Relative Intelligence · Preferred Securities
How Prudential Financial, Inc. 4.125% Junior Subordinated Notes due 2060 (PFH) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on PFH alone. It places PFH (Prudential Financial, Inc. 4.125% Junior Subordinated Notes due 2060) against 7 popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where PFH stands in the market, and of the alternatives worth a closer look.
Period covered: PFH's full trading record, from September 2020 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 22, 2026.
Data as of October 22, 2026. Full tables and charts read best on a larger screen.
This page answers the following questions about PFH
Key findings
Not AI-generatedThese key findings are generated by our proprietary relative intelligence engine, directly from the data on this page.
- Right nowThe slide is PFH's own: it is 26.0% below its high, against 1.9% for the S&P 500. PFH has gone against the market, falling 9.7% over the past 6 months while the S&P 500 rose 8.0%. At a glance ↓
- Stock or market?PFH fell 6.2% over the past 3 months, 2.2 points behind the preferred securities ETF PFF (iShares Preferred and Income Securities ETF), which fell 4.0%. The S&P 500 rose 2.5%.
- Past 1 to 3 yearsOver the past year, PFH fell 13.7% while the S&P 500 rose 15.6%. The same gap shows up over 3 years (1.3% against 88.4%). PFH led its preferred security peers in 2023, then fell behind RZC (Reinsurance Group of America) in 2025. By year ↓
- Long termPFH turned $10,000 into $7,530 over the past 5 years, against $18,000 in the S&P 500. Growth of $10,000 ↓
- In a crashThe 2022 bear market took 23.6% off PFH, against 24.5% for the S&P 500, and more than preferred security peers such as PRS (Prudential Financial, Inc. 5.62, 10.1%). Crash tests ↓
- DiversificationAgainst the S&P 500, PFH has a correlation of 0.64 over 5 years, more closely than 95% of stocks worth at least $300 million. Next to an index fund it is more of the same, not a cushion. Market capture ↓
- Better options
- Popular alternatives
- VRP (Invesco Variable Rate Preferred ETF), LQD (iShares iBoxx $ Investment Grade Corporate Bond ETF) and PRS (Prudential Financial, Inc. 5.62) earned more than PFH with less volatility over the past 5 years. VRP returned 3.8% a year at 6.6% volatility, against a loss of 5.5% a year at 14.2%.
- Nearby categories and themes
- USHY (iShares Broad USD High Yield Corporate Bond ETF, high yield bonds) and PGHY (Invesco Global ex-US High Yield Corporate Bond ETF, high yield bonds) earned more than PFH with less volatility over the past 5 years. USHY returned 3.7% a year at 7.4% volatility, against a loss of 5.5% a year at 14.2%.
- Whole market
- 331 of the 3,641 stocks and funds worth at least $500 million earned more than PFH with less volatility over the past 5 years, among them BND (Vanguard Total Bond Market ETF), TBB (AT&T Inc. 5.35% GLB NTS 66) and AGG (iShares Core U.S. Aggregate Bond ETF).
How much would $10,000 in PFH have grown?
This chart tracks a hypothetical $10,000 investment in PFH over the past 6 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of PFH over the same span and PFH's popular alternatives, among those that traded for the entire period. It shows not only where each investment ended up but also how smooth or uneven the path was.
Note: PFH began trading on September 2, 2020, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or six other sell-offs. It covers the most recent 6 years of PFH's record, starting at the end of September 2020.
- $10,000 invested in PFH at the end of September 2020 would have grown to $7,891 by September 2026, less than the $24,691 it would have become in SPY, an S&P 500 fund.
- All five other investments on the chart ended ahead of PFH, and PRU finished highest, at $24,007.
From the end of September 2020 to the end of September 2026. Hover over a fund in the key to pick out its line. 2,919 of the 3,322 stocks and funds worth at least $500 million that traded the whole period ended ahead of PFH; the chart shows 5, closest alternatives first.
- SPY (S&P 500)$24,691+147% total · +16.3% a year
- PRU$24,007+140% total · +15.7% a year
- VRP$13,426+34.3% total · +5.0% a year
- PRS$10,179+1.8% total · +0.3% a year
- PGX$9,662−3.4% total · −0.6% a year
- LQD$9,486−5.1% total · −0.9% a year
- PFH$7,891−21.1% total · −3.9% a year
PFH at a glance
This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.
Note: PFH began trading on September 2, 2020, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust, the 2008 financial crisis or six other sell-offs.
- PFH is still 26.0% below its all-time high.
- PFH's deepest decline since it began trading in 2020 was 28.6%, from December 2021 to November 2022. It has not yet climbed back to that peak.
- Over five full calendar years, PFH's best was 2023, when it returned 12.4%, and its worst was 2022, when it lost 26.8%. It lost money in two of those years.
The company
- Market value
- $40B
- Industry
- Insurance - Diversified
- Price history from
- September 2020
Returns
- Past 1 year
- −13.7%total return
- Past 3 years
- −1.3%−0.4% a year
- Past 5 years
- −24.7%−5.5% a year
- Best calendar year
- +12.4%2023
- Worst calendar year
- −26.8%2022
- Losing years
- 2 of 5full calendar years
Risk
- Volatility
- 14.2%typical yearly swing, 5 years
- Sharpe ratio
- -0.33return per unit of risk, 5 years
- Worst decline ever
- −28.6%Dec 2021 to Nov 2022
- From its all-time high
- −26.0%below the peak
PFH against the whole market
Where PFH ranks among every stock and fund, and what across the market has done better.
How does PFH rank among all stocks?
This section ranks PFH on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how PFH stacks up against its peers, these rankings show where it stands in the market as a whole.
- PFH is among the steadier stocks: its price swings rank in the top 1% of the 2,897 stocks worth at least $300 million, where the top is the calmest.
- On return for the risk taken (the Sharpe ratio), PFH ranks in the bottom 3% of the 2,897 stocks worth at least $300 million.
Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.
| Measure | PFH | Rank | Standing |
|---|---|---|---|
| 1-year return | −13.7% | 2,499 of 3,282 | bottom 25% |
| 3-year return | −1.3% | 2,385 of 3,016 | bottom 22% |
| 5-year return | −24.7% | 2,088 of 2,897 | bottom 29% |
| Volatility, 5 years | 14.2% | 21 of 2,897 | top 1% |
| Sharpe ratio, 5 years | -0.33 | 2,814 of 2,897 | bottom 4% |
What has beaten PFH on both return and risk?
Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). PFH sits where the dashed lines cross. Anything in the green box above and to the left earned more than PFH with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.
