PSK vs. PREF
PSK (SPDR ICE Preferred Securities ETF) and PREF (Principal Spectrum Preferred Secs Active ETF) are both Preferred Stock funds. PSK is passively managed, while PREF is actively managed. Over the past 5 years, PSK returned -1.17%/yr vs 2.80%/yr for PREF. Their 0.36 correlation means their historical movements had little consistent relationship. PSK charges 0.45%/yr vs 0.55%/yr for PREF.
Performance
PSK vs. PREF - Performance Comparison
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Returns By Period
In the year-to-date period, PSK achieves a -1.10% return, which is significantly lower than PREF's 1.65% return.
PSK
- 1D
- 0.10%
- 1M
- -0.82%
- 6M
- -2.99%
- YTD
- -1.10%
- 1Y
- -0.14%
- 3Y*
- 3.27%
- 5Y*
- -1.17%
- 10Y*
- 1.86%
- ALL TIME*
- 4.49%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.81M | $4.18M | $4.46M | |
| $3.42M | $3.24M | $2.65M |
PSK vs. PREF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PSK SPDR ICE Preferred Securities ETF | -1.10% | 2.69% | 4.81% | 8.91% | -18.86% | 1.57% | 6.37% | 17.59% | -4.54% | 0.52% |
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% |
Correlation
The correlation between PSK and PREF is 0.45, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.45 |
Correlation (3Y) Balances recent behavior with more history. | 0.36 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.42 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2017 | 0.36 |
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Return for Risk
PSK vs. PREF — Risk / Return Rank
PSK
PREF
PSK vs. PREF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR ICE Preferred Securities ETF (PSK) and Principal Spectrum Preferred Secs Active ETF (PREF). 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 | PREF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.59 | ||
| Sortino ratioReturn per unit of downside risk | -2.22 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.32 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | 0.04 | 1.75 | -1.71 |
| Martin ratioReturn relative to average drawdown | 0.08 | 8.92 | -8.85 |
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Drawdowns
PSK vs. PREF - Drawdown Comparison
The maximum PSK drawdown since its inception was -30.10%, which is greater than PREF's maximum drawdown of -22.99%. Use the drawdown chart below to compare losses from any high point for PSK and PREF.
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Drawdown Indicators
| PSK | PREF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.10% | -22.99% | -7.11% |
Max Drawdown (1Y)Largest decline over 1 year | -5.50% | -2.88% | -2.62% |
Max Drawdown (3Y)Largest decline over 3 years | -10.30% | -4.30% | -6.00% |
Max Drawdown (5Y)Largest decline over 5 years | -22.23% | -16.99% | -5.24% |
Max Drawdown (10Y)Largest decline over 10 years | -30.10% | — | — |
Current DrawdownCurrent decline from peak | -6.47% | -0.63% | -5.84% |
Average DrawdownAverage peak-to-trough decline | -4.00% | -3.60% | -0.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.05% | 0.57% | +2.48% |
Volatility
PSK vs. PREF - Volatility Comparison
SPDR ICE Preferred Securities ETF (PSK) has a higher volatility of 1.35% compared to Principal Spectrum Preferred Secs Active ETF (PREF) at 0.57%. This indicates that PSK's price experiences larger fluctuations and is considered to be riskier than PREF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PSK | PREF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.35% | 0.57% | +0.78% |
Volatility (6M)Calculated over the trailing 6-month period | 4.28% | 2.46% | +1.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.90% | 3.11% | +2.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.75% | 4.87% | +5.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.88% | 6.25% | +5.63% |
PSK vs. PREF - Expense Ratio Comparison
PSK has a 0.45% expense ratio, which is lower than PREF's 0.55% expense ratio.
Dividends
PSK vs. PREF - Dividend Comparison
PSK's dividend yield for the trailing twelve months is around 7.13%, more than PREF's 5.22% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
PSK SPDR ICE Preferred Securities ETF | 6.54% | 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
PSK and PREF have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PSK has higher volatility (1.35%) compared to PREF (0.57%). In terms of maximum drawdown, PSK dropped -30.10% vs PREF's -22.99%.
On 5-year performance, PREF leads with 2.80% vs -1.17% for PSK. On fees, PSK is cheaper at 0.45% 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 -1.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PSK is cheaper with a 0.45% expense ratio, compared with 0.55% for PREF.
PSK has the higher dividend yield at 6.54%, compared with 4.81% for PREF.
They also come from different issuers: State Street and Principal. Their fees differ too: 0.45% for PSK and 0.55% for PREF.
PREF currently has the higher Sharpe Ratio (1.63 vs 0.04), 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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