PFLD vs. PRFD

Last updated Jun 4, 2026

PFLD (AAM Low Duration Preferred and Income Securities ETF 144A) and PRFD (PIMCO Preferred And Capital Securities Active Exchange-Traded Fund) are both Preferred Stock/Convertible Bonds funds. PFLD is passively managed, while PRFD is actively managed. Over the past 3 years, PFLD returned 4.93%/yr vs 9.23%/yr for PRFD. At a 0.44 correlation, their price movements are largely independent. PFLD charges 0.45%/yr vs 0.74%/yr for PRFD.

Performance

PFLD vs. PRFD - 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 PIMCO Preferred And Capital Securities Active Exchange-Traded Fund (PRFD). 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 PRFD's 1.40% return.

PFLD

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

PRFD

• 1D: -0.20%
• 1M: 0.36%
• YTD: 1.40%
• 6M: 1.56%
• 1Y: 8.04%
• 3Y*: 9.23%
• 5Y*: —
• 10Y*: —

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

PFLD vs. PRFD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PFLD AAM Low Duration Preferred and Income Securities ETF 144A	2.69%	1.44%	5.48%	2.95%
PRFD PIMCO Preferred And Capital Securities Active Exchange-Traded Fund	1.40%	8.45%	9.92%	1.83%

Correlation

The correlation between PFLD and PRFD is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (All Time) Calculated using the full available price history since Jan 20, 2023	0.44

The correlation between PFLD and PRFD shifts across timeframes, from 0.25 (1 year) to 0.44 (all time), reflecting how their relationship changes across market environments.

PFLD vs. PRFD - Sectors Allocation Comparison

Sectors	PFLD	PRFD
Utilities	100.0%	-
Basic Materials	-	-
Communication Services	-	0.3%
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	2.0%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-

Return for Risk

PFLD vs. PRFD — 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

PRFD

PRFD Risk / Return Rank: 69
PRFD Sharpe Ratio Rank: 77
PRFD Sortino Ratio Rank: 78
PRFD Omega Ratio Rank: 84
PRFD Calmar Ratio Rank: 50
PRFD Martin Ratio Rank: 58

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. PRFD - 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 PIMCO Preferred And Capital Securities Active Exchange-Traded Fund (PRFD). 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	PRFD	Difference
Sharpe ratio: Return per unit of total volatility	1.85	2.51	-0.67
Sortino ratio: Return per unit of downside risk	3.01	3.51	-0.49
Omega ratio: Gain probability vs. loss probability	1.35	1.51	-0.16
Calmar ratio: Return relative to maximum drawdown	2.81	2.46	+0.35
Martin ratio: Return relative to average drawdown	12.46	10.14	+2.32
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. PRFD - Sharpe Ratio Comparison

The current PFLD Sharpe Ratio is 1.85, which is comparable to the PRFD Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of PFLD and PRFD, 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	PRFD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.85	2.51	-0.67
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	1.31	-1.14

Drawdowns

PFLD vs. PRFD - Drawdown Comparison

The maximum PFLD drawdown since its inception was -33.20%, which is greater than PRFD's maximum drawdown of -11.93%. Use the drawdown chart below to compare losses from any high point for PFLD and PRFD.

Drawdown Indicators

	PFLD	PRFD	Difference
Max Drawdown Largest peak-to-trough decline	-33.20%	-11.93%	-21.27%
Max Drawdown (1Y) Largest decline over 1 year	-2.23%	-3.28%	+1.05%
Max Drawdown (3Y) Largest decline over 3 years	-6.41%	-6.28%	-0.13%
Max Drawdown (5Y) Largest decline over 5 years	-15.51%	—	—
Current Drawdown Current decline from peak	0.00%	-0.61%	+0.61%
Average Drawdown Average peak-to-trough decline	-4.17%	-2.23%	-1.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.50%	0.79%	-0.29%

Volatility

PFLD vs. PRFD - Volatility Comparison

The current volatility for AAM Low Duration Preferred and Income Securities ETF 144A (PFLD) is 0.84%, while PIMCO Preferred And Capital Securities Active Exchange-Traded Fund (PRFD) has a volatility of 1.19%. This indicates that PFLD experiences smaller price fluctuations and is considered to be less risky than PRFD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFLD	PRFD	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.84%	1.19%	-0.35%
Volatility (6M) Calculated over the trailing 6-month period	2.26%	2.68%	-0.42%
Volatility (1Y) Calculated over the trailing 1-year period	3.39%	3.21%	+0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.50%	4.88%	+2.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.38%	4.88%	+8.50%

PFLD vs. PRFD - Expense Ratio Comparison

PFLD has a 0.45% expense ratio, which is lower than PRFD's 0.74% expense ratio.

Dividends

PFLD vs. PRFD - Dividend Comparison

PFLD's dividend yield for the trailing twelve months is around 5.60%, less than PRFD's 5.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
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%
PRFD PIMCO Preferred And Capital Securities Active Exchange-Traded Fund	5.77%	5.63%	5.53%	5.04%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PFLD and PRFD in my portfolio?

PFLD and PRFD have a correlation of 0.25, 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 PRFD?

PRFD has higher volatility (1.19%) compared to PFLD (0.84%). In terms of maximum drawdown, PFLD dropped -33.20% vs PRFD's -11.93%.

Which ETF is better, PFLD or PRFD?

On 3-year performance, PRFD leads with 9.23% vs 4.93% for PFLD. On fees, PFLD is cheaper at 0.45% per year. On volatility, PFLD has been the lower-risk option at 0.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PFLD or PRFD?

Over the 3-year period, PRFD has performed better with a 9.23% return vs 4.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PFLD or PRFD?

PFLD is cheaper with a 0.45% expense ratio, compared with 0.74% for PRFD.

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

PRFD has the higher dividend yield at 5.77%, compared with 5.60% for PFLD.

What is the main difference between PFLD and PRFD?

They also come from different issuers: Advisors Asset Management and PIMCO. Their fees differ too: 0.45% for PFLD and 0.74% for PRFD.

Which has better risk-adjusted returns?

PRFD currently has the higher Sharpe Ratio (2.51 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.