Dividend comparison
PFF vs PFFA: Which Is Better for Income?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for iShares Preferred and Income Securities ETF and Virtus InfraCap U.S. Preferred Stock ETF, side by side. Updated October 21, 2026.
PFF vs PFFA: key differences
The short answer, from the latest data on this page.
- Fees. PFF is cheaper at 0.45% a year versus 2.11% for PFFA. On $10,000 that is $166 a year less in fees.
- Income. PFFA pays more income, yielding 10.80% over the last twelve months versus 5.65% for PFF. That is about $515 more a year on $10,000. Both pay monthly.
- Performance. Over the last 5 years, PFFA returned 11.8% versus -4.9% for PFF, with dividends reinvested. $10,000 would have grown to $11,183 in PFFA and $9,506 in PFF.
- Risk. Their worst declines over the last 5 years were similar: -21.0% for PFF and -22.7% for PFFA from peak to trough.
- Diversification. PFF holds 453 positions and PFFA holds 198. The ten largest positions make up 25.4% of PFF and 23.8% of PFFA.
- Overlap. At least 9% of the two portfolios overlap by weight, across 11 shared holdings. They mostly own different companies, so they can complement each other.
- Dividend growth. PFF grew its yearly payout 2.7% a year over the last 4 years, versus 1.5% for PFFA.
- Size. PFF is the larger fund with $12.0 billion in assets, against $2.3 billion for PFFA.
Bottom line: PFF fits better if you care most about lower fees, faster dividend growth and broader diversification. PFFA fits better if you care most about more income today and stronger 5-year returns.
Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
| Metric | PFF iShares Preferred and Income Securities ETF | PFFA Virtus InfraCap U.S. Preferred Stock ETF |
|---|---|---|
| Dividend yield (TTM) | 5.65% | 10.80% |
| Dividend / share (TTM) | $1.63 | $2.06 |
| Payout frequency | Monthly | Monthly |
| Last dividend | $0.1594 on Oct 6, 2026 | $0.1725 on Sep 28, 2026 |
| Ex-dividend date | Oct 1, 2026 | Sep 21, 2026 |
| Next payment | — | $0.1730 on Oct 27, 2026 |
| Dividend growth (CAGR) | 2.7% over 4 yrs | 1.5% over 4 yrs |
| Price | $28.87 | $19.10 |
| Dividend growth streak | — | 5 years |
| Beta | 0.97 | 1.07 |
| Max drawdown (5Y) | -21.0% | -22.7% |
| Market cap | $11.94B | $2.31B |
| Exchange | NASDAQ | AMEX |
| Expense ratio | 0.45% | 2.11% |
| Assets under management | $11.95B | $2.31B |
| Number of holdings | 453 | 198 |
| Top 10 concentration | 25.4% | 23.8% |
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.
PFF
$47.11/mo
$565 /yr at 5.65% yield
PFFA
$89.99/mo
$1080 /yr at 10.80% yield
Dividend history
Total dividends paid per share in each calendar year. PFF pays monthly; PFFA pays monthly.
| Year | PFF | PFFA |
|---|---|---|
| 2025 | $1.9492 | $2.0400 |
| 2024 | $1.9861 | $2.0100 |
| 2023 | $2.0682 | $1.9800 |
| 2022 | $1.8350 | $1.9500 |
| 2021 | $1.7555 | $1.9200 |
Strategy: Alternative income
Income vehicles outside ordinary stocks and bonds: real estate investment trusts, preferred shares, business development companies that lend to private firms, and energy pipeline partnerships. Each is structured to pass most of its earnings through to shareholders, which is why yields are high. Their payouts depend on rents, loan books or pipeline volumes rather than on corporate dividend policy.
These income streams are sensitive to interest rates and credit conditions, and much of the income is taxed as ordinary income rather than qualified dividends.
Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Oct 20, 2021 would now be worth $9,506 in PFF and $11,183 in PFFA.
| Period | PFF | PFFA |
|---|---|---|
| 1 month | -3.77% | -6.92% |
| 3 months | -4.88% | -8.52% |
| Year to date | -6.75% | -11.37% |
| 1 year | -7.79% | -10.79% |
| 3 years | 16.55% | 27.42% |
| 5 years | -4.94% | 11.83% |
- PFF
- PFFA
Both series indexed to 100 on 2021-10-20 using the adjusted closing price series. Past performance does not guarantee future results.
