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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 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against PFH →Chart PFH vs. 7 alternatives →
On this page12 sections

Key findings

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.

From the end of September 2020 to the end of September 2026. Hover over a fund in the key to pick out its line. 2,917 of the 3,321 stocks and funds worth at least $500 million that traded the whole period ended ahead of PFH; the chart shows 5, closest alternatives first.

$5,000$10,000$15,000$20,000$25,000$30,0002020202120222023202420252026$5,000$10,000$15,000$20,000$25,000$30,0002020202220242026
  • 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
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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.

The company

Market value
$40B
Industry
Insurance - Diversified
Price history from
September 2020

Returns

Past 1 year
−12.7%total return
Past 3 years
0.0%0.0% a year
Past 5 years
−24.4%−5.4% 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
-0.32return per unit of risk, 5 years
Worst decline ever
−28.6%Dec 2021 to Nov 2022
From its all-time high
−25.7%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.

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.

MeasurePFHRankStanding
1-year return−12.7%2,427 of 3,287bottom 27%
3-year return0.0%2,332 of 3,017bottom 24%
5-year return−24.4%2,075 of 2,893bottom 29%
Volatility, 5 years14.2%21 of 2,893top 1%
Sharpe ratio, 5 years-0.322,796 of 2,893bottom 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.

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 86 more of the 330 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

