PFLD vs SPY
AAM Low Duration Preferred and Income Securities ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | PFLD | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.45% | 0.09% | |
| AUM | $413M | $789.1B | |
| Dividend Yield | 5.47% | 1.01% | |
| Holdings | 324 | 505 | |
| YTD Return | +2.58% | +13.68% | |
| 1Y Return | +4.92% | +21.53% | |
| 3Y Return (annualized) | +4.33% | +21.44% | |
| 5Y Return (annualized) | +0.92% | +13.18% | |
| Volatility (annualized) | 9.1% | 15.3% | |
| Max Drawdown | -33.5% | -56.5% | |
| Fund Family | Advisors Asset Management, Inc. | State Street Investment Management | |
| Category | Allocation/Balanced | Equity | |
| Inception | Nov 19, 2019 | Jan 22, 1993 |
PFLD vs SPY Performance
AAM Low Duration Preferred and Income Securities ETF (PFLD) is a ETF from Advisors Asset Management, Inc. and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year PFLD returned +4.92% while SPY returned +21.53%. Year to date, PFLD is up 2.58% versus a gain of 13.68% for SPY.
Over three years, PFLD compounded at +4.33% per year against +21.44% for SPY; over five years the annualized figures are +0.92% and +13.18% respectively. Across the full 7-year window we track, SPY has the edge at +8.85% annualized vs +1.24%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% 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 -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
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 5.47% against 1.01% for SPY.
Holdings Overlap
PFLD and SPY share 23 holdings out of 710 unique holdings combined, representing a 4.8% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $36 per year of difference.
Which performed better, PFLD or SPY?
Over the past year PFLD returned +4.92% vs +21.53% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (7 years), PFLD annualized +1.24% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, PFLD or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 9.1% for PFLD. Worst drawdown: PFLD -33.5% vs SPY -56.5%.
Should I hold both PFLD and SPY?
PFLD and SPY have a monthly-return correlation of 0.74, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between PFLD and SPY?
PFLD and SPY share 23 common holdings with a 4.8% weight overlap. Combined, they hold 710 unique securities.
Which pays a higher dividend, PFLD or SPY?
PFLD yields 5.47% while SPY yields 1.01%, so PFLD currently pays the higher dividend yield.
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