- 16 stocks and 315 ETFs worth at least $500 million sit in the green region: each earned more than PFH over the past 5 years with smaller price swings. That is 9% of the 3,641 screened.
- Among those with at least half PFH's swings, LVHI has the best return for its risk: 16.9% a year at 11.1% volatility, 22% less than PFH's 14.2%, and a Sharpe ratio (return above cash per unit of volatility) of 1.48 against -0.33 for PFH.
- Among PFH's popular alternatives, VRP, PRS and LQD are in the region. VRP earned 3.8% a year against a loss of 5.5% a year for PFH, at 6.6% volatility, 54% less than PFH's 14.2%.
Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to PFH; faint dots are 91 more of the 331 in the green region (the strongest, one per fund family). 3,641 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.
- Popular alternatives
- Same and neighboring categories, and shared themes
- The whole market
- Others in the green region
- 1 with more than 1.6× PFH's volatility is in the table only
Is there a better investment than PFH?
Investments that beat PFH over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among PFH's popular alternatives, VRP, LQD and PRS earned more than PFH with less volatility over the past 5 years. VRP returned 3.8% a year at 6.6% volatility, against a loss of 5.5% a year at 14.2%.
- Looking beyond its popular alternatives, USHY (high yield bonds) and PGHY (high yield bonds) earned more than PFH with less volatility over the past 5 years. USHY returned 3.7% a year at 7.4% volatility, against a loss of 5.5% a year at 14.2%.
- Across the whole market, 331 of the 3,641 stocks and funds worth at least $500 million earned more than PFH with less volatility over the past 5 years, among them BND, TBB and AGG.
How this works
The table below lists investments that beat PFH over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks PFH's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than PFH follows the table.
Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than PFH's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× PFH's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than PFH's.
| Investment | Why it is better | Past 5 years | Downside | Long run | Fit | ||||
|---|---|---|---|---|---|---|---|---|---|
| Annual return?higher is better | Volatility?lower is calmer | Sharpe?return per unit of risk | Worst decline?past 10 years | 5Y returntotal | Corr. with PFH?lower diversifies more | Expenseper year | |||
| PFHPrudential Financial, Inc. 4.125% Junior Subordinated Notes due 2060 · this page | −5.5% | 14.2% | -0.33 | −28.6% | −24.7% | 1.00 | — | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.5% | 17.2% | 0.78 | −33.7% | +80.3% | 0.64 | 0.09% | ||
| Popular alternativesbest 4 shownThe investments people most often weigh against PFH. 5 of 5 passed at least one test. | |||||||||
VRPInvesco Variable Rate Preferred ETF · Preferred Securities | Higher return, lower volatilityHigher return in most periods | +3.8% | 6.6% | 0.61 | −46.0% | +20.6% | 0.69 | 0.50% | |
LQDiShares iBoxx $ Investment Grade Corporate Bond ETF · US Corporate Bonds | Higher return, lower volatilityHigher return in most periods | −0.7% | 8.7% | -0.04 | −25.0% | −3.5% | 0.76 | 0.14% | |
PRSPrudential Financial, Inc. 5.62 · Junior Subordinated Debt | Higher return, lower volatility | −0.9% | 10.4% | -0.03 | −30.4% | −4.2% | 0.70 | — | |
 PRUPrudential Financial, Inc. · Life Insurance | Higher return in most periods | +5.8% | 25.5% | 0.35 | −65.9% | +32.3% | 0.20 | — | |
| Same and neighboring categories, and shared themesbest 6 shownEverything else in Preferred Securities and the categories next to it (US Corporate Bonds, High Yield Bonds, Financial Sector Equity, Life Insurance), plus PFH's specific themes. 65 of 89 passed at least one test. | |||||||||
USHYiShares Broad USD High Yield Corporate Bond ETF · High Yield Bonds | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +3.7% | 7.4% | 0.53 | −22.4% | +19.8% | 0.67 | 0.08% | |
PGHYInvesco Global ex-US High Yield Corporate Bond ETF · High Yield Bonds | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +4.2% | 5.6% | 0.76 | −20.5% | +22.6% | 0.64 | 0.35% | |
HYTRCounterpoint High Yield Trend ETF · High Yield Bonds | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +1.8% | 5.6% | 0.35 | −13.3% | +9.4% | 0.70 | 1.00% | |
PFFVGlobal X - Variable Rate Preferred ETF · Preferred Securities | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +1.7% | 8.8% | 0.23 | −18.9% | +8.7% | 0.76 | 0.25% | |
PFFiShares Preferred and Income Securities ETF · Preferred Securities | Higher return, lower volatilityHigher return in most periods | −0.2% | 10.5% | 0.04 | −34.1% | −0.8% | 0.87 | 0.45% | |
FPEIFirst Trust Institutional Preferred Securities & Income ETF · Preferred Securities | Higher return, lower volatilityHigher return in most periods | +3.4% | 6.0% | 0.58 | −27.5% | +18.1% | 0.54 | 0.85% | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 848 of 3,565 passed at least one test. | |||||||||
 SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bills | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +3.8% | 0.3% | 13.25 | −0.3% | +20.3% | 0.17 | 0.09% | |
JAAAJanus Henderson AAA CLO ETF · AAA CLO Debt | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +5.1% | 1.7% | 2.98 | −2.6% | +28.0% | 0.27 | 0.20% | |
BALTInnovator Defined Wealth Shield ETF · US Equity Buffer | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +6.2% | 3.3% | 1.84 | −4.9% | +35.3% | 0.59 | 0.69% | |
VRIGInvesco Variable Rate Investment Grade ETF · Investment Grade Bonds | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +4.7% | 1.3% | 3.52 | −13.1% | +25.6% | 0.24 | 0.30% | |
FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Bank Loans | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +6.0% | 2.3% | 2.55 | −20.9% | +33.8% | 0.31 | 0.60% | |
EAIEntergy Arkansas, Inc. 1M BD 4.875%66 · Corporate Bonds | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | −0.9% | 12.6% | -0.01 | −21.9% | −4.5% | 0.80 | — | |
 EP-PCEl Paso Energy Capital Trust I PFD CV TR SECS · Preferred Stocks | Higher return, lower volatilityHigher return in most periods | +5.2% | 8.9% | 0.62 | −25.4% | +28.7% | 0.36 | — | |
JAVAJPMorgan Active Value ETF · US Large-Cap Value | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +11.4% | 14.5% | 0.82 | −16.5% | +71.6% | — | 0.44% | |
What these numbers mean for PFH
- Annual return
- PFH lost 5.5% a year over the past 5 years with dividends reinvested, against 12.5% a year for the S&P 500. At that pace, $10,000 became about $7,530. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
- Volatility
- PFH's volatility over the past 5 years was 14.2%, 83% of the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, PFH's return lands within 14.2% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
- Sharpe ratio
- PFH's Sharpe ratio over the past 5 years was -0.33, against 0.78 for the S&P 500, so PFH earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
- Worst decline
- PFH's worst fall from a peak to a low over the past 10 years was 28.6%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 28.6% fall takes a 40.1% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, PFH's monthly returns had a correlation of 0.64 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against PFH instead: the lower it is, the more that option would diversify a PFH holding. Guide: Correlation and diversification →
Show all 331 stocks and funds worth at least $500 million that earned more than PFH with less volatility
Out of 3,641 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.