−2.5%0.0%2.5%5.0%7.5%10.0%12.5%15.0%17.5%20.0%−10.0%−5.0%0.0%5.0%10.0%15.0%20.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than PFHVRIG: +4.7% a year, volatility 1.3%PJUL: +10.5% a year, volatility 8.6%FJAN: +11.1% a year, volatility 10.5%BSV: +1.7% a year, volatility 2.8%FLOT: +4.5% a year, volatility 1.8%JEPI: +7.5% a year, volatility 11.0%BNDX: +0.2% a year, volatility 4.9%SCHO: +2.0% a year, volatility 2.0%VTEB: +0.3% a year, volatility 4.1%USHY: +3.6% a year, volatility 7.4%VNLA: +4.0% a year, volatility 1.1%FLTR: +4.8% a year, volatility 2.1%BUFR: +9.9% a year, volatility 10.5%IUSB: 0.0% a year, volatility 5.9%SUB: +1.4% a year, volatility 1.7%FLRN: +4.5% a year, volatility 1.7%USTB: +3.6% a year, volatility 2.0%LMBS: +3.0% a year, volatility 2.6%SRLN: +4.7% a year, volatility 3.9%FLDR: +3.9% a year, volatility 1.2%TBUX: +4.1% a year, volatility 1.1%FTSL: +5.0% a year, volatility 3.4%RAVI: +3.8% a year, volatility 1.4%MEAR: +2.4% a year, volatility 1.0%DBMF: +9.8% a year, volatility 12.4%FTLS: +10.2% a year, volatility 10.4%AOR: +6.4% a year, volatility 10.7%FLUD: +3.9% a year, volatility 1.4%ACIO: +9.3% a year, volatility 11.1%LDUR: +2.4% a year, volatility 2.1%JPIB: +2.5% a year, volatility 4.2%PREF: +2.5% a year, volatility 4.9%FLSP: +8.4% a year, volatility 13.4%SIXH: +10.2% a year, volatility 10.2%HEGD: +7.9% a year, volatility 9.5%QAI: +4.1% a year, volatility 6.8%HFSI: +2.3% a year, volatility 4.9%DRSK: +2.0% a year, volatility 7.5%CDC: +6.0% a year, volatility 12.5%KORP: +1.3% a year, volatility 5.5%IBD: +1.2% a year, volatility 5.7%MUST: −0.1% a year, volatility 5.7%CHT: +7.7% a year, volatility 13.3%HDV: +12.9% a year, volatility 13.0%USMV: +7.6% a year, volatility 12.3%MGV: +12.6% a year, volatility 13.4%BKLN: +5.4% a year, volatility 4.5%DIVO: +11.1% a year, volatility 11.9%DLN: +12.2% a year, volatility 13.2%FVD: +6.1% a year, volatility 12.8%FTCS: +6.2% a year, volatility 13.2%EMB: +1.3% a year, volatility 9.8%EFAV: +7.6% a year, volatility 11.9%SPLV: +5.5% a year, volatility 12.6%PTLC: +9.5% a year, volatility 11.8%XYLD: +7.4% a year, volatility 11.2%ACWV: +6.3% a year, volatility 10.3%FTHI: +10.3% a year, volatility 13.3%SCHY: +9.5% a year, volatility 13.3%EMLC: +2.4% a year, volatility 9.1%DDWM: +12.3% a year, volatility 13.4%NFRA: +5.3% a year, volatility 12.9%RODM: +10.6% a year, volatility 13.5%HCXY: +4.6% a year, volatility 13.1%RLY: +9.9% a year, volatility 13.3%FDLO: +9.8% a year, volatility 13.0%PFFA: +4.1% a year, volatility 11.7%IYK: +7.3% a year, volatility 13.4%FPE: +2.0% a year, volatility 6.7%PFF: −0.2% a year, volatility 10.5%LGLV: +7.6% a year, volatility 13.0%PFM: +10.4% a year, volatility 13.4%OUSA: +9.4% a year, volatility 13.4%WTPI: +9.1% a year, volatility 12.2%PFFD: −2.0% a year, volatility 11.1%LVHD: +7.0% a year, volatility 13.1%PCEF: +3.8% a year, volatility 11.6%ELC: −1.1% a year, volatility 12.1%HNDL: +3.9% a year, volatility 11.6%YYY: +1.8% a year, volatility 11.5%DUKB: +0.1% a year, volatility 9.4%SOJC: −1.6% a year, volatility 12.2%RPAR: +0.1% a year, volatility 12.6%DTW: −1.9% a year, volatility 13.2%CMSA: −1.0% a year, volatility 11.6%SREA: −1.8% a year, volatility 13.2%PFH: −5.4% a year, volatility 14.2%SPY (S&P 500): +12.7% a year, volatility 17.1%VRP: +3.8% a year, volatility 6.6%LQD: −0.9% a year, volatility 8.7%PGX: −2.3% a year, volatility 11.2%PRS: −0.9% a year, volatility 10.4%SPSB: +2.8% a year, volatility 2.0%BSCR: +1.7% a year, volatility 4.1%AQNB: +5.7% a year, volatility 11.6%UNMA: +0.8% a year, volatility 12.8%TBB: −1.7% a year, volatility 11.3%ICVT: +3.8% a year, volatility 14.1%SGOV: +3.8% a year, volatility 0.3%JAAA: +5.1% a year, volatility 1.7%BALT: +6.3% a year, volatility 3.3%FLRT: +6.0% a year, volatility 2.3%VTIP: +2.7% a year, volatility 2.9%EAI: −0.8% a year, volatility 12.6%EP-PC: +5.2% a year, volatility 8.9%JAVA: +11.5% a year, volatility 14.5%LVHI: +17.0% a year, volatility 11.1%PFHSPY (S&P 500)VRPLQDPGXPRSSPSBBSCRAQNBUNMAICVTSGOVJAAABALTEAIEP-PCJAVALVHI−5.0%0.0%5.0%10.0%15.0%20.0%−10.0%−5.0%0.0%5.0%10.0%15.0%20.