PFO vs. PTA

Last updated Aug 1, 2026

PFO (Flaherty & Crumrine Preferred and Income Opportunity Fund) and PTA (Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund) are both Preferred Stock funds. Over the past 5 years, PFO returned 0.10%/yr vs 2.16%/yr for PTA. Their 0.45 correlation means their historical movements had little consistent relationship.

Performance

PFO vs. PTA - 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 Tax-Advantaged Preferred Securities and Income Fund (PTA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PFO achieves a 0.83% return, which is significantly lower than PTA's 2.24% return.

PFO

• 1D: 0.55%
• 1M: -0.36%
• 6M: -1.72%
• YTD: 0.83%
• 1Y: 5.86%
• 3Y*: 12.55%
• 5Y*: 0.10%
• 10Y*: 3.96%
• ALL TIME*: 5.16%

PTA

• 1D: 0.05%
• 1M: -1.96%
• 6M: -0.47%
• YTD: 2.24%
• 1Y: 1.51%
• 3Y*: 9.82%
• 5Y*: 2.16%
• 10Y*: —
• ALL TIME*: 3.00%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PFO Flaherty & Crumrine Preferred and Income Opportunity Fund	$273.61K	$212.78K	$249.77K
PTA Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund	$2.01M	$1.84M	$2.31M

PFO vs. PTA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PFO Flaherty & Crumrine Preferred and Income Opportunity Fund	0.83%	12.47%	21.42%	-0.59%	-27.25%	3.57%	11.58%
PTA Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund	2.24%	9.04%	15.82%	11.58%	-20.50%	-0.95%	4.49%

Correlation

The correlation between PFO and PTA is 0.45, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.45
Correlation (3Y) Balances recent behavior with more history.	0.46
Correlation (5Y) Shows whether the relationship held over a longer period.	0.50
Correlation (All Time) Calculated using the full available price history since Oct 28, 2020	0.45

Return for Risk

PFO vs. PTA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PFO

PFO Risk / Return Rank: 17
PFO Sharpe Ratio Rank: 20
PFO Sortino Ratio Rank: 18
PFO Omega Ratio Rank: 20
PFO Calmar Ratio Rank: 15
PFO Martin Ratio Rank: 14

PTA

PTA Risk / Return Rank: 6
PTA Sharpe Ratio Rank: 6
PTA Sortino Ratio Rank: 6
PTA Omega Ratio Rank: 6
PTA Calmar Ratio Rank: 6
PTA Martin Ratio Rank: 6

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PFO vs. PTA - 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 Tax-Advantaged Preferred Securities and Income Fund (PTA). 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	PTA	Difference
Sharpe ratio: Return per unit of total volatility	0.80	0.14	+0.66
Sortino ratio: Return per unit of downside risk	1.13	0.27	+0.85
Omega ratio: Gain probability vs. loss probability	1.15	1.03	+0.11
Calmar ratio: Return relative to maximum drawdown	0.80	0.15	+0.65
Martin ratio: Return relative to average drawdown	2.17	0.40	+1.76

PFO vs. PTA - Sharpe Ratio Comparison

The current PFO Sharpe Ratio is 0.80, which is higher than the PTA Sharpe Ratio of 0.14. The chart below compares the historical Sharpe Ratios of PFO and PTA, 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. PTA - Drawdown Comparison

The maximum PFO drawdown since its inception was -77.36%, which is greater than PTA's maximum drawdown of -28.71%. Use the drawdown chart below to compare losses from any high point for PFO and PTA.

Drawdown Indicators

	PFO	PTA	Difference
Max Drawdown Largest peak-to-trough decline	-77.36%	-28.71%	-48.65%
Max Drawdown (1Y) Largest decline over 1 year	-7.47%	-9.49%	+2.02%
Max Drawdown (3Y) Largest decline over 3 years	-11.64%	-13.03%	+1.39%
Max Drawdown (5Y) Largest decline over 5 years	-39.29%	-28.71%	-10.58%
Max Drawdown (10Y) Largest decline over 10 years	-48.97%	—	—
Current Drawdown Current decline from peak	-3.89%	-3.52%	-0.37%
Average Drawdown Average peak-to-trough decline	-12.46%	-8.81%	-3.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.77%	3.63%	-0.86%

Volatility

PFO vs. PTA - Volatility Comparison

Flaherty & Crumrine Preferred and Income Opportunity Fund (PFO) and Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund (PTA) have volatilities of 1.91% and 2.00%, 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

	PFO	PTA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.91%	2.00%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	5.29%	8.33%	-3.04%
Volatility (1Y) Calculated over the trailing 1-year period	7.49%	10.39%	-2.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.81%	14.62%	+0.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.78%	13.92%	+7.86%

Dividends

PFO vs. PTA - Dividend Comparison

PFO's dividend yield for the trailing twelve months is around 7.39%, less than PTA's 8.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PFO Flaherty & Crumrine Preferred and Income Opportunity Fund	7.39%	6.84%	6.75%	7.18%	8.73%	6.49%	6.10%	6.31%	7.55%	7.25%	8.03%	8.21%
PTA Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund	8.55%	8.33%	8.37%	8.93%	8.83%	7.10%	0.50%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PFO and PTA in my portfolio?

PFO and PTA have a correlation of 0.45, 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 PTA?

PTA has higher volatility (2.00%) compared to PFO (1.91%). In terms of maximum drawdown, PFO dropped -77.36% vs PTA's -28.71%.

Which has better risk-adjusted returns?

PFO currently has the higher Sharpe Ratio (0.80 vs 0.14), 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.