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ETF Comparison

PFF vs PFFD: Hybrids and Preferreds, or Preferreds Only?

A head-to-head of iShares Preferred and Income Securities and Global X U.S. Preferred covering what each owns, cost, and cash.

Data updated September 21, 2026

Best for

  • PFFInvestors who want fixed-income ballast that steadies the portfolio when stocks fall.
  • PFFDInvestors who want higher current income (6.63% vs 5.85% for PFF).

Jump to the side-by-side numbers

Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings.

PFF has outpaced PFFD over the trailing twelve months, posting a -0.96% total return against -3.02%. The lead holds up over 5 years too: PFF has compounded at 0.68% a year, against -1.09% for PFFD. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
SymbolYTD1Y3Y5YSince Sep 2017Volatility Sharpe Sortino Max drawdown
PFF-0.28%-0.96%6.05%0.68%2.86%8.5%0.170.23-10.6%
PFFD-1.75%-3.02%4.80%-1.09%2.23%8.9%0.030.04-10.8%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 22, 2026. YTD and 1Y are cumulative; windows of one year or longer are annualized. “Since Sep 2017” measures every fund from September 13, 2017 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricPFFPFFD
Full nameiShares Preferred and Income Securities ETFGlobal X U.S. Preferred ETF
IssueriSharesGlobal X
Underlying indexICE Exchange-Listed Preferred & Hybrid Securities IndexICE BofA Diversified Core U.S. Preferred Securities Index
Last Close$30.21 as of September 21, 2026$18.10 as of September 21, 2026
Distribution rate5.85%6.63%
Distribution Safety Score™ 8196
Safety-Adjusted Yield 4.74%6.36%
Expense ratio0.45%0.23%
AUM$12.7B$2.11B
Distribution frequencyMonthlyMonthly
ObjectiveSeeks to track the investment results of an index composed of U.S. dollar-denominated preferred and hybrid securities.Seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the ICE BofA Diversified Core U.S. Preferred Securities Index.
Asset classHybridHybrid
Inception date03/26/200709/11/2017
Beta0.951.05
Last dividend$0.1472$0.10
Ex-dividend date09/01/202609/01/2026

Bottom lineChoose PFF if you want fixed-income ballast that steadies the portfolio when stocks fall. Choose PFFD if you want higher current income (6.63% vs 5.85% for PFF).

PFF vs PFFD: hybrids and preferreds, or preferreds only?

PFF mixes preferreds with hybrids. PFFD is a US preferred-stock index. Mix and issuer beat a one-date yield.

PFFPFFD
MixPreferreds and hybridsUS preferred stocks
Expense ratio0.45%0.23%
Fund size$12.7B$2.11B
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Income calculator

See how much monthly income a hypothetical investment would generate in each ETF at current yields.

iShares
ETFs466
Total AUM$4615B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

iShares is one of the largest ETF providers globally, known for offering a broad, diversified lineup of exchange-traded funds across multiple asset classes and investment strategies. The company operates 215 funds spanning 15 distinct families, including popular offerings in dividend income, covered call strategies, bonds, equities, ESG-focused investments, and factor-based approaches, with widely-held tickers like AGG (bond), ACWI (global equity), and AOA (allocation). iShares is characterized by its comprehensive fund ecosystem that serves both core portfolio holdings and specialized investment strategies, making it a prominent player for investors seeking both traditional and alternative income-generating ETF solutions.

See our curated list of related YouTube videos on PFF.

See all iShares ETFs
Global X
ETFs117
Total AUM$95.1B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

Global X is known for developing thematic and alternative investment ETFs with a strong emphasis on income-generating strategies. Their 37-fund lineup spans diverse categories including covered call funds, SuperDividend income products, digital assets, commodities, and sector-specific investments, alongside traditional bond and risk-managed income options. Notable tickers like DIV, MLPA, and BCCC reflect their specialization in high-yield and alternative income strategies, positioning them as a provider focused on investors seeking yield-oriented and thematically-driven exposure.

See our curated list of related YouTube videos on PFFD.

See all Global X ETFs

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Quick verdict

PFF (iShares Preferred and Income Securities ETF) and PFFD (Global X U.S. Preferred ETF) are both monthly-pay dividend ETFs, but they take different approaches.

PFFD offers the higher yield at 6.63% vs 5.85% for PFF. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

PFFD is cheaper with an expense ratio of 0.23% compared to 0.45%.

They have different reference exposures: PFF is linked to ICE Exchange-Listed Preferred & Hybrid Securities Index while PFFD is linked to ICE BofA Diversified Core U.S. Preferred Securities Index, which means their performance drivers differ.

PFF is the larger fund by assets ($12.7B), but assets alone do not establish trading costs or liquidity.

