PFFL vs. VRP
PFFL (ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN) and VRP (Invesco Variable Rate Preferred ETF) are both Preferred Stock/Convertible Bonds funds - PFFL tracks the Solactive Preferred Stock ETF Index while VRP tracks the Wells Fargo Hybrid and Preferred Securities Floating and Variable Rate Index. Both are passively managed. Over the past 5 years, PFFL returned -7.00%/yr vs 4.25%/yr for VRP. A 0.55 correlation means they provide meaningful diversification when combined. PFFL charges 0.85%/yr vs 0.50%/yr for VRP.
Performance
PFFL vs. VRP - Performance Comparison
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Returns By Period
In the year-to-date period, PFFL achieves a -3.57% return, which is significantly lower than VRP's 2.53% return.
PFFL
- 1D
- -0.48%
- 1M
- -2.65%
- 6M
- -6.30%
- YTD
- -3.57%
- 1Y
- -2.06%
- 3Y*
- 2.84%
- 5Y*
- -7.00%
- 10Y*
- —
VRP
- 1D
- 0.04%
- 1M
- 0.33%
- 6M
- 2.11%
- YTD
- 2.53%
- 1Y
- 5.65%
- 3Y*
- 9.35%
- 5Y*
- 4.25%
- 10Y*
- 5.05%
PFFL vs. VRP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | -3.57% | 2.18% | 4.77% | 8.65% | -39.15% | 7.52% | -15.47% | 30.21% | -10.77% |
VRP Invesco Variable Rate Preferred ETF | 2.53% | 7.34% | 11.10% | 10.35% | -9.00% | 4.20% | 5.11% | 18.84% | -7.07% |
Correlation
The correlation between PFFL and VRP is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.49 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.55 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2018 | 0.55 |
The correlation between PFFL and VRP has been stable across timeframes, ranging from 0.46 to 0.55 - a consistent structural relationship.
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Return for Risk
PFFL vs. VRP — Risk / Return Rank
PFFL
VRP
PFFL vs. VRP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) and Invesco Variable Rate Preferred ETF (VRP). 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 | VRP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.08 | ||
| Sortino ratioReturn per unit of downside risk | -2.88 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.41 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.17 | 1.96 | -2.14 |
| Martin ratioReturn relative to average drawdown | -0.37 | 10.54 | -10.92 |
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Drawdowns
PFFL vs. VRP - Drawdown Comparison
The maximum PFFL drawdown since its inception was -80.68%, which is greater than VRP's maximum drawdown of -46.04%. Use the drawdown chart below to compare losses from any high point for PFFL and VRP.
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Drawdown Indicators
| PFFL | VRP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.68% | -46.04% | -34.64% |
Max Drawdown (1Y)Largest decline over 1 year | -11.92% | -2.89% | -9.03% |
Max Drawdown (3Y)Largest decline over 3 years | -23.75% | -4.26% | -19.49% |
Max Drawdown (5Y)Largest decline over 5 years | -48.51% | -13.76% | -34.75% |
Max Drawdown (10Y)Largest decline over 10 years | — | -46.04% | — |
Current DrawdownCurrent decline from peak | -40.60% | -0.25% | -40.35% |
Average DrawdownAverage peak-to-trough decline | -28.67% | -2.29% | -26.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.55% | 0.54% | +5.01% |
Volatility
PFFL vs. VRP - Volatility Comparison
ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) has a higher volatility of 4.25% compared to Invesco Variable Rate Preferred ETF (VRP) at 0.59%. This indicates that PFFL's price experiences larger fluctuations and is considered to be riskier than VRP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFFL | VRP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.25% | 0.59% | +3.66% |
Volatility (6M)Calculated over the trailing 6-month period | 10.91% | 2.34% | +8.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.91% | 2.90% | +14.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.69% | 6.55% | +17.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.99% | 14.53% | +40.46% |
PFFL vs. VRP - Expense Ratio Comparison
PFFL has a 0.85% expense ratio, which is higher than VRP's 0.50% expense ratio.
Dividends
PFFL vs. VRP - Dividend Comparison
PFFL's dividend yield for the trailing twelve months is around 13.37%, more than VRP's 6.22% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | 13.37% | 13.27% | 13.76% | 13.71% | 13.90% | 8.82% | 9.75% | 11.21% | 2.02% | 0.00% | 0.00% | 0.00% |
VRP Invesco Variable Rate Preferred ETF | 6.22% | 6.53% | 5.78% | 6.61% | 5.38% | 4.25% | 4.17% | 4.71% | 5.28% | 4.69% | 5.10% | 5.02% |
Frequently Asked Questions
PFFL and VRP have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFFL has higher volatility (4.25%) compared to VRP (0.59%). In terms of maximum drawdown, PFFL dropped -80.68% vs VRP's -46.04%.
On 5-year performance, VRP leads with 4.25% vs -7.00% for PFFL. On fees, VRP is cheaper at 0.50% per year. On volatility, VRP has been the lower-risk option at 0.59%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, VRP has performed better with a 4.25% return vs -7.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VRP is cheaper with a 0.50% expense ratio, compared with 0.85% for PFFL.
PFFL has the higher dividend yield at 13.37%, compared with 6.22% for VRP.
PFFL tracks Solactive Preferred Stock ETF Index, while VRP tracks Wells Fargo Hybrid and Preferred Securities Floating and Variable Rate Index. They also come from different issuers: UBS and Invesco. Their fees differ too: 0.85% for PFFL and 0.50% for VRP.
VRP currently has the higher Sharpe Ratio (1.96 vs -0.12), 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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