PFLD vs. PSK
PFLD (AAM Low Duration Preferred and Income Securities ETF 144A) and PSK (SPDR ICE Preferred Securities ETF) are both Preferred Stock funds - PFLD tracks the ICE 0-5 Year Duration Exchange-Listed Preferred & Hybrid Securities Index while PSK tracks the PSK-US - ICE Exchange-Listed Fixed& Adjustable Rate Preferred Securities Index. Both are passively managed. Over the past 5 years, PFLD returned 0.84%/yr vs -1.30%/yr for PSK. Their 0.71 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.45% expense ratio.
Performance
PFLD vs. PSK - Performance Comparison
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Returns By Period
In the year-to-date period, PFLD achieves a 2.98% return, which is significantly higher than PSK's -1.29% return.
PFLD
- 1D
- -0.08%
- 1M
- 0.03%
- 6M
- 1.63%
- YTD
- 2.98%
- 1Y
- 5.34%
- 3Y*
- 4.32%
- 5Y*
- 0.84%
- 10Y*
- —
- ALL TIME*
- 2.17%
PSK
- 1D
- -0.30%
- 1M
- -1.50%
- 6M
- -3.10%
- YTD
- -1.29%
- 1Y
- -0.64%
- 3Y*
- 3.39%
- 5Y*
- -1.30%
- 10Y*
- 1.79%
- ALL TIME*
- 4.48%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.40M | $1.13M | $1.23M | |
| $3.91M | $3.40M | $2.77M |
PFLD vs. PSK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
PFLD AAM Low Duration Preferred and Income Securities ETF 144A | 2.98% | 1.44% | 5.48% | 8.16% | -12.73% | 4.49% | 5.34% | 0.86% |
PSK SPDR ICE Preferred Securities ETF | -1.29% | 2.69% | 4.81% | 8.91% | -18.86% | 1.57% | 6.37% | 1.44% |
Correlation
The correlation between PFLD and PSK is 0.44, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.44 |
Correlation (3Y) Balances recent behavior with more history. | 0.66 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.70 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2019 | 0.71 |
Over the past year, the correlation between PFLD and PSK has dropped to 0.44 - well below their long-term average of 0.71, suggesting their price drivers have been diverging.
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Return for Risk
PFLD vs. PSK — Risk / Return Rank
PFLD
PSK
PFLD vs. PSK - 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 SPDR ICE Preferred Securities ETF (PSK). 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 | PSK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.77 | ||
| Sortino ratioReturn per unit of downside risk | +2.78 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 0.99 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 2.40 | -0.12 | +2.52 |
| Martin ratioReturn relative to average drawdown | 11.10 | -0.21 | +11.31 |
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Drawdowns
PFLD vs. PSK - Drawdown Comparison
The maximum PFLD drawdown since its inception was -33.20%, which is greater than PSK's maximum drawdown of -30.10%. Use the drawdown chart below to compare losses from any high point for PFLD and PSK.
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Drawdown Indicators
| PFLD | PSK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.20% | -30.10% | -3.10% |
Max Drawdown (1Y)Largest decline over 1 year | -2.23% | -5.50% | +3.27% |
Max Drawdown (3Y)Largest decline over 3 years | -6.41% | -10.30% | +3.89% |
Max Drawdown (5Y)Largest decline over 5 years | -15.51% | -22.23% | +6.72% |
Max Drawdown (10Y)Largest decline over 10 years | — | -30.10% | — |
Current DrawdownCurrent decline from peak | -0.08% | -6.65% | +6.57% |
Average DrawdownAverage peak-to-trough decline | -4.07% | -4.00% | -0.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.48% | 3.09% | -2.61% |
Volatility
PFLD vs. PSK - Volatility Comparison
The current volatility for AAM Low Duration Preferred and Income Securities ETF 144A (PFLD) is 0.65%, while SPDR ICE Preferred Securities ETF (PSK) has a volatility of 1.12%. This indicates that PFLD experiences smaller price fluctuations and is considered to be less risky than PSK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFLD | PSK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.65% | 1.12% | -0.47% |
Volatility (6M)Calculated over the trailing 6-month period | 2.28% | 4.29% | -2.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.24% | 5.86% | -2.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.50% | 10.76% | -3.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.20% | 11.88% | +1.32% |
PFLD vs. PSK - Expense Ratio Comparison
Both PFLD and PSK have an expense ratio of 0.45%.
Dividends
PFLD vs. PSK - Dividend Comparison
PFLD's dividend yield for the trailing twelve months is around 5.43%, less than PSK's 7.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PFLD AAM Low Duration Preferred and Income Securities ETF 144A | 5.43% | 6.52% | 7.09% | 7.09% | 5.76% | 4.52% | 4.79% | 0.82% | 0.00% | 0.00% | 0.00% | 0.00% |
PSK SPDR ICE Preferred Securities ETF | 7.19% | 6.82% | 6.55% | 6.44% | 6.55% | 5.03% | 5.08% | 5.44% | 6.47% | 6.91% | 5.92% | 5.35% |
Frequently Asked Questions
PFLD and PSK have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PSK has higher volatility (1.12%) compared to PFLD (0.65%). In terms of maximum drawdown, PFLD dropped -33.20% vs PSK's -30.10%.
On 5-year performance, PFLD leads with 0.84% vs -1.30% for PSK. Both ETFs have the same 0.45% expense ratio. On volatility, PFLD has been the lower-risk option at 0.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PFLD has performed better with a 0.84% return vs -1.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PFLD and PSK have the same expense ratio: 0.45% per year.
PSK has the higher dividend yield at 7.19%, compared with 5.43% for PFLD.
PFLD tracks ICE 0-5 Year Duration Exchange-Listed Preferred & Hybrid Securities Index, while PSK tracks PSK-US - ICE Exchange-Listed Fixed& Adjustable Rate Preferred Securities Index. They also come from different issuers: Advisors Asset Management and State Street.
PFLD currently has the higher Sharpe Ratio (1.66 vs -0.11), 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.
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