FCVT vs. PGX
FCVT (First Trust SSI Strategic Convertible Securities ETF) and PGX (Invesco Preferred ETF) are both exchange-traded funds - FCVT is a Convertible Bonds fund actively managed by First Trust, while PGX is a Preferred Stock fund tracking the ICE BofA Core Plus Fixed Rate Preferred Securities Index. FCVT is actively managed, while PGX is passively managed. Over the past 10 years, FCVT returned 10.87%/yr vs 2.06%/yr for PGX. Their 0.39 correlation means their historical movements had little consistent relationship. FCVT charges 0.95%/yr vs 0.50%/yr for PGX.
Performance
FCVT vs. PGX - Performance Comparison
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Returns By Period
In the year-to-date period, FCVT achieves a 14.79% return, which is significantly higher than PGX's -1.09% return. Over the past 10 years, FCVT has outperformed PGX with an annualized return of 10.87%, while PGX has yielded a comparatively lower 2.06% annualized return.
FCVT
- 1D
- 0.19%
- 1M
- -4.59%
- 6M
- 8.08%
- YTD
- 14.79%
- 1Y
- 27.00%
- 3Y*
- 15.74%
- 5Y*
- 5.37%
- 10Y*
- 10.87%
- ALL TIME*
- 10.52%
PGX
- 1D
- -0.09%
- 1M
- -0.81%
- 6M
- -2.93%
- YTD
- -1.09%
- 1Y
- 0.92%
- 3Y*
- 4.24%
- 5Y*
- -1.12%
- 10Y*
- 2.06%
- ALL TIME*
- 2.82%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.38M | $2.19M | $1.42M | |
| $32.98M | $30.15M | $28.71M |
FCVT vs. PGX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FCVT First Trust SSI Strategic Convertible Securities ETF | 14.79% | 19.60% | 11.92% | 7.12% | -20.88% | 4.23% | 51.02% | 22.30% | -2.28% | 12.66% |
PGX Invesco Preferred ETF | -1.09% | 3.48% | 6.53% | 9.48% | -21.16% | 3.15% | 7.09% | 17.09% | -4.01% | 10.48% |
Correlation
The correlation between FCVT and PGX is 0.40, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.40 |
Correlation (3Y) Balances recent behavior with more history. | 0.40 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.46 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.41 |
Correlation (All Time) Calculated using the full available price history since Nov 4, 2015 | 0.39 |
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Return for Risk
FCVT vs. PGX — Risk / Return Rank
FCVT
PGX
FCVT vs. PGX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust SSI Strategic Convertible Securities ETF (FCVT) and Invesco Preferred ETF (PGX). 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.
| FCVT | PGX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.21 | ||
| Sortino ratioReturn per unit of downside risk | +1.62 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.02 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 1.82 | 0.13 | +1.69 |
| Martin ratioReturn relative to average drawdown | 7.30 | 0.24 | +7.06 |
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Drawdowns
FCVT vs. PGX - Drawdown Comparison
The maximum FCVT drawdown since its inception was -31.79%, smaller than the maximum PGX drawdown of -66.44%. Use the drawdown chart below to compare losses from any high point for FCVT and PGX.
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Drawdown Indicators
| FCVT | PGX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.79% | -66.44% | +34.65% |
Max Drawdown (1Y)Largest decline over 1 year | -13.87% | -4.98% | -8.89% |
Max Drawdown (3Y)Largest decline over 3 years | -15.06% | -11.17% | -3.89% |
Max Drawdown (5Y)Largest decline over 5 years | -30.43% | -24.67% | -5.76% |
Max Drawdown (10Y)Largest decline over 10 years | -31.79% | -34.10% | +2.31% |
Current DrawdownCurrent decline from peak | -10.08% | -6.16% | -3.92% |
Average DrawdownAverage peak-to-trough decline | -10.29% | -8.11% | -2.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.45% | 2.71% | +0.74% |
Volatility
FCVT vs. PGX - Volatility Comparison
First Trust SSI Strategic Convertible Securities ETF (FCVT) has a higher volatility of 7.70% compared to Invesco Preferred ETF (PGX) at 1.24%. This indicates that FCVT's price experiences larger fluctuations and is considered to be riskier than PGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FCVT | PGX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.70% | 1.24% | +6.46% |
Volatility (6M)Calculated over the trailing 6-month period | 16.06% | 4.23% | +11.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.11% | 5.97% | +13.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.76% | 11.12% | +3.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.99% | 13.02% | +1.97% |
FCVT vs. PGX - Expense Ratio Comparison
FCVT has a 0.95% expense ratio, which is higher than PGX's 0.50% expense ratio.
Dividends
FCVT vs. PGX - Dividend Comparison
FCVT's dividend yield for the trailing twelve months is around 1.14%, less than PGX's 6.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FCVT First Trust SSI Strategic Convertible Securities ETF | 1.14% | 1.98% | 1.30% | 1.76% | 3.71% | 23.07% | 1.72% | 1.60% | 1.85% | 2.18% | 1.88% | 0.59% |
PGX Invesco Preferred ETF | 6.39% | 6.03% | 5.95% | 6.42% | 6.29% | 4.82% | 4.89% | 4.85% | 6.09% | 5.66% | 6.02% | 5.84% |
Frequently Asked Questions
FCVT and PGX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FCVT has higher volatility (7.70%) compared to PGX (1.24%). In terms of maximum drawdown, FCVT dropped -31.79% vs PGX's -66.44%.
On 10-year performance, FCVT leads with 10.87% vs 2.06% for PGX. On fees, PGX is cheaper at 0.50% per year. On volatility, PGX has been the lower-risk option at 1.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FCVT has performed better with a 10.87% return vs 2.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PGX is cheaper with a 0.50% expense ratio, compared with 0.95% for FCVT.
PGX has the higher dividend yield at 6.39%, compared with 1.14% for FCVT.
FCVT is categorized as Convertible Bonds, while PGX is Preferred Stock. They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.95% for FCVT and 0.50% for PGX.
FCVT currently has the higher Sharpe Ratio (1.32 vs 0.11), 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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