PSK vs. PFFA

Last updated Jun 4, 2026

PSK (SPDR ICE Preferred Securities ETF) and PFFA (Virtus InfraCap U.S. Preferred Stock ETF) are both Preferred Stock/Convertible Bonds funds. PSK is passively managed, while PFFA is actively managed. Over the past 5 years, PSK returned -0.88%/yr vs 6.57%/yr for PFFA. A 0.69 correlation means they provide meaningful diversification when combined. PSK charges 0.45%/yr vs 1.47%/yr for PFFA.

Performance

PSK vs. PFFA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR ICE Preferred Securities ETF (PSK) and Virtus InfraCap U.S. Preferred Stock ETF (PFFA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PSK achieves a -0.35% return, which is significantly lower than PFFA's 3.08% return.

PSK

• 1D: -0.26%
• 1M: -1.12%
• YTD: -0.35%
• 6M: -0.54%
• 1Y: 4.55%
• 3Y*: 3.10%
• 5Y*: -0.88%
• 10Y*: 2.10%

PFFA

• 1D: -0.70%
• 1M: -0.26%
• YTD: 3.08%
• 6M: 4.03%
• 1Y: 14.79%
• 3Y*: 14.46%
• 5Y*: 6.57%
• 10Y*: —

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

PSK vs. PFFA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PSK SPDR ICE Preferred Securities ETF	-0.35%	2.69%	4.81%	8.91%	-18.86%	1.57%	6.37%	17.59%	-3.27%
PFFA Virtus InfraCap U.S. Preferred Stock ETF	3.08%	8.22%	16.11%	26.45%	-20.91%	23.53%	-7.87%	31.99%	-7.10%

Correlation

The correlation between PSK and PFFA is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (All Time) Calculated using the full available price history since May 17, 2018	0.69

The correlation between PSK and PFFA has been stable across timeframes, ranging from 0.67 to 0.72 - a consistent structural relationship.

PSK vs. PFFA - Sectors Allocation Comparison

Sectors	PSK	PFFA
Financial Services	66.9%	28.1%
Utilities	9.5%	2.3%
Real Estate	4.8%	41.2%
Consumer Cyclical	1.8%	0.2%
Communication Services	1.6%	5.3%
Industrials	0.8%	10.2%
Basic Materials	-	0.3%
Consumer Defensive	-	-
Energy	-	3.2%
Healthcare	-	0.9%
Technology	-	3.0%

Return for Risk

PSK vs. PFFA — Risk / Return Rank

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

PSK

PSK Risk / Return Rank: 20
PSK Sharpe Ratio Rank: 22
PSK Sortino Ratio Rank: 21
PSK Omega Ratio Rank: 20
PSK Calmar Ratio Rank: 20
PSK Martin Ratio Rank: 18

PFFA

PFFA Risk / Return Rank: 56
PFFA Sharpe Ratio Rank: 61
PFFA Sortino Ratio Rank: 63
PFFA Omega Ratio Rank: 64
PFFA Calmar Ratio Rank: 45
PFFA Martin Ratio Rank: 46

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. PFFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR ICE Preferred Securities ETF (PSK) and Virtus InfraCap U.S. Preferred Stock ETF (PFFA). 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.

	PSK	PFFA	Difference
Sharpe ratio: Return per unit of total volatility	0.75	2.12	-1.36
Sortino ratio: Return per unit of downside risk	1.13	3.00	-1.87
Omega ratio: Gain probability vs. loss probability	1.13	1.40	-0.27
Calmar ratio: Return relative to maximum drawdown	0.83	2.29	-1.46
Martin ratio: Return relative to average drawdown	1.83	7.79	-5.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PSK vs. PFFA - Sharpe Ratio Comparison

The current PSK Sharpe Ratio is 0.75, which is lower than the PFFA Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of PSK and PFFA, 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

	PSK	PFFA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.75	2.12	-1.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.08	0.57	-0.66
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.18	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.24	+0.20

Drawdowns

PSK vs. PFFA - Drawdown Comparison

The maximum PSK drawdown since its inception was -30.10%, smaller than the maximum PFFA drawdown of -70.52%. Use the drawdown chart below to compare losses from any high point for PSK and PFFA.

Drawdown Indicators

	PSK	PFFA	Difference
Max Drawdown Largest peak-to-trough decline	-30.10%	-70.52%	+40.42%
Max Drawdown (1Y) Largest decline over 1 year	-5.50%	-6.49%	+0.99%
Max Drawdown (3Y) Largest decline over 3 years	-10.30%	-12.15%	+1.85%
Max Drawdown (5Y) Largest decline over 5 years	-22.23%	-22.70%	+0.47%
Max Drawdown (10Y) Largest decline over 10 years	-30.10%	—	—
Current Drawdown Current decline from peak	-5.76%	-1.50%	-4.26%
Average Drawdown Average peak-to-trough decline	-3.98%	-6.65%	+2.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.49%	1.90%	+0.59%

Volatility

PSK vs. PFFA - Volatility Comparison

The current volatility for SPDR ICE Preferred Securities ETF (PSK) is 1.65%, while Virtus InfraCap U.S. Preferred Stock ETF (PFFA) has a volatility of 1.87%. This indicates that PSK experiences smaller price fluctuations and is considered to be less risky than PFFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSK	PFFA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.65%	1.87%	-0.22%
Volatility (6M) Calculated over the trailing 6-month period	4.15%	5.68%	-1.53%
Volatility (1Y) Calculated over the trailing 1-year period	6.05%	7.02%	-0.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.72%	11.51%	-0.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.91%	31.84%	-19.93%

PSK vs. PFFA - Expense Ratio Comparison

PSK has a 0.45% expense ratio, which is lower than PFFA's 1.47% expense ratio.

Dividends

PSK vs. PFFA - Dividend Comparison

PSK's dividend yield for the trailing twelve months is around 7.04%, less than PFFA's 9.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PFFA Virtus InfraCap U.S. Preferred Stock ETF	9.62%	9.47%	9.18%	9.56%	10.75%	7.64%	8.54%	10.02%	5.15%	0.00%	0.00%	0.00%
PSK SPDR ICE Preferred Securities ETF	7.04%	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 PFFA in my portfolio?

PSK and PFFA have a correlation of 0.67, 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 PFFA?

PFFA has higher volatility (1.87%) compared to PSK (1.65%). In terms of maximum drawdown, PSK dropped -30.10% vs PFFA's -70.52%.

Which ETF is better, PSK or PFFA?

On 5-year performance, PFFA leads with 6.57% vs -0.88% for PSK. On fees, PSK is cheaper at 0.45% per year. On volatility, PSK has been the lower-risk option at 1.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSK or PFFA?

Over the 5-year period, PFFA has performed better with a 6.57% return vs -0.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSK or PFFA?

PSK is cheaper with a 0.45% expense ratio, compared with 1.47% for PFFA.

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

PFFA has the higher dividend yield at 9.62%, compared with 7.04% for PSK.

What is the main difference between PSK and PFFA?

They also come from different issuers: State Street and Virtus Investment Partners. Their fees differ too: 0.45% for PSK and 1.47% for PFFA.

Which has better risk-adjusted returns?

PFFA currently has the higher Sharpe Ratio (2.12 vs 0.75), 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.