EPRF vs. FPFD

Last updated Jun 4, 2026

EPRF (Innovator S&P High Quality Preferred ETF) and FPFD (Fidelity Preferred Securities & Income ETF) are both Preferred Stock/Convertible Bonds funds. EPRF is passively managed, while FPFD is actively managed. Over the past 3 years, EPRF returned 2.39%/yr vs 7.66%/yr for FPFD. A 0.71 correlation means they provide meaningful diversification when combined. EPRF charges 0.47%/yr vs 0.59%/yr for FPFD.

Performance

EPRF vs. FPFD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator S&P High Quality Preferred ETF (EPRF) and Fidelity Preferred Securities & Income ETF (FPFD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EPRF achieves a -2.39% return, which is significantly lower than FPFD's 0.73% return.

EPRF

• 1D: -0.41%
• 1M: -1.18%
• YTD: -2.39%
• 6M: -2.28%
• 1Y: 2.04%
• 3Y*: 2.39%
• 5Y*: -1.97%
• 10Y*: —

FPFD

• 1D: -0.23%
• 1M: -0.51%
• YTD: 0.73%
• 6M: 0.81%
• 1Y: 6.27%
• 3Y*: 7.66%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

EPRF vs. FPFD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
EPRF Innovator S&P High Quality Preferred ETF	-2.39%	2.69%	3.46%	9.43%	-20.68%	0.28%
FPFD Fidelity Preferred Securities & Income ETF	0.73%	6.46%	8.50%	10.91%	-17.11%	1.89%

Correlation

The correlation between EPRF and FPFD is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (All Time) Calculated using the full available price history since Jun 18, 2021	0.71

The correlation between EPRF and FPFD has been stable across timeframes, ranging from 0.70 to 0.72 - a consistent structural relationship.

EPRF vs. FPFD - Sectors Allocation Comparison

Sectors	EPRF	FPFD
Financial Services	55.9%	16.4%
Real Estate	7.6%	1.6%
Basic Materials	-	-
Communication Services	-	3.5%
Consumer Cyclical	-	0.3%
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	0.8%
Technology	-	1.2%
Utilities	-	5.4%

Return for Risk

EPRF vs. FPFD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EPRF

EPRF Risk / Return Rank: 12
EPRF Sharpe Ratio Rank: 13
EPRF Sortino Ratio Rank: 11
EPRF Omega Ratio Rank: 11
EPRF Calmar Ratio Rank: 11
EPRF Martin Ratio Rank: 11

FPFD

FPFD Risk / Return Rank: 59
FPFD Sharpe Ratio Rank: 63
FPFD Sortino Ratio Rank: 68
FPFD Omega Ratio Rank: 69
FPFD Calmar Ratio Rank: 47
FPFD Martin Ratio Rank: 51

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EPRF vs. FPFD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator S&P High Quality Preferred ETF (EPRF) and Fidelity Preferred Securities & Income ETF (FPFD). 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	FPFD	Difference
Sharpe ratio Return per unit of total volatility	0.27	2.14	-1.86
Sortino ratio Return per unit of downside risk	0.44	3.14	-2.70
Omega ratio Gain probability vs. loss probability	1.05	1.42	-0.37
Calmar ratio Return relative to maximum drawdown	0.24	2.29	-2.05
Martin ratio Return relative to average drawdown	0.51	8.64	-8.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EPRF vs. FPFD - Sharpe Ratio Comparison

The current EPRF Sharpe Ratio is 0.27, which is lower than the FPFD Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of EPRF and FPFD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EPRF	FPFD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.27	2.14	-1.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.17	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	0.33	-0.25

Drawdowns

EPRF vs. FPFD - Drawdown Comparison

The maximum EPRF drawdown since its inception was -26.82%, which is greater than FPFD's maximum drawdown of -20.83%. Use the drawdown chart below to compare losses from any high point for EPRF and FPFD.

Drawdown Indicators

	EPRF	FPFD	Difference
Max Drawdown Largest peak-to-trough decline	-26.82%	-20.83%	-5.99%
Max Drawdown (1Y) Largest decline over 1 year	-8.59%	-2.75%	-5.84%
Max Drawdown (3Y) Largest decline over 3 years	-12.29%	-4.92%	-7.37%
Max Drawdown (5Y) Largest decline over 5 years	-25.23%	—	—
Current Drawdown Current decline from peak	-11.06%	-1.23%	-9.83%
Average Drawdown Average peak-to-trough decline	-7.37%	-6.82%	-0.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.01%	0.73%	+3.28%

Volatility

EPRF vs. FPFD - Volatility Comparison

Innovator S&P High Quality Preferred ETF (EPRF) has a higher volatility of 2.14% compared to Fidelity Preferred Securities & Income ETF (FPFD) at 1.00%. This indicates that EPRF's price experiences larger fluctuations and is considered to be riskier than FPFD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EPRF	FPFD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.14%	1.00%	+1.14%
Volatility (6M) Calculated over the trailing 6-month period	5.46%	2.24%	+3.22%
Volatility (1Y) Calculated over the trailing 1-year period	7.55%	2.95%	+4.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.81%	5.32%	+6.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.49%	5.32%	+8.17%

EPRF vs. FPFD - Expense Ratio Comparison

EPRF has a 0.47% expense ratio, which is lower than FPFD's 0.59% expense ratio.

Dividends

EPRF vs. FPFD - Dividend Comparison

EPRF's dividend yield for the trailing twelve months is around 6.18%, more than FPFD's 5.15% 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%
FPFD Fidelity Preferred Securities & Income ETF	5.15%	5.04%	4.89%	5.09%	5.22%	1.59%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EPRF and FPFD in my portfolio?

EPRF and FPFD have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EPRF or FPFD?

EPRF has higher volatility (2.14%) compared to FPFD (1.00%). In terms of maximum drawdown, EPRF dropped -26.82% vs FPFD's -20.83%.

Which ETF is better, EPRF or FPFD?

On 3-year performance, FPFD leads with 7.66% vs 2.39% for EPRF. On fees, EPRF is cheaper at 0.47% per year. On volatility, FPFD has been the lower-risk option at 1.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EPRF or FPFD?

Over the 3-year period, FPFD has performed better with a 7.66% return vs 2.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EPRF or FPFD?

EPRF is cheaper with a 0.47% expense ratio, compared with 0.59% for FPFD.

Which ETF pays a higher dividend yield, EPRF or FPFD?

EPRF has the higher dividend yield at 6.18%, compared with 5.15% for FPFD.

What is the main difference between EPRF and FPFD?

They also come from different issuers: Innovator and Fidelity. Their fees differ too: 0.47% for EPRF and 0.59% for FPFD.

Which has better risk-adjusted returns?

FPFD currently has the higher Sharpe Ratio (2.14 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.