| # | Investment | Found in | Annual return | Volatility | Sharpe | Worst decline | 5Y return | Corr. with PFH | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bills | Whole market | +3.8% | 0.3% | 13.25 | −0.3% | +20.3% | 0.17 | 0.09% |
| 2 | JAAAJanus Henderson AAA CLO ETF · AAA CLO Debt | Whole market | +5.1% | 1.7% | 2.98 | −2.6% | +28.0% | 0.27 | 0.20% |
| 3 | BALTInnovator Defined Wealth Shield ETF · US Equity Buffer | Whole market | +6.2% | 3.3% | 1.84 | −4.9% | +35.3% | 0.59 | 0.69% |
| 4 | VRIGInvesco Variable Rate Investment Grade ETF · Investment Grade Bonds | Whole market | +4.7% | 1.3% | 3.52 | −13.1% | +25.6% | 0.24 | 0.30% |
| 5 | FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Bank Loans | Whole market | +6.0% | 2.3% | 2.55 | −20.9% | +33.8% | 0.31 | 0.60% |
| 6 |  BNDVanguard Total Bond Market ETF · US Aggregate Bonds | Whole market | −0.2% | 6.1% | 0.00 | −18.6% | −1.0% | 0.72 | 0.03% |
| 7 |  VTIPVanguard Short-Term Inflation-Protected Securities ETF · Inflation-Protected Bonds | Whole market | +2.7% | 2.9% | 0.95 | −6.3% | +14.2% | 0.43 | 0.03% |
| 8 | FJANFT Vest U.S. Equity Buffer ETF - January · US Equity Buffer | Whole market | +11.0% | 10.5% | 1.04 | −13.6% | +68.3% | 0.62 | 0.85% |
| 9 | POCTInnovator U.S. Equity Power Buffer ETF · Moderate Buffer | Whole market | +9.9% | 8.0% | 1.22 | −18.8% | +60.2% | 0.66 | 0.79% |
| 10 |  BSVVanguard Short-Term Bond ETF · Short-Term Bonds | Whole market | +1.8% | 2.8% | 0.67 | −8.5% | +9.4% | 0.59 | 0.03% |
| 11 |  VCSHVanguard Short-Term Corporate Bond ETF · Short-Term Corporate Bonds | Whole market | +2.4% | 2.9% | 0.84 | −12.9% | +12.8% | 0.68 | 0.03% |
| 12 | FLOTiShares Floating Rate Bond ETF · Floating Rate Bonds | Whole market | +4.5% | 1.8% | 2.49 | −13.5% | +24.6% | 0.22 | 0.15% |
| 13 |  JEPIJPMorgan Equity Premium Income ETF · Covered Call Income | Whole market | +7.3% | 11.0% | 0.70 | −13.7% | +42.3% | 0.56 | 0.35% |
| 14 |  BNDXVanguard Total International Bond ETF · International Bonds | Whole market | +0.2% | 4.9% | 0.06 | −16.2% | +1.0% | 0.65 | 0.07% |
| 15 | SHYiShares 1-3 Year Treasury Bond ETF · Short-Term Treasuries | Whole market | +1.9% | 2.0% | 0.93 | −5.7% | +9.8% | 0.50 | 0.15% |
| 16 | DOCTFT Vest U.S. Equity Deep Buffer ETF - October · Deep Buffer | Whole market | +8.2% | 7.4% | 1.10 | −9.9% | +48.0% | 0.68 | 0.85% |
| 17 |  VCITVanguard Intermediate-Term Corporate Bond ETF · Investment Grade Bonds | Whole market | +0.8% | 6.7% | 0.15 | −20.6% | +4.1% | 0.74 | 0.03% |
| 18 | STIPiShares 0-5 Year TIPS Bond ETF · Inflation-Protected Bonds | Whole market | +2.7% | 2.8% | 0.95 | −6.5% | +14.0% | 0.41 | 0.03% |
| 19 |  VTEBVanguard Tax-Exempt Bond ETF · National Investment Grade | Whole market | +0.5% | 4.1% | 0.14 | −17.0% | +2.4% | 0.72 | 0.03% |
| 20 | SUBiShares Short-Term National Muni Bond ETF · Short-Term Municipal Bonds | Whole market | +1.5% | 1.7% | 0.91 | −9.4% | +7.9% | 0.61 | 0.07% |
| 21 | VNLAJanus Henderson Short Duration Income ETF · Ultrashort Bonds | Whole market | +4.1% | 1.1% | 3.80 | −4.5% | +22.0% | 0.51 | 0.25% |
| 22 | FLTRVanEck IG Floating Rate ETF · Floating Rate Bonds | Whole market | +4.8% | 2.1% | 2.21 | −17.8% | +26.5% | 0.21 | 0.14% |
| 23 | BUFRFT Vest Laddered Buffer ETF · Buffered Equity | Whole market | +9.8% | 10.5% | 0.95 | −13.7% | +59.5% | 0.64 | 0.10% |
| 24 | FLRNState Street SPDR Bloomberg Investment Grade Floating Rate ETF · Floating Rate Bonds | Whole market | +4.5% | 1.7% | 2.58 | −14.7% | +24.5% | 0.27 | 0.15% |
| 25 | LMBSFirst Trust Low Duration Opportunities ETF · Mortgage-Backed Securities | Whole market | +3.1% | 2.6% | 1.17 | −6.5% | +16.3% | 0.59 | 0.66% |
| 26 | USTBVictoryShares Short-Term Bond ETF · Short-Term Bonds | Whole market | +3.6% | 2.1% | 1.77 | −5.3% | +19.6% | 0.66 | 0.34% |
| 27 |  GOVTiShares U.S. Treasury Bond ETF · Treasury Bonds | Whole market | −0.6% | 6.0% | -0.07 | −19.1% | −2.8% | 0.63 | 0.05% |
| 28 | SRLNState Street Blackstone Senior Loan ETF · Bank Loans | Whole market | +4.6% | 3.9% | 1.17 | −22.3% | +25.3% | 0.29 | 0.70% |
| 29 | FLDRFidelity Low Duration Bond Factor ETF · Short-Term Bonds | Whole market | +3.9% | 1.2% | 3.13 | −12.2% | +21.2% | 0.61 | 0.15% |
| 30 | TBUXT. Rowe Price Ultra Short-Term Bond ETF · Ultrashort Bonds | Whole market | +4.2% | 1.1% | 3.88 | −1.8% | +22.6% | 0.50 | 0.17% |
| 31 | FTSLFirst Trust Senior Loan Fund · Bank Loans | Whole market | +5.0% | 3.4% | 1.49 | −22.7% | +27.8% | 0.26 | 0.70% |
| 32 | RAVINorthern Trust Ultra-Short Fixed Income ETF · Ultrashort Bonds | Whole market | +3.8% | 1.4% | 2.62 | −3.7% | +20.3% | 0.39 | 0.26% |