Sector allocation
Weight of each sector within the fund. Sectors are aligned on the same row so the two funds can be read against each other directly.
- PFF
- PFFA
PFF vs PFFA holdings overlap
At least 9% overlap by weight, with 11 holdings in common. Overlap adds up the smaller of the two weights for every stock both funds own, so 100% would mean identical portfolios.
| Largest shared holdings | PFF weight | PFFA weight |
|---|---|---|
| GOOGMALPHABET INC | 2.42% | 2.85% |
| GOOGNALPHABET INC | 2.37% | 2.65% |
| MCHPPMICROCHIP TECHNOLOGY INCORPORATED | 0.96% | 1.17% |
| APO-PAAPOLLO GLOBAL MANAGEMENT INC | 0.83% | 0.92% |
| STRFSTRATEGY INC | 0.48% | 0.61% |
| XELLLXCEL ENERGY INC | 0.38% | 1.78% |
| STRKSTRATEGY INC | 0.37% | 0.71% |
| STRDSTRATEGY INC | 0.37% | 3.01% |
| SYF-PASYNCHRONY FINANCIAL | 0.27% | 0.37% |
| BANC-PFBANC OF CALIFORNIA INC | 0.26% | 2.13% |
Top 10 holdings
Largest positions by portfolio weight.
PFF453 holdings total
PFFA198 holdings total
| Name | Weight |
|---|---|
| STRDStrategy Inc 10.000% | 3.01% |
| GOOGMAlphabet Inc 6.250% | 2.85% |
| GOOGNAlphabet Inc 6.250% | 2.65% |
| ET-PIEnergy Transfer LP 9.250% | 2.36% |
| TDS-PVTelephone and Data Systems Inc 6.000% | 2.32% |
| CTGGQwest Corp 6.500% | 2.27% |
| BANC-PFBanc of California Inc 7.750% | 2.13% |
| RLJ-PARLJ Lodging Trust 7.800% | 2.13% |
| GNL-PDGlobal Net Lease Inc 7.500% | 2.07% |
| TWO-PCTwo Harbors Investment Corp 9.105% | 2.04% |
Quick verdict
PFF fits better if you care most about lower fees, faster dividend growth and broader diversification. PFFA fits better if you care most about more income today and stronger 5-year returns. Model the holding inside your real portfolio before deciding.
Still deciding? Compare them in your portfolio
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Frequently asked questions
Is PFF or PFFA better for dividend income?
It depends on your goals. PFF currently yields 5.65% Trailing Twelve Months (TTM) while PFFA yields 10.80%. Higher yield means more current income per dollar invested, but may come with different risk, growth, or NAV characteristics. Compare total return and payout sustainability — not just the headline yield.
What is the difference between PFF and PFFA?
iShares Preferred and Income Securities ETF (PFF) is an ETF listed on NASDAQ. Virtus InfraCap U.S. Preferred Stock ETF (PFFA) is an ETF listed on AMEX. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, PFF or PFFA?
PFF has the lower expense ratio. PFF charges 0.45% a year and PFFA charges 2.11%, a difference of $166 a year on a $10,000 investment.
Which has performed better, PFF or PFFA?
Over the last 5 years, PFFA has the higher total return with dividends reinvested: PFF returned -4.9% and PFFA returned 11.8%. Past performance does not predict future returns.
Which is riskier, PFF or PFFA?
Measured by the worst peak-to-trough decline over the last five years, PFFA has been riskier: PFF fell as much as 21.0% and PFFA as much as 22.7%. Their betas are 0.97 and 1.07.
How much do PFF and PFFA overlap?
At least 9% of the two portfolios overlap by weight, across 11 shared holdings. The largest shared positions are GOOGM, GOOGN, MCHPP. Holding both still adds meaningful diversification.
How often do PFF and PFFA pay dividends?
Both pay monthly. The most recent payments were $0.1594 for PFF and $0.1725 for PFFA.
How much income does $10,000 in PFF vs PFFA generate?
At current TTM yields, $10,000 in PFF would generate roughly $47.11 per month ($565 annually). The same amount in PFFA would produce about $89.99 per month ($1080 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both PFF and PFFA?
Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.
Where can I compare PFF vs PFFA with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how PFF and PFFA fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.
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For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.