PFLD vs. EPRF
PFLD (AAM Low Duration Preferred and Income Securities ETF 144A) and EPRF (Innovator S&P High Quality Preferred ETF) are both Preferred Stock/Convertible Bonds funds - PFLD tracks the ICE 0-5 Year Duration Exchange-Listed Preferred & Hybrid Securities Index while EPRF tracks the S&P U.S. High Quality Preferred Stock Index. Both are passively managed. Over the past 5 years, PFLD returned 0.97%/yr vs -2.19%/yr for EPRF. A 0.66 correlation means they provide meaningful diversification when combined. PFLD charges 0.45%/yr vs 0.47%/yr for EPRF.
Performance
PFLD vs. EPRF - Performance Comparison
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Returns By Period
In the year-to-date period, PFLD achieves a 2.61% return, which is significantly higher than EPRF's -3.23% return.
PFLD
- 1D
- -0.23%
- 1M
- 0.46%
- YTD
- 2.61%
- 6M
- 2.51%
- 1Y
- 5.20%
- 3Y*
- 5.14%
- 5Y*
- 0.97%
- 10Y*
- —
EPRF
- 1D
- -0.36%
- 1M
- -1.05%
- YTD
- -3.23%
- 6M
- -3.72%
- 1Y
- -0.31%
- 3Y*
- 2.76%
- 5Y*
- -2.19%
- 10Y*
- —
PFLD vs. EPRF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
PFLD AAM Low Duration Preferred and Income Securities ETF 144A | 2.61% | 1.44% | 5.48% | 8.16% | -12.73% | 4.49% | 5.34% | 0.86% |
EPRF Innovator S&P High Quality Preferred ETF | -3.23% | 2.69% | 3.46% | 9.43% | -20.68% | 1.37% | 7.38% | 1.88% |
Correlation
The correlation between PFLD and EPRF is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2019 | 0.66 |
Over the past year, the correlation between PFLD and EPRF has dropped to 0.31 - well below their long-term average of 0.66, suggesting their price drivers have been diverging.
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Return for Risk
PFLD vs. EPRF — Risk / Return Rank
PFLD
EPRF
PFLD vs. EPRF - 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 Innovator S&P High Quality Preferred ETF (EPRF). 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 | EPRF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.63 | ||
| Sortino ratioReturn per unit of downside risk | +2.56 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.00 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 2.34 | -0.04 | +2.37 |
| Martin ratioReturn relative to average drawdown | 10.39 | -0.07 | +10.46 |
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Drawdowns
PFLD vs. EPRF - Drawdown Comparison
The maximum PFLD drawdown since its inception was -33.20%, which is greater than EPRF's maximum drawdown of -26.82%. Use the drawdown chart below to compare losses from any high point for PFLD and EPRF.
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Drawdown Indicators
| PFLD | EPRF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.20% | -26.82% | -6.38% |
Max Drawdown (1Y)Largest decline over 1 year | -2.23% | -8.59% | +6.36% |
Max Drawdown (3Y)Largest decline over 3 years | -6.41% | -12.29% | +5.88% |
Max Drawdown (5Y)Largest decline over 5 years | -15.51% | -25.23% | +9.72% |
Current DrawdownCurrent decline from peak | -0.23% | -11.83% | +11.60% |
Average DrawdownAverage peak-to-trough decline | -4.14% | -7.39% | +3.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.50% | 4.29% | -3.79% |
Volatility
PFLD vs. EPRF - Volatility Comparison
The current volatility for AAM Low Duration Preferred and Income Securities ETF 144A (PFLD) is 0.82%, while Innovator S&P High Quality Preferred ETF (EPRF) has a volatility of 2.09%. This indicates that PFLD experiences smaller price fluctuations and is considered to be less risky than EPRF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFLD | EPRF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.82% | 2.09% | -1.27% |
Volatility (6M)Calculated over the trailing 6-month period | 2.29% | 5.48% | -3.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.28% | 7.63% | -4.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.51% | 11.83% | -4.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.32% | 13.45% | -0.13% |
PFLD vs. EPRF - Expense Ratio Comparison
PFLD has a 0.45% expense ratio, which is lower than EPRF's 0.47% expense ratio.
Dividends
PFLD vs. EPRF - Dividend Comparison
PFLD's dividend yield for the trailing twelve months is around 5.60%, less than EPRF's 6.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EPRF Innovator S&P High Quality Preferred ETF | 6.23% | 6.03% | 6.13% | 5.71% | 5.67% | 4.70% | 4.92% | 5.01% | 5.27% | 2.59% |
PFLD AAM Low Duration Preferred and Income Securities ETF 144A | 5.60% | 6.52% | 7.09% | 7.09% | 5.76% | 4.52% | 4.79% | 0.82% | 0.00% | 0.00% |
Frequently Asked Questions
PFLD and EPRF 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.
EPRF has higher volatility (2.09%) compared to PFLD (0.82%). In terms of maximum drawdown, PFLD dropped -33.20% vs EPRF's -26.82%.
On 5-year performance, PFLD leads with 0.97% vs -2.19% for EPRF. On fees, PFLD is cheaper at 0.45% per year. On volatility, PFLD has been the lower-risk option at 0.82%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PFLD has performed better with a 0.97% return vs -2.19%. 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 0.47% for EPRF.
EPRF has the higher dividend yield at 6.23%, compared with 5.60% for PFLD.
PFLD tracks ICE 0-5 Year Duration Exchange-Listed Preferred & Hybrid Securities Index, while EPRF tracks S&P U.S. High Quality Preferred Stock Index. They also come from different issuers: Advisors Asset Management and Innovator. Their fees differ too: 0.45% for PFLD and 0.47% for EPRF.
PFLD currently has the higher Sharpe Ratio (1.59 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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