PFFL vs. TBT
PFFL (ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN) and TBT (ProShares UltraShort 20+ Year Treasury) are both exchange-traded funds - PFFL is a Leveraged Bonds fund tracking the Solactive Preferred Stock ETF Index, while TBT is a Inverse Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 5 years, PFFL returned -6.94%/yr vs 21.15%/yr for TBT. Their -0.24 correlation means they have often moved in opposite directions in the past. PFFL charges 0.85%/yr vs 0.93%/yr for TBT.
Performance
PFFL vs. TBT - Performance Comparison
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Returns By Period
In the year-to-date period, PFFL achieves a -2.41% return, which is significantly lower than TBT's 10.43% 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%
TBT
- 1D
- -0.73%
- 1M
- 7.95%
- 6M
- 9.33%
- YTD
- 10.43%
- 1Y
- 11.89%
- 3Y*
- 8.97%
- 5Y*
- 21.15%
- 10Y*
- 3.75%
- ALL TIME*
- -9.32%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $14.02K | $14.94K | $17.61K | |
| $12.02M | $11.55M | $17.34M |
PFFL vs. TBT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | -2.41% | 2.18% | 4.77% | 8.65% | -39.15% | 7.52% | -15.47% | 30.21% | -10.77% |
TBT ProShares UltraShort 20+ Year Treasury | 10.43% | -1.45% | 27.66% | -2.42% | 93.29% | 2.86% | -37.93% | -22.90% | -8.79% |
Correlation
The correlation between PFFL and TBT is -0.31, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.31 |
Correlation (3Y) Balances recent behavior with more history. | -0.38 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.35 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2018 | -0.24 |
The correlation between PFFL and TBT shifts across timeframes, from -0.38 (3 years) to -0.24 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PFFL vs. TBT — Risk / Return Rank
PFFL
TBT
PFFL vs. TBT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) and ProShares UltraShort 20+ Year Treasury (TBT). 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 | TBT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.68 | ||
| Sortino ratioReturn per unit of downside risk | -0.96 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.12 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 0.90 | -0.95 |
| Martin ratioReturn relative to average drawdown | -0.10 | 1.89 | -1.98 |
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Drawdowns
PFFL vs. TBT - Drawdown Comparison
The maximum PFFL drawdown since its inception was -80.68%, smaller than the maximum TBT drawdown of -94.99%. Use the drawdown chart below to compare losses from any high point for PFFL and TBT.
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Drawdown Indicators
| PFFL | TBT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.68% | -94.99% | +14.31% |
Max Drawdown (1Y)Largest decline over 1 year | -11.92% | -13.23% | +1.31% |
Max Drawdown (3Y)Largest decline over 3 years | -23.75% | -33.83% | +10.08% |
Max Drawdown (5Y)Largest decline over 5 years | -48.51% | -33.83% | -14.68% |
Max Drawdown (10Y)Largest decline over 10 years | — | -65.09% | — |
Current DrawdownCurrent decline from peak | -39.88% | -84.61% | +44.73% |
Average DrawdownAverage peak-to-trough decline | -28.76% | -77.38% | +48.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.08% | 6.32% | -0.24% |
Volatility
PFFL vs. TBT - Volatility Comparison
The current volatility for ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) is 4.68%, while ProShares UltraShort 20+ Year Treasury (TBT) has a volatility of 5.39%. This indicates that PFFL experiences smaller price fluctuations and is considered to be less risky than TBT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFFL | TBT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.68% | 5.39% | -0.71% |
Volatility (6M)Calculated over the trailing 6-month period | 11.38% | 13.98% | -2.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.72% | 18.74% | -3.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.74% | 31.19% | -7.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.80% | 28.66% | +26.14% |
PFFL vs. TBT - Expense Ratio Comparison
PFFL has a 0.85% expense ratio, which is lower than TBT's 0.93% expense ratio.
Dividends
PFFL vs. TBT - Dividend Comparison
PFFL's dividend yield for the trailing twelve months is around 12.61%, more than TBT's 2.54% 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% |
TBT ProShares UltraShort 20+ Year Treasury | 2.54% | 3.21% | 4.64% | 4.98% | 0.42% | 0.00% | 0.32% | 2.12% | 0.99% |
Frequently Asked Questions
PFFL and TBT have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TBT has higher volatility (5.39%) compared to PFFL (4.68%). In terms of maximum drawdown, PFFL dropped -80.68% vs TBT's -94.99%.
On 5-year performance, TBT leads with 21.15% vs -6.94% for PFFL. On fees, PFFL is cheaper at 0.85% per year. On volatility, PFFL has been the lower-risk option at 4.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, TBT has performed better with a 21.15% return vs -6.94%. 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 0.93% for TBT.
PFFL has the higher dividend yield at 12.61%, compared with 2.54% for TBT.
PFFL is categorized as Leveraged Bonds, while TBT is Inverse Bonds. PFFL tracks Solactive Preferred Stock ETF Index, while TBT tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: UBS and ProShares. Their fees differ too: 0.85% for PFFL and 0.93% for TBT.
TBT currently has the higher Sharpe Ratio (0.64 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.
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