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than PFHVRIG: +4.7% a year, volatility 1.3%PJUL: +10.5% a year, volatility 8.6%FJAN: +11.1% a year, volatility 10.5%BSV: +1.7% a year, volatility 2.8%FLOT: +4.5% a year, volatility 1.8%JEPI: +7.5% a year, volatility 11.0%BNDX: +0.2% a year, volatility 4.9%SCHO: +2.0% a year, volatility 2.0%VTEB: +0.3% a year, volatility 4.1%USHY: +3.6% a year, volatility 7.4%VNLA: +4.0% a year, volatility 1.1%FLTR: +4.8% a year, volatility 2.1%BUFR: +9.9% a year, volatility 10.5%IUSB: 0.0% a year, volatility 5.9%SUB: +1.4% a year, volatility 1.7%FLRN: +4.5% a year, volatility 1.7%USTB: +3.6% a year, volatility 2.0%LMBS: +3.0% a year, volatility 2.6%SRLN: +4.7% a year, volatility 3.9%FLDR: +3.9% a year, volatility 1.2%TBUX: +4.1% a year, volatility 1.1%FTSL: +5.0% a year, volatility 3.4%RAVI: +3.8% a year, volatility 1.4%MEAR: +2.4% a year, volatility 1.0%DBMF: +9.8% a year, volatility 12.4%FTLS: +10.2% a year, volatility 10.4%AOR: +6.4% a year, volatility 10.7%FLUD: +3.9% a year, volatility 1.4%ACIO: +9.3% a year, volatility 11.1%LDUR: +2.4% a year, volatility 2.1%JPIB: +2.5% a year, volatility 4.2%PREF: +2.5% a year, volatility 4.9%FLSP: +8.4% a year, volatility 13.4%SIXH: +10.2% a year, volatility 10.2%HEGD: +7.9% a year, volatility 9.5%QAI: +4.1% a year, volatility 6.8%HFSI: +2.3% a year, volatility 4.9%DRSK: +2.0% a year, volatility 7.5%CDC: +6.0% a year, volatility 12.5%KORP: +1.3% a year, volatility 5.5%IBD: +1.2% a year, volatility 5.7%MUST: −0.1% a year, volatility 5.7%CHT: +7.7% a year, volatility 13.3%HDV: +12.9% a year, volatility 13.0%USMV: +7.6% a year, volatility 12.3%MGV: +12.6% a year, volatility 13.4%BKLN: +5.4% a year, volatility 4.5%DIVO: +11.1% a year, volatility 11.9%DLN: +12.2% a year, volatility 13.2%FVD: +6.1% a year, volatility 12.8%FTCS: +6.2% a year, volatility 13.2%EMB: +1.3% a year, volatility 9.8%EFAV: +7.6% a year, volatility 11.9%SPLV: +5.5% a year, volatility 12.6%PTLC: +9.5% a year, volatility 11.8%XYLD: +7.4% a year, volatility 11.2%ACWV: +6.3% a year, volatility 10.3%FTHI: +10.3% a year, volatility 13.3%SCHY: +9.5% a year, volatility 13.3%EMLC: +2.4% a year, volatility 9.1%DDWM: +12.3% a year, volatility 13.4%NFRA: +5.3% a year, volatility 12.9%RODM: +10.6% a year, volatility 13.5%HCXY: +4.6% a year, volatility 13.1%RLY: +9.9% a year, volatility 13.3%FDLO: +9.8% a year, volatility 13.0%PFFA: +4.1% a year, volatility 11.7%IYK: +7.3% a year, volatility 13.4%FPE: +2.0% a year, volatility 6.7%PFF: −0.2% a year, volatility 10.5%LGLV: +7.6% a year, volatility 13.0%PFM: +10.4% a year, volatility 13.4%OUSA: +9.4% a year, volatility 13.4%WTPI: +9.1% a year, volatility 12.2%PFFD: −2.0% a year, volatility 11.1%LVHD: +7.0% a year, volatility 13.1%PCEF: +3.8% a year, volatility 11.6%ELC: −1.1% a year, volatility 12.1%HNDL: +3.9% a year, volatility 11.6%YYY: +1.8% a year, volatility 11.5%DUKB: +0.1% a year, volatility 9.4%SOJC: −1.6% a year, volatility 12.2%RPAR: +0.1% a year, volatility 12.6%DTW: −1.9% a year, volatility 13.2%CMSA: −1.0% a year, volatility 11.6%SREA: −1.8% a year, volatility 13.2%PFH: −5.4% a year, volatility 14.2%SPY (S&P 500): +12.7% a year, volatility 17.1%VRP: +3.8% a year, volatility 6.6%LQD: −0.9% a year, volatility 8.7%PGX: −2.3% a year, volatility 11.2%PRS: −0.9% a year, volatility 10.4%SPSB: +2.8% a year, volatility 2.0%BSCR: +1.7% a year, volatility 4.1%AQNB: +5.7% a year, volatility 11.6%UNMA: +0.8% a year, volatility 12.8%TBB: −1.7% a year, volatility 11.3%ICVT: +3.8% a year, volatility 14.1%SGOV: +3.8% a year, volatility 0.3%JAAA: +5.1% a year, volatility 1.7%BALT: +6.3% a year, volatility 3.3%FLRT: +6.0% a year, volatility 2.3%VTIP: +2.7% a year, volatility 2.9%EAI: −0.8% a year, volatility 12.6%EP-PC: +5.2% a year, volatility 8.9%JAVA: +11.5% a year, volatility 14.5%LVHI: +17.0% a year, volatility 11.1%PFHSPY (S&P 500)VRPLQDPGXSPSBAQNBUNMAICVTSGOVJAAAFLRTVTIPEAILVHI
  • 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.

