Principal Spectrum Preferred Securities… (PREF) Performance
PREF total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −0.2% since Dec 31, 2025
- 1 year
- +0.7% total return
- 5 years
- +2.4% a year
- Since first price
- +3.8% a year since 2017
PREF trailing returns vs AGG, TLT, SPY
| Period | PREF total return | Price only | U.S. bonds (AGG) | 20+ yr Treasuries (TLT) | S&P 500 (SPY) |
|---|---|---|---|---|---|
| 1 month | −1.1% | −1.6% | +0.9% | +1.5% | −1.0% |
| 3 months | −1.8% | −3.1% | −0.4% | −1.0% | +3.2% |
| 6 months | −1.4% | −4.1% | −1.5% | −3.8% | +7.8% |
| YTD | −0.2% | −4.1% | −1.0% | −3.4% | +12.3% |
| 1 year | +0.7% | −4.5% | −1.1% | −6.9% | +14.4% |
| 3 years | +29.9%+9.1%/yr | +11.9% | +16.6%+5.2%/yr | +9.7%+3.1%/yr | +87.4%+23.3%/yr |
| 5 years | +12.8%+2.4%/yr | −11.1% | −0.8%−0.2%/yr | −32.5%−7.6%/yr | +79.3%+12.4%/yr |
| Since inceptionJul 11, 2017 | +41.2%+3.8%/yr | −9.0% | — | — | — |
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: PREF vs AGG
From Jul 11, 2017: PREF grew to $14,119, AGG to $11,480.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
PREF returns by calendar year
6 of 8 full years positive. Best 2019 (+17.3%), worst 2022 (−11.8%). 2026 is year to date.
PREF annual returns table
| Year | PREF | Largest drop | AGG | TLT | SPY |
|---|---|---|---|---|---|
| 2026YTD | −0.2% | −2.9% | −1.0% | −3.4% | +12.3% |
| 2025 | +7.6% | −2.6% | +7.2% | +4.3% | +17.7% |
| 2024 | +11.4% | −1.5% | +1.3% | −8.1% | +24.9% |
| 2023 | +7.4% | −9.0% | +5.7% | +2.8% | +26.2% |
| 2022 | −11.8% | −15.7% | −13.0% | −31.2% | −18.2% |
| 2021 | +2.1% | −2.7% | −1.8% | −4.6% | +28.7% |
| 2020 | +7.5% | −23.0% | +7.5% | +18.2% | +18.3% |
| 2019 | +17.3% | −0.8% | +8.5% | +14.1% | +31.2% |
| 2018 | −5.4% | −6.4% | +0.1% | −1.6% | −4.6% |
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.
PREF largest drawdowns
Now 2.4% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Feb 21, 2020 | −23.0% | Mar 19, 2020 | Aug 25, 2020 | 27 days | 6 months |
| Sep 16, 2021 | −17.0% | Oct 25, 2022 | Jul 12, 2024 | 1.1 years | 2.8 years |
| Jan 16, 2018 | −6.4% | Dec 24, 2018 | Mar 20, 2019 | 11 months | 1.2 years |
Declines from a closing high (distributions reinvested) of 5% or more. Underwater = time from the peak until the old high was regained.
PREF risk statistics
| Statistic | 3 years | 5 years | Since 2017 |
|---|---|---|---|
| Annualized return | +8.1% | +2.3% | +3.7% |
| Volatility (annualized) | 4.8% | 6.9% | 7.8% |
| Sharpe ratio | 0.76 | -0.16 | 0.20 |
| Sortino ratio | 1.27 | -0.22 | 0.26 |
| Best month | +4.8% | +5.3% | +8.8% |
| Worst month | −2.5% | −5.0% | −13.1% |
| Best 12 months | +19.3% | +19.3% | +21.5% |
| Worst 12 months | +1.1% | −15.7% | −15.7% |
| Positive months | 75% | 58% | 65% |
| Beta vs S&P 500 | 0.26 | 0.31 | — |
| Correlation with S&P 500 | 0.68 | 0.71 | — |
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.
PREF rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 100 | −15.7% | +5.8% | +21.5% | 76% |
| 3-year (a year) | 76 | −2.4% | +4.6% | +9.9% | 80% |
| 5-year (a year) | 52 | +0.7% | +3.1% | +6.0% | 100% |
Every holding period starting at a month-end since 2017. Returns for 3 years and longer are annualized.
PREF performance overview
Principal Spectrum Preferred Securities… (PREF) returned +0.7% over the past year and +2.4% a year over five years, with distributions reinvested. Since its first recorded price in 2017 it has returned +3.8% a year, turning $10,000 into about $14,119. Over the same year U.S. bonds (AGG) returned −1.1%.
The deepest decline was −23.0%, from Feb 21, 2020 to Mar 19, 2020, and it took 5 months to get back to the old high. PREF finished 6 of its 8 full calendar years with a gain; the best year was 2019 (+17.3%) and the worst 2022 (−11.8%). Volatility has been 7.8% a year.
Related: PREF chart, PREF dividends, PREF bond profile. See the PREF overview for the latest quote and fund facts.
PREF performance FAQ
What is the PREF return over the past year?
PREF returned +0.7% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 4.5%.
What is the average annual return of PREF?
PREF has returned +2.4% a year over 5 years, +3.8% a year since July 11, 2017 (total return, distributions reinvested).
How much would $10,000 invested in PREF be worth?
$10,000 invested in PREF at its first recorded close on July 11, 2017 would be worth about $14,119 on October 23, 2026 with distributions reinvested.
What was the worst year for PREF?
The worst calendar year was 2022, with a total return of −11.8%. The best was 2019 at +17.3%.
What is the biggest drawdown of PREF?
The largest peak-to-trough decline was −23.0% between February 21, 2020 and March 19, 2020. It recovered to the old high on August 25, 2020, 5 months after the bottom.
How volatile is PREF?
Over the past 3 years PREF had an annualized volatility of 4.8% and a Sharpe ratio of 0.76 (excess return over 1–3 month T-bills per unit of risk).