SPFF vs. PFFL
SPFF (Global X SuperIncome Preferred ETF) and PFFL (ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN) are both Preferred Stock/Convertible Bonds funds - SPFF tracks the S&P Enhanced Yield North American Preferred Stock Index while PFFL tracks the Solactive Preferred Stock ETF Index. Both are passively managed. Over the past 5 years, SPFF returned 2.16%/yr vs -5.89%/yr for PFFL. A 0.74 correlation means they provide meaningful diversification when combined. SPFF charges 0.58%/yr vs 0.85%/yr for PFFL.
Performance
SPFF vs. PFFL - Performance Comparison
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Returns By Period
In the year-to-date period, SPFF achieves a 6.91% return, which is significantly higher than PFFL's 0.10% return.
SPFF
- 1D
- -0.20%
- 1M
- 3.90%
- YTD
- 6.91%
- 6M
- 8.28%
- 1Y
- 18.49%
- 3Y*
- 8.98%
- 5Y*
- 2.16%
- 10Y*
- 3.13%
PFFL
- 1D
- -0.99%
- 1M
- -1.06%
- YTD
- 0.10%
- 6M
- 0.21%
- 1Y
- 8.48%
- 3Y*
- 3.14%
- 5Y*
- -5.89%
- 10Y*
- —
SPFF vs. PFFL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SPFF Global X SuperIncome Preferred ETF | 6.91% | 7.52% | 8.62% | 3.00% | -14.29% | 5.15% | 6.91% | 13.04% | -5.01% |
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | 0.10% | 2.18% | 4.77% | 8.65% | -39.15% | 7.52% | -15.47% | 30.21% | -11.05% |
Correlation
The correlation between SPFF and PFFL is 0.62, 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 | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2018 | 0.74 |
The correlation between SPFF and PFFL shifts across timeframes, from 0.62 (1 year) to 0.74 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SPFF vs. PFFL — Risk / Return Rank
SPFF
PFFL
SPFF vs. PFFL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X SuperIncome Preferred ETF (SPFF) and ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL). 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.
| SPFF | PFFL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.45 | ||
| Sortino ratioReturn per unit of downside risk | +1.98 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.11 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 2.45 | 0.71 | +1.74 |
| Martin ratioReturn relative to average drawdown | 7.46 | 1.76 | +5.70 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPFF | PFFL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.96 | 0.50 | +1.45 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.20 | -0.25 | +0.45 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.23 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.30 | -0.07 | +0.37 |
Drawdowns
SPFF vs. PFFL - Drawdown Comparison
The maximum SPFF drawdown since its inception was -35.92%, smaller than the maximum PFFL drawdown of -80.68%. Use the drawdown chart below to compare losses from any high point for SPFF and PFFL.
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Drawdown Indicators
| SPFF | PFFL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.92% | -80.68% | +44.76% |
Max Drawdown (1Y)Largest decline over 1 year | -7.58% | -11.92% | +4.34% |
Max Drawdown (3Y)Largest decline over 3 years | -12.51% | -23.75% | +11.24% |
Max Drawdown (5Y)Largest decline over 5 years | -22.88% | -48.51% | +25.63% |
Max Drawdown (10Y)Largest decline over 10 years | -35.92% | — | — |
Current DrawdownCurrent decline from peak | -0.20% | -38.34% | +38.14% |
Average DrawdownAverage peak-to-trough decline | -4.06% | -28.54% | +24.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.49% | 4.84% | -2.35% |
Volatility
SPFF vs. PFFL - Volatility Comparison
The current volatility for Global X SuperIncome Preferred ETF (SPFF) is 2.97%, while ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) has a volatility of 3.83%. This indicates that SPFF experiences smaller price fluctuations and is considered to be less risky than PFFL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPFF | PFFL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.97% | 3.83% | -0.86% |
Volatility (6M)Calculated over the trailing 6-month period | 7.29% | 10.33% | -3.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.53% | 16.91% | -7.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.93% | 23.62% | -12.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.51% | 55.35% | -41.84% |
SPFF vs. PFFL - Expense Ratio Comparison
SPFF has a 0.58% expense ratio, which is lower than PFFL's 0.85% expense ratio.
Dividends
SPFF vs. PFFL - Dividend Comparison
SPFF's dividend yield for the trailing twelve months is around 6.34%, less than PFFL's 12.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | 12.44% | 13.27% | 13.76% | 13.71% | 13.90% | 8.82% | 9.75% | 11.21% | 2.02% | 0.00% | 0.00% | 0.00% |
SPFF Global X SuperIncome Preferred ETF | 6.34% | 6.47% | 6.39% | 6.64% | 7.15% | 5.78% | 5.75% | 5.97% | 7.60% | 7.24% | 7.04% | 7.50% |
Frequently Asked Questions
SPFF and PFFL have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFFL has higher volatility (3.83%) compared to SPFF (2.97%). In terms of maximum drawdown, SPFF dropped -35.92% vs PFFL's -80.68%.
On 5-year performance, SPFF leads with 2.16% vs -5.89% for PFFL. On fees, SPFF is cheaper at 0.58% per year. On volatility, SPFF has been the lower-risk option at 2.97%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPFF has performed better with a 2.16% return vs -5.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPFF is cheaper with a 0.58% expense ratio, compared with 0.85% for PFFL.
PFFL has the higher dividend yield at 12.44%, compared with 6.34% for SPFF.
SPFF tracks S&P Enhanced Yield North American Preferred Stock Index, while PFFL tracks Solactive Preferred Stock ETF Index. They also come from different issuers: Global X and UBS. Their fees differ too: 0.58% for SPFF and 0.85% for PFFL.
SPFF currently has the higher Sharpe Ratio (1.96 vs 0.50), 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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