PREF vs. EPRF
PREF (Principal Spectrum Preferred Secs Active ETF) and EPRF (Innovator S&P High Quality Preferred ETF) are both Preferred Stock funds. PREF is actively managed, while EPRF is passively managed. Over the past 5 years, PREF returned 2.80%/yr vs -2.10%/yr for EPRF. Their 0.34 correlation means their historical movements had little consistent relationship. PREF charges 0.55%/yr vs 0.47%/yr for EPRF.
Performance
PREF vs. EPRF - Performance Comparison
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Returns By Period
In the year-to-date period, PREF achieves a 1.65% return, which is significantly higher than EPRF's -2.35% return.
PREF
- 1D
- 0.08%
- 1M
- -0.55%
- 6M
- 1.33%
- YTD
- 1.65%
- 1Y
- 4.94%
- 3Y*
- 8.21%
- 5Y*
- 2.80%
- 10Y*
- —
- ALL TIME*
- 4.08%
EPRF
- 1D
- 0.11%
- 1M
- 0.38%
- 6M
- -3.64%
- YTD
- -2.35%
- 1Y
- -1.86%
- 3Y*
- 2.69%
- 5Y*
- -2.10%
- 10Y*
- —
- ALL TIME*
- 1.08%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $130.96K | $126.83K | $172.59K | |
| $3.81M | $4.18M | $4.46M |
PREF vs. EPRF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PREF Principal Spectrum Preferred Secs Active ETF | 1.65% | 7.64% | 11.43% | 7.36% | -11.80% | 2.08% | 7.52% | 17.32% | -5.45% | 2.05% |
EPRF Innovator S&P High Quality Preferred ETF | -2.35% | 2.69% | 3.46% | 9.43% | -20.68% | 1.37% | 7.38% | 19.54% | -5.58% | -0.35% |
Correlation
The correlation between PREF and EPRF is 0.32, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.32 |
Correlation (3Y) Balances recent behavior with more history. | 0.35 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.41 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2017 | 0.34 |
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Return for Risk
PREF vs. EPRF — Risk / Return Rank
PREF
EPRF
PREF vs. EPRF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Principal Spectrum Preferred Secs Active ETF (PREF) and Innovator S&P High Quality Preferred ETF (EPRF). 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.
| PREF | EPRF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.90 | ||
| Sortino ratioReturn per unit of downside risk | +2.64 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 0.96 | +0.36 |
| Calmar ratioReturn relative to maximum drawdown | 1.75 | -0.23 | +1.99 |
| Martin ratioReturn relative to average drawdown | 8.92 | -0.41 | +9.34 |
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Drawdowns
PREF vs. EPRF - Drawdown Comparison
The maximum PREF drawdown since its inception was -22.99%, smaller than the maximum EPRF drawdown of -26.82%. Use the drawdown chart below to compare losses from any high point for PREF and EPRF.
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Drawdown Indicators
| PREF | EPRF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.99% | -26.82% | +3.83% |
Max Drawdown (1Y)Largest decline over 1 year | -2.88% | -8.59% | +5.71% |
Max Drawdown (3Y)Largest decline over 3 years | -4.30% | -12.29% | +7.99% |
Max Drawdown (5Y)Largest decline over 5 years | -16.99% | -25.23% | +8.24% |
Current DrawdownCurrent decline from peak | -0.63% | -11.03% | +10.40% |
Average DrawdownAverage peak-to-trough decline | -3.60% | -7.44% | +3.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.57% | 4.83% | -4.26% |
Volatility
PREF vs. EPRF - Volatility Comparison
The current volatility for Principal Spectrum Preferred Secs Active ETF (PREF) is 0.57%, while Innovator S&P High Quality Preferred ETF (EPRF) has a volatility of 1.91%. This indicates that PREF experiences smaller price fluctuations and is considered to be less risky than EPRF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PREF | EPRF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.57% | 1.91% | -1.34% |
Volatility (6M)Calculated over the trailing 6-month period | 2.46% | 5.51% | -3.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.11% | 7.44% | -4.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.87% | 11.85% | -6.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.25% | 13.39% | -7.14% |
PREF vs. EPRF - Expense Ratio Comparison
PREF has a 0.55% expense ratio, which is higher than EPRF's 0.47% expense ratio.
Dividends
PREF vs. EPRF - Dividend Comparison
PREF's dividend yield for the trailing twelve months is around 5.22%, less than EPRF's 6.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EPRF Innovator S&P High Quality Preferred ETF | 6.18% | 6.03% | 6.13% | 5.71% | 5.67% | 4.70% | 4.92% | 5.01% | 5.27% | 2.59% |
PREF Principal Spectrum Preferred Secs Active ETF | 4.81% | 4.87% | 4.65% | 4.67% | 4.63% | 4.07% | 4.35% | 4.67% | 5.49% | 2.35% |
Frequently Asked Questions
PREF and EPRF have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EPRF has higher volatility (1.91%) compared to PREF (0.57%). In terms of maximum drawdown, PREF dropped -22.99% vs EPRF's -26.82%.
On 5-year performance, PREF leads with 2.80% vs -2.10% for EPRF. On fees, EPRF is cheaper at 0.47% per year. On volatility, PREF has been the lower-risk option at 0.57%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PREF has performed better with a 2.80% return vs -2.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EPRF is cheaper with a 0.47% expense ratio, compared with 0.55% for PREF.
EPRF has the higher dividend yield at 6.18%, compared with 4.81% for PREF.
They also come from different issuers: Principal and Innovator. Their fees differ too: 0.55% for PREF and 0.47% for EPRF.
PREF currently has the higher Sharpe Ratio (1.63 vs -0.27), 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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