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 -1.97%/yr vs 4.20%/yr for FPEI. At a 0.41 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 -2.39% return, which is significantly lower than FPEI's 1.56% return.
EPRF
- 1D
- -0.41%
- 1M
- -1.18%
- YTD
- -2.39%
- 6M
- -2.28%
- 1Y
- 2.04%
- 3Y*
- 2.39%
- 5Y*
- -1.97%
- 10Y*
- —
FPEI
- 1D
- -0.10%
- 1M
- 0.94%
- YTD
- 1.56%
- 6M
- 1.80%
- 1Y
- 8.60%
- 3Y*
- 10.69%
- 5Y*
- 4.20%
- 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 | -2.39% | 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 | 1.56% | 9.82% | 10.94% | 6.29% | -8.19% | 4.63% | 7.08% | 15.86% | -4.29% | 2.23% |
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 | 0.49 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Aug 24, 2017 | 0.41 |
The correlation between EPRF and FPEI has been stable across timeframes, ranging from 0.41 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.
| EPRF | FPEI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.07 | ||
| Sortino ratioReturn per unit of downside risk | -3.29 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.54 | -0.49 |
| Calmar ratioReturn relative to maximum drawdown | 0.24 | 2.38 | -2.14 |
| Martin ratioReturn relative to average drawdown | 0.51 | 11.84 | -11.33 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EPRF | FPEI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.27 | 2.34 | -2.07 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.17 | 0.71 | -0.87 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.08 | 0.57 | -0.48 |
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 | -11.06% | -0.16% | -10.90% |
Average DrawdownAverage peak-to-trough decline | -7.37% | -3.06% | -4.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.01% | 0.73% | +3.28% |
Volatility
EPRF vs. FPEI - Volatility Comparison
Innovator S&P High Quality Preferred ETF (EPRF) has a higher volatility of 2.14% compared to First Trust Institutional Preferred Securities & Income ETF (FPEI) at 0.95%. 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 | 2.14% | 0.95% | +1.19% |
Volatility (6M)Calculated over the trailing 6-month period | 5.46% | 3.06% | +2.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.55% | 3.69% | +3.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.81% | 5.97% | +5.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.49% | 8.86% | +4.63% |
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 6.18%, more than FPEI's 5.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EPRF Innovator S&P High Quality Preferred ETF | 6.18% | 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 | 5.72% | 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 (2.14%) compared to FPEI (0.95%). In terms of maximum drawdown, EPRF dropped -26.82% vs FPEI's -27.51%.
On 5-year performance, FPEI leads with 4.20% vs -1.97% for EPRF. On fees, EPRF is cheaper at 0.47% per year. On volatility, FPEI has been the lower-risk option at 0.95%. 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 4.20% return vs -1.97%. 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 6.18%, compared with 5.72% 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 (2.34 vs 0.27), 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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