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.

Screen the whole market against PFH for any period in BetterThanSPYOpen these 20 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years5Y returntotalCorr. with PFH?lower diversifies moreExpenseper year
PFHPrudential Financial, Inc. 4.125% Junior Subordinated Notes due 2060 · this page
−5.4%14.2%-0.32−28.6%−24.4%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+81.7%0.640.09%
Popular alternativesbest 5 shownThe investments people most often weigh against PFH. 5 of 5 passed at least one test.
VRPInvesco Variable Rate Preferred ETF · Bonds
Higher return, lower volatilityHigher return in most periods+3.8%6.6%0.60−46.0%+20.5%0.690.50%
LQDiShares iBoxx $ Investment Grade Corporate Bond ETF · Investment Grade Bonds
Higher return, lower volatilityHigher return in most periods−0.9%8.7%-0.06−25.0%−4.3%0.760.14%
PGXInvesco Preferred ETF · Financials
Higher return, lower volatilityHigher return in most periods−2.3%11.2%-0.15−34.1%−11.0%0.920.50%
PRSPrudential Financial, Inc. 5.62 · Junior Subordinated Debt
Higher return, lower volatility−0.9%10.4%-0.03−30.4%−4.3%0.70—
PRUPrudential Financial, Inc. · Life Insurance
Higher return in most periods+5.2%25.5%0.33−65.9%+29.0%0.20—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Preferred Securities and the categories next to it (Life Insurance, Investment Grade Bonds, Junior Subordinated Debt, Corporate Bonds), plus PFH's specific themes. 41 of 62 passed at least one test.
SPSBState Street SPDR Portfolio Short Term Corporate Bond ETF · Investment Grade Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+2.8%2.0%1.38−11.8%+14.9%0.630.04%
BSCRInvesco BulletShares 2027 Corporate Bond ETF · Investment Grade Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+1.7%4.1%0.44−17.3%+8.9%0.670.10%
AQNBAlgonquin Power & Utilities Corp. · Junior Subordinated Debt
Higher return, lower volatilityHigher return in most periods+5.7%11.6%0.54−42.7%+31.7%0.53—
UNMAUnum Group 6.250% JR NT58 · Junior Subordinated Debt
Higher return, lower volatilityHigher return in most periods+0.8%12.8%0.13−41.6%+4.1%0.59—
TBBAT&T Inc. 5.35% GLB NTS 66 · Corporate Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst decline−1.7%11.3%-0.10−19.4%−8.4%0.75—
ICVTiShares Convertible Bond ETF · Corporate Bonds
Higher return, similar volatilityHigher return in most periods+3.8%14.1%0.34−33.2%+20.6%0.520.20%
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 849 of 3,566 passed at least one test.
SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bonds
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+3.8%0.3%13.25−0.3%+20.3%0.170.09%
JAAAJanus Henderson AAA CLO ETF · CLO Bonds
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+5.1%1.7%2.98−2.6%+28.0%0.270.20%
BALTInnovator Defined Wealth Shield ETF · Crypto
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+6.3%3.3%1.85−4.9%+35.7%0.590.69%
FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Financials
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+6.0%2.3%2.55−21.0%+33.9%0.310.60%
VTIPVanguard Short-Term Inflation-Protected Securities ETF · Treasury Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+2.7%2.9%0.94−6.3%+14.0%0.430.03%
EAIEntergy Arkansas, Inc. 1M BD 4.875%66 · Regulated Electric
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods−0.8%12.6%0.00−21.9%−4.0%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%0.61−25.4%+28.5%0.36—
JAVAJPMorgan Active Value ETF · US Large-Cap Value
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+11.5%14.5%0.82−16.5%+72.0%—0.44%
What these numbers mean for PFH
Annual return
PFH lost 5.4% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $7,560. 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 17.1%. 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 -0.32, against 0.79 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 330 stocks and funds worth at least $500 million that earned more than PFH with less volatility

