PFFR vs. PFFA

Last updated Jun 4, 2026

PFFR (InfraCap REIT Preferred ETF) and PFFA (Virtus InfraCap U.S. Preferred Stock ETF) are both Preferred Stock/Convertible Bonds funds from Virtus Investment Partners. PFFR is passively managed, while PFFA is actively managed. Over the past 5 years, PFFR returned 0.97%/yr vs 6.57%/yr for PFFA. A 0.64 correlation means they provide meaningful diversification when combined. PFFR charges 0.45%/yr vs 1.47%/yr for PFFA.

Performance

PFFR vs. PFFA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in InfraCap REIT Preferred ETF (PFFR) and Virtus InfraCap U.S. Preferred Stock ETF (PFFA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PFFR achieves a 0.80% return, which is significantly lower than PFFA's 3.08% return.

PFFR

• 1D: -0.22%
• 1M: -0.75%
• YTD: 0.80%
• 6M: 0.96%
• 1Y: 6.82%
• 3Y*: 9.27%
• 5Y*: 0.97%
• 10Y*: —

PFFA

• 1D: -0.70%
• 1M: -0.26%
• YTD: 3.08%
• 6M: 4.03%
• 1Y: 14.79%
• 3Y*: 14.46%
• 5Y*: 6.57%
• 10Y*: —

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

PFFR vs. PFFA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PFFR InfraCap REIT Preferred ETF	0.80%	5.36%	7.12%	21.04%	-23.90%	6.76%	0.19%	20.28%	-3.85%
PFFA Virtus InfraCap U.S. Preferred Stock ETF	3.08%	8.22%	16.11%	26.45%	-20.91%	23.53%	-7.87%	31.99%	-7.10%

Correlation

The correlation between PFFR and PFFA is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (All Time) Calculated using the full available price history since May 17, 2018	0.64

The correlation between PFFR and PFFA has been stable across timeframes, ranging from 0.60 to 0.65 - a consistent structural relationship.

PFFR vs. PFFA - Sectors Allocation Comparison

Sectors	PFFR	PFFA
Real Estate	84.9%	41.2%
Financial Services	5.3%	28.1%
Basic Materials	-	0.3%
Communication Services	-	5.3%
Consumer Cyclical	-	0.2%
Consumer Defensive	-	-
Energy	-	3.2%
Healthcare	-	0.9%
Industrials	-	10.2%
Technology	-	3.0%
Utilities	-	2.3%

Return for Risk

PFFR vs. PFFA — Risk / Return Rank

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

PFFR

PFFR Risk / Return Rank: 23
PFFR Sharpe Ratio Rank: 24
PFFR Sortino Ratio Rank: 23
PFFR Omega Ratio Rank: 23
PFFR Calmar Ratio Rank: 23
PFFR Martin Ratio Rank: 20

PFFA

PFFA Risk / Return Rank: 56
PFFA Sharpe Ratio Rank: 61
PFFA Sortino Ratio Rank: 63
PFFA Omega Ratio Rank: 64
PFFA Calmar Ratio Rank: 45
PFFA Martin Ratio Rank: 46

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.

PFFR vs. PFFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for InfraCap REIT Preferred ETF (PFFR) and Virtus InfraCap U.S. Preferred Stock ETF (PFFA). 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.

	PFFR	PFFA	Difference
Sharpe ratio: Return per unit of total volatility	0.87	2.12	-1.25
Sortino ratio: Return per unit of downside risk	1.27	3.00	-1.73
Omega ratio: Gain probability vs. loss probability	1.16	1.40	-0.24
Calmar ratio: Return relative to maximum drawdown	1.04	2.29	-1.25
Martin ratio: Return relative to average drawdown	2.44	7.79	-5.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PFFR vs. PFFA - Sharpe Ratio Comparison

The current PFFR Sharpe Ratio is 0.87, which is lower than the PFFA Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of PFFR and PFFA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PFFR	PFFA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.87	2.12	-1.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.09	0.57	-0.48
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	0.24	-0.08

Drawdowns

PFFR vs. PFFA - Drawdown Comparison

The maximum PFFR drawdown since its inception was -53.02%, smaller than the maximum PFFA drawdown of -70.52%. Use the drawdown chart below to compare losses from any high point for PFFR and PFFA.

Drawdown Indicators

	PFFR	PFFA	Difference
Max Drawdown Largest peak-to-trough decline	-53.02%	-70.52%	+17.50%
Max Drawdown (1Y) Largest decline over 1 year	-6.57%	-6.49%	-0.08%
Max Drawdown (3Y) Largest decline over 3 years	-11.16%	-12.15%	+0.99%
Max Drawdown (5Y) Largest decline over 5 years	-29.80%	-22.70%	-7.10%
Current Drawdown Current decline from peak	-3.05%	-1.50%	-1.55%
Average Drawdown Average peak-to-trough decline	-7.00%	-6.65%	-0.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	1.90%	+0.90%

Volatility

PFFR vs. PFFA - Volatility Comparison

InfraCap REIT Preferred ETF (PFFR) has a higher volatility of 2.81% compared to Virtus InfraCap U.S. Preferred Stock ETF (PFFA) at 1.87%. This indicates that PFFR's price experiences larger fluctuations and is considered to be riskier than PFFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFFR	PFFA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.81%	1.87%	+0.94%
Volatility (6M) Calculated over the trailing 6-month period	6.14%	5.68%	+0.46%
Volatility (1Y) Calculated over the trailing 1-year period	7.91%	7.02%	+0.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.47%	11.51%	-1.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.54%	31.84%	-11.30%

PFFR vs. PFFA - Expense Ratio Comparison

PFFR has a 0.45% expense ratio, which is lower than PFFA's 1.47% expense ratio.

Dividends

PFFR vs. PFFA - Dividend Comparison

PFFR's dividend yield for the trailing twelve months is around 8.29%, less than PFFA's 9.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
PFFA Virtus InfraCap U.S. Preferred Stock ETF	9.62%	9.47%	9.18%	9.56%	10.75%	7.64%	8.54%	10.02%	5.15%	0.00%
PFFR InfraCap REIT Preferred ETF	8.29%	7.99%	7.78%	7.72%	8.60%	6.08%	6.11%	5.77%	6.48%	6.59%

Frequently Asked Questions

Can I hold both PFFR and PFFA in my portfolio?

PFFR and PFFA have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PFFR or PFFA?

PFFR has higher volatility (2.81%) compared to PFFA (1.87%). In terms of maximum drawdown, PFFR dropped -53.02% vs PFFA's -70.52%.

Which ETF is better, PFFR or PFFA?

On 5-year performance, PFFA leads with 6.57% vs 0.97% for PFFR. On fees, PFFR is cheaper at 0.45% per year. On volatility, PFFA has been the lower-risk option at 1.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PFFR or PFFA?

Over the 5-year period, PFFA has performed better with a 6.57% return vs 0.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PFFR or PFFA?

PFFR is cheaper with a 0.45% expense ratio, compared with 1.47% for PFFA.

Which ETF pays a higher dividend yield, PFFR or PFFA?

PFFA has the higher dividend yield at 9.62%, compared with 8.29% for PFFR.

What is the main difference between PFFR and PFFA?

Their fees differ too: 0.45% for PFFR and 1.47% for PFFA.

Which has better risk-adjusted returns?

PFFA currently has the higher Sharpe Ratio (2.12 vs 0.87), 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.