Deep dive

Yield & income

On a $10,000 investment, PFF would generate roughly $48.75 cash per distribution, while PFFD would produce $55.25 cash per distribution, at current distribution rates. Both pay monthly distributions.

PFF yield5.85%
PFFD yield6.63%
Cash diff on $10K$6.50

Cost & efficiency

Over 10 years on $10,000, PFF would cost approximately $450 in fees vs $230 for PFFD (simplified, not compounded). The $220.00 difference may be offset by yield or performance.

PFF ER0.45%
PFFD ER0.23%

Strategy & risk

PFF tracks ICE Exchange-Listed Preferred & Hybrid Securities Index with a preferred stock approach, while PFFD tracks ICE BofA Diversified Core U.S. Preferred Securities Index with a preferred stock approach. Beta is 0.95 for PFF and 1.05 for PFFD, making PFF the less volatile of the two by this measure.

PFF beta0.95
PFFD beta1.05

Fund details

PFF is managed by iShares (launched 03/26/2007) with $12.7B in assets. PFFD is managed by Global X (launched 09/11/2017) with $2.11B in assets.

PFF AUM$12.7B
PFFD AUM$2.11B
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Frequently asked questions

What is the difference between PFF and PFFD?

PFF (iShares Preferred and Income Securities ETF) holds preferred and hybrid securities. PFFD (Global X U.S. Preferred ETF) tracks a US preferred-stock index. Cost is 0.45% versus 0.23%; size is $12.7B versus $2.11B. Distributions are 5.85% and 6.63% as of September 2026. Mix and issuer, not a one-date yield, are the live differences.

What is the current distribution rate for PFF and PFFD?

PFF currently distributes 5.85% and PFFD 6.63%, based on fund data updated September 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is PFF or PFFD better for dividend income?

It depends on your goals. PFFD currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.

Can I hold both PFF and PFFD?

Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Is PFF or PFFD safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — PFFD scores 96, PFF scores 81, so PFFD's payout currently looks the more resilient of the two. No score makes an investment risk-free — treat this as a screening signal, not a guarantee.

Which has lower fees, PFF or PFFD?

PFF has an expense ratio of 0.45% while PFFD charges 0.23%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in PFF vs PFFD generate?

At current rates, $10,000 in PFF would generate roughly $48.75 cash per distribution ($585.00 annually). The same in PFFD would produce about $55.25 cash per distribution ($663.00 annually).

Which has performed better historically, PFF or PFFD?

PFF has outpaced PFFD over the trailing twelve months, posting a -0.96% total return against -3.02%. The lead holds up over 5 years too: PFF has compounded at 0.68% a year, against -1.09% for PFFD. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

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PFF vs PFFD — at a glance

Generated September 19, 2026.

Overview

PFF and PFFD are both ETFs tracking U.S. dollar-denominated preferred securities, but they use different underlying indexes and carry different cost structures. Preferred Securities Index. The key distinction is that PFFD charges 0.23% against a 6.63% distribution rate, while PFF costs 0.45% on a 5.85% yield.

How they differ

The biggest difference is cost: PFFD's 0.23% expense ratio is less than half of PFF's 0.45%, a meaningful gap when yields are in the 6–7% range. PFFD also offers a higher distribution rate at 6.63% versus PFF's 5.85%, though this reflects index composition rather than fund quality—the underlying ICE BofA index may weight higher-yielding securities differently than the ICE Exchange-Listed index. Both pay monthly distributions and carry nearly identical market risk, with PFF's beta at 0.95 and PFFD's at 1.05.

  • PFFD: Designed for cost-conscious income investors who can accept lower trading volume in exchange for a fee advantage of 0.23% versus 0.45%—a 22-basis-point drag that compounds over time.

Key risks to know

  • Index composition risk. The two funds track different preferred securities indexes, which means their individual holdings, sector weightings, and call risk exposure are not identical. Comparing their yields directly without examining the underlying securities is misleading.
  • Interest-rate sensitivity. Preferred securities carry positive duration; rising rates erode both distribution reinvestment value and NAV. A fund with 6.63% yield may look attractive until a 100-basis-point rate increase cuts NAV by 3–5%.
  • Call risk and reinvestment pressure. Preferred issuers often call securities when rates fall, forcing holders to reinvest at lower yields. This drag is hardest to see in rising-rate environments but becomes acute in falling-rate scenarios.

Bottom line

If you value cost efficiency and don't mind slightly lower trading volume, PFFD's 22-basis-point fee advantage and higher 6.63% yield are mathematically attractive. Both funds carry interest-rate and call risk inherent to preferred securities; past performance does not predict future results, and yield sustainability depends on the credit quality of the underlying issuers.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

Learn the method

The metrics behind this comparison, explained in the Academy.

How preferred stocks work How to read a fund's stats Why total return beats chasing yield

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