ETRACS 2xMonthly Pay Leveraged Preferred… (PFFL) Performance
PFFL total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −14.6% since Dec 31, 2025
- 1 year
- −17.4% total return
- 5 years
- −9.3% a year
- Since first price
- −5.3% a year since 2018
PFFL trailing returns vs SPY, QQQ, AGG
| Period | PFFL total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −6.5% | −7.6% | −1.0% | −5.0% | +0.9% |
| 3 months | −10.2% | −13.1% | +3.2% | +1.9% | −0.4% |
| 6 months | −16.2% | −21.1% | +7.8% | +8.4% | −1.5% |
| YTD | −14.6% | −21.9% | +12.3% | +15.1% | −1.0% |
| 1 year | −17.4% | −26.5% | +14.4% | +15.9% | −1.1% |
| 3 years | +16.7%+5.3%/yr | −18.5% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | −38.5%−9.3%/yr | −66.2% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionSep 26, 2018 | −35.8%−5.3%/yr | −74.3% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: PFFL vs SPY
From Sep 26, 2018: PFFL grew to $6,420, SPY to $29,551.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
PFFL returns by calendar year
5 of 7 full years positive. Best 2019 (+31.4%), worst 2022 (−39.1%). 2026 is year to date.
PFFL annual returns table
| Year | PFFL | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −14.6% | −19.3% | +12.3% | +15.1% | −1.0% |
| 2025 | +2.2% | −16.2% | +17.7% | +20.8% | +7.2% |
| 2024 | +4.8% | −14.5% | +24.9% | +25.6% | +1.3% |
| 2023 | +8.7% | −32.4% | +26.2% | +54.9% | +5.7% |
| 2022 | −39.1% | −41.2% | −18.2% | −32.6% | −13.0% |
| 2021 | +7.5% | −6.5% | +28.7% | +27.4% | −1.8% |
| 2020 | −15.5% | −80.7% | +18.3% | +48.6% | +7.5% |
| 2019 | +31.4% | −3.8% | +31.2% | +39.0% | +8.5% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
PFFL largest drawdowns
Now 47.4% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Feb 12, 2020 | −80.7% | Mar 18, 2020 | not yet | 35 days | 6.7 years so far |
| Sep 28, 2018 | −15.2% | Dec 24, 2018 | Feb 13, 2019 | 3 months | 5 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
PFFL risk statistics
| Statistic | 3 years | 5 years | Since 2018 |
|---|---|---|---|
| Annualized return | +1.2% | −8.5% | −5.0% |
| Volatility (annualized) | 18.3% | 23.6% | 25.8% |
| Sharpe ratio | -0.08 | -0.41 | -0.16 |
| Sortino ratio | -0.12 | -0.58 | -0.21 |
| Best month | +16.6% | +22.7% | +22.7% |
| Worst month | −10.7% | −13.9% | −39.5% |
| Best 12 months | +40.0% | +40.0% | +48.0% |
| Worst 12 months | −14.8% | −39.6% | −39.6% |
| Positive months | 50% | 45% | 52% |
| Beta vs S&P 500 | 1.08 | 1.06 | — |
| Correlation with S&P 500 | 0.73 | 0.70 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
PFFL rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 86 | −39.6% | −2.4% | +48.0% | 45% |
| 3-year (a year) | 62 | −17.9% | −6.8% | +6.1% | 31% |
| 5-year (a year) | 38 | −9.8% | −6.2% | +1.5% | 3% |
Every holding period starting at a month-end since 2018. Returns for 3 years and longer are annualized.
PFFL performance overview
ETRACS 2xMonthly Pay Leveraged Preferred… (PFFL) returned −17.4% over the past year and −9.3% a year over five years, with distributions reinvested. Since its first recorded price in 2018 it has returned −5.3% a year, turning $10,000 into about $6,420. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −80.7%, from Feb 12, 2020 to Mar 18, 2020; the fund has not yet regained that high. PFFL finished 5 of its 7 full calendar years with a gain; the best year was 2019 (+31.4%) and the worst 2022 (−39.1%). Volatility has been 25.8% a year.
Related: PFFL chart, PFFL dividends. See the PFFL overview for the latest quote and fund facts.
PFFL performance FAQ
What is the PFFL return over the past year?
PFFL returned −17.4% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 26.5%.
What is the average annual return of PFFL?
PFFL has returned −9.3% a year over 5 years, −5.3% a year since September 26, 2018 (total return, distributions reinvested).
How much would $10,000 invested in PFFL be worth?
$10,000 invested in PFFL at its first recorded close on September 26, 2018 would be worth about $6,420 on October 23, 2026 with distributions reinvested.
What was the worst year for PFFL?
The worst calendar year was 2022, with a total return of −39.1%. The best was 2019 at +31.4%.
What is the biggest drawdown of PFFL?
The largest peak-to-trough decline was −80.7% between February 12, 2020 and March 18, 2020. It has not yet recovered to that high; it is 47.4% below its peak.
How volatile is PFFL?
Over the past 3 years PFFL had an annualized volatility of 18.3% and a Sharpe ratio of -0.08 (excess return over 1–3 month T-bills per unit of risk).