF) at 3.63%. This indicates that PFFL's price experiences larger fluctuations and is considered to be riskier than PFXF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFFL | PFXF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.25% | 3.63% | +0.62% |
Volatility (6M)Calculated over the trailing 6-month period | 10.91% | 7.62% | +3.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.91% | 9.55% | +7.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.69% | 11.05% | +12.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.99% | 13.27% | +41.72% |
PFFL vs. PFXF - Expense Ratio Comparison
PFFL has a 0.85% expense ratio, which is higher than PFXF's 0.40% expense ratio.
Dividends
PFFL vs. PFXF - Dividend Comparison
PFFL's dividend yield for the trailing twelve months is around 13.37%, more than PFXF's 6.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
PFXF VanEck Preferred Securities ex Financials ETF | 6.55% | 6.72% | 7.82% | 7.88% | 6.74% | 4.66% | 5.19% | 5.35% | 6.56% | 5.93% | 5.81% | 5.99% |
Frequently Asked Questions
PFFL and PFXF have a correlation of 0.69, 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 PFXF (3.63%). In terms of maximum drawdown, PFFL dropped -80.68% vs PFXF's -35.49%.
On 5-year performance, PFXF leads with 3.05% vs -7.00% for PFFL. On fees, PFXF is cheaper at 0.40% per year. On volatility, PFXF has been the lower-risk option at 3.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PFXF has performed better with a 3.05% return vs -7.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PFXF is cheaper with a 0.40% expense ratio, compared with 0.85% for PFFL.
PFFL has the higher dividend yield at 13.37%, compared with 6.55% for PFXF.
PFFL tracks Solactive Preferred Stock ETF Index, while PFXF tracks ICE Exchange-Listed Fixed & Adjustable Rate Non-Financial Preferred Securities Index. They also come from different issuers: UBS and VanEck. Their fees differ too: 0.85% for PFFL and 0.40% for PFXF.
PFXF currently has the higher Sharpe Ratio (0.72 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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