PFLD vs. GPRF

Last updated Jul 15, 2026

PFLD (AAM Low Duration Preferred and Income Securities ETF 144A) and GPRF (Goldman Sachs Access U.S. Preferred Stock and Hybrid Securities ETF) are both Preferred Stock/Convertible Bonds funds - PFLD tracks the ICE 0-5 Year Duration Exchange-Listed Preferred & Hybrid Securities Index while GPRF tracks the FTSE Goldman Sachs US Preferred Stock and Hybrids Index. Both are passively managed. Over the past year, PFLD returned 5.84% vs 4.54% for GPRF. At a 0.47 correlation, their price movements are largely independent. Both charge a 0.45% expense ratio.

Performance

PFLD vs. GPRF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AAM Low Duration Preferred and Income Securities ETF 144A (PFLD) and Goldman Sachs Access U.S. Preferred Stock and Hybrid Securities ETF (GPRF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PFLD achieves a 2.86% return, which is significantly higher than GPRF's 1.35% return.

PFLD

• 1D: 0.02%
• 1M: 0.43%
• 6M: 2.31%
• YTD: 2.86%
• 1Y: 5.84%
• 3Y*: 4.60%
• 5Y*: 0.89%
• 10Y*: —

GPRF

• 1D: 0.17%
• 1M: 0.12%
• 6M: 0.73%
• YTD: 1.35%
• 1Y: 4.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PFLD vs. GPRF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PFLD AAM Low Duration Preferred and Income Securities ETF 144A	2.86%	1.44%	1.02%
GPRF Goldman Sachs Access U.S. Preferred Stock and Hybrid Securities ETF	1.35%	6.17%	2.49%

Correlation

The correlation between PFLD and GPRF is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (All Time) Calculated using the full available price history since Aug 1, 2024	0.47

Return for Risk

PFLD vs. GPRF — Risk / Return Rank

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

PFLD

PFLD Risk / Return Rank: 75
PFLD Sharpe Ratio Rank: 72
PFLD Sortino Ratio Rank: 84
PFLD Omega Ratio Rank: 75
PFLD Calmar Ratio Rank: 66
PFLD Martin Ratio Rank: 81

GPRF

GPRF Risk / Return Rank: 41
GPRF Sharpe Ratio Rank: 44
GPRF Sortino Ratio Rank: 42
GPRF Omega Ratio Rank: 52
GPRF Calmar Ratio Rank: 27
GPRF Martin Ratio Rank: 40

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.

PFLD vs. GPRF - 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 Goldman Sachs Access U.S. Preferred Stock and Hybrid Securities ETF (GPRF). 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	GPRF	Difference
Sharpe ratio: Return per unit of total volatility	1.83	1.26	+0.57
Sortino ratio: Return per unit of downside risk	2.97	1.77	+1.20
Omega ratio: Gain probability vs. loss probability	1.35	1.27	+0.09
Calmar ratio: Return relative to maximum drawdown	2.62	1.09	+1.54
Martin ratio: Return relative to average drawdown	12.31	5.03	+7.28

PFLD vs. GPRF - Sharpe Ratio Comparison

The current PFLD Sharpe Ratio is 1.83, which is higher than the GPRF Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of PFLD and GPRF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PFLD vs. GPRF - Drawdown Comparison

The maximum PFLD drawdown since its inception was -33.20%, which is greater than GPRF's maximum drawdown of -4.36%. Use the drawdown chart below to compare losses from any high point for PFLD and GPRF.

Drawdown Indicators

	PFLD	GPRF	Difference
Max Drawdown Largest peak-to-trough decline	-33.20%	-4.36%	-28.84%
Max Drawdown (1Y) Largest decline over 1 year	-2.23%	-4.20%	+1.97%
Max Drawdown (3Y) Largest decline over 3 years	-6.41%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.51%	—	—
Current Drawdown Current decline from peak	-0.09%	-0.76%	+0.67%
Average Drawdown Average peak-to-trough decline	-4.11%	-0.88%	-3.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	0.90%	-0.42%

Volatility

PFLD vs. GPRF - Volatility Comparison

AAM Low Duration Preferred and Income Securities ETF 144A (PFLD) and Goldman Sachs Access U.S. Preferred Stock and Hybrid Securities ETF (GPRF) have volatilities of 0.68% and 0.66%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFLD	GPRF	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.68%	0.66%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	2.28%	3.13%	-0.85%
Volatility (1Y) Calculated over the trailing 1-year period	3.21%	3.61%	-0.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.50%	3.86%	+3.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.27%	3.86%	+9.41%

PFLD vs. GPRF - Expense Ratio Comparison

Both PFLD and GPRF have an expense ratio of 0.45%.

Dividends

PFLD vs. GPRF - Dividend Comparison

PFLD's dividend yield for the trailing twelve months is around 5.46%, less than GPRF's 5.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
GPRF Goldman Sachs Access U.S. Preferred Stock and Hybrid Securities ETF	5.64%	5.38%	2.10%	0.00%	0.00%	0.00%	0.00%	0.00%
PFLD AAM Low Duration Preferred and Income Securities ETF 144A	5.46%	6.52%	7.09%	7.09%	5.76%	4.52%	4.79%	0.82%

Frequently Asked Questions

Can I hold both PFLD and GPRF in my portfolio?

PFLD and GPRF have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PFLD or GPRF?

PFLD has higher volatility (0.68%) compared to GPRF (0.66%). In terms of maximum drawdown, PFLD dropped -33.20% vs GPRF's -4.36%.

Which ETF is better, PFLD or GPRF?

On 1-year performance, PFLD leads with 5.84% vs 4.54% for GPRF. Both ETFs have the same 0.45% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PFLD or GPRF?

Over the 1-year period, PFLD has performed better with a 5.84% return vs 4.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PFLD or GPRF?

PFLD and GPRF have the same expense ratio: 0.45% per year.

Which ETF pays a higher dividend yield, PFLD or GPRF?

GPRF has the higher dividend yield at 5.64%, compared with 5.46% for PFLD.

What is the main difference between PFLD and GPRF?

PFLD tracks ICE 0-5 Year Duration Exchange-Listed Preferred & Hybrid Securities Index, while GPRF tracks FTSE Goldman Sachs US Preferred Stock and Hybrids Index. They also come from different issuers: Advisors Asset Management and Goldman Sachs.

Which has better risk-adjusted returns?

PFLD currently has the higher Sharpe Ratio (1.83 vs 1.26), 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.