PRFD vs. IBTS.L

Last updated Jun 4, 2026

PRFD (PIMCO Preferred And Capital Securities Active Exchange-Traded Fund) and IBTS.L (iShares $ Treasury Bond 1-3yr UCITS ETF) are both exchange-traded funds - PRFD is a Preferred Stock/Convertible Bonds fund actively managed by PIMCO, while IBTS.L is a Government Bonds fund tracking the ICE U.S. Treasury 1-3 Year Bond Index. PRFD is actively managed, while IBTS.L is passively managed. Over the past 3 years, PRFD returned 9.23%/yr vs 4.21%/yr for IBTS.L. At a 0.09 correlation, their price movements are largely independent. PRFD charges 0.74%/yr vs 0.07%/yr for IBTS.L.

Performance

PRFD vs. IBTS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Preferred And Capital Securities Active Exchange-Traded Fund (PRFD) and iShares $ Treasury Bond 1-3yr UCITS ETF (IBTS.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

PRFD is traded in USD, while IBTS.L is traded in GBP. To make them comparable, the IBTS.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, PRFD achieves a 1.40% return, which is significantly higher than IBTS.L's 0.28% return.

PRFD

• 1D: -0.20%
• 1M: 0.36%
• YTD: 1.40%
• 6M: 1.56%
• 1Y: 8.04%
• 3Y*: 9.23%
• 5Y*: —
• 10Y*: —

IBTS.L

• 1D: -0.08%
• 1M: 0.29%
• YTD: 0.28%
• 6M: 0.60%
• 1Y: 3.38%
• 3Y*: 4.21%
• 5Y*: 1.84%
• 10Y*: 1.75%

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

PRFD vs. IBTS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PRFD PIMCO Preferred And Capital Securities Active Exchange-Traded Fund	1.40%	8.45%	9.92%	1.83%
IBTS.L iShares $ Treasury Bond 1-3yr UCITS ETF	0.28%	5.49%	4.03%	2.98%

Correlation

The correlation between PRFD and IBTS.L is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (All Time) Calculated using the full available price history since Jan 20, 2023	0.09

Return for Risk

PRFD vs. IBTS.L — Risk / Return Rank

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

PRFD

PRFD Risk / Return Rank: 69
PRFD Sharpe Ratio Rank: 77
PRFD Sortino Ratio Rank: 78
PRFD Omega Ratio Rank: 84
PRFD Calmar Ratio Rank: 50
PRFD Martin Ratio Rank: 58

IBTS.L

IBTS.L Risk / Return Rank: 19
IBTS.L Sharpe Ratio Rank: 20
IBTS.L Sortino Ratio Rank: 19
IBTS.L Omega Ratio Rank: 18
IBTS.L Calmar Ratio Rank: 21
IBTS.L Martin Ratio Rank: 20

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.

PRFD vs. IBTS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Preferred And Capital Securities Active Exchange-Traded Fund (PRFD) and iShares $ Treasury Bond 1-3yr UCITS ETF (IBTS.L). 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.

	PRFD	IBTS.L	Difference
Sharpe ratio Return per unit of total volatility	2.51	0.83	+1.69
Sortino ratio Return per unit of downside risk	3.51	1.24	+2.26
Omega ratio Gain probability vs. loss probability	1.51	1.14	+0.37
Calmar ratio Return relative to maximum drawdown	2.46	3.15	-0.70
Martin ratio Return relative to average drawdown	10.14	9.14	+1.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PRFD vs. IBTS.L - Sharpe Ratio Comparison

The current PRFD Sharpe Ratio is 2.51, which is higher than the IBTS.L Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of PRFD and IBTS.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PRFD	IBTS.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.51	0.83	+1.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.37	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.31	0.37	+0.94

Drawdowns

PRFD vs. IBTS.L - Drawdown Comparison

The maximum PRFD drawdown since its inception was -11.93%, which is greater than IBTS.L's maximum drawdown of -7.24%. Use the drawdown chart below to compare losses from any high point for PRFD and IBTS.L.

Drawdown Indicators

	PRFD	IBTS.L	Difference
Max Drawdown Largest peak-to-trough decline	-11.93%	-7.24%	-4.69%
Max Drawdown (1Y) Largest decline over 1 year	-3.28%	-1.07%	-2.21%
Max Drawdown (3Y) Largest decline over 3 years	-6.28%	-1.44%	-4.84%
Max Drawdown (5Y) Largest decline over 5 years	—	-6.87%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-7.24%	—
Current Drawdown Current decline from peak	-0.61%	-0.51%	-0.10%
Average Drawdown Average peak-to-trough decline	-2.23%	-1.16%	-1.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	0.37%	+0.42%

Volatility

PRFD vs. IBTS.L - Volatility Comparison

The current volatility for PIMCO Preferred And Capital Securities Active Exchange-Traded Fund (PRFD) is 1.19%, while iShares $ Treasury Bond 1-3yr UCITS ETF (IBTS.L) has a volatility of 1.38%. This indicates that PRFD experiences smaller price fluctuations and is considered to be less risky than IBTS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRFD	IBTS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.19%	1.38%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	2.68%	3.30%	-0.62%
Volatility (1Y) Calculated over the trailing 1-year period	3.21%	4.09%	-0.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.88%	5.03%	-0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.88%	5.07%	-0.19%

PRFD vs. IBTS.L - Expense Ratio Comparison

PRFD has a 0.74% expense ratio, which is higher than IBTS.L's 0.07% expense ratio.

Dividends

PRFD vs. IBTS.L - Dividend Comparison

PRFD's dividend yield for the trailing twelve months is around 5.77%, more than IBTS.L's 4.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IBTS.L iShares $ Treasury Bond 1-3yr UCITS ETF	4.00%	4.22%	4.12%	3.08%	0.75%	0.61%	1.84%	2.39%	1.49%	1.01%	0.67%	0.49%
PRFD PIMCO Preferred And Capital Securities Active Exchange-Traded Fund	5.77%	5.63%	5.53%	5.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PRFD and IBTS.L in my portfolio?

PRFD and IBTS.L have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PRFD or IBTS.L?

On fees, IBTS.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PRFD or IBTS.L?

IBTS.L is cheaper with a 0.07% expense ratio, compared with 0.74% for PRFD.

What is the main difference between PRFD and IBTS.L?

PRFD is categorized as Preferred Stock/Convertible Bonds, while IBTS.L is Government Bonds. They also come from different issuers: PIMCO and iShares. Their fees differ too: 0.74% for PRFD and 0.07% for IBTS.L.