PFFL vs. SPFF
PFFL (ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN) and SPFF (Global X SuperIncome Preferred ETF) are both exchange-traded funds - PFFL is a Leveraged Bonds fund tracking the Solactive Preferred Stock ETF Index, while SPFF is a Preferred Stock fund tracking the S&P Enhanced Yield North American Preferred Stock Index. Both are passively managed. Over the past 5 years, PFFL returned -7.13%/yr vs 1.40%/yr for SPFF. Their 0.73 correlation means they have sometimes moved together and sometimes differently. PFFL charges 0.85%/yr vs 0.58%/yr for SPFF.
Performance
PFFL vs. SPFF - 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 SPFF's 4.06% 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%
SPFF
- 1D
- 0.21%
- 1M
- 1.07%
- 6M
- 2.74%
- YTD
- 4.06%
- 1Y
- 10.03%
- 3Y*
- 7.95%
- 5Y*
- 1.40%
- 10Y*
- 2.75%
- ALL TIME*
- 3.19%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $16.66K | $15.21K | $17.72K | |
| $461.72K | $400.05K | $611.33K |
PFFL vs. SPFF - 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% |
SPFF Global X SuperIncome Preferred ETF | 4.06% | 7.52% | 8.62% | 3.00% | -14.29% | 5.15% | 6.91% | 13.04% | -5.09% |
Correlation
The correlation between PFFL and SPFF is 0.65, 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. | 0.65 |
Correlation (3Y) Balances recent behavior with more history. | 0.65 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.73 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2018 | 0.73 |
The correlation between PFFL and SPFF has been stable across timeframes, ranging from 0.65 to 0.73 - a consistent structural relationship.
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Return for Risk
PFFL vs. SPFF — Risk / Return Rank
PFFL
SPFF
PFFL vs. SPFF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) and Global X SuperIncome Preferred ETF (SPFF). 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 | SPFF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.13 | ||
| Sortino ratioReturn per unit of downside risk | -1.53 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.17 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | -0.21 | 1.28 | -1.49 |
| Martin ratioReturn relative to average drawdown | -0.42 | 3.53 | -3.94 |
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Drawdowns
PFFL vs. SPFF - Drawdown Comparison
The maximum PFFL drawdown since its inception was -80.68%, which is greater than SPFF's maximum drawdown of -35.92%. Use the drawdown chart below to compare losses from any high point for PFFL and SPFF.
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Drawdown Indicators
| PFFL | SPFF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.68% | -35.92% | -44.76% |
Max Drawdown (1Y)Largest decline over 1 year | -11.92% | -7.58% | -4.34% |
Max Drawdown (3Y)Largest decline over 3 years | -23.75% | -12.51% | -11.24% |
Max Drawdown (5Y)Largest decline over 5 years | -48.51% | -22.88% | -25.63% |
Max Drawdown (10Y)Largest decline over 10 years | — | -35.92% | — |
Current DrawdownCurrent decline from peak | -40.73% | -2.86% | -37.87% |
Average DrawdownAverage peak-to-trough decline | -28.75% | -4.05% | -24.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.05% | 2.74% | +3.31% |
Volatility
PFFL vs. SPFF - Volatility Comparison
ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) has a higher volatility of 4.44% compared to Global X SuperIncome Preferred ETF (SPFF) at 3.19%. This indicates that PFFL's price experiences larger fluctuations and is considered to be riskier than SPFF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFFL | SPFF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.44% | 3.19% | +1.25% |
Volatility (6M)Calculated over the trailing 6-month period | 11.28% | 7.98% | +3.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.65% | 10.06% | +5.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.73% | 11.11% | +12.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.81% | 13.55% | +41.26% |
PFFL vs. SPFF - Expense Ratio Comparison
PFFL has a 0.85% expense ratio, which is higher than SPFF's 0.58% expense ratio.
Dividends
PFFL vs. SPFF - Dividend Comparison
PFFL's dividend yield for the trailing twelve months is around 12.79%, more than SPFF's 6.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% | 0.00% |
SPFF Global X SuperIncome Preferred ETF | 6.10% | 6.47% | 6.39% | 6.64% | 7.15% | 5.78% | 5.75% | 5.97% | 7.60% | 7.24% | 7.04% | 7.50% |
Frequently Asked Questions
PFFL and SPFF have a correlation of 0.65, 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 SPFF (3.19%). In terms of maximum drawdown, PFFL dropped -80.68% vs SPFF's -35.92%.
On 5-year performance, SPFF leads with 1.40% vs -7.13% for PFFL. On fees, SPFF is cheaper at 0.58% per year. On volatility, SPFF has been the lower-risk option at 3.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPFF has performed better with a 1.40% return vs -7.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPFF is cheaper with a 0.58% expense ratio, compared with 0.85% for PFFL.
PFFL has the higher dividend yield at 12.79%, compared with 6.10% for SPFF.
PFFL is categorized as Leveraged Bonds, while SPFF is Preferred Stock. PFFL tracks Solactive Preferred Stock ETF Index, while SPFF tracks S&P Enhanced Yield North American Preferred Stock Index. They also come from different issuers: UBS and Global X. Their fees differ too: 0.85% for PFFL and 0.58% for SPFF.
SPFF currently has the higher Sharpe Ratio (0.96 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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