PFLD vs. NEA

Last updated Jul 17, 2026

PFLD (AAM Low Duration Preferred and Income Securities ETF 144A) is Preferred Stock/Convertible Bonds fund tracking the ICE 0-5 Year Duration Exchange-Listed Preferred & Hybrid Securities Index, while NEA (Nuveen AMT-Free Quality Municipal Income Fund) is a stock. Over the past 5 years, PFLD returned 0.94%/yr vs -0.32%/yr for NEA. At a 0.33 correlation, their price movements are largely independent. PFLD charges 0.45%/yr vs 1.41%/yr for NEA.

Performance

PFLD vs. NEA - 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 Nuveen AMT-Free Quality Municipal Income Fund (NEA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PFLD achieves a 3.05% return, which is significantly lower than NEA's 3.74% return.

PFLD

• 1D: 0.15%
• 1M: 0.36%
• 6M: 1.98%
• YTD: 3.05%
• 1Y: 6.15%
• 3Y*: 4.65%
• 5Y*: 0.94%
• 10Y*: —

NEA

• 1D: 0.00%
• 1M: 0.76%
• 6M: 2.00%
• YTD: 3.74%
• 1Y: 14.95%
• 3Y*: 9.16%
• 5Y*: -0.32%
• 10Y*: 2.99%

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

PFLD vs. NEA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PFLD AAM Low Duration Preferred and Income Securities ETF 144A	3.05%	1.44%	5.48%	8.16%	-12.73%	4.49%	5.34%	0.86%
NEA Nuveen AMT-Free Quality Municipal Income Fund	3.74%	11.31%	9.50%	0.75%	-23.32%	8.16%	10.07%	2.89%

Correlation

The correlation between PFLD and NEA is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (All Time) Calculated using the full available price history since Nov 20, 2019	0.33

The correlation between PFLD and NEA shifts across timeframes, from 0.17 (1 year) to 0.35 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

PFLD vs. NEA — Risk / Return Rank

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

PFLD

PFLD Risk / Return Rank: 79
PFLD Sharpe Ratio Rank: 76
PFLD Sortino Ratio Rank: 86
PFLD Omega Ratio Rank: 80
PFLD Calmar Ratio Rank: 69
PFLD Martin Ratio Rank: 83

NEA

NEA Risk / Return Rank: 82
NEA Sharpe Ratio Rank: 83
NEA Sortino Ratio Rank: 81
NEA Omega Ratio Rank: 81
NEA Calmar Ratio Rank: 79
NEA Martin Ratio Rank: 88

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. NEA - 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 Nuveen AMT-Free Quality Municipal Income Fund (NEA). 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	NEA	Difference
Sharpe ratio: Return per unit of total volatility	1.93	1.39	+0.53
Sortino ratio: Return per unit of downside risk	3.13	2.09	+1.04
Omega ratio: Gain probability vs. loss probability	1.37	1.27	+0.10
Calmar ratio: Return relative to maximum drawdown	2.76	2.06	+0.70
Martin ratio: Return relative to average drawdown	12.96	8.47	+4.49

PFLD vs. NEA - Sharpe Ratio Comparison

The current PFLD Sharpe Ratio is 1.93, which is higher than the NEA Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of PFLD and NEA, 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. NEA - Drawdown Comparison

The maximum PFLD drawdown since its inception was -33.20%, smaller than the maximum NEA drawdown of -43.83%. Use the drawdown chart below to compare losses from any high point for PFLD and NEA.

Drawdown Indicators

	PFLD	NEA	Difference
Max Drawdown Largest peak-to-trough decline	-33.20%	-43.83%	+10.63%
Max Drawdown (1Y) Largest decline over 1 year	-2.23%	-7.27%	+5.04%
Max Drawdown (3Y) Largest decline over 3 years	-6.41%	-15.16%	+8.75%
Max Drawdown (5Y) Largest decline over 5 years	-15.51%	-36.57%	+21.06%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.57%	—
Current Drawdown Current decline from peak	0.00%	-3.54%	+3.54%
Average Drawdown Average peak-to-trough decline	-4.10%	-7.99%	+3.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	1.78%	-1.30%

Volatility

PFLD vs. NEA - Volatility Comparison

The current volatility for AAM Low Duration Preferred and Income Securities ETF 144A (PFLD) is 0.65%, while Nuveen AMT-Free Quality Municipal Income Fund (NEA) has a volatility of 1.86%. This indicates that PFLD experiences smaller price fluctuations and is considered to be less risky than NEA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFLD	NEA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.65%	1.86%	-1.21%
Volatility (6M) Calculated over the trailing 6-month period	2.28%	8.67%	-6.39%
Volatility (1Y) Calculated over the trailing 1-year period	3.20%	10.79%	-7.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.50%	11.51%	-4.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.26%	11.80%	+1.46%

PFLD vs. NEA - Expense Ratio Comparison

PFLD has a 0.45% expense ratio, which is lower than NEA's 1.41% expense ratio.

Dividends

PFLD vs. NEA - Dividend Comparison

PFLD's dividend yield for the trailing twelve months is around 5.45%, less than NEA's 7.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NEA Nuveen AMT-Free Quality Municipal Income Fund	7.09%	7.36%	6.63%	3.95%	5.49%	4.50%	4.45%	4.46%	5.40%	5.33%	5.70%	5.71%
PFLD AAM Low Duration Preferred and Income Securities ETF 144A	5.45%	6.52%	7.09%	7.09%	5.76%	4.52%	4.79%	0.82%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PFLD and NEA in my portfolio?

PFLD and NEA have a correlation of 0.17, 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 NEA?

NEA has higher volatility (1.86%) compared to PFLD (0.65%). In terms of maximum drawdown, PFLD dropped -33.20% vs NEA's -43.83%.

Which has better risk-adjusted returns?

PFLD currently has the higher Sharpe Ratio (1.93 vs 1.39), 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.