PFFL vs. TERG

Last updated Jun 24, 2026

PFFL (ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN) and TERG (Leverage Shares 2X Long TER Daily ETF) are both exchange-traded funds - PFFL is a Preferred Stock/Convertible Bonds fund tracking the Solactive Preferred Stock ETF Index, while TERG is a Leveraged Equities fund actively managed by Leverage Shares. PFFL is passively managed, while TERG is actively managed. At a 0.49 correlation, their price movements are largely independent. PFFL charges 0.85%/yr vs 0.75%/yr for TERG.

Performance

PFFL vs. TERG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) and Leverage Shares 2X Long TER Daily ETF (TERG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PFFL achieves a -1.90% return, which is significantly lower than TERG's 227.50% return.

PFFL

• 1D: -0.19%
• 1M: -1.40%
• YTD: -1.90%
• 6M: -2.44%
• 1Y: 4.83%
• 3Y*: 4.18%
• 5Y*: -6.57%
• 10Y*: —

TERG

• 1D: -15.75%
• 1M: 27.59%
• YTD: 227.50%
• 6M: 210.53%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PFFL vs. TERG - Yearly Performance Comparison

	2026 (YTD)	2025
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN	-1.90%	0.02%
TERG Leverage Shares 2X Long TER Daily ETF	227.50%	20.91%

Correlation

The correlation between PFFL and TERG is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 17, 2025	0.49

Return for Risk

PFFL vs. TERG — Risk / Return Rank

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

PFFL

PFFL Risk / Return Rank: 13
PFFL Sharpe Ratio Rank: 13
PFFL Sortino Ratio Rank: 12
PFFL Omega Ratio Rank: 12
PFFL Calmar Ratio Rank: 14
PFFL Martin Ratio Rank: 13

TERG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. TERG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) and Leverage Shares 2X Long TER Daily ETF (TERG). 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	TERG	Difference
Sharpe ratio: Return per unit of total volatility	0.28	—	—
Sortino ratio: Return per unit of downside risk	0.51	—	—
Omega ratio: Gain probability vs. loss probability	1.07	—	—
Calmar ratio: Return relative to maximum drawdown	0.41	—	—
Martin ratio: Return relative to average drawdown	0.94	—	—

Drawdowns

PFFL vs. TERG - Drawdown Comparison

The maximum PFFL drawdown since its inception was -80.68%, which is greater than TERG's maximum drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for PFFL and TERG.

Drawdown Indicators

	PFFL	TERG	Difference
Max Drawdown Largest peak-to-trough decline	-80.68%	-49.52%	-31.16%
Max Drawdown (1Y) Largest decline over 1 year	-11.92%	—	—
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	-39.57%	-16.52%	-23.05%
Average Drawdown Average peak-to-trough decline	-28.59%	-14.58%	-14.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.14%	—	—

Volatility

Volatility by Period

	PFFL	TERG	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.10%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.67%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	17.12%	145.85%	-128.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.66%	145.85%	-122.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.16%	145.85%	-90.69%

PFFL vs. TERG - Expense Ratio Comparison

PFFL has a 0.85% expense ratio, which is higher than TERG's 0.75% expense ratio.

Dividends

PFFL vs. TERG - Dividend Comparison

PFFL's dividend yield for the trailing twelve months is around 13.14%, while TERG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN	13.14%	13.27%	13.76%	13.71%	13.90%	8.82%	9.75%	11.21%	2.02%
TERG Leverage Shares 2X Long TER Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PFFL and TERG in my portfolio?

PFFL and TERG have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PFFL or TERG?

On fees, TERG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PFFL or TERG?

TERG is cheaper with a 0.75% expense ratio, compared with 0.85% for PFFL.

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

PFFL has the higher dividend yield at 13.14%, compared with 0.00% for TERG.

What is the main difference between PFFL and TERG?

PFFL is categorized as Preferred Stock/Convertible Bonds, while TERG is Leveraged Equities. They also come from different issuers: UBS and Leverage Shares. Their fees differ too: 0.85% for PFFL and 0.75% for TERG.