PFO vs. CPXIX

Last updated Jun 23, 2026

PFO (Flaherty & Crumrine Preferred and Income Opportunity Fund) and CPXIX (Cohen & Steers Preferred Securities and Income Fund, Inc.) are both Preferred Stock/Convertible Bonds funds. Over the past 10 years, PFO returned 4.40%/yr vs 4.65%/yr for CPXIX. At a 0.37 correlation, their price movements are largely independent. PFO charges 1.40%/yr vs 0.84%/yr for CPXIX.

Performance

PFO vs. CPXIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Flaherty & Crumrine Preferred and Income Opportunity Fund (PFO) and Cohen & Steers Preferred Securities and Income Fund, Inc. (CPXIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PFO achieves a 0.15% return, which is significantly lower than CPXIX's 1.90% return. Over the past 10 years, PFO has underperformed CPXIX with an annualized return of 4.40%, while CPXIX has yielded a comparatively higher 4.65% annualized return.

PFO

• 1D: -0.33%
• 1M: 1.32%
• YTD: 0.15%
• 6M: 1.16%
• 1Y: 7.96%
• 3Y*: 13.05%
• 5Y*: -0.20%
• 10Y*: 4.40%

CPXIX

• 1D: 0.00%
• 1M: 0.66%
• YTD: 1.90%
• 6M: 2.23%
• 1Y: 7.47%
• 3Y*: 9.68%
• 5Y*: 2.69%
• 10Y*: 4.65%

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

PFO vs. CPXIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PFO Flaherty & Crumrine Preferred and Income Opportunity Fund	0.15%	12.47%	21.42%	-0.59%	-27.25%	3.57%	14.06%	24.93%	-4.20%	13.98%
CPXIX Cohen & Steers Preferred Securities and Income Fund, Inc.	1.90%	8.44%	10.39%	6.38%	-12.37%	2.75%	6.47%	18.11%	-4.65%	10.88%

Correlation

The correlation between PFO and CPXIX is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.42
Correlation (All Time) Calculated using the full available price history since May 5, 2010	0.37

The correlation between PFO and CPXIX shifts across timeframes, from 0.37 (all time) to 0.53 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

PFO vs. CPXIX — Risk / Return Rank

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

PFO

PFO Risk / Return Rank: 14
PFO Sharpe Ratio Rank: 17
PFO Sortino Ratio Rank: 15
PFO Omega Ratio Rank: 17
PFO Calmar Ratio Rank: 12
PFO Martin Ratio Rank: 11

CPXIX

CPXIX Risk / Return Rank: 79
CPXIX Sharpe Ratio Rank: 95
CPXIX Sortino Ratio Rank: 95
CPXIX Omega Ratio Rank: 95
CPXIX Calmar Ratio Rank: 49
CPXIX Martin Ratio Rank: 63

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.

PFO vs. CPXIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Flaherty & Crumrine Preferred and Income Opportunity Fund (PFO) and Cohen & Steers Preferred Securities and Income Fund, Inc. (CPXIX). 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.

	PFO	CPXIX	Difference
Sharpe ratio: Return per unit of total volatility	1.09	3.09	-2.01
Sortino ratio: Return per unit of downside risk	1.50	4.77	-3.28
Omega ratio: Gain probability vs. loss probability	1.20	1.75	-0.54
Calmar ratio: Return relative to maximum drawdown	1.07	2.54	-1.47
Martin ratio: Return relative to average drawdown	3.03	11.58	-8.55

PFO vs. CPXIX - Sharpe Ratio Comparison

The current PFO Sharpe Ratio is 1.09, which is lower than the CPXIX Sharpe Ratio of 3.09. The chart below compares the historical Sharpe Ratios of PFO and CPXIX, 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

PFO vs. CPXIX - Drawdown Comparison

The maximum PFO drawdown since its inception was -77.36%, which is greater than CPXIX's maximum drawdown of -25.56%. Use the drawdown chart below to compare losses from any high point for PFO and CPXIX.

Drawdown Indicators

	PFO	CPXIX	Difference
Max Drawdown Largest peak-to-trough decline	-77.36%	-25.56%	-51.80%
Max Drawdown (1Y) Largest decline over 1 year	-7.47%	-3.00%	-4.47%
Max Drawdown (3Y) Largest decline over 3 years	-12.22%	-3.91%	-8.31%
Max Drawdown (5Y) Largest decline over 5 years	-40.14%	-20.00%	-20.14%
Max Drawdown (10Y) Largest decline over 10 years	-48.97%	-25.56%	-23.41%
Current Drawdown Current decline from peak	-4.54%	-0.08%	-4.46%
Average Drawdown Average peak-to-trough decline	-12.49%	-2.69%	-9.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.63%	0.66%	+1.97%

Volatility

PFO vs. CPXIX - Volatility Comparison

Flaherty & Crumrine Preferred and Income Opportunity Fund (PFO) has a higher volatility of 1.55% compared to Cohen & Steers Preferred Securities and Income Fund, Inc. (CPXIX) at 0.63%. This indicates that PFO's price experiences larger fluctuations and is considered to be riskier than CPXIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFO	CPXIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.55%	0.63%	+0.92%
Volatility (6M) Calculated over the trailing 6-month period	5.08%	2.13%	+2.95%
Volatility (1Y) Calculated over the trailing 1-year period	7.36%	2.46%	+4.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.88%	4.70%	+10.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.83%	6.16%	+15.67%

PFO vs. CPXIX - Expense Ratio Comparison

PFO has a 1.40% expense ratio, which is higher than CPXIX's 0.84% expense ratio.

Dividends

PFO vs. CPXIX - Dividend Comparison

PFO's dividend yield for the trailing twelve months is around 7.26%, more than CPXIX's 5.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CPXIX Cohen & Steers Preferred Securities and Income Fund, Inc.	5.77%	5.54%	5.52%	5.76%	5.40%	4.89%	5.17%	5.30%	5.88%	5.01%	5.75%	5.91%
PFO Flaherty & Crumrine Preferred and Income Opportunity Fund	7.26%	6.84%	6.75%	7.18%	8.73%	6.49%	6.10%	6.31%	7.55%	7.25%	8.03%	8.21%

Frequently Asked Questions

Can I hold both PFO and CPXIX in my portfolio?

PFO and CPXIX have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PFO or CPXIX?

PFO has higher volatility (1.55%) compared to CPXIX (0.63%). In terms of maximum drawdown, PFO dropped -77.36% vs CPXIX's -25.56%.

Which has better risk-adjusted returns?

CPXIX currently has the higher Sharpe Ratio (3.09 vs 1.09), 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.