| 33 | DBMFiMGP DBi Managed Futures Strategy ETF · Managed Futures | Whole market | +9.5% | 12.4% | 0.80 | −20.4% | +57.5% | -0.38 | 0.85% |
| 34 | IEIiShares 3-7 Year Treasury Bond ETF · Intermediate-Term Treasuries | Whole market | +0.3% | 4.8% | 0.08 | −14.6% | +1.4% | 0.61 | 0.15% |
| 35 | SCHPSchwab US TIPS ETF · Inflation-Protected Bonds | Whole market | +0.2% | 6.1% | 0.06 | −14.3% | +0.9% | 0.57 | 0.03% |
| 36 | FTLSFirst Trust Long/Short Equity ETF · Long-Short Equity | Whole market | +10.1% | 10.5% | 0.97 | −20.6% | +61.5% | 0.59 | 0.95% |
| 37 | USHYiShares Broad USD High Yield Corporate Bond ETF · High Yield Bonds | Same or nearby category | +3.7% | 7.4% | 0.53 | −22.4% | +19.8% | 0.67 | 0.08% |
| 38 | AORiShares Core 60/40 Balanced Allocation ETF · Balanced Allocation | Whole market | +6.4% | 10.7% | 0.64 | −23.0% | +36.6% | 0.73 | 0.20% |
| 39 | FLUDFranklin Ultra Short Bond ETF · Ultrashort Bonds | Whole market | +3.9% | 1.4% | 2.77 | −1.7% | +21.1% | 0.31 | 0.15% |
| 40 | BSCRInvesco BulletShares 2027 Corporate Bond ETF · Defined Maturity Corporate Bonds | Whole market | +1.8% | 4.1% | 0.46 | −17.3% | +9.2% | 0.67 | 0.10% |
| 41 | ACIOAptus Collared Income Opportunity ETF · Hedged Equity | Whole market | +9.1% | 11.2% | 0.84 | −14.2% | +54.2% | 0.61 | 0.79% |
| 42 | LDURPIMCO Enhanced Low Duration Active Exchange-Traded Fund · Short-Term Bonds | Whole market | +2.4% | 2.1% | 1.16 | −8.7% | +12.7% | 0.47 | 0.54% |
| 43 | STOTState Street DoubleLine Short Duration Total Return Tactical ETF · Short-Term Bonds | Whole market | +2.9% | 1.7% | 1.69 | −6.1% | +15.6% | 0.55 | 0.45% |
| 44 | UCONFirst Trust Smith Unconstrained Bond ETF · Multisector Bonds | Whole market | +2.3% | 4.0% | 0.60 | −15.3% | +12.3% | 0.68 | 0.86% |
| 45 | SMMUPIMCO Short Term Municipal Bond Active Exchange-Traded Fund · Short-Term Municipal Bonds | Whole market | +2.0% | 1.7% | 1.16 | −5.1% | +10.5% | 0.72 | 0.35% |
| 46 | FJUNFT Vest U.S. Equity Buffer ETF - June · S&P 500 Buffer | Whole market | +10.4% | 10.6% | 0.99 | −13.3% | +64.3% | 0.63 | 0.85% |
| 47 | FLBLFranklin Senior Loan ETF · Bank Loans | Whole market | +5.2% | 3.9% | 1.35 | −19.5% | +29.1% | 0.30 | 0.45% |
| 48 | JPIBJPMorgan International Bond Opportunities ETF · International Bonds | Whole market | +2.6% | 4.2% | 0.63 | −13.1% | +13.6% | 0.70 | 0.50% |
| 49 | FLMIFranklin Dynamic Municipal Bond ETF · Municipal Bonds | Whole market | +1.6% | 4.6% | 0.36 | −14.6% | +8.1% | 0.70 | 0.30% |
| 50 | IBTGiShares iBonds Dec 2026 Term Treasury ETF · Target Maturity Treasuries | Whole market | +1.3% | 3.2% | 0.42 | −13.6% | +6.6% | 0.56 | 0.07% |
| 51 | PJUNInnovator U.S. Equity Power Buffer ETF - June · S&P 500 Buffer | Whole market | +6.8% | 8.3% | 0.83 | −16.3% | +38.7% | 0.59 | 0.79% |
| 52 | FLSPFranklin Systematic Style Premia ETF · Liquid Alternatives | Whole market | +8.6% | 13.4% | 0.69 | −22.9% | +51.1% | 0.00 | 0.65% |
| 53 | SIXHETC 6 Meridian Hedged Equity Index Option ETF · Hedged Equity | Whole market | +10.3% | 10.3% | 1.01 | −11.7% | +63.2% | 0.30 | 0.31% |
| 54 | PREFPrincipal Spectrum Preferred Securities Active ETF · Preferred Securities | Same or nearby category | +2.5% | 4.9% | 0.52 | −23.0% | +13.0% | 0.67 | 0.55% |
| 55 | SIXAETC 6 Meridian Mega Cap Equity ETF · US Large-Cap Equity | Whole market | +12.9% | 12.7% | 1.02 | −18.4% | +83.1% | 0.52 | 0.31% |
| 56 | QAINYLI Hedge Multi-Strategy Tracker ETF · Liquid Alternatives | Whole market | +4.1% | 6.8% | 0.63 | −14.9% | +22.4% | 0.65 | 0.75% |
| 57 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Dividend Equity | Whole market | +16.9% | 11.1% | 1.48 | −32.4% | +119% | 0.42 | 0.40% |
| 58 | DRSKAptus Defined Risk ETF · Balanced Allocation | Whole market | +2.1% | 7.5% | 0.32 | −19.9% | +10.9% | 0.65 | 0.79% |
| 59 | CDCVictoryShares US EQ Income Enhanced Volatility Wtd ETF · US Dividend Equity | Whole market | +6.5% | 12.6% | 0.56 | −21.4% | +36.8% | 0.42 | 0.38% |
| 60 | KORPAmerican Century Diversified Corporate Bond ETF · Corporate Bonds | Whole market | +1.5% | 5.5% | 0.29 | −14.9% | +7.5% | 0.71 | 0.29% |
| 61 | NFLTVirtus Newfleet Multi-Sector Bond ETF · Multisector Bonds | Whole market | +2.8% | 4.6% | 0.64 | −15.1% | +15.1% | 0.71 | 0.50% |
| 62 | INMUiShares Intermediate Muni Income Active ETF · Intermediate Municipal Bonds | Whole market | +1.4% | 3.8% | 0.40 | −10.7% | +7.5% | 0.72 | 0.41% |
| 63 | IBMPiShares iBonds Dec 2027 Term Muni Bond ETF · Municipal Bonds | Whole market | +0.8% | 2.6% | 0.34 | −15.3% | +4.2% | 0.65 | 0.10% |
| 64 | AGZiShares Agency Bond ETF · Government Bonds | Whole market | +1.1% | 3.6% | 0.33 | −11.1% | +5.8% | 0.65 | 0.15% |
