FCVT vs. PRFD

Last updated Jun 24, 2026

FCVT (First Trust SSI Strategic Convertible Securities ETF) and PRFD (PIMCO Preferred And Capital Securities Active Exchange-Traded Fund) are both Preferred Stock/Convertible Bonds funds. Both are actively managed. Over the past 3 years, FCVT returned 20.64%/yr vs 9.34%/yr for PRFD. At a 0.34 correlation, their price movements are largely independent. FCVT charges 0.95%/yr vs 0.74%/yr for PRFD.

Performance

FCVT vs. PRFD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust SSI Strategic Convertible Securities ETF (FCVT) and PIMCO Preferred And Capital Securities Active Exchange-Traded Fund (PRFD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCVT achieves a 24.74% return, which is significantly higher than PRFD's 1.77% return.

FCVT

• 1D: -2.29%
• 1M: 2.99%
• YTD: 24.74%
• 6M: 22.65%
• 1Y: 43.93%
• 3Y*: 20.64%
• 5Y*: 6.75%
• 10Y*: 12.06%

PRFD

• 1D: 0.04%
• 1M: 0.83%
• YTD: 1.77%
• 6M: 1.91%
• 1Y: 7.06%
• 3Y*: 9.34%
• 5Y*: —
• 10Y*: —

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

FCVT vs. PRFD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FCVT First Trust SSI Strategic Convertible Securities ETF	24.74%	19.60%	11.92%	4.90%
PRFD PIMCO Preferred And Capital Securities Active Exchange-Traded Fund	1.77%	8.45%	9.92%	1.81%

Correlation

The correlation between FCVT and PRFD is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (All Time) Calculated using the full available price history since Jan 19, 2023	0.34

Return for Risk

FCVT vs. PRFD — Risk / Return Rank

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

FCVT

FCVT Risk / Return Rank: 84
FCVT Sharpe Ratio Rank: 85
FCVT Sortino Ratio Rank: 78
FCVT Omega Ratio Rank: 78
FCVT Calmar Ratio Rank: 90
FCVT Martin Ratio Rank: 89

PRFD

PRFD Risk / Return Rank: 67
PRFD Sharpe Ratio Rank: 75
PRFD Sortino Ratio Rank: 75
PRFD Omega Ratio Rank: 82
PRFD Calmar Ratio Rank: 46
PRFD Martin Ratio Rank: 54

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.

FCVT vs. PRFD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust SSI Strategic Convertible Securities ETF (FCVT) and PIMCO Preferred And Capital Securities Active Exchange-Traded Fund (PRFD). 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	PRFD	Difference
Sharpe ratio: Return per unit of total volatility	2.57	2.24	+0.33
Sortino ratio: Return per unit of downside risk	3.22	3.11	+0.11
Omega ratio: Gain probability vs. loss probability	1.43	1.45	-0.02
Calmar ratio: Return relative to maximum drawdown	5.21	2.16	+3.05
Martin ratio: Return relative to average drawdown	18.41	8.82	+9.59

FCVT vs. PRFD - Sharpe Ratio Comparison

The current FCVT Sharpe Ratio is 2.57, which is comparable to the PRFD Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of FCVT and PRFD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FCVT vs. PRFD - Drawdown Comparison

The maximum FCVT drawdown since its inception was -31.79%, which is greater than PRFD's maximum drawdown of -11.93%. Use the drawdown chart below to compare losses from any high point for FCVT and PRFD.

Drawdown Indicators

	FCVT	PRFD	Difference
Max Drawdown Largest peak-to-trough decline	-31.79%	-11.93%	-19.86%
Max Drawdown (1Y) Largest decline over 1 year	-8.47%	-3.28%	-5.19%
Max Drawdown (3Y) Largest decline over 3 years	-15.06%	-6.28%	-8.78%
Max Drawdown (5Y) Largest decline over 5 years	-30.43%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-31.79%	—	—
Current Drawdown Current decline from peak	-2.29%	-0.25%	-2.04%
Average Drawdown Average peak-to-trough decline	-10.32%	-2.20%	-8.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.39%	0.80%	+1.59%

Volatility

FCVT vs. PRFD - Volatility Comparison

First Trust SSI Strategic Convertible Securities ETF (FCVT) has a higher volatility of 7.27% compared to PIMCO Preferred And Capital Securities Active Exchange-Traded Fund (PRFD) at 0.73%. This indicates that FCVT's price experiences larger fluctuations and is considered to be riskier than PRFD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCVT	PRFD	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.27%	0.73%	+6.54%
Volatility (6M) Calculated over the trailing 6-month period	14.25%	2.67%	+11.58%
Volatility (1Y) Calculated over the trailing 1-year period	17.19%	3.18%	+14.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.37%	4.85%	+9.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.99%	4.85%	+10.14%

FCVT vs. PRFD - Expense Ratio Comparison

FCVT has a 0.95% expense ratio, which is higher than PRFD's 0.74% expense ratio.

Dividends

FCVT vs. PRFD - Dividend Comparison

FCVT's dividend yield for the trailing twelve months is around 1.20%, less than PRFD's 5.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCVT First Trust SSI Strategic Convertible Securities ETF	1.20%	1.98%	1.30%	1.76%	3.71%	23.07%	1.72%	1.60%	1.85%	2.18%	1.88%	0.59%
PRFD PIMCO Preferred And Capital Securities Active Exchange-Traded Fund	5.75%	5.63%	5.53%	5.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FCVT and PRFD in my portfolio?

FCVT and PRFD have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCVT or PRFD?

FCVT has higher volatility (7.27%) compared to PRFD (0.73%). In terms of maximum drawdown, FCVT dropped -31.79% vs PRFD's -11.93%.

Which ETF is better, FCVT or PRFD?

On 3-year performance, FCVT leads with 20.64% vs 9.34% for PRFD. On fees, PRFD is cheaper at 0.74% per year. On volatility, PRFD has been the lower-risk option at 0.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FCVT or PRFD?

Over the 3-year period, FCVT has performed better with a 20.64% return vs 9.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FCVT or PRFD?

PRFD is cheaper with a 0.74% expense ratio, compared with 0.95% for FCVT.

Which ETF pays a higher dividend yield, FCVT or PRFD?

PRFD has the higher dividend yield at 5.75%, compared with 1.20% for FCVT.

What is the main difference between FCVT and PRFD?

They also come from different issuers: First Trust and PIMCO. Their fees differ too: 0.95% for FCVT and 0.74% for PRFD.

Which has better risk-adjusted returns?

FCVT currently has the higher Sharpe Ratio (2.57 vs 2.24), 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.