PFLD vs. BRLN
PFLD (AAM Low Duration Preferred and Income Securities ETF 144A) and BRLN (BlackRock Floating Rate Loan ETF) are both exchange-traded funds - PFLD is a Preferred Stock/Convertible Bonds fund tracking the ICE 0-5 Year Duration Exchange-Listed Preferred & Hybrid Securities Index, while BRLN is a Bank Loan fund actively managed by BlackRock. PFLD is passively managed, while BRLN is actively managed. Over the past 3 years, PFLD returned 5.22%/yr vs 6.90%/yr for BRLN. At a 0.14 correlation, their price movements are largely independent. PFLD charges 0.45%/yr vs 0.55%/yr for BRLN.
Performance
PFLD vs. BRLN - Performance Comparison
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Returns By Period
In the year-to-date period, PFLD achieves a 2.84% return, which is significantly higher than BRLN's 1.25% return.
PFLD
- 1D
- 0.25%
- 1M
- 0.69%
- YTD
- 2.84%
- 6M
- 2.85%
- 1Y
- 5.44%
- 3Y*
- 5.22%
- 5Y*
- 0.95%
- 10Y*
- —
BRLN
- 1D
- -0.31%
- 1M
- 0.60%
- YTD
- 1.25%
- 6M
- 1.66%
- 1Y
- 4.80%
- 3Y*
- 6.90%
- 5Y*
- —
- 10Y*
- —
PFLD vs. BRLN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
PFLD AAM Low Duration Preferred and Income Securities ETF 144A | 2.84% | 1.44% | 5.48% | 8.16% | -2.16% |
BRLN BlackRock Floating Rate Loan ETF | 1.25% | 5.38% | 7.49% | 13.42% | 1.66% |
Correlation
The correlation between PFLD and BRLN is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2022 | 0.14 |
The correlation between PFLD and BRLN shifts across timeframes, from -0.04 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PFLD vs. BRLN — Risk / Return Rank
PFLD
BRLN
PFLD vs. BRLN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AAM Low Duration Preferred and Income Securities ETF 144A (PFLD) and BlackRock Floating Rate Loan ETF (BRLN). 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.
| PFLD | BRLN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.29 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.45 | 2.41 | +0.04 |
| Martin ratioReturn relative to average drawdown | 10.87 | 9.21 | +1.67 |
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Drawdowns
PFLD vs. BRLN - Drawdown Comparison
The maximum PFLD drawdown since its inception was -33.20%, which is greater than BRLN's maximum drawdown of -3.85%. Use the drawdown chart below to compare losses from any high point for PFLD and BRLN.
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Drawdown Indicators
| PFLD | BRLN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.20% | -3.85% | -29.35% |
Max Drawdown (1Y)Largest decline over 1 year | -2.23% | -2.00% | -0.23% |
Max Drawdown (3Y)Largest decline over 3 years | -6.41% | -3.85% | -2.56% |
Max Drawdown (5Y)Largest decline over 5 years | -15.51% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.59% | +0.59% |
Average DrawdownAverage peak-to-trough decline | -4.14% | -0.32% | -3.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.50% | 0.52% | -0.02% |
Volatility
PFLD vs. BRLN - Volatility Comparison
The current volatility for AAM Low Duration Preferred and Income Securities ETF 144A (PFLD) is 0.79%, while BlackRock Floating Rate Loan ETF (BRLN) has a volatility of 1.25%. This indicates that PFLD experiences smaller price fluctuations and is considered to be less risky than BRLN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFLD | BRLN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.79% | 1.25% | -0.46% |
Volatility (6M)Calculated over the trailing 6-month period | 2.27% | 2.41% | -0.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.31% | 3.18% | +0.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.51% | 3.75% | +3.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.32% | 3.75% | +9.57% |
PFLD vs. BRLN - Expense Ratio Comparison
PFLD has a 0.45% expense ratio, which is lower than BRLN's 0.55% expense ratio.
Dividends
PFLD vs. BRLN - Dividend Comparison
PFLD's dividend yield for the trailing twelve months is around 5.59%, less than BRLN's 6.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
BRLN BlackRock Floating Rate Loan ETF | 6.36% | 6.50% | 7.87% | 9.06% | 1.48% | 0.00% | 0.00% | 0.00% |
PFLD AAM Low Duration Preferred and Income Securities ETF 144A | 5.59% | 6.52% | 7.09% | 7.09% | 5.76% | 4.52% | 4.79% | 0.82% |
Frequently Asked Questions
PFLD and BRLN have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BRLN has higher volatility (1.25%) compared to PFLD (0.79%). In terms of maximum drawdown, PFLD dropped -33.20% vs BRLN's -3.85%.
On 3-year performance, BRLN leads with 6.90% vs 5.22% for PFLD. On fees, PFLD is cheaper at 0.45% per year. On volatility, PFLD has been the lower-risk option at 0.79%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BRLN has performed better with a 6.90% return vs 5.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PFLD is cheaper with a 0.45% expense ratio, compared with 0.55% for BRLN.
BRLN has the higher dividend yield at 6.36%, compared with 5.59% for PFLD.
PFLD is categorized as Preferred Stock/Convertible Bonds, while BRLN is Bank Loan. They also come from different issuers: Advisors Asset Management and BlackRock. Their fees differ too: 0.45% for PFLD and 0.55% for BRLN.
PFLD currently has the higher Sharpe Ratio (1.67 vs 1.52), 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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