PSK vs. PFLD

Last updated Jun 3, 2026

PSK (SPDR ICE Preferred Securities ETF) and PFLD (AAM Low Duration Preferred and Income Securities ETF 144A) are both Preferred Stock/Convertible Bonds funds - PSK tracks the PSK-US - ICE Exchange-Listed Fixed& Adjustable Rate Preferred Securities Index while PFLD tracks the ICE 0-5 Year Duration Exchange-Listed Preferred & Hybrid Securities Index. Both are passively managed. Over the past 5 years, PSK returned -0.80%/yr vs 1.04%/yr for PFLD. A 0.71 correlation means they provide meaningful diversification when combined. Both charge a 0.45% expense ratio.

Performance

PSK vs. PFLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR ICE Preferred Securities ETF (PSK) and AAM Low Duration Preferred and Income Securities ETF 144A (PFLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PSK achieves a -0.09% return, which is significantly lower than PFLD's 2.63% return.

PSK

• 1D: -0.19%
• 1M: -1.29%
• YTD: -0.09%
• 6M: -0.18%
• 1Y: 4.79%
• 3Y*: 3.19%
• 5Y*: -0.80%
• 10Y*: 2.12%

PFLD

• 1D: 0.00%
• 1M: 0.43%
• YTD: 2.63%
• 6M: 2.90%
• 1Y: 6.20%
• 3Y*: 4.91%
• 5Y*: 1.04%
• 10Y*: —

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

PSK vs. PFLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PSK SPDR ICE Preferred Securities ETF	-0.09%	2.69%	4.81%	8.91%	-18.86%	1.57%	6.37%	1.48%
PFLD AAM Low Duration Preferred and Income Securities ETF 144A	2.63%	1.44%	5.48%	8.16%	-12.73%	4.49%	5.34%	1.04%

Correlation

The correlation between PSK and PFLD is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (All Time) Calculated using the full available price history since Nov 21, 2019	0.71

Over the past year, the correlation between PSK and PFLD has dropped to 0.39 - well below their long-term average of 0.71, suggesting their price drivers have been diverging.

PSK vs. PFLD - Sectors Allocation Comparison

Sectors	PSK	PFLD
Financial Services	66.9%	-
Utilities	9.5%	100.0%
Real Estate	4.8%	-
Consumer Cyclical	1.8%	-
Communication Services	1.6%	-
Industrials	0.8%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Technology	-	-

Return for Risk

PSK vs. PFLD — Risk / Return Rank

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

PSK

PSK Risk / Return Rank: 21
PSK Sharpe Ratio Rank: 23
PSK Sortino Ratio Rank: 22
PSK Omega Ratio Rank: 21
PSK Calmar Ratio Rank: 20
PSK Martin Ratio Rank: 17

PFLD

PFLD Risk / Return Rank: 57
PFLD Sharpe Ratio Rank: 53
PFLD Sortino Ratio Rank: 63
PFLD Omega Ratio Rank: 56
PFLD Calmar Ratio Rank: 52
PFLD Martin Ratio Rank: 63

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. PFLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR ICE Preferred Securities ETF (PSK) and AAM Low Duration Preferred and Income Securities ETF 144A (PFLD). 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	PFLD	Difference
Sharpe ratio Return per unit of total volatility	0.80	1.83	-1.04
Sortino ratio Return per unit of downside risk	1.19	2.99	-1.80
Omega ratio Gain probability vs. loss probability	1.14	1.35	-0.21
Calmar ratio Return relative to maximum drawdown	0.86	2.60	-1.75
Martin ratio Return relative to average drawdown	1.91	11.57	-9.67
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. PFLD - Sharpe Ratio Comparison

The current PSK Sharpe Ratio is 0.80, which is lower than the PFLD Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of PSK and PFLD, 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	PFLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.80	1.83	-1.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.07	0.14	-0.21
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	0.17	+0.27

Drawdowns

PSK vs. PFLD - Drawdown Comparison

The maximum PSK drawdown since its inception was -30.10%, smaller than the maximum PFLD drawdown of -33.20%. Use the drawdown chart below to compare losses from any high point for PSK and PFLD.

Drawdown Indicators

	PSK	PFLD	Difference
Max Drawdown Largest peak-to-trough decline	-30.10%	-33.20%	+3.10%
Max Drawdown (1Y) Largest decline over 1 year	-5.50%	-2.23%	-3.27%
Max Drawdown (3Y) Largest decline over 3 years	-10.30%	-6.41%	-3.89%
Max Drawdown (5Y) Largest decline over 5 years	-22.23%	-15.51%	-6.72%
Max Drawdown (10Y) Largest decline over 10 years	-30.10%	—	—
Current Drawdown Current decline from peak	-5.51%	0.00%	-5.51%
Average Drawdown Average peak-to-trough decline	-3.98%	-4.18%	+0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.48%	0.50%	+1.98%

Volatility

PSK vs. PFLD - Volatility Comparison

SPDR ICE Preferred Securities ETF (PSK) has a higher volatility of 1.68% compared to AAM Low Duration Preferred and Income Securities ETF 144A (PFLD) at 0.89%. This indicates that PSK's price experiences larger fluctuations and is considered to be riskier than PFLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSK	PFLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.68%	0.89%	+0.79%
Volatility (6M) Calculated over the trailing 6-month period	4.18%	2.26%	+1.92%
Volatility (1Y) Calculated over the trailing 1-year period	6.04%	3.42%	+2.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.72%	7.50%	+3.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.91%	13.38%	-1.47%

PSK vs. PFLD - Expense Ratio Comparison

Both PSK and PFLD have an expense ratio of 0.45%.

Dividends

PSK vs. PFLD - Dividend Comparison

PSK's dividend yield for the trailing twelve months is around 7.02%, more than PFLD's 5.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PFLD AAM Low Duration Preferred and Income Securities ETF 144A	5.60%	6.52%	7.09%	7.09%	5.76%	4.52%	4.79%	0.82%	0.00%	0.00%	0.00%	0.00%
PSK SPDR ICE Preferred Securities ETF	7.02%	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 PFLD in my portfolio?

PSK and PFLD have a correlation of 0.39, 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 PFLD?

PSK has higher volatility (1.68%) compared to PFLD (0.89%). In terms of maximum drawdown, PSK dropped -30.10% vs PFLD's -33.20%.

Which ETF is better, PSK or PFLD?

On 5-year performance, PFLD leads with 1.04% vs -0.80% for PSK. Both ETFs have the same 0.45% expense ratio. On volatility, PFLD has been the lower-risk option at 0.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSK or PFLD?

Over the 5-year period, PFLD has performed better with a 1.04% return vs -0.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSK or PFLD?

PSK and PFLD have the same expense ratio: 0.45% per year.

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

PSK has the higher dividend yield at 7.02%, compared with 5.60% for PFLD.

What is the main difference between PSK and PFLD?

PSK tracks PSK-US - ICE Exchange-Listed Fixed& Adjustable Rate Preferred Securities Index, while PFLD tracks ICE 0-5 Year Duration Exchange-Listed Preferred & Hybrid Securities Index. They also come from different issuers: State Street and Advisors Asset Management.

Which has better risk-adjusted returns?

PFLD currently has the higher Sharpe Ratio (1.83 vs 0.80), 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.