PSK vs. CSPF

Last updated Jul 14, 2026

PSK (SPDR ICE Preferred Securities ETF) and CSPF (Cohen & Steers Preferred and Income Opportunities Active ETF) are both Preferred Stock/Convertible Bonds funds. PSK is passively managed, while CSPF is actively managed. Over the past year, PSK returned 1.16% vs 7.18% for CSPF. At a 0.45 correlation, their price movements are largely independent. PSK charges 0.45%/yr vs 0.59%/yr for CSPF.

Performance

PSK vs. CSPF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR ICE Preferred Securities ETF (PSK) and Cohen & Steers Preferred and Income Opportunities Active ETF (CSPF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PSK achieves a -0.74% return, which is significantly lower than CSPF's 3.14% return.

PSK

• 1D: -0.03%
• 1M: -0.49%
• 6M: -1.91%
• YTD: -0.74%
• 1Y: 1.16%
• 3Y*: 3.63%
• 5Y*: -1.10%
• 10Y*: 1.88%

CSPF

• 1D: -0.23%
• 1M: 0.19%
• 6M: 2.17%
• YTD: 3.14%
• 1Y: 7.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PSK vs. CSPF - Yearly Performance Comparison

	2026 (YTD)	2025
PSK SPDR ICE Preferred Securities ETF	-0.74%	1.80%
CSPF Cohen & Steers Preferred and Income Opportunities Active ETF	3.14%	8.22%

Correlation

The correlation between PSK and CSPF is 0.51, 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	0.51
Correlation (All Time) Calculated using the full available price history since Feb 5, 2025	0.45

The correlation between PSK and CSPF has been stable across timeframes, ranging from 0.45 to 0.51 - a consistent structural relationship.

Return for Risk

PSK vs. CSPF — Risk / Return Rank

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

PSK

PSK Risk / Return Rank: 11
PSK Sharpe Ratio Rank: 13
PSK Sortino Ratio Rank: 11
PSK Omega Ratio Rank: 11
PSK Calmar Ratio Rank: 12
PSK Martin Ratio Rank: 11

CSPF

CSPF Risk / Return Rank: 70
CSPF Sharpe Ratio Rank: 70
CSPF Sortino Ratio Rank: 73
CSPF Omega Ratio Rank: 72
CSPF Calmar Ratio Rank: 59
CSPF Martin Ratio Rank: 74

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.

PSK vs. CSPF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR ICE Preferred Securities ETF (PSK) and Cohen & Steers Preferred and Income Opportunities Active ETF (CSPF). 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.

	PSK	CSPF	Difference
Sharpe ratio: Return per unit of total volatility	0.20	1.79	-1.59
Sortino ratio: Return per unit of downside risk	0.32	2.61	-2.29
Omega ratio: Gain probability vs. loss probability	1.04	1.34	-0.30
Calmar ratio: Return relative to maximum drawdown	0.21	2.36	-2.14
Martin ratio: Return relative to average drawdown	0.41	10.90	-10.49

PSK vs. CSPF - Sharpe Ratio Comparison

The current PSK Sharpe Ratio is 0.20, which is lower than the CSPF Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of PSK and CSPF, 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

PSK vs. CSPF - Drawdown Comparison

The maximum PSK drawdown since its inception was -30.10%, which is greater than CSPF's maximum drawdown of -3.06%. Use the drawdown chart below to compare losses from any high point for PSK and CSPF.

Drawdown Indicators

	PSK	CSPF	Difference
Max Drawdown Largest peak-to-trough decline	-30.10%	-3.06%	-27.04%
Max Drawdown (1Y) Largest decline over 1 year	-5.50%	-3.06%	-2.44%
Max Drawdown (3Y) Largest decline over 3 years	-10.30%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.23%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-30.10%	—	—
Current Drawdown Current decline from peak	-6.13%	-0.83%	-5.30%
Average Drawdown Average peak-to-trough decline	-3.99%	-0.43%	-3.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.84%	0.66%	+2.18%

Volatility

PSK vs. CSPF - Volatility Comparison

SPDR ICE Preferred Securities ETF (PSK) has a higher volatility of 1.90% compared to Cohen & Steers Preferred and Income Opportunities Active ETF (CSPF) at 1.29%. This indicates that PSK's price experiences larger fluctuations and is considered to be riskier than CSPF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSK	CSPF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.90%	1.29%	+0.61%
Volatility (6M) Calculated over the trailing 6-month period	4.32%	3.17%	+1.15%
Volatility (1Y) Calculated over the trailing 1-year period	5.97%	4.04%	+1.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.75%	4.16%	+6.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.92%	4.16%	+7.76%

PSK vs. CSPF - Expense Ratio Comparison

PSK has a 0.45% expense ratio, which is lower than CSPF's 0.59% expense ratio.

Dividends

PSK vs. CSPF - Dividend Comparison

PSK's dividend yield for the trailing twelve months is around 7.11%, more than CSPF's 5.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSPF Cohen & Steers Preferred and Income Opportunities Active ETF	5.29%	4.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PSK SPDR ICE Preferred Securities ETF	7.11%	6.82%	6.55%	6.44%	6.55%	5.03%	5.08%	5.44%	6.47%	6.91%	5.92%	5.35%

Frequently Asked Questions

Can I hold both PSK and CSPF in my portfolio?

PSK and CSPF have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSK or CSPF?

PSK has higher volatility (1.90%) compared to CSPF (1.29%). In terms of maximum drawdown, PSK dropped -30.10% vs CSPF's -3.06%.

Which ETF is better, PSK or CSPF?

On 1-year performance, CSPF leads with 7.18% vs 1.16% for PSK. On fees, PSK is cheaper at 0.45% per year. On volatility, CSPF has been the lower-risk option at 1.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSK or CSPF?

Over the 1-year period, CSPF has performed better with a 7.18% return vs 1.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSK or CSPF?

PSK is cheaper with a 0.45% expense ratio, compared with 0.59% for CSPF.

Which ETF pays a higher dividend yield, PSK or CSPF?

PSK has the higher dividend yield at 7.11%, compared with 5.29% for CSPF.

What is the main difference between PSK and CSPF?

They also come from different issuers: State Street and Cohen & Steers. Their fees differ too: 0.45% for PSK and 0.59% for CSPF.

Which has better risk-adjusted returns?

CSPF currently has the higher Sharpe Ratio (1.79 vs 0.20), 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.