PFFL vs. SLVO

Last updated Jul 17, 2026

PFFL (ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN) and SLVO (UBS ETRACS Silver Shares Covered Call ETN) are both exchange-traded funds - PFFL is a Preferred Stock/Convertible Bonds fund tracking the Solactive Preferred Stock ETF Index, while SLVO is a Silver fund tracking the Credit Suisse NASDAQ Silver FLOWS 106 Index. Both are passively managed. Over the past year, PFFL returned -0.36% vs 22.23% for SLVO. At a 0.20 correlation, their price movements are largely independent. PFFL charges 0.85%/yr vs 0.65%/yr for SLVO.

Performance

PFFL vs. SLVO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) and UBS ETRACS Silver Shares Covered Call ETN (SLVO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PFFL achieves a -3.27% return, which is significantly higher than SLVO's -8.79% return.

PFFL

• 1D: -1.16%
• 1M: -3.46%
• 6M: -7.41%
• YTD: -3.27%
• 1Y: -0.36%
• 3Y*: 3.48%
• 5Y*: -6.81%
• 10Y*: —

SLVO

• 1D: -4.05%
• 1M: -16.63%
• 6M: -13.79%
• YTD: -8.79%
• 1Y: 22.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PFFL vs. SLVO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN	-3.27%	2.18%	1.14%
SLVO UBS ETRACS Silver Shares Covered Call ETN	-8.79%	71.20%	0.94%

Correlation

The correlation between PFFL and SLVO is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (All Time) Calculated using the full available price history since Jun 3, 2024	0.20

Return for Risk

PFFL vs. SLVO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PFFL

PFFL Risk / Return Rank: 9
PFFL Sharpe Ratio Rank: 9
PFFL Sortino Ratio Rank: 9
PFFL Omega Ratio Rank: 9
PFFL Calmar Ratio Rank: 9
PFFL Martin Ratio Rank: 9

SLVO

SLVO Risk / Return Rank: 25
SLVO Sharpe Ratio Rank: 23
SLVO Sortino Ratio Rank: 21
SLVO Omega Ratio Rank: 28
SLVO Calmar Ratio Rank: 25
SLVO Martin Ratio Rank: 29

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PFFL vs. SLVO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) and UBS ETRACS Silver Shares Covered Call ETN (SLVO). 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	SLVO	Difference
Sharpe ratio: Return per unit of total volatility	-0.02	0.68	-0.70
Sortino ratio: Return per unit of downside risk	0.08	0.99	-0.91
Omega ratio: Gain probability vs. loss probability	1.01	1.16	-0.15
Calmar ratio: Return relative to maximum drawdown	-0.03	1.01	-1.04
Martin ratio: Return relative to average drawdown	-0.06	3.35	-3.41

PFFL vs. SLVO - Sharpe Ratio Comparison

The current PFFL Sharpe Ratio is -0.02, which is lower than the SLVO Sharpe Ratio of 0.68. The chart below compares the historical Sharpe Ratios of PFFL and SLVO, 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. SLVO - Drawdown Comparison

The maximum PFFL drawdown since its inception was -80.68%, which is greater than SLVO's maximum drawdown of -22.21%. Use the drawdown chart below to compare losses from any high point for PFFL and SLVO.

Drawdown Indicators

	PFFL	SLVO	Difference
Max Drawdown Largest peak-to-trough decline	-80.68%	-22.21%	-58.47%
Max Drawdown (1Y) Largest decline over 1 year	-11.92%	-22.21%	+10.29%
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	-40.41%	-22.21%	-18.20%
Average Drawdown Average peak-to-trough decline	-28.68%	-3.74%	-24.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.63%	6.66%	-1.03%

Volatility

PFFL vs. SLVO - Volatility Comparison

The current volatility for ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) is 4.10%, while UBS ETRACS Silver Shares Covered Call ETN (SLVO) has a volatility of 12.39%. This indicates that PFFL experiences smaller price fluctuations and is considered to be less risky than SLVO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFFL	SLVO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.10%	12.39%	-8.29%
Volatility (6M) Calculated over the trailing 6-month period	11.00%	31.25%	-20.25%
Volatility (1Y) Calculated over the trailing 1-year period	16.37%	33.03%	-16.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.70%	26.72%	-3.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.95%	26.72%	+28.23%

PFFL vs. SLVO - Expense Ratio Comparison

PFFL has a 0.85% expense ratio, which is higher than SLVO's 0.65% expense ratio.

Dividends

PFFL vs. SLVO - Dividend Comparison

PFFL's dividend yield for the trailing twelve months is around 12.72%, less than SLVO's 72.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN	12.72%	13.27%	13.76%	13.71%	13.90%	8.82%	9.75%	11.21%	2.02%
SLVO UBS ETRACS Silver Shares Covered Call ETN	72.73%	19.35%	14.45%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PFFL and SLVO in my portfolio?

PFFL and SLVO have a correlation of 0.30, 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 SLVO?

SLVO has higher volatility (12.39%) compared to PFFL (4.10%). In terms of maximum drawdown, PFFL dropped -80.68% vs SLVO's -22.21%.

Which ETF is better, PFFL or SLVO?

On 1-year performance, SLVO leads with 22.23% vs -0.36% for PFFL. On fees, SLVO is cheaper at 0.65% per year. 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.

Which ETF has performed better, PFFL or SLVO?

Over the 1-year period, SLVO has performed better with a 22.23% return vs -0.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PFFL or SLVO?

SLVO is cheaper with a 0.65% expense ratio, compared with 0.85% for PFFL.

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

SLVO has the higher dividend yield at 72.73%, compared with 12.72% for PFFL.

What is the main difference between PFFL and SLVO?

PFFL is categorized as Preferred Stock/Convertible Bonds, while SLVO is Silver. PFFL tracks Solactive Preferred Stock ETF Index, while SLVO tracks Credit Suisse NASDAQ Silver FLOWS 106 Index. Their fees differ too: 0.85% for PFFL and 0.65% for SLVO.

Which has better risk-adjusted returns?

SLVO currently has the higher Sharpe Ratio (0.68 vs -0.02), 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.