PFLD vs. IPPP

Last updated Jun 5, 2026

PFLD (AAM Low Duration Preferred and Income Securities ETF 144A) and IPPP (Preferred-Plus ETF) are both Preferred Stock/Convertible Bonds funds. PFLD is passively managed, while IPPP is actively managed. PFLD charges 0.45%/yr vs 1.27%/yr for IPPP.

Performance

PFLD vs. IPPP - 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 Preferred-Plus ETF (IPPP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PFLD

• 1D: -0.10%
• 1M: 0.43%
• YTD: 2.58%
• 6M: 3.06%
• 1Y: 5.71%
• 3Y*: 5.03%
• 5Y*: 1.02%
• 10Y*: —

IPPP

• 1D: 0.00%
• 1M: 0.00%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PFLD vs. IPPP - Yearly Performance Comparison

	2026 (YTD)
PFLD AAM Low Duration Preferred and Income Securities ETF 144A	1.29%
IPPP Preferred-Plus ETF	0.00%

PFLD vs. IPPP - Sectors Allocation Comparison

Sectors	PFLD	IPPP
Utilities	100.0%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-

Return for Risk

PFLD vs. IPPP — Risk / Return Rank

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

PFLD

PFLD Risk / Return Rank: 55
PFLD Sharpe Ratio Rank: 50
PFLD Sortino Ratio Rank: 59
PFLD Omega Ratio Rank: 52
PFLD Calmar Ratio Rank: 53
PFLD Martin Ratio Rank: 64

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. IPPP - 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 Preferred-Plus ETF (IPPP). 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.

	PFLD	IPPP	Difference
Sharpe ratio: Return per unit of total volatility	1.70	—	—
Sortino ratio: Return per unit of downside risk	2.76	—	—
Omega ratio: Gain probability vs. loss probability	1.32	—	—
Calmar ratio: Return relative to maximum drawdown	2.57	—	—
Martin ratio: Return relative to average drawdown	11.38	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	PFLD	IPPP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.70	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	—	—

Drawdowns

PFLD vs. IPPP - Drawdown Comparison

The maximum PFLD drawdown since its inception was -33.20%, which is greater than IPPP's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for PFLD and IPPP.

Drawdown Indicators

	PFLD	IPPP	Difference
Max Drawdown Largest peak-to-trough decline	-33.20%	0.00%	-33.20%
Max Drawdown (1Y) Largest decline over 1 year	-2.23%	—	—
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	-0.10%	0.00%	-0.10%
Average Drawdown Average peak-to-trough decline	-4.17%	0.00%	-4.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.50%	—	—

Volatility

Volatility by Period

	PFLD	IPPP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.83%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.26%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.40%	0.00%	+3.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.50%	0.00%	+7.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.37%	0.00%	+13.37%

PFLD vs. IPPP - Expense Ratio Comparison

PFLD has a 0.45% expense ratio, which is lower than IPPP's 1.27% expense ratio.

Dividends

PFLD vs. IPPP - Dividend Comparison

PFLD's dividend yield for the trailing twelve months is around 5.60%, while IPPP has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
IPPP Preferred-Plus ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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%

Frequently Asked Questions

Which ETF is better, PFLD or IPPP?

On fees, PFLD is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PFLD or IPPP?

PFLD is cheaper with a 0.45% expense ratio, compared with 1.27% for IPPP.

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

PFLD has the higher dividend yield at 5.60%, compared with 0.00% for IPPP.

What is the main difference between PFLD and IPPP?

They also come from different issuers: Advisors Asset Management and Innovative Portfolios. Their fees differ too: 0.45% for PFLD and 1.27% for IPPP.