Out of 3,633 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline5Y returnCorr. with PFHExpense
1
SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bonds
Whole market+3.8%0.3%13.25−0.3%+20.3%0.170.09%
2
JAAAJanus Henderson AAA CLO ETF · CLO Bonds
Whole market+5.1%1.7%2.98−2.6%+28.0%0.270.20%
3
BALTInnovator Defined Wealth Shield ETF · Crypto
Whole market+6.3%3.3%1.85−4.9%+35.7%0.590.69%
4
VRIGInvesco Variable Rate Investment Grade ETF · Bonds
Whole market+4.7%1.3%3.51−13.1%+25.6%0.240.30%
5
FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Financials
Whole market+6.0%2.3%2.55−21.0%+33.9%0.310.60%
6
VTIPVanguard Short-Term Inflation-Protected Securities ETF · Treasury Bonds
Whole market+2.7%2.9%0.94−6.3%+14.0%0.430.03%
7
PJULInnovator U.S. Equity Power Buffer ETF · Broad Market
Whole market+10.5%8.6%1.20−18.2%+64.4%0.620.79%
8
FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset
Whole market+11.1%10.5%1.05−13.6%+69.0%0.620.85%
9
BSVVanguard Short-Term Bond ETF · Short-Term Bonds
Whole market+1.7%2.8%0.63−8.5%+8.8%0.590.03%
10
FLOTiShares Floating Rate Bond ETF · Floating Rate Bonds
Whole market+4.5%1.8%2.48−13.5%+24.5%0.220.15%
11
JEPIJPMorgan Equity Premium Income ETF · Equity Income
Whole market+7.5%11.0%0.71−13.7%+43.3%0.560.35%
12
BNDXVanguard Total International Bond ETF · International Bonds
Whole market+0.2%4.9%0.06−16.2%+0.8%0.650.07%
13
SCHOSchwab Short-Term U.S. Treasury ETF · Treasury Bonds
Whole market+2.0%2.0%0.96−5.7%+10.1%0.510.03%
14
VTEBVanguard Tax-Exempt Bond ETF · Municipal Bonds
Whole market+0.3%4.1%0.09−17.0%+1.4%0.720.03%
15
USHYiShares Broad USD High Yield Corporate Bond ETF · High Yield Bonds
Whole market+3.6%7.4%0.52−22.4%+19.2%0.670.08%
16
VNLAJanus Henderson Short Duration Income ETF · Bonds
Whole market+4.0%1.1%3.77−4.5%+21.8%0.510.25%
17
FLTRVanEck IG Floating Rate ETF · Multi-Asset
Whole market+4.8%2.1%2.20−17.8%+26.3%0.210.14%
18
BUFRFT Vest Laddered Buffer ETF · Buffered Equity
Whole market+9.9%10.5%0.96−13.7%+60.3%0.640.10%
19
IUSBiShares Core Universal USD Bond ETF · Total Bond Market
Whole market0.0%5.9%0.04−17.9%+0.2%0.730.06%
20
SUBiShares Short-Term National Muni Bond ETF · Municipal Bonds
Whole market+1.4%1.7%0.85−9.4%+7.3%0.610.07%
21
FLRNState Street SPDR Bloomberg Investment Grade Floating Rate ETF · Bonds
Whole market+4.5%1.7%2.58−14.7%+24.4%0.270.15%
22
USTBVictoryShares Short-Term Bond ETF · Bonds
Whole market+3.6%2.0%1.73−5.3%+19.1%0.660.34%
23
LMBSFirst Trust Low Duration Opportunities ETF · Mortgage-Backed Securities
Whole market+3.0%2.6%1.14−6.5%+15.8%0.590.66%
24
SRLNState Street Blackstone Senior Loan ETF · Bank Loans
Whole market+4.7%3.9%1.18−22.3%+25.6%0.290.70%
25
FLDRFidelity Low Duration Bond Factor ETF · Bonds
Whole market+3.9%1.2%3.09−12.2%+20.9%0.610.15%
26
SPSBState Street SPDR Portfolio Short Term Corporate Bond ETF · Investment Grade Bonds
Same or nearby category+2.8%2.0%1.38−11.8%+14.9%0.630.04%
27
TBUXT. Rowe Price Ultra Short-Term Bond ETF · Bonds
Whole market+4.1%1.1%3.85−1.8%+22.4%0.500.17%
28
FTSLFirst Trust Senior Loan Fund · Bonds
Whole market+5.0%3.4%1.49−22.7%+27.8%0.260.70%
29
RAVINorthern Trust Ultra-Short Fixed Income ETF · Bonds
Whole market+3.8%1.4%2.61−3.7%+20.2%0.390.26%
30
MEARiShares Short Maturity Municipal Bond Active ETF · Bonds
Whole market+2.4%1.0%2.37−2.7%+12.8%0.570.26%
31
DBMFiMGP DBi Managed Futures Strategy ETF · Alternatives
Whole market+9.8%12.4%0.82−20.4%+59.7%-0.380.85%
32
FTLSFirst Trust Long/Short Equity ETF · Broad Market
Whole market+10.2%10.4%0.99−20.6%+62.9%0.590.95%
33
AORiShares Core 60/40 Balanced Allocation ETF · Multi-Asset
Whole market+6.4%10.7%0.64−23.0%+36.6%0.730.20%
34
FLUDFranklin Ultra Short Bond ETF · Bonds
Whole market+3.9%1.4%2.74−1.7%+20.9%0.310.15%
35
ACIOAptus Collared Income Opportunity ETF · Dividend & Income
Whole market+9.3%11.1%0.86−14.2%+56.1%0.610.79%
36
LDURPIMCO Enhanced Low Duration Active Exchange-Traded Fund · Bonds
Whole market+2.4%2.1%1.13−8.7%+12.3%0.470.54%
37
JPIBJPMorgan International Bond Opportunities ETF · Bonds
Whole market+2.5%4.2%0.62−13.1%+13.3%0.700.50%
38
PREFPrincipal Spectrum Preferred Securities Active ETF · Bonds
Whole market+2.5%4.9%0.52−23.0%+12.9%0.670.55%
39
BSCRInvesco BulletShares 2027 Corporate Bond ETF · Investment Grade Bonds
Same or nearby category+1.7%4.1%0.44−17.3%+8.9%0.670.10%
40
FLSPFranklin Systematic Style Premia ETF · Alternatives
Whole market+8.4%13.4%0.68−22.9%+49.8%0.000.65%
41
SIXHETC 6 Meridian Hedged Equity Index Option ETF · Broad Market
Whole market+10.2%10.2%1.00−11.7%+62.2%0.300.31%
42
HEGDSwan Hedged Equity US Large Cap ETF · Broad Market
Whole market+7.9%9.5%0.85−14.5%+46.2%0.630.88%
43
QAINYLI Hedge Multi-Strategy Tracker ETF · Alternatives
Whole market+4.1%6.8%0.64−14.9%+22.5%0.650.75%
44
HFSIHartford Strategic Income ETF · Bonds
Whole market+2.3%4.9%0.48−19.3%+11.8%0.670.49%
45
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+119%0.420.40%
46
DRSKAptus Defined Risk ETF · Crypto
Whole market+2.0%7.5%0.30−19.9%+10.2%0.650.79%
47
CDCVictoryShares US EQ Income Enhanced Volatility Wtd ETF · Dividend & Income
Whole market+6.0%12.5%0.53−21.4%+33.7%0.420.38%
48
KORPAmerican Century Diversified Corporate Bond ETF · Bonds
Whole market+1.3%5.5%0.26−14.9%+6.5%0.710.29%
49
EAIEntergy Arkansas, Inc. 1M BD 4.875%66 · Regulated Electric
Whole market−0.8%12.6%0.00−21.9%−4.0%0.80—
50
IBDInspire Corporate Bond ETF · Bonds
Whole market+1.2%5.7%0.23−16.3%+6.0%0.670.41%
51
MUSTColumbia Multi-Sector Municipal Income ETF · Bonds
Whole market−0.1%5.7%0.01−13.8%−0.4%0.690.23%
