PFXF vs. PFFL
PFXF (VanEck Vectors Preferred Securities ex Financials ETF) and PFFL (ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN) are both Preferred Stock/Convertible Bonds funds - PFXF tracks the Wells Fargo Hybrid and Preferred Securities ex Financials Index while PFFL tracks the Solactive Preferred Stock ETF Index. Both are passively managed. Over the past 5 years, PFXF returned 4.48%/yr vs -5.89%/yr for PFFL. A 0.76 correlation means they provide meaningful diversification when combined. PFXF charges 0.41%/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 8.54% return, which is significantly higher than PFFL's 0.10% return.
PFXF
- 1D
- -0.95%
- 1M
- 2.21%
- YTD
- 8.54%
- 6M
- 9.54%
- 1Y
- 18.28%
- 3Y*
- 10.30%
- 5Y*
- 4.48%
- 10Y*
- 5.44%
PFFL
- 1D
- -0.99%
- 1M
- -1.06%
- YTD
- 0.10%
- 6M
- 0.21%
- 1Y
- 8.48%
- 3Y*
- 3.14%
- 5Y*
- -5.89%
- 10Y*
- —
PFXF vs. PFFL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PFXF VanEck Vectors Preferred Securities ex Financials ETF | 8.54% | 9.64% | 8.42% | 11.20% | -18.83% | 11.61% | 7.61% | 20.52% | -6.49% |
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | 0.10% | 2.18% | 4.77% | 8.65% | -39.15% | 7.52% | -15.47% | 30.21% | -11.05% |
Correlation
The correlation between PFXF and PFFL is 0.68, 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 | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2018 | 0.76 |
The correlation between PFXF and PFFL has been stable across timeframes, ranging from 0.68 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 Vectors 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.
| PFXF | PFFL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.55 | ||
| Sortino ratioReturn per unit of downside risk | +2.18 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.11 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 3.15 | 0.71 | +2.43 |
| Martin ratioReturn relative to average drawdown | 11.08 | 1.76 | +9.33 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PFXF | PFFL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.06 | 0.50 | +1.55 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.41 | -0.25 | +0.66 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.41 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.49 | -0.07 | +0.56 |
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 | -5.83% | -11.92% | +6.09% |
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 | -0.95% | -38.34% | +37.39% |
Average DrawdownAverage peak-to-trough decline | -3.91% | -28.54% | +24.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.65% | 4.84% | -3.19% |
Volatility
PFXF vs. PFFL - Volatility Comparison
The current volatility for VanEck Vectors Preferred Securities ex Financials ETF (PFXF) is 3.14%, while ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) has a volatility of 3.83%. 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 | 3.14% | 3.83% | -0.69% |
Volatility (6M)Calculated over the trailing 6-month period | 6.89% | 10.33% | -3.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.94% | 16.91% | -7.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.91% | 23.62% | -12.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.21% | 55.35% | -42.14% |
PFXF vs. PFFL - Expense Ratio Comparison
PFXF has a 0.41% 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 6.08%, less than PFFL's 12.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | 12.44% | 13.27% | 13.76% | 13.71% | 13.90% | 8.82% | 9.75% | 11.21% | 2.02% | 0.00% | 0.00% | 0.00% |
PFXF VanEck Vectors Preferred Securities ex Financials ETF | 6.08% | 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 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFFL has higher volatility (3.83%) compared to PFXF (3.14%). In terms of maximum drawdown, PFXF dropped -35.49% vs PFFL's -80.68%.
On 5-year performance, PFXF leads with 4.48% vs -5.89% for PFFL. On fees, PFXF is cheaper at 0.41% per year. On volatility, PFXF has been the lower-risk option at 3.14%. 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 4.48% return vs -5.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PFXF is cheaper with a 0.41% expense ratio, compared with 0.85% for PFFL.
PFFL has the higher dividend yield at 12.44%, compared with 6.08% for PFXF.
PFXF tracks Wells Fargo Hybrid and Preferred Securities ex Financials Index, while PFFL tracks Solactive Preferred Stock ETF Index. They also come from different issuers: VanEck and UBS. Their fees differ too: 0.41% for PFXF and 0.85% for PFFL.
PFXF currently has the higher Sharpe Ratio (2.06 vs 0.50), 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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