Which returned more over the last year, GOVT or PFF?

In the year to Oct 28, 2026, with distributions reinvested, GOVT returned −1.5% and PFF −4.2%.

Which is cheaper, GOVT or PFF?

GOVT is cheaper, by 0.40 percentage points a year. That is about $40 on $10,000 held for a year. Fees come from each fund's prospectus.

Data as of Oct 28, 2026.

Across categories

GOVT vs PFF: Differences, Returns & Fees

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Over the year to Oct 28, 2026, GOVT returned −1.5% to PFF's −4.2%, and GOVT charges 0.05% to PFF's 0.45%.

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Net assets on Oct 27, 2026: $42.8bn for iShares U.S. Treasury Bond ETF and $11.8bn for iShares Preferred and Income Securities ETF.

GOVT on its own →PFF on its own →

At a glance

−1.5%

GOVT total return, 1 year

−4.2%

PFF total return, 1 year

0.05%

GOVT expense ratio

0.45%

PFF expense ratio

Pair scorecard

GOVT costs 0.40 points a year less; their one-year returns differ by 2.7 points; GOVT is 3.6 times larger.

GOVT vs PFF: Differences, Returns & Fees
Measure	GOVT	PFF
Return
Measure	GOVT	PFF
Total return, 1 year	−1.5%	−4.2%
Drawdown
Measure	GOVT	PFF
Below its high	8.1%, high on Aug 4, 2020	7.1%, high on May 8, 2026
Benchmark
Measure	GOVT	PFF
What it tracks	ICE U.S. Treasury Core Bond Index	ICE Exchange-Listed Preferred & Hybrid Securities Index
Cost and size
Measure	GOVT	PFF
Expense ratio	0.05%	0.45%
Net assets, as of Oct 27, 2026	$42.8bn	$11.8bn
Holdings
Measure	GOVT	PFF
Holdings in common	0%
In the S&P 500, by weight		0%
Top ten holdings, share of the fund		22.7%

Holdings in common uses holdings dated Jun 30, 2026 and Jul 31, 2026. Method

Risk and return

Mar 2, 2012 to Oct 23, 2026 · 764 weekly returns

GOVT PFF

Return

Total return edge PFF +18.4% +71.1%

Annualized edge PFF +1.2% +3.7%

Price return edge GOVT −10.6% −26.4%

Risk

Volatility edge GOVT 4.5% 10.7%

Max drawdown edge GOVT −18.7% −27.2%

Risk-adjusted

Sharpe edge PFF −0.11 0.23

Sortino edge PFF −0.15 0.33

Calmar edge PFF 0.06 0.14

Reading

PFF returned more: +71.1% to +18.4%. GOVT swung less: 4.5% to 10.7%. GOVT fell less at its worst: −18.7% to −27.2%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: GOVT vs PFF: Differences, Returns & Fees
Measure	GOVT	PFF	Edge	How it is measured
Return
Total return	+18.4%	+71.1%	PFF	Price change plus distributions, reinvested.
Annualized	+1.2%	+3.7%	PFF	Total return as a yearly rate.
Price return	−10.6%	−26.4%	GOVT	Price change alone, distributions left out.
Risk
Volatility	4.5%	10.7%	GOVT	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	3.3%	7.6%	GOVT	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−18.7%	−27.2%	GOVT	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	−0.11	0.23	PFF	Return above Treasury bills per unit of volatility.
Sortino	−0.15	0.33	PFF	Return above Treasury bills per unit of downside deviation.
Calmar	0.06	0.14	PFF	Annualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 764 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

By the books each fund has filed, GOVT and PFF hold 0% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Jul 31, 2026.

50%

0 half 100%

half

0% in common

Positions both hold · largest shared weight first GOVT PFF

Only in one fund ↓

Only in GOVT

U.S. Treasury Notes, due Nov 15, 2031 5.28%

U.S. Treasury Notes, due Feb 15, 2029 2.95%

U.S. Treasury Notes, due Feb 15, 2028 2.63%

U.S. Treasury Notes, due Nov 15, 2028 2.08%

U.S. Treasury Notes, due May 15, 2028 1.62%

U.S. Treasury Bonds, due May 15, 2046 1.48%

U.S. Treasury Bonds, due Nov 15, 2042 1.46%

U.S. Treasury Bonds, due Feb 15, 2051 1.46%

Only in PFF

BOEING COMPANY (THE) 6% SER A DEP SHS REPSTG 1/20TH INT MANDATORY CONV PFD 3.93%

STRATEGY INC VARIABLE RATE SERIES A PERPETUAL STRETCH PREFERRED STOCK 2.95%

WELLS FARGO & COMPANY 7.5% NON-CUMULATIVE PERPETUAL CONVERTIBLE CLASS A PREFERRED STOCK, SERIES L 2.33%

ORACLE CORP DEPOSITARY SHARES EACH REPRESENTING A 1/2,000TH INTEREST IN A SHARE OF 6.50% SERIES D MANDATORY CONVERTIBLE PREFERRED STOCK 2.28%