52
EP-PCEl Paso Energy Capital Trust I PFD CV TR SECS · Preferred Stocks
Whole market+5.2%8.9%0.61−25.4%+28.5%0.36—
53
CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications
Whole market+7.7%13.3%0.63−23.8%+45.1%0.27—
54
HDViShares Core High Dividend ETF · US Dividend Equity
Whole market+12.9%13.0%1.00−37.0%+83.3%0.350.08%
55
USMViShares MSCI USA Min Vol Factor ETF · US Low-Volatility Equity
Whole market+7.6%12.3%0.66−33.1%+44.4%0.540.15%
56
MGVVanguard Morningstar Mega Cap Value ETF · US Large-Cap Value
Whole market+12.6%13.4%0.95−35.4%+81.0%0.480.05%
57
BKLNInvesco Senior Loan ETF · Bank Loans
Whole market+5.4%4.5%1.19−24.1%+29.8%0.330.67%
58
DIVOAmplify CWP Enhanced Dividend Income ETF · Equity Income
Whole market+11.1%11.9%0.95−30.0%+69.0%0.430.56%
59
DLNWisdomTree U.S. LargeCap Dividend Fund · US Dividend Equity
Whole market+12.2%13.2%0.95−35.8%+78.2%0.540.28%
60
FVDFirst Trust Value Line Dividend Index Fund · US Dividend Equity
Whole market+6.1%12.8%0.53−35.3%+34.3%0.500.62%
61
FTCSFirst Trust Capital Strength ETF · US Quality Equity
Whole market+6.2%13.2%0.52−31.9%+34.9%0.500.53%
62
EMBiShares J.P. Morgan USD Emerging Markets Bond ETF · International Bonds
Whole market+1.3%9.8%0.18−28.7%+6.7%0.700.39%
63
EFAViShares MSCI EAFE Min Vol Factor ETF · International Equity
Whole market+7.6%11.9%0.68−27.6%+44.4%0.520.20%
64
SPLVInvesco S&P 500 Low Volatility ETF · US Low-Volatility Equity
Whole market+5.5%12.6%0.49−36.3%+30.8%0.430.25%
65
PTLCPacer Trendpilot US Large Cap ETF · Broad Market
Whole market+9.5%11.8%0.83−26.6%+57.4%0.480.60%
66
XYLDGlobal X - S&P 500 Covered Call ETF · International
Whole market+7.4%11.2%0.70−33.4%+43.1%0.480.60%
67
AQNBAlgonquin Power & Utilities Corp. · Junior Subordinated Debt
Same or nearby category+5.7%11.6%0.54−42.7%+31.7%0.53—
68
ACWViShares MSCI Global Min Vol Factor ETF · International
Whole market+6.3%10.3%0.65−28.8%+35.8%0.550.20%
69
FTHIFirst Trust BuyWrite Income ETF · Dividend & Income
Whole market+10.3%13.3%0.81−32.7%+63.0%0.620.75%
70
SCHYSchwab International Dividend Equity ETF · International
Whole market+9.5%13.3%0.75−24.0%+57.3%0.500.08%
71
EMLCVanEck J.P. Morgan EM Local Currency Bond ETF · International Bonds
Whole market+2.4%9.1%0.30−26.4%+12.4%0.580.30%
72
DDWMWisdomTree Dynamic International Equity Fund · International
Whole market+12.3%13.4%0.94−35.0%+78.8%0.540.40%
73
NFRANorthern Trust STOXX Global Broad Infrastructure ETF · International
Whole market+5.3%12.9%0.46−32.5%+29.3%0.560.48%
74
RODMHartford Multifactor Developed Markets (ex-US) ETF · International
Whole market+10.6%13.5%0.82−36.0%+65.4%0.560.29%
75
HCXYHercules Capital Inc · Asset Management
Whole market+4.6%13.1%0.41−34.8%+25.4%0.44—
76
RLYState Street Multi-Asset Real Return ETF · Multi-Asset
Whole market+9.9%13.3%0.78−34.2%+60.6%0.320.50%
77
FDLOFidelity Low Volatility Factor ETF · Broad Market
Whole market+9.8%13.0%0.79−34.4%+59.5%0.560.15%
78
UNMAUnum Group 6.250% JR NT58 · Junior Subordinated Debt
Same or nearby category+0.8%12.8%0.13−41.6%+4.1%0.59—
79
PFFAVirtus InfraCap U.S. Preferred Stock ETF · Bonds
Whole market+4.1%11.7%0.41−70.5%+22.4%0.722.11%
80
IYKiShares U.S. Consumer Staples ETF · Broad Market
Whole market+7.3%13.4%0.60−33.2%+42.4%0.230.37%
81
FPEFirst Trust Preferred Securities and Income ETF · Preferred Securities
Same or nearby category+2.0%6.7%0.34−33.3%+10.6%0.680.83%
82
PFFiShares Preferred and Income Securities ETF · Preferred Securities
Same or nearby category−0.2%10.5%0.04−34.1%−0.9%0.870.45%
83
LGLVState Street SPDR US Large Cap Low Volatility Index ETF · Broad Market
Whole market+7.6%13.0%0.63−36.6%+44.4%0.530.12%
84
LQDiShares iBoxx $ Investment Grade Corporate Bond ETF · Investment Grade Bonds
Popular alternative−0.9%8.7%-0.06−25.0%−4.3%0.760.14%
85
PFMInvesco Dividend Achievers ETF · Dividend & Income
Whole market+10.4%13.4%0.81−32.2%+64.3%0.550.52%
86
OUSAALPS Funds O’Shares U.S. Quality Dividend ETF · Dividend & Income
Whole market+9.4%13.4%0.74−33.1%+56.8%0.570.48%
87
TBBAT&T Inc. 5.35% GLB NTS 66 · Corporate Bonds
Same or nearby category−1.7%11.3%-0.10−19.4%−8.4%0.75—
88
WTPIWisdomTree Equity Premium Income Fund · Alternatives
Whole market+9.1%12.2%0.78−28.4%+54.7%0.590.44%
89
PFFDGlobal X - U.S. Preferred ETF · Bonds
Whole market−2.0%11.1%-0.12−30.9%−9.4%0.910.23%
90
LVHDFranklin U.S. Low Volatility High Dividend Index ETF · Dividend & Income
Whole market+7.0%13.1%0.59−37.3%+40.5%0.440.27%
91
PCEFInvesco CEF Income Composite ETF · Multi-Asset
Whole market+3.8%11.6%0.38−38.6%+20.2%0.712.76%
92
ELCEntergy Louisiana, LLC COLLATERAL TR MT · Investment Grade Bonds
Same or nearby category−1.1%12.1%-0.03−21.1%−5.4%0.81—
93
HNDLStrategy Shares Nasdaq 7HANDL Index ETF · Multi-Asset
Whole market+3.9%11.6%0.39−23.7%+20.9%0.740.95%
94
YYYAmplify CEF High Income ETF · Dividend & Income
Whole market+1.8%11.5%0.21−42.5%+9.2%0.733.23%
95
DUKBDuke Energy Corporation 5.625% · Junior Subordinated Debt
Same or nearby category+0.1%9.4%0.06−18.8%+0.5%0.74—
96
SOJCThe Southern Company JR 2017B NT 77 · Junior Subordinated Debt
Same or nearby category−1.6%12.2%-0.07−22.1%−7.7%0.89—
97
RPARRPAR Risk Parity ETF · Bonds
Whole market+0.1%12.6%0.07−30.1%+0.7%0.670.52%
98
DTWDTE Energy Company 5.25 % Debentures 2017-01.12.77 Global · Junior Subordinated Debt
Same or nearby category−1.9%13.2%-0.08−33.9%−8.9%0.81—
99
CMSACMS Energy Corporation 5.6% JRSUB NT 78 · Corporate Bonds
Same or nearby category−1.0%11.6%-0.03−32.3%−5.1%0.80—
100
SREASempra · Corporate Bonds
Same or nearby category−1.8%13.2%-0.07−33.6%−8.5%0.81—