| 65 | FMHIFirst Trust Municipal High Income ETF · High Yield Municipal Bonds | Whole market | +0.1% | 5.0% | 0.05 | −18.9% | +0.6% | 0.73 | 0.49% |
| 66 | SHYMiShares Short Duration High Yield Muni Active ETF · High Yield Municipal Bonds | Whole market | +0.8% | 7.1% | 0.14 | −22.6% | +3.8% | 0.74 | 0.42% |
| 67 | PWZInvesco California AMT-Free Municipal Bond ETF · California Municipal Bonds | Whole market | −0.6% | 6.4% | -0.06 | −17.6% | −3.0% | 0.73 | 0.28% |
| 68 | EAIEntergy Arkansas, Inc. 1M BD 4.875%66 · Corporate Bonds | Whole market | −0.9% | 12.6% | -0.01 | −21.9% | −4.5% | 0.80 | — |
| 69 | FLCOFranklin Investment Grade Corporate ETF · US Corporate Bonds | Same or nearby category | −0.3% | 7.2% | 0.00 | −22.7% | −1.3% | 0.76 | 0.35% |
| 70 | EP-PCEl Paso Energy Capital Trust I PFD CV TR SECS · Preferred Stocks | Whole market | +5.2% | 8.9% | 0.62 | −25.4% | +28.7% | 0.36 | — |
| 71 | CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications | Whole market | +8.2% | 13.3% | 0.66 | −23.8% | +48.3% | 0.27 | — |
| 72 | HDViShares Core High Dividend ETF · High Dividend Yield | Whole market | +13.3% | 13.0% | 1.03 | −37.0% | +86.8% | 0.35 | 0.08% |
| 73 | USMViShares MSCI USA Min Vol Factor ETF · US Low-Volatility Equity | Whole market | +7.7% | 12.3% | 0.66 | −33.1% | +44.8% | 0.54 | 0.15% |
| 74 | MGVVanguard Morningstar Mega Cap Value ETF · US Large-Cap Value | Whole market | +12.8% | 13.4% | 0.96 | −35.4% | +82.3% | 0.48 | 0.05% |
| 75 | AQNBAlgonquin Power & Utilities Corp. · Junior Subordinated Debt | Whole market | +5.6% | 11.6% | 0.53 | −42.7% | +31.2% | 0.53 | — |
| 76 | BKLNInvesco Senior Loan ETF · Bank Loans | Whole market | +5.3% | 4.5% | 1.19 | −24.1% | +29.7% | 0.33 | 0.67% |
| 77 | DIVOAmplify CWP Enhanced Dividend Income ETF · Covered Call Income | Whole market | +10.9% | 11.9% | 0.94 | −30.0% | +67.8% | 0.43 | 0.56% |
| 78 | DLNWisdomTree U.S. LargeCap Dividend Fund · US Dividend Equity | Whole market | +12.3% | 13.2% | 0.95 | −35.8% | +78.3% | 0.54 | 0.28% |
| 79 |  TBBAT&T Inc. 5.35% GLB NTS 66 · Exchange-Traded Debt | Whole market | −1.7% | 11.3% | -0.10 | −19.8% | −8.4% | 0.75 | — |
| 80 | FVDFirst Trust Value Line Dividend Index Fund · US Dividend Equity | Whole market | +6.5% | 12.8% | 0.56 | −35.3% | +37.0% | 0.50 | 0.62% |
| 81 | FTCSFirst Trust Capital Strength ETF · US Quality Equity | Whole market | +6.5% | 13.3% | 0.54 | −31.9% | +36.8% | 0.50 | 0.53% |
| 82 | UNMAUnum Group 6.250% JR NT58 · Junior Subordinated Debt | Whole market | +0.7% | 12.8% | 0.12 | −41.6% | +3.6% | 0.59 | — |
| 83 | EMBiShares J.P. Morgan USD Emerging Markets Bond ETF · Emerging Market Bonds | Whole market | +1.5% | 9.8% | 0.20 | −28.7% | +7.5% | 0.70 | 0.39% |
| 84 | EFAViShares MSCI EAFE Min Vol Factor ETF · International Equity | Whole market | +7.7% | 11.9% | 0.69 | −27.6% | +45.2% | 0.52 | 0.20% |
| 85 | SPLVInvesco S&P 500 Low Volatility ETF · US Low-Volatility Equity | Whole market | +5.8% | 12.6% | 0.51 | −36.3% | +32.6% | 0.43 | 0.25% |
| 86 | PTLCPacer Trendpilot US Large Cap ETF · Tactical Equity | Whole market | +9.3% | 11.9% | 0.81 | −26.6% | +56.0% | 0.48 | 0.60% |
| 87 | XYLDGlobal X - S&P 500 Covered Call ETF · Covered Call Income | Whole market | +7.4% | 11.2% | 0.70 | −33.4% | +43.0% | 0.48 | 0.60% |
| 88 | ACWViShares MSCI Global Min Vol Factor ETF · Global Equity | Whole market | +6.4% | 10.3% | 0.66 | −28.8% | +36.6% | 0.55 | 0.20% |
| 89 | FTHIFirst Trust BuyWrite Income ETF · Covered Call Income | Whole market | +10.0% | 13.3% | 0.79 | −32.6% | +61.4% | 0.62 | 0.75% |
| 90 | SCHYSchwab International Dividend Equity ETF · International Dividend Equity | Whole market | +9.5% | 13.3% | 0.76 | −24.0% | +57.7% | 0.50 | 0.08% |
| 91 |  ELCEntergy Louisiana, LLC COLLATERAL TR MT · Investment Grade Bonds | Whole market | −1.1% | 12.1% | -0.03 | −21.1% | −5.4% | 0.81 | — |
| 92 | EMLCVanEck J.P. Morgan EM Local Currency Bond ETF · Emerging Market Bonds | Whole market | +2.5% | 9.1% | 0.32 | −26.4% | +13.0% | 0.58 | 0.30% |
| 93 | EEMViShares MSCI Emerging Markets Min Vol Factor ETF · Emerging Markets Equity | Whole market | +5.0% | 12.9% | 0.45 | −31.6% | +27.6% | 0.54 | 0.25% |
| 94 | DDWMWisdomTree Dynamic International Equity Fund · International Dividend Equity | Whole market | +12.2% | 13.4% | 0.93 | −35.0% | +77.7% | 0.54 | 0.40% |
| 95 | NFRANorthern Trust STOXX Global Broad Infrastructure ETF · Infrastructure Equity | Whole market | +5.4% | 13.0% | 0.47 | −32.5% | +30.1% | 0.56 | 0.48% |
| 96 | RODMHartford Multifactor Developed Markets (ex-US) ETF · Developed International Equity | Whole market | +10.6% | 13.5% | 0.82 | −36.0% | +65.8% | 0.56 | 0.29% |
