PFFL vs. RSBA

Last updated Aug 4, 2026

PFFL (ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN) and RSBA (Return Stacked Bonds & Merger Arbitrage ETF) are both Leveraged Bonds funds. PFFL is passively managed, while RSBA is actively managed. Over the past year, PFFL returned -0.58% vs 1.26% for RSBA. Their 0.37 correlation means their historical movements had little consistent relationship. PFFL charges 0.85%/yr vs 0.96%/yr for RSBA.

Performance

PFFL vs. RSBA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) and Return Stacked Bonds & Merger Arbitrage ETF (RSBA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PFFL achieves a -2.41% return, which is significantly lower than RSBA's -0.81% return.

PFFL

• 1D: 1.44%
• 1M: 0.14%
• 6M: -5.93%
• YTD: -2.41%
• 1Y: -0.58%
• 3Y*: 3.20%
• 5Y*: -6.94%
• 10Y*: —
• ALL TIME*: -3.94%

RSBA

• 1D: 0.12%
• 1M: -1.80%
• 6M: -0.98%
• YTD: -0.81%
• 1Y: 1.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.10%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN	$14.02K	$14.94K	$17.61K
RSBA Return Stacked Bonds & Merger Arbitrage ETF	$279.44K	$302.14K	$427.45K

PFFL vs. RSBA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN	-2.41%	2.18%	-3.85%
RSBA Return Stacked Bonds & Merger Arbitrage ETF	-0.81%	7.73%	-0.11%

Correlation

The correlation between PFFL and RSBA is 0.37, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.37
Correlation (All Time) Calculated using the full available price history since Dec 18, 2024	0.37

Return for Risk

PFFL vs. RSBA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PFFL

PFFL Risk / Return Rank: 10
PFFL Sharpe Ratio Rank: 11
PFFL Sortino Ratio Rank: 10
PFFL Omega Ratio Rank: 10
PFFL Calmar Ratio Rank: 10
PFFL Martin Ratio Rank: 10

RSBA

RSBA Risk / Return Rank: 17
RSBA Sharpe Ratio Rank: 17
RSBA Sortino Ratio Rank: 15
RSBA Omega Ratio Rank: 15
RSBA Calmar Ratio Rank: 18
RSBA Martin Ratio Rank: 19

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PFFL vs. RSBA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) and Return Stacked Bonds & Merger Arbitrage ETF (RSBA). 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	RSBA	Difference
Sharpe ratio: Return per unit of total volatility	-0.04	0.28	-0.32
Sortino ratio: Return per unit of downside risk	0.06	0.43	-0.37
Omega ratio: Gain probability vs. loss probability	1.01	1.05	-0.04
Calmar ratio: Return relative to maximum drawdown	-0.05	0.46	-0.51
Martin ratio: Return relative to average drawdown	-0.10	1.16	-1.26

PFFL vs. RSBA - Sharpe Ratio Comparison

The current PFFL Sharpe Ratio is -0.04, which is lower than the RSBA Sharpe Ratio of 0.28. The chart below compares the historical Sharpe Ratios of PFFL and RSBA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PFFL vs. RSBA - Drawdown Comparison

The maximum PFFL drawdown since its inception was -80.68%, which is greater than RSBA's maximum drawdown of -2.83%. Use the drawdown chart below to compare losses from any high point for PFFL and RSBA.

Drawdown Indicators

	PFFL	RSBA	Difference
Max Drawdown Largest peak-to-trough decline	-80.68%	-2.83%	-77.85%
Max Drawdown (1Y) Largest decline over 1 year	-11.92%	-2.74%	-9.18%
Max Drawdown (3Y) Largest decline over 3 years	-23.75%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-48.51%	—	—
Current Drawdown Current decline from peak	-39.88%	-2.13%	-37.75%
Average Drawdown Average peak-to-trough decline	-28.76%	-0.84%	-27.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.08%	1.09%	+4.99%

Volatility

PFFL vs. RSBA - Volatility Comparison

ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) has a higher volatility of 4.68% compared to Return Stacked Bonds & Merger Arbitrage ETF (RSBA) at 1.36%. This indicates that PFFL's price experiences larger fluctuations and is considered to be riskier than RSBA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFFL	RSBA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.68%	1.36%	+3.32%
Volatility (6M) Calculated over the trailing 6-month period	11.38%	3.60%	+7.78%
Volatility (1Y) Calculated over the trailing 1-year period	15.72%	4.49%	+11.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.74%	5.05%	+18.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.80%	5.05%	+49.75%

PFFL vs. RSBA - Expense Ratio Comparison

PFFL has a 0.85% expense ratio, which is lower than RSBA's 0.96% expense ratio.

Dividends

PFFL vs. RSBA - Dividend Comparison

PFFL's dividend yield for the trailing twelve months is around 12.61%, more than RSBA's 3.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN	12.61%	13.27%	13.76%	13.71%	13.90%	8.82%	9.75%	11.21%	2.02%
RSBA Return Stacked Bonds & Merger Arbitrage ETF	3.40%	3.37%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PFFL and RSBA in my portfolio?

PFFL and RSBA have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PFFL or RSBA?

PFFL has higher volatility (4.68%) compared to RSBA (1.36%). In terms of maximum drawdown, PFFL dropped -80.68% vs RSBA's -2.83%.

Which ETF is better, PFFL or RSBA?

On 1-year performance, RSBA leads with 1.26% vs -0.58% for PFFL. On fees, PFFL is cheaper at 0.85% per year. On volatility, RSBA has been the lower-risk option at 1.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PFFL or RSBA?

Over the 1-year period, RSBA has performed better with a 1.26% return vs -0.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PFFL or RSBA?

PFFL is cheaper with a 0.85% expense ratio, compared with 0.96% for RSBA.

Which ETF pays a higher dividend yield, PFFL or RSBA?

PFFL has the higher dividend yield at 12.61%, compared with 3.40% for RSBA.

What is the main difference between PFFL and RSBA?

They also come from different issuers: UBS and Return Stacked. Their fees differ too: 0.85% for PFFL and 0.96% for RSBA.

Which has better risk-adjusted returns?

RSBA currently has the higher Sharpe Ratio (0.28 vs -0.04), 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.