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.

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.

5.0%7.5%10.0%12.5%15.0%17.5%20.0%22.5%25.0%27.5%−7.5%−5.0%−2.5%0.0%2.5%5.0%7.5%10.0%12.5%15.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityPFH: −5.4% a year, volatility 14.2%SPY (S&P 500): 12.7% a year, volatility 17.1%VRP: 3.8% a year, volatility 6.6%LQD: −0.9% a year, volatility 8.7%PGX: −2.3% a year, volatility 11.2%PRS: −0.9% a year, volatility 10.4%PRU: 5.2% a year, volatility 25.5%PFHSPY (S&P 500)VRPLQDPGXPRSPRU5.0%10.0%15.0%20.0%25.0%30.0%−10.0%−5.0%0.0%5.0%10.0%15.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityPFH: −5.4% a year, volatility 14.2%SPY (S&P 500): 12.7% a year, volatility 17.1%VRP: 3.8% a year, volatility 6.6%LQD: −0.9% a year, volatility 8.7%PGX: −2.3% a year, volatility 11.2%PRS: −0.9% a year, volatility 10.4%PRU: 5.2% a year, volatility 25.5%PFHSPY (S&P 500)VRPLQDPGXPRU
All figures
InvestmentAnnual returnVolatility
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
PRU Prudential Financial, Inc.+5.2%25.5%
VRP Invesco Variable Rate Preferred ETF+3.8%6.6%
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF−0.9%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 2060−5.4%14.2%
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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.

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.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
PFH Prudential Financial, Inc. 4.125% Junior Subordinated Notes due 2060 (this page)—−2.5%−6.5%−9.6%−10.5%−12.7%0.0%−24.4%14.2%-0.32−28.6%—$40B—
VRP QualifiedInvesco Variable Rate Preferred ETF5/5 short2/2 longAll-weather−1.5%−1.8%−1.0%+0.6%+1.5%+29.9%+20.5%6.6%0.60−46.0%0.50%$3.0B—
LQD QualifiediShares iBoxx $ Investment Grade Corporate Bond ETF5/5 short2/2 longAll-weather−1.4%−2.4%−3.9%−2.9%−3.9%+19.7%−4.3%8.7%-0.06−25.0%0.14%$29B—
PRU QualifiedPrudential Financial, Inc.4/5 short2/2 longAll-weather−2.8%−1.2%+15.2%+5.2%+19.6%+47.5%+29.0%25.5%0.33−65.9%—$40B—
PGX QualifiedInvesco Preferred ETF3/5 short2/2 long−3.9%−6.6%−8.1%−7.6%−8.7%+16.0%−11.0%11.2%-0.15−34.1%0.50%$3.6B—
PRS Insurance - LifePrudential Financial, Inc. 5.620/5 short2/2 long−3.1%−9.2%−12.9%−14.0%−16.1%+3.9%−4.3%10.4%-0.03−30.4%—$6.8B—
RZC Insurance - ReinsuranceReinsurance Group of America, Incorporated5/5 short1/2 long0.0%+0.7%+2.6%+3.8%+4.9%+21.2%———−4.8%—$17B—
PRH Insurance - LifePrudential Financial, Inc. 5.951/5 short1/2 long−3.4%−5.6%−11.6%−13.3%−12.7%+3.5%———−17.7%—$7.2B—
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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.

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.

