EPRF vs. FPEI
EPRF (Innovator S&P High Quality Preferred ETF) and FPEI (First Trust Institutional Preferred Securities & Income ETF) are both Preferred Stock/Convertible Bonds funds. EPRF is passively managed, while FPEI is actively managed. Over the past 5 years, EPRF returned -2.02%/yr vs 4.07%/yr for FPEI. At a 0.40 correlation, their price movements are largely independent. EPRF charges 0.47%/yr vs 0.85%/yr for FPEI.
Performance
EPRF vs. FPEI - Performance Comparison
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Returns By Period
In the year-to-date period, EPRF achieves a -2.15% return, which is significantly lower than FPEI's 2.19% return.
EPRF
- 1D
- -0.06%
- 1M
- -0.76%
- 6M
- -4.59%
- YTD
- -2.15%
- 1Y
- -1.05%
- 3Y*
- 3.16%
- 5Y*
- -2.02%
- 10Y*
- —
FPEI
- 1D
- 0.00%
- 1M
- 0.16%
- 6M
- 1.77%
- YTD
- 2.19%
- 1Y
- 7.46%
- 3Y*
- 10.32%
- 5Y*
- 4.07%
- 10Y*
- —
EPRF vs. FPEI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EPRF Innovator S&P High Quality Preferred ETF | -2.15% | 2.69% | 3.46% | 9.43% | -20.68% | 1.37% | 7.38% | 19.54% | -5.58% | 0.75% |
FPEI First Trust Institutional Preferred Securities & Income ETF | 2.19% | 9.82% | 10.94% | 6.29% | -8.19% | 4.63% | 7.08% | 15.86% | -4.29% | 2.07% |
Correlation
The correlation between EPRF and FPEI is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Aug 23, 2017 | 0.40 |
The correlation between EPRF and FPEI has been stable across timeframes, ranging from 0.40 to 0.50 - a consistent structural relationship.
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Return for Risk
EPRF vs. FPEI — Risk / Return Rank
EPRF
FPEI
EPRF vs. FPEI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator S&P High Quality Preferred ETF (EPRF) 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.
| EPRF | FPEI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.15 | ||
| Sortino ratioReturn per unit of downside risk | -3.34 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.45 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.12 | 2.07 | -2.19 |
| Martin ratioReturn relative to average drawdown | -0.23 | 10.25 | -10.48 |
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Drawdowns
EPRF vs. FPEI - Drawdown Comparison
The maximum EPRF drawdown since its inception was -26.82%, roughly equal to the maximum FPEI drawdown of -27.51%. Use the drawdown chart below to compare losses from any high point for EPRF and FPEI.
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Drawdown Indicators
| EPRF | FPEI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.82% | -27.51% | +0.69% |
Max Drawdown (1Y)Largest decline over 1 year | -8.59% | -3.63% | -4.96% |
Max Drawdown (3Y)Largest decline over 3 years | -12.29% | -4.26% | -8.03% |
Max Drawdown (5Y)Largest decline over 5 years | -25.23% | -16.46% | -8.77% |
Current DrawdownCurrent decline from peak | -10.84% | -0.28% | -10.56% |
Average DrawdownAverage peak-to-trough decline | -7.42% | -3.02% | -4.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.61% | 0.73% | +3.88% |
Volatility
EPRF vs. FPEI - Volatility Comparison
Innovator S&P High Quality Preferred ETF (EPRF) has a higher volatility of 2.31% compared to First Trust Institutional Preferred Securities & Income ETF (FPEI) at 0.63%. This indicates that EPRF'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
| EPRF | FPEI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.31% | 0.63% | +1.68% |
Volatility (6M)Calculated over the trailing 6-month period | 5.57% | 3.09% | +2.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.45% | 3.73% | +3.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.85% | 5.97% | +5.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.42% | 8.80% | +4.62% |
EPRF vs. FPEI - Expense Ratio Comparison
EPRF has a 0.47% expense ratio, which is lower than FPEI's 0.85% expense ratio.
Dividends
EPRF vs. FPEI - Dividend Comparison
EPRF's dividend yield for the trailing twelve months is around 6.17%, more than FPEI's 5.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EPRF Innovator S&P High Quality Preferred ETF | 6.17% | 6.03% | 6.13% | 5.71% | 5.67% | 4.70% | 4.92% | 5.01% | 5.27% | 2.59% |
FPEI First Trust Institutional Preferred Securities & Income ETF | 5.74% | 5.62% | 5.55% | 5.76% | 5.20% | 4.46% | 4.90% | 5.02% | 5.81% | 1.50% |
Frequently Asked Questions
EPRF and FPEI have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EPRF has higher volatility (2.31%) compared to FPEI (0.63%). In terms of maximum drawdown, EPRF dropped -26.82% vs FPEI's -27.51%.
On 5-year performance, FPEI leads with 4.07% vs -2.02% for EPRF. On fees, EPRF is cheaper at 0.47% per year. On volatility, FPEI has been the lower-risk option at 0.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FPEI has performed better with a 4.07% return vs -2.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EPRF is cheaper with a 0.47% expense ratio, compared with 0.85% for FPEI.
EPRF has the higher dividend yield at 6.17%, compared with 5.74% for FPEI.
They also come from different issuers: Innovator and First Trust. Their fees differ too: 0.47% for EPRF and 0.85% for FPEI.
FPEI currently has the higher Sharpe Ratio (2.01 vs -0.14), 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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