A preferred stock that correlates to the price of the common stock is called:

Callable preferred stock grants the issuing company the right to repurchase the shares at a specified price after a certain date. This feature does not correlate the value of the preferred stock to the common stock; rather, it allows the issuer more control over the capital structure, particularly in a declining interest rate environment.

Cumulative preferred stock includes a provision that ensures any missed dividend payments must be made up before dividends can be paid to common shareholders. While this feature provides security to investors regarding income, it does not create a price correlation with common stock; it simply guarantees dividend payments.

Adjustable-rate preferred stock features dividends that can fluctuate based on a specific benchmark interest rate. Although this can provide some income protection against rising rates, it does not establish a direct link to the price of common stock, as the dividends are based on interest rates rather than stock performance.