| 97 | RLYState Street Multi-Asset Real Return ETF · Inflation Protection | Whole market | +10.0% | 13.3% | 0.79 | −34.2% | +61.2% | 0.32 | 0.50% |
| 98 | FDLOFidelity Low Volatility Factor ETF · US Low-Volatility Equity | Whole market | +9.7% | 13.0% | 0.78 | −34.4% | +58.8% | 0.56 | 0.15% |
| 99 | BLVVanguard Long-Term Bond ETF · Long-Term Bonds | Whole market | −4.4% | 12.9% | -0.29 | −38.3% | −20.3% | 0.74 | 0.03% |
| 100 | IYKiShares U.S. Consumer Staples ETF · Consumer Staples Equity | Whole market | +7.7% | 13.5% | 0.62 | −33.2% | +44.9% | 0.23 | 0.37% |
PFH against its popular alternatives
The investments people most often weigh against PFH, compared period by period and year by year.
How do PFH's risk and return compare with its alternatives?
This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at PFH, which divides the map into what did better or worse on each measure.
- Four of the five popular alternatives, led by VRP, LQD and PRS, were both more rewarding and calmer than PFH over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, PFH returned -5.5% a year, less than the S&P 500's 12.5%, with lower volatility (14.2% against 17.2%).
Green points earned more than PFH with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.
All figures
| Investment | Annual return | Volatility |
|---|---|---|
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.5% | 17.2% |
| PRU Prudential Financial, Inc. | +5.8% | 25.5% |
| VRP Invesco Variable Rate Preferred ETF | +3.8% | 6.6% |
| LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | −0.7% | 8.7% |
| PRS Prudential Financial, Inc. 5.62 | −0.9% | 10.4% |
| PGX Invesco Preferred ETF | −2.3% | 11.2% |
| PFH This pagePrudential Financial, Inc. 4.125% Junior Subordinated Notes due 2060 | −5.5% | 14.2% |
Has PFH consistently beaten its popular alternatives?
This section compares PFH with the investments people most often weigh against it, checking each one over seven periods from one month to five years. Counting how often an alternative earned more than PFH helps separate lasting outperformance from a single strong stretch.
- Four of the seven popular alternatives, led by PRU, VRP and LQD, outperformed PFH in at least 3 of 5 short-term and 2 of 2 long-term timeframes.
- PRU, VRP and LQD outperformed PFH in every long-term period and in all but one short-term period, the most consistent record in the group.
- LQD earned more for the risk it took than PFH (a higher Sharpe ratio) and fell less in its worst decline of the past 10 years.
A green cell means the alternative earned more than PFH over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 2 long-term periods.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | Volatilitylower is calmer | Sharpehigher is better | Worst declinepast 10 years | Expense | Assets | Overlapsame sectors | ||
| PFH Prudential Financial, Inc. 4.125% Junior Subordinated Notes due 2060 (this page) | — | −3.1% | −6.2% | −9.7% | −10.8% | −13.7% | −1.3% | −24.7% | 14.2% | -0.33 | −28.6% | — | $40B | — |
| PRU QualifiedPrudential Financial, Inc. | 5/5 short2/2 longAll-weather | +0.4% | +0.6% | +27.7% | +7.8% | +21.9% | +53.1% | +32.3% | 25.5% | 0.35 | −65.9% | — | $41B | — |
| VRP QualifiedInvesco Variable Rate Preferred ETF | 5/5 short2/2 longAll-weather | −1.4% | −1.6% | −0.8% | +0.7% | +1.3% | +29.9% | +20.6% | 6.6% | 0.61 | −46.0% | 0.50% | $3.0B | — |
| LQD QualifiediShares iBoxx $ Investment Grade Corporate Bond ETF | 5/5 short2/2 longAll-weather | −0.3% | −1.0% | −2.7% | −1.9% | −3.0% | +20.0% | −3.5% | 8.7% | -0.04 | −25.0% | 0.14% | $29B | — |
| PGX QualifiedInvesco Preferred ETF | 3/5 short2/2 long | −3.6% | −6.2% | −8.3% | −7.7% | −8.6% | +16.0% | −11.0% | 11.2% | -0.15 | −34.1% | 0.50% | $3.6B | — |
| PRS Insurance - LifePrudential Financial, Inc. 5.62 | 0/5 short2/2 long | −3.4% | −8.4% | −12.8% | −14.1% | −16.0% | +3.2% | −4.2% | 10.4% | -0.03 | −30.4% | — | $6.8B | — |
| RZC Insurance - ReinsuranceReinsurance Group of America, Incorporated | 5/5 short1/2 long | +0.2% | +0.7% | +2.6% | +3.8% | +5.2% | +21.3% | — | — | — | −4.8% | — | $18B | — |
| PRH Insurance - LifePrudential Financial, Inc. 5.95 | 0/5 short1/2 long | −4.1% | −6.4% | −12.0% | −14.0% | −13.4% | +2.0% | — | — | — | −17.7% | — | $7.1B | — |
How did PFH do year by year?
This table shows each investment's total return in every full calendar year since 2021, along with where PFH ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with PFH and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
Note: PFH began trading on September 2, 2020, so the table starts with 2021, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or six other sell-offs.
