DALI vs. FPEI
DALI (First Trust Dorsey Wright DALI 1 ETF) and FPEI (First Trust Institutional Preferred Securities & Income ETF) are both exchange-traded funds - DALI is a Tactical Allocation fund tracking the Dorsey Wright DALI 1 Index, while FPEI is a Preferred Stock/Convertible Bonds fund actively managed by First Trust. DALI is passively managed, while FPEI is actively managed. Over the past 5 years, DALI returned 5.55%/yr vs 4.25%/yr for FPEI. At a 0.38 correlation, their price movements are largely independent. DALI charges 0.90%/yr vs 0.85%/yr for FPEI.
Performance
DALI vs. FPEI - Performance Comparison
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Returns By Period
In the year-to-date period, DALI achieves a 6.75% return, which is significantly higher than FPEI's 2.00% return.
DALI
- 1D
- 0.44%
- 1M
- 2.84%
- YTD
- 6.75%
- 6M
- 7.82%
- 1Y
- 21.16%
- 3Y*
- 6.10%
- 5Y*
- 5.55%
- 10Y*
- —
FPEI
- 1D
- 0.23%
- 1M
- 1.38%
- YTD
- 2.00%
- 6M
- 2.11%
- 1Y
- 8.10%
- 3Y*
- 10.81%
- 5Y*
- 4.25%
- 10Y*
- —
DALI vs. FPEI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
DALI First Trust Dorsey Wright DALI 1 ETF | 6.75% | 11.89% | 19.93% | -8.48% | -8.10% | 22.28% | 4.51% | 25.39% | -14.98% |
FPEI First Trust Institutional Preferred Securities & Income ETF | 2.00% | 9.82% | 10.94% | 6.29% | -8.19% | 4.63% | 7.08% | 15.86% | -2.61% |
Correlation
The correlation between DALI and FPEI is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since May 15, 2018 | 0.38 |
Over the past year, DALI and FPEI have become more correlated (0.63) than their long-term average of 0.38, meaning their price movements have been converging.
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Return for Risk
DALI vs. FPEI — Risk / Return Rank
DALI
FPEI
DALI vs. FPEI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Dorsey Wright DALI 1 ETF (DALI) and First Trust Institutional Preferred Securities & Income ETF (FPEI). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| DALI | FPEI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.01 | ||
| Sortino ratioReturn per unit of downside risk | -1.81 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.49 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | 1.69 | 2.24 | -0.55 |
| Martin ratioReturn relative to average drawdown | 6.12 | 11.13 | -5.01 |
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Drawdowns
DALI vs. FPEI - Drawdown Comparison
The maximum DALI drawdown since its inception was -36.06%, which is greater than FPEI's maximum drawdown of -27.51%. Use the drawdown chart below to compare losses from any high point for DALI and FPEI.
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Drawdown Indicators
| DALI | FPEI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.06% | -27.51% | -8.55% |
Max Drawdown (1Y)Largest decline over 1 year | -12.54% | -3.63% | -8.91% |
Max Drawdown (3Y)Largest decline over 3 years | -23.30% | -4.26% | -19.04% |
Max Drawdown (5Y)Largest decline over 5 years | -26.26% | -16.46% | -9.80% |
Current DrawdownCurrent decline from peak | -2.29% | -0.03% | -2.26% |
Average DrawdownAverage peak-to-trough decline | -10.10% | -3.04% | -7.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.47% | 0.73% | +2.74% |
Volatility
DALI vs. FPEI - Volatility Comparison
First Trust Dorsey Wright DALI 1 ETF (DALI) has a higher volatility of 7.07% compared to First Trust Institutional Preferred Securities & Income ETF (FPEI) at 0.85%. This indicates that DALI's price experiences larger fluctuations and is considered to be riskier than FPEI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DALI | FPEI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.07% | 0.85% | +6.22% |
Volatility (6M)Calculated over the trailing 6-month period | 15.42% | 3.10% | +12.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.18% | 3.73% | +14.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.82% | 5.97% | +13.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.97% | 8.84% | +12.13% |
DALI vs. FPEI - Expense Ratio Comparison
DALI has a 0.90% expense ratio, which is higher than FPEI's 0.85% expense ratio.
Dividends
DALI vs. FPEI - Dividend Comparison
DALI's dividend yield for the trailing twelve months is around 0.38%, less than FPEI's 5.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DALI First Trust Dorsey Wright DALI 1 ETF | 0.38% | 0.38% | 0.18% | 3.42% | 0.50% | 0.11% | 1.25% | 0.45% | 0.17% | 0.00% |
FPEI First Trust Institutional Preferred Securities & Income ETF | 5.70% | 5.62% | 5.55% | 5.76% | 5.20% | 4.46% | 4.90% | 5.02% | 5.81% | 1.50% |
Frequently Asked Questions
DALI and FPEI have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DALI has higher volatility (7.07%) compared to FPEI (0.85%). In terms of maximum drawdown, DALI dropped -36.06% vs FPEI's -27.51%.
On 5-year performance, DALI leads with 5.55% vs 4.25% for FPEI. On fees, FPEI is cheaper at 0.85% per year. On volatility, FPEI has been the lower-risk option at 0.85%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DALI has performed better with a 5.55% return vs 4.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FPEI is cheaper with a 0.85% expense ratio, compared with 0.90% for DALI.
FPEI has the higher dividend yield at 5.70%, compared with 0.38% for DALI.
DALI is categorized as Tactical Allocation, while FPEI is Preferred Stock/Convertible Bonds. Their fees differ too: 0.90% for DALI and 0.85% for FPEI.
FPEI currently has the higher Sharpe Ratio (2.18 vs 1.17), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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