PFLD vs. NPFI

Last updated Jun 4, 2026

PFLD (AAM Low Duration Preferred and Income Securities ETF 144A) and NPFI (Nuveen Preferred And Income ETF) are both Preferred Stock/Convertible Bonds funds. PFLD is passively managed, while NPFI is actively managed. Over the past year, PFLD returned 6.25% vs 7.90% for NPFI. At a 0.39 correlation, their price movements are largely independent. PFLD charges 0.45%/yr vs 0.55%/yr for NPFI.

Performance

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

Returns By Period

In the year-to-date period, PFLD achieves a 2.69% return, which is significantly higher than NPFI's 1.62% return.

PFLD

• 1D: 0.05%
• 1M: 0.74%
• YTD: 2.69%
• 6M: 2.90%
• 1Y: 6.25%
• 3Y*: 4.93%
• 5Y*: 1.04%
• 10Y*: —

NPFI

• 1D: -0.11%
• 1M: 0.76%
• YTD: 1.62%
• 6M: 2.06%
• 1Y: 7.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PFLD vs. NPFI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PFLD AAM Low Duration Preferred and Income Securities ETF 144A	2.69%	1.44%	2.81%
NPFI Nuveen Preferred And Income ETF	1.62%	9.21%	6.56%

Correlation

The correlation between PFLD and NPFI is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024	0.39

Return for Risk

PFLD vs. NPFI — Risk / Return Rank

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

PFLD

PFLD Risk / Return Rank: 60
PFLD Sharpe Ratio Rank: 54
PFLD Sortino Ratio Rank: 65
PFLD Omega Ratio Rank: 57
PFLD Calmar Ratio Rank: 57
PFLD Martin Ratio Rank: 68

NPFI

NPFI Risk / Return Rank: 76
NPFI Sharpe Ratio Rank: 83
NPFI Sortino Ratio Rank: 89
NPFI Omega Ratio Rank: 92
NPFI Calmar Ratio Rank: 50
NPFI Martin Ratio Rank: 65

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. NPFI - 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 Preferred And Income ETF (NPFI). 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	NPFI	Difference
Sharpe ratio: Return per unit of total volatility	1.85	2.72	-0.87
Sortino ratio: Return per unit of downside risk	3.01	4.18	-1.17
Omega ratio: Gain probability vs. loss probability	1.35	1.64	-0.29
Calmar ratio: Return relative to maximum drawdown	2.81	2.49	+0.31
Martin ratio: Return relative to average drawdown	12.46	12.02	+0.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PFLD vs. NPFI - Sharpe Ratio Comparison

The current PFLD Sharpe Ratio is 1.85, which is lower than the NPFI Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of PFLD and NPFI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PFLD	NPFI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.85	2.72	-0.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	2.65	-2.48

Drawdowns

PFLD vs. NPFI - Drawdown Comparison

The maximum PFLD drawdown since its inception was -33.20%, which is greater than NPFI's maximum drawdown of -3.18%. Use the drawdown chart below to compare losses from any high point for PFLD and NPFI.

Drawdown Indicators

	PFLD	NPFI	Difference
Max Drawdown Largest peak-to-trough decline	-33.20%	-3.18%	-30.02%
Max Drawdown (1Y) Largest decline over 1 year	-2.23%	-3.18%	+0.95%
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	0.00%	-0.11%	+0.11%
Average Drawdown Average peak-to-trough decline	-4.17%	-0.34%	-3.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.50%	0.66%	-0.16%

Volatility

PFLD vs. NPFI - Volatility Comparison

AAM Low Duration Preferred and Income Securities ETF 144A (PFLD) and Nuveen Preferred And Income ETF (NPFI) have volatilities of 0.84% and 0.83%, 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	NPFI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.84%	0.83%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	2.26%	2.53%	-0.27%
Volatility (1Y) Calculated over the trailing 1-year period	3.39%	2.91%	+0.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.50%	2.95%	+4.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.38%	2.95%	+10.43%

PFLD vs. NPFI - Expense Ratio Comparison

PFLD has a 0.45% expense ratio, which is lower than NPFI's 0.55% expense ratio.

Dividends

PFLD vs. NPFI - Dividend Comparison

PFLD's dividend yield for the trailing twelve months is around 5.60%, less than NPFI's 6.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
NPFI Nuveen Preferred And Income ETF	6.41%	6.33%	5.10%	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

Can I hold both PFLD and NPFI in my portfolio?

PFLD and NPFI have a correlation of 0.36, 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 NPFI?

PFLD has higher volatility (0.84%) compared to NPFI (0.83%). In terms of maximum drawdown, PFLD dropped -33.20% vs NPFI's -3.18%.

Which ETF is better, PFLD or NPFI?

On 1-year performance, NPFI leads with 7.90% vs 6.25% for PFLD. On fees, PFLD is cheaper at 0.45% per year. 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 NPFI?

Over the 1-year period, NPFI has performed better with a 7.90% return vs 6.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PFLD or NPFI?

PFLD is cheaper with a 0.45% expense ratio, compared with 0.55% for NPFI.

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

NPFI has the higher dividend yield at 6.41%, compared with 5.60% for PFLD.

What is the main difference between PFLD and NPFI?

They also come from different issuers: Advisors Asset Management and Nuveen. Their fees differ too: 0.45% for PFLD and 0.55% for NPFI.

Which has better risk-adjusted returns?

NPFI currently has the higher Sharpe Ratio (2.72 vs 1.85), 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.