PFXF vs. PFFL
PFXF (VanEck Preferred Securities ex Financials ETF) and PFFL (ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN) are both Preferred Stock/Convertible Bonds funds - PFXF tracks the ICE Exchange-Listed Fixed & Adjustable Rate Non-Financial Preferred Securities Index while PFFL tracks the Solactive Preferred Stock ETF Index. Both are passively managed. Over the past 5 years, PFXF returned 3.22%/yr vs -6.86%/yr for PFFL. A 0.76 correlation means they provide meaningful diversification when combined. PFXF charges 0.40%/yr vs 0.85%/yr for PFFL.
Performance
PFXF vs. PFFL - Performance Comparison
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Returns By Period
In the year-to-date period, PFXF achieves a 3.21% return, which is significantly higher than PFFL's -3.06% return.
PFXF
- 1D
- 0.80%
- 1M
- -3.26%
- 6M
- -0.35%
- YTD
- 3.21%
- 1Y
- 7.70%
- 3Y*
- 7.93%
- 5Y*
- 3.22%
- 10Y*
- 4.65%
PFFL
- 1D
- 0.53%
- 1M
- -2.13%
- 6M
- -6.00%
- YTD
- -3.06%
- 1Y
- -0.76%
- 3Y*
- 3.02%
- 5Y*
- -6.86%
- 10Y*
- —
PFXF vs. PFFL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PFXF VanEck Preferred Securities ex Financials ETF | 3.21% | 9.64% | 8.42% | 11.20% | -18.83% | 11.61% | 7.61% | 20.52% | -6.54% |
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | -3.06% | 2.18% | 4.77% | 8.65% | -39.15% | 7.52% | -15.47% | 30.21% | -10.77% |
Correlation
The correlation between PFXF and PFFL is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2018 | 0.76 |
The correlation between PFXF and PFFL has been stable across timeframes, ranging from 0.69 to 0.76 - a consistent structural relationship.
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Return for Risk
PFXF vs. PFFL — Risk / Return Rank
PFXF
PFFL
PFXF vs. PFFL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Preferred Securities ex Financials ETF (PFXF) and ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL). 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.
| PFXF | PFFL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.85 | ||
| Sortino ratioReturn per unit of downside risk | +1.14 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.01 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.18 | -0.06 | +1.24 |
| Martin ratioReturn relative to average drawdown | 3.48 | -0.14 | +3.62 |
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Drawdowns
PFXF vs. PFFL - Drawdown Comparison
The maximum PFXF drawdown since its inception was -35.49%, smaller than the maximum PFFL drawdown of -80.68%. Use the drawdown chart below to compare losses from any high point for PFXF and PFFL.
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Drawdown Indicators
| PFXF | PFFL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.49% | -80.68% | +45.19% |
Max Drawdown (1Y)Largest decline over 1 year | -6.55% | -11.92% | +5.37% |
Max Drawdown (3Y)Largest decline over 3 years | -11.90% | -23.75% | +11.85% |
Max Drawdown (5Y)Largest decline over 5 years | -21.80% | -48.51% | +26.71% |
Max Drawdown (10Y)Largest decline over 10 years | -35.49% | — | — |
Current DrawdownCurrent decline from peak | -5.81% | -40.28% | +34.47% |
Average DrawdownAverage peak-to-trough decline | -3.91% | -28.67% | +24.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.22% | 5.58% | -3.36% |
Volatility
PFXF vs. PFFL - Volatility Comparison
The current volatility for VanEck Preferred Securities ex Financials ETF (PFXF) is 3.56%, while ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) has a volatility of 4.13%. This indicates that PFXF experiences smaller price fluctuations and is considered to be less risky than PFFL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFXF | PFFL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.56% | 4.13% | -0.57% |
Volatility (6M)Calculated over the trailing 6-month period | 7.62% | 10.90% | -3.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.56% | 16.89% | -7.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.06% | 23.69% | -12.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.27% | 54.98% | -41.71% |
PFXF vs. PFFL - Expense Ratio Comparison
PFXF has a 0.40% expense ratio, which is lower than PFFL's 0.85% expense ratio.
Dividends
PFXF vs. PFFL - Dividend Comparison
PFXF's dividend yield for the trailing twelve months is around 6.50%, less than PFFL's 12.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | 12.69% | 13.27% | 13.76% | 13.71% | 13.90% | 8.82% | 9.75% | 11.21% | 2.02% | 0.00% | 0.00% | 0.00% |
PFXF VanEck Preferred Securities ex Financials ETF | 6.50% | 6.72% | 7.82% | 7.88% | 6.74% | 4.66% | 5.19% | 5.35% | 6.56% | 5.93% | 5.81% | 5.99% |
Frequently Asked Questions
PFXF and PFFL have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFFL has higher volatility (4.13%) compared to PFXF (3.56%). In terms of maximum drawdown, PFXF dropped -35.49% vs PFFL's -80.68%.
On 5-year performance, PFXF leads with 3.22% vs -6.86% for PFFL. On fees, PFXF is cheaper at 0.40% per year. On volatility, PFXF has been the lower-risk option at 3.56%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PFXF has performed better with a 3.22% return vs -6.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PFXF is cheaper with a 0.40% expense ratio, compared with 0.85% for PFFL.
PFFL has the higher dividend yield at 12.69%, compared with 6.50% for PFXF.
PFXF tracks ICE Exchange-Listed Fixed & Adjustable Rate Non-Financial Preferred Securities Index, while PFFL tracks Solactive Preferred Stock ETF Index. They also come from different issuers: VanEck and UBS. Their fees differ too: 0.40% for PFXF and 0.85% for PFFL.
PFXF currently has the higher Sharpe Ratio (0.81 vs -0.05), 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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