HEWLETT PACKARD ENTERPRISE COMPANY 7.625% SERIES C MANDATORY CONVERTIBLE PREFERRED STOCK 1.76%

BANK OF AMERICA CORP 7.25% NON-CUMULATIVE PERPETUAL CONVERTIBLE PREFERRED STOCK SERIES L 1.45%

CITIGROUP CAPITAL XIII FIXED/FLOAT TRUST PREFERRED SECURITIES 1.31%

ALBEMARLE CORP DEPOSITARY SHARES EACH REPRESENTING A 1/20TH INTEREST IN A SHARE OF 7.25% SERIES A MANDATORY CONVERTIBLE PREFERRED STOCK 1.29%

Check overlap with more funds →

Side by side

GOVT iShares U.S. Treasury Bond ETF PFF iShares Preferred and Income Securities ETF

Where it sits Bond ETF Bond ETF

Issuer iShares iShares

What it is Tracks an index of U.S. Treasury Bond Tracks an index of Preferred and Income Securities

Total return, 1 year −1.5% −4.2%

Its benchmark over the same days not measured +13.6% (MLRG)

Gap to its benchmark not measured −17.8 pts vs MLRG

Expense ratio 0.05% 0.45%

Holdings 229 453

Net assets, as of Oct 27, 2026 $42.8bn $11.8bn

GOVT and PFF on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

Client brief · page 1 of 2 Report BR-F56951264F

GOVT and PFF do different jobs. What does each one do in a portfolio?

What each follows. GOVT follows ICE U.S. Treasury Core Bond Index and PFF follows ICE Exchange-Listed Preferred & Hybrid Securities Index.
Holdings in common. 0% of the weight is in the same securities (holdings dated Jul 31, 2026 and Jun 30, 2026).
One-year total return. Over 1 year to Oct 28, 2026 GOVT returned −1.5% and PFF −4.2% with distributions reinvested, a gap of 2.7 points.

Data as of Oct 28, 2026.

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About each fund

GOVT

GOVT tracks an index of U.S. Treasury Bond. Over the year to Oct 28, 2026 it returned −1.5% with distributions reinvested. The prospectus expense ratio is 0.05% a year. It sat 8.1% below its high of Aug 4, 2020 on Oct 28, 2026.

PFF

PFF tracks an index of Preferred and Income Securities. Over the year to Oct 28, 2026 it returned −4.2% with distributions reinvested, against +13.6% for its benchmark, the MSCI USA Index. The prospectus expense ratio is 0.45% a year. By its holdings published by its issuer for Oct 27, 2026, 0% of the fund by weight is stocks the S&P 500 also holds, across 453 positions, with the top ten at 22.7%. It sat 7.1% below its high of May 8, 2026 on Oct 28, 2026.

Questions people ask

Which returned more over the last year, GOVT or PFF?: In the year to Oct 28, 2026, with distributions reinvested, GOVT returned −1.5% and PFF −4.2%.
Which is cheaper, GOVT or PFF?: GOVT is cheaper, by 0.40 percentage points a year. That is about $40 on $10,000 held for a year. Fees come from each fund's prospectus.

Other comparisons

GOVT vs VGLT GOVT vs SPSB GOVT vs VBIL GOVT vs VUSB IEF vs PFF PFF vs VGIT PFF vs SHY PFF vs USHY

Where to next

GOVT on its own →PFF on its own →Hold both: look the portfolio through →Rankings →GOVT dividend history →GOVT holdings →PFF dividend history →PFF holdings →Standards and sources →

Sources and dates

GOVT and PFF filings on SEC EDGAR ↗

GOVT prospectus with the expense ratio (SEC) ↗

iShares page for GOVT ↗

PFF prospectus with the expense ratio (SEC) ↗

iShares page for PFF ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Cite this pageCitation, APA and Markdown

ETFIQ, GOVT against PFF, data as of Oct 28, 2026. https://etfiq.com/compare/any/govt-vs-pff

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.