- PFH finished ahead of the S&P 500 in no of its five full calendar years, and behind it in each of the last five.
- Among its popular alternatives, PRU came out ahead of PFH most often, in four of the five years both traded.
- Ranked against its popular alternatives each year, PFH finished in the top quarter in one of five years and in the bottom quarter in two. In 2025, it ranked 8 of 8.
Newest year first. Green marks a year in which the fund came out ahead of PFH; gray means the two finished within a fraction of a point. The rank row places PFH among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of PFH | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| PFH This pagePrudential Financial, Inc. 4.125% Junior Subordinated Notes due 2060 | — | −1.4% | +1.0% | +12.4% | −26.8% | +2.3% |
| Rank among alternatives | Top quarter in 1 of 5 | 8 of 8 | 6 of 8 | 1 of 8 | 6 of 6 | 4 of 6 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 5 of 5 | +17.7% | +24.9% | +26.2% | −18.2% | +28.7% |
| PRU Prudential Financial, Inc. | 4 of 5 | +0.2% | +19.4% | +10.1% | −3.9% | +45.3% |
| VRP Invesco Variable Rate Preferred ETF | 4 of 5 | +7.3% | +11.1% | +10.3% | −9.0% | +4.2% |
| LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 2 of 5 | +7.9% | +0.9% | +9.4% | −17.9% | −1.8% |
| PGX Invesco Preferred ETF | 4 of 5 | +3.4% | +6.6% | +9.4% | −21.1% | +3.1% |
| PRS Prudential Financial, Inc. 5.62 | 2 of 5 | +8.7% | −1.5% | +8.1% | −4.6% | +0.1% |
| RZC Reinsurance Group of America, Incorporated | 2 of 3 | +5.7% | +5.9% | +9.5% | — | — |
| PRH Prudential Financial, Inc. 5.95 | 2 of 3 | +5.3% | +3.8% | +11.4% | — | — |
Risk and diversification
How PFH has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.
What were PFH's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents PFH's two deepest drawdowns since it began trading in 2020, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.
Note: PFH began trading on September 2, 2020, so this list cannot include the dot-com bust, the 2008 financial crisis or six other sell-offs. The crash tests on this page show how older funds and the S&P 500 fared through those years.
- None of these declines kept PFH below its old high for long; the longest climb back took four months.
Green means PFH fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | PFH fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| 2022 bear market | −28.6% | −20.1% | Dec 2021 | Nov 2022 | 11 months | Not yet | — |
| No named crash | −6.2% | +2.3% | Dec 2020 | Feb 2021 | 2 months | Jun 2021 | 4 months |
How did PFH do in stock market crashes?
This section measures how far PFH, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.
Note: PFH began trading on September 2, 2020, so its row reads "Not yet trading" for the dot-com bust, the 2008 financial crisis or six other sell-offs. The older alternatives and the S&P 500 show how those crashes played out.
- Among its popular alternatives, LQD held up best, falling less than PFH in all two crashes they both traded through.
- PFH began trading after the 2008 financial crisis, but two of its popular alternatives lived through it. The mildest fall among them was LQD's 21.5%, against 55.2% for the S&P 500.
- PFH fell less than the S&P 500 in one of the two crashes it has traded through. The clearest case was the 2022 bear market, when PFH fell 23.6% and the S&P 500 fell 24.5%.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than PFH.
| Investment | Held up better | 2023 regional bank crisisMar 2023 | 2022 bear marketJan 2022 | Covid crashFeb 2020 | Late-2018 sell-offSep 2018 | February 2018 volatility shockFeb 2018 | 2015 China and oil sell-offAug 2015 | 2011 euro debt crisisJul 2011 | 2010 flash crashMay 2010 | 2008 financial crisisOct 2007 | Dot-com bustMar 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| PFH This pagePrudential Financial, Inc. 4.125% Junior Subordinated Notes due 2060 | — | −5.9% | −23.6% | Not yet trading | Not yet trading | Not yet trading | Not yet trading | Not yet trading | Not yet trading | Not yet trading | Not yet trading |
| SPY S&P 500State Street SPDR S&P 500 ETF | 1 of 2 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| PRU Prudential Financial, Inc. | 0 of 2 | −13.3% | −27.4% | −58.2% | −26.8% | −11.9% | −35.8% | −27.9% | −3.1% | −88.3% | — |
| VRP Invesco Variable Rate Preferred ETF | 1 of 2 | −8.8% | −12.7% | −45.9% | −8.1% | −0.6% | −7.3% | — | — | — | — |
| LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 2 of 2 | −0.1% | −21.3% | −21.8% | −2.6% | −1.2% | −2.7% | −3.2% | 0.0% | −21.5% | — |
| PGX Invesco Preferred ETF | 1 of 2 | −7.7% | −19.3% | −33.7% | −6.7% | −0.6% | −6.0% | −10.6% | 0.0% | — | — |
| PRS Prudential Financial, Inc. 5.62 | 2 of 2 | −3.7% | −10.1% | −29.7% | −4.9% | — | — | — | — | — | — |
| RZC Reinsurance Group of America, Incorporated | 1 of 1 | −2.9% | — | — | — | — | — | — | — | — | — |
| PRH Prudential Financial, Inc. 5.95 | 1 of 1 | −3.6% | — | — | — | — | — | — | — | — | — |
How closely does PFH move with the S&P 500?
Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares PFH with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 5 years.
- Five of the five popular alternatives had a higher capture ratio (upside capture divided by downside capture) than PFH's 0.37, led by VRP, PRU and PRS.
- PGX took just 87% of the S&P 500's losses, against 112% for PFH, while still keeping 41% of its gains.
- Over the past 5 years, PFH captured 41% of the S&P 500's gains in rising months and 112% of its losses in falling months, with a beta of 0.64. Its share of the market's losses was larger than its share of the gains.
Monthly total returns over the past 5 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than PFH's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| PFH This pagePrudential Financial, Inc. 4.125% Junior Subordinated Notes due 2060 | 41% | 112% | 0.37 | 0.64 |
| VRP Invesco Variable Rate Preferred ETF | 30% | 32% | 0.95 | 0.31 |
| PRU Prudential Financial, Inc. | 82% | 109% | 0.76 | 0.86 |
| PRS Prudential Financial, Inc. 5.62 | 30% | 57% | 0.52 | 0.34 |
| LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 31% | 65% | 0.48 | 0.45 |
| PGX Invesco Preferred ETF | 41% | 87% | 0.47 | 0.55 |
What diversifies PFH?
Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with PFH's. Because such investments tend not to fall at the same time, pairing PFH with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in PFH into MCK would have cut the portfolio's volatility by 15% over the past 5 years and raised its annual return (-5.7% for PFH alone, +2.0% for the mix).
- MCK made money in two of the two calendar years in which PFH lost money.
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of PFH over the past 5 years, with correlations of 0.42 or lower, and each still earned a positive 5-year return.
Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which PFH lost money. The last two columns show a portfolio that is 80% PFH and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2025 | 2022 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|
| PFH Prudential Financial, Inc. 4.125% Junior Subordinated Notes due 2060 (this page) | 1.00 | −24.7% | -0.33 | −1.4% | −26.8% | 15.6% | −5.7% |
| LVHI InternationalFranklin International Low Volatility High Dividend Index ETF | 0.42 | +119% | 1.48 | +27.1% | +3.8% | 13.3% | −1.4% |
| DXJ InternationalWisdomTree Japan Hedged Equity Fund | 0.38 | +225% | 1.34 | +32.8% | +6.0% | 13.6% | +0.3% |
| EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund | 0.37 | +103% | 1.06 | +9.7% | +10.4% | 13.8% | −1.6% |
| DIVO Dividend & IncomeAmplify CWP Enhanced Dividend Income ETF | 0.43 | +67.8% | 0.94 | +17.4% | −1.5% | 13.7% | −2.3% |
| XLE EnergyState Street Energy Select Sector SPDR ETF | 0.05 | +178% | 0.94 | +7.9% | +64.4% | 13.7% | +0.1% |
| GLD CommoditiesSPDR Gold Shares | 0.18 | +120% | 0.93 | +63.7% | −0.8% | 13.5% | −1.0% |
| DFIV InternationalDimensional - International Value ETF | 0.48 | +99.4% | 0.93 | +45.4% | −3.7% | 14.2% | −1.6% |
| VLUE Broad MarketiShares MSCI USA Value Factor ETF | 0.47 | +112% | 0.91 | +32.7% | −14.2% | 14.8% | −1.2% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2025 | 2022 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|
| PFH Prudential Financial, Inc. 4.125% Junior Subordinated Notes due 2060 (this page) | 1.00 | −24.7% | -0.33 | −1.4% | −26.8% | 15.6% | −5.7% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.17 | +471% | 1.54 | +76.3% | +54.1% | 14.3% | +2.4% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.20 | +2,780% | 1.43 | +220% | +1.3% | 18.7% | +13.6% |
| MCK Medical - DistributionMcKesson Corporation | -0.05 | +397% | 1.41 | +44.5% | +51.8% | 13.2% | +2.0% |
| FIX Engineering & ConstructionComfort Systems USA, Inc. | 0.33 | +1,452% | 1.41 | +121% | +17.0% | 17.6% | +10.0% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.11 | +660% | 1.39 | +19.2% | +86.6% | 14.7% | +4.3% |
Common questions
What was PFH's worst drawdown?
PFH's deepest decline since it began trading in 2020 was 28.6%, from December 2021 to November 2022. It has not yet climbed back to that peak. Because PFH launched in September 2020, that record does not include the dot-com bust, the 2008 financial crisis or six other sell-offs.
What were PFH's best and worst years?
Over five full calendar years, PFH's best year was 2023, when it returned 12.4%. Its worst was 2022, with a return of -26.8%.
Is there a better investment than PFH?
Among PFH's popular alternatives, VRP, LQD and PRS earned more than PFH with less volatility over the past 5 years. VRP returned 3.8% a year at 6.6% volatility, against a loss of 5.5% a year at 14.2%. Looking beyond its popular alternatives, USHY (high yield bonds) and PGHY (high yield bonds) earned more than PFH with less volatility over the past 5 years. USHY returned 3.7% a year at 7.4% volatility, against a loss of 5.5% a year at 14.2%.
Is PFH more volatile than the S&P 500?
No. PFH's volatility over the past 5 years was 14.2%, 83% of the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, PFH's return lands within 14.2% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.
What is PFH's Sharpe ratio?
PFH's Sharpe ratio over the past 5 years was -0.33, against 0.78 for the S&P 500, so PFH earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.
How correlated is PFH with the S&P 500?
Over the past 5 years, PFH's monthly returns had a correlation of 0.64 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against PFH instead: the lower it is, the more that option would diversify a PFH holding.
What are the best alternatives to PFH?
Of the seven popular alternatives we compared, four outperformed PFH in at least 3 of 5 short-term and 2 of 2 long-term timeframes, with dividends reinvested: PRU, VRP and LQD.
Did PFH outperform the S&P 500?
PFH finished ahead of the S&P 500 (SPY) in no of five full calendar years. In 2025, it returned -1.4%, against +17.7% for the index.
How did PFH do in stock market crashes?
PFH fell less than the S&P 500 (SPY) in one of the two major crashes it has traded through, and further in one. The clearest case was the 2022 bear market, when PFH fell 23.6% and the S&P 500 fell 24.5%.
What diversifies PFH?
These had a low correlation with PFH over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.42), DXJ (correlation 0.38) and EMLP (correlation 0.37); among large stocks, CAH (correlation 0.17), CLS (correlation 0.20) and MCK (correlation -0.05). A correlation near zero means the two have moved largely independently.
How we measure
- Short-term periods are 1M, 3M, 6M, YTD, 1Y; long-term periods are 3Y, 5Y. An investment outperformed in a period when its total return, with dividends reinvested, was higher than PFH's. Returns within 0.5 points or 3% of PFH's, whichever is larger, count as a tie.
- "Qualified" means outperforming in at least 3 of 5 short-term periods and 2 of 2 long-term periods. "All-weather" means outperforming in every long-term period and all but one short-term period.
- Popular alternatives are the funds and stocks most often compared with this one. We include only those that trade today, are not leveraged or inverse, and hold at least $200 million.
- Volatility is the annualized standard deviation of daily returns over 5 years, a measure of how much the price typically swings in a year. The Sharpe ratio is the return above cash for each unit of that volatility.
- A decline, or drawdown, runs from a peak to the lowest close before the next high. The worst decline ever uses all the price history we have; comparisons between funds use the past 10 years so that younger funds are judged on the same stretch.
- Sector overlap is the share of assets two funds hold in the same sectors. Correlation and the mixed-portfolio figures use monthly returns.
- Upside and downside capture follow Morningstar's definition: the compound monthly return in the months the S&P 500 rose (or fell), divided by the S&P 500's compound return in those months. Beta measures how strongly monthly returns have moved with the S&P 500. All three use the same window for every investment.
- Figures are computed from daily adjusted prices and update after each trading day. Past performance does not predict future results.
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