InvestmentYears ahead of PFH20252024202320222021
PFH This pagePrudential Financial, Inc. 4.125% Junior Subordinated Notes due 2060—−1.4%+1.0%+12.4%−26.8%+2.3%
Rank among alternativesTop quarter in 1 of 58 of 86 of 81 of 86 of 64 of 6
SPY S&P 500State Street SPDR S&P 500 ETF5 of 5+17.7%+24.9%+26.2%−18.2%+28.7%
VRP Invesco Variable Rate Preferred ETF4 of 5+7.3%+11.1%+10.3%−9.0%+4.2%
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF2 of 5+7.9%+0.9%+9.4%−17.9%−1.8%
PRU Prudential Financial, Inc.4 of 5+0.2%+19.4%+10.1%−3.9%+45.3%
PGX Invesco Preferred ETF4 of 5+3.4%+6.6%+9.4%−21.1%+3.1%
PRS Prudential Financial, Inc. 5.622 of 5+8.7%−1.5%+8.1%−4.6%+0.1%
RZC Reinsurance Group of America, Incorporated2 of 3+5.7%+5.9%+9.5%——
PRH Prudential Financial, Inc. 5.952 of 3+5.3%+3.8%+11.4%——
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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.

Green means PFH fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringPFH fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2022 bear market−28.6%−20.1%Dec 2021Nov 202211 monthsNot yet—
No named crash−6.2%+2.3%Dec 2020Feb 20212 monthsJun 20214 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.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than PFH.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
PFH This pagePrudential Financial, Inc. 4.125% Junior Subordinated Notes due 2060—−5.9%−23.6%Not yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet trading
SPY S&P 500State Street SPDR S&P 500 ETF1 of 2−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
VRP Invesco Variable Rate Preferred ETF1 of 2−8.8%−12.7%−45.9%−8.1%−0.6%−7.3%————
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF2 of 2−0.1%−21.3%−21.8%−2.6%−1.2%−2.7%−3.2%0.0%−21.5%—
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%—
PGX Invesco Preferred ETF1 of 2−7.7%−19.3%−33.7%−6.7%−0.6%−6.0%−10.6%0.0%——
PRS Prudential Financial, Inc. 5.622 of 2−3.7%−10.1%−29.7%−4.9%——————
RZC Reinsurance Group of America, Incorporated1 of 1−2.9%—————————
PRH Prudential Financial, Inc. 5.951 of 1−3.6%—————————
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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.

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.

InvestmentUpside captureDownside captureCapture ratioBeta
PFH This pagePrudential Financial, Inc. 4.125% Junior Subordinated Notes due 206041%112%0.370.64
VRP Invesco Variable Rate Preferred ETF30%32%0.950.31
PRU Prudential Financial, Inc.82%109%0.760.86
PRS Prudential Financial, Inc. 5.6230%57%0.520.34
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF31%65%0.480.45
PGX Invesco Preferred ETF41%87%0.470.55
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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.

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

InvestmentCorrelation5Y returnSharpe2025202280/20 mix volatility80/20 mix annual return
PFH Prudential Financial, Inc. 4.125% Junior Subordinated Notes due 2060 (this page)1.00−24.4%-0.32−1.4%−26.8%15.6%−5.7%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.42+119%1.48+27.1%+3.8%13.3%−1.4%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.38+225%1.34+32.8%+6.0%13.6%+0.3%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.37+101%1.04+9.7%+10.4%13.8%−1.6%
GLD CommoditiesSPDR Gold Shares0.18+126%0.96+63.7%−0.8%13.5%−1.0%
DIVO Dividend & IncomeAmplify CWP Enhanced Dividend Income ETF0.43+69.0%0.95+17.4%−1.5%13.7%−2.3%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.46+136%0.93+26.6%−10.4%14.8%−0.5%
XLE EnergyState Street Energy Select Sector SPDR ETF0.05+177%0.93+7.9%+64.4%13.7%+0.1%
DFIV InternationalDimensional - International Value ETF0.48+99.4%0.93+45.4%−3.7%14.2%−1.6%

Stocks

InvestmentCorrelation5Y returnSharpe2025202280/20 mix volatility80/20 mix annual return
PFH Prudential Financial, Inc. 4.125% Junior Subordinated Notes due 2060 (this page)1.00−24.4%-0.32−1.4%−26.8%15.6%−5.7%
CAH Medical - DistributionCardinal Health, Inc.0.17+479%1.55+76.3%+54.1%14.3%+2.4%
CLS Hardware, Equipment & PartsCelestica Inc.0.20+3,143%1.47+220%+1.3%18.7%+13.6%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.33+1,636%1.46+121%+17.0%17.6%+10.0%
MCK Medical - DistributionMcKesson Corporation-0.05+413%1.44+44.5%+51.8%13.2%+2.0%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.11+690%1.41+19.2%+86.6%14.7%+4.3%
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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 PGX 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 5.4% a year at 14.2%. Looking beyond its popular alternatives, SPSB (investment grade bonds) and BSCR (investment grade bonds) earned more than PFH with less volatility over the past 5 years. SPSB returned 2.8% a year at 2.0% volatility, against a loss of 5.4% 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 17.1%. 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 -0.32, against 0.79 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: VRP, LQD and PRU.

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 FIX (correlation 0.33). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to PFH

Other stocks and ETFs