PFLD vs SPY
AAM Low Duration Preferred and Income Securities ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, PFLD or SPY?
Preferred Stock against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | PFLD | SPY |
|---|---|---|
| Expense Ratio | 0.45% | 0.09%Best |
| AUM | $402M | $814.4B |
| Dividend Yield | 5.44% | 1.01% |
| Holdings | 324 | 505 |
| YTD Return | +2.87% | +13.34%Best |
| 1Y Return | +4.77% | +19.97%Best |
| 3Y Return (annualized) | +4.37% | +21.20%Best |
| 5Y Return (annualized) | +0.95% | +12.81%Best |
| Volatility (annualized) | 9.1%Best | 16.8% |
| Max Drawdown | -33.5%Best | -34.1% |
| $10,000 over 5 years | $10,484 | $18,270Best |
| Fund Family | Advisors Asset Management, Inc. | State Street Investment Management |
| Category | Allocation/Balanced | Equity |
| Style | Preferred Stock | Large Cap Blend |
| Inception | Nov 19, 2019 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Nov 20, 2019 to Sep 4, 2026 (6.8 years).
PFLD vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 6.8 years both funds cover.
PFLD vs SPY Performance
AAM Low Duration Preferred and Income Securities ETF (PFLD) is an ETF from Advisors Asset Management, Inc. and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year PFLD returned +4.77% while SPY returned +19.97%. Year to date, PFLD is up 2.87% versus a gain of 13.34% for SPY.
Over three years, PFLD compounded at +4.37% per year against +21.20% for SPY; over five years the annualized figures are +0.95% and +12.81% respectively. Across the full 7-year window we track, SPY has the edge at +15.56% annualized vs +1.27%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 16.8% compared with 9.1% for PFLD. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -33.5% for PFLD and -34.1% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.74. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
PFLD charges 0.45% per year while SPY charges 0.09%. On a $10,000 position that is $45 vs $9 annually, a gap of $36 per year that compounds over a long holding period. On income, PFLD currently yields 5.44% against 1.01% for SPY.
Holdings Overlap
At least 5.8% of SPY's money is in holdings PFLD also owns.
Stated as a floor: for PFLD, our book for it covers 71.6% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
SPY and PFLD share little of their money.
The two holdings books were reported 185 days apart, PFLD as of Jan 31, 2026 and SPY as of Aug 4, 2026, so some of the difference between them is the time between the two reports rather than the funds.
25 positions in common, counted across the 230 positions we hold weights for in PFLD and 504 in SPY, against full books of 324 and 505.
Top Shared Holdings
| Stock | Weight in PFLD | Weight in SPY | Difference |
|---|---|---|---|
| JPMJpmorgan Chase | 1.28% | 1.44% | 0.16% |
| BACBank Of America Corp | 0.86% | 0.62% | 0.24% |
| WFCWells Fargo & Co. | 1.05% | 0.41% | 0.64% |
| SCHWSchwab Strategic T | 1.05% | 0.26% | 0.79% |
| AXPAmerican Express Co. | 0.79% | 0.28% | 0.51% |
| CCitigroup Inc. | 0.67% | 0.35% | 0.32% |
| TFCTruist Financial Corp. | 0.85% | 0.10% | 0.75% |
| STTState Street Corp. | 0.77% | 0.08% | 0.69% |
| GSGoldman Sachs Group Inc/The | 0.37% | 0.47% | 0.10% |
| MSMorgan Stanley | 0.44% | 0.39% | 0.05% |
You are not choosing between two funds in isolation.
Whichever of PFLD and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, PFLD or SPY?
PFLD has an expense ratio of 0.45% while SPY charges 0.09%. SPY is the cheaper option, by $36 a year on a $10,000 investment.
Which performed better, PFLD or SPY?
Over the past year PFLD returned +4.77% vs +19.97% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (7 years), PFLD annualized +1.27% vs +15.56% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PFLD or SPY?
SPY has been the more volatile fund at 16.8% annualized versus 9.1% for PFLD. Worst drawdown: PFLD -33.5% vs SPY -34.1%.
Should I hold both PFLD and SPY?
PFLD and SPY have a monthly-return correlation of 0.74, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between PFLD and SPY?
At least 5.8% of SPY's money is in holdings PFLD also owns. Our book for PFLD is partial, so the real figure is this or higher. They hold 25 positions in common, counted across the 230 positions we hold weights for in PFLD and 504 in SPY.
Which pays a higher dividend, PFLD or SPY?
PFLD yields 5.44% while SPY yields 1.01%, so PFLD currently pays the higher dividend yield.
Is SPY better than PFLD?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.