FPE vs. DODIX

Last updated Jun 4, 2026

FPE (First Trust Preferred Securities & Income ETF) and DODIX (Dodge & Cox Income Fund) are both funds - FPE is a Preferred Stock/Convertible Bonds fund actively managed by First Trust, while DODIX is a Total Bond Market fund managed by Dodge & Cox. Over the past 10 years, FPE returned 5.04%/yr vs 2.93%/yr for DODIX. At a 0.33 correlation, their price movements are largely independent. FPE charges 0.85%/yr vs 0.41%/yr for DODIX.

Performance

FPE vs. DODIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Preferred Securities & Income ETF (FPE) and Dodge & Cox Income Fund (DODIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FPE achieves a 0.97% return, which is significantly higher than DODIX's 0.51% return. Over the past 10 years, FPE has outperformed DODIX with an annualized return of 5.04%, while DODIX has yielded a comparatively lower 2.93% annualized return.

FPE

• 1D: -0.11%
• 1M: 0.16%
• YTD: 0.97%
• 6M: 1.26%
• 1Y: 8.50%
• 3Y*: 10.04%
• 5Y*: 3.08%
• 10Y*: 5.04%

DODIX

• 1D: 0.08%
• 1M: 0.55%
• YTD: 0.51%
• 6M: 0.47%
• 1Y: 6.43%
• 3Y*: 5.26%
• 5Y*: 1.31%
• 10Y*: 2.93%

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

FPE vs. DODIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FPE First Trust Preferred Securities & Income ETF	0.97%	9.21%	11.17%	6.84%	-12.77%	5.24%	6.00%	18.15%	-4.98%	11.26%
DODIX Dodge & Cox Income Fund	0.51%	8.32%	2.25%	7.69%	-11.42%	-0.92%	9.46%	9.73%	-0.31%	4.36%

Correlation

The correlation between FPE and DODIX is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (10Y) Calculated over the trailing 10-year period	0.36
Correlation (All Time) Calculated using the full available price history since Feb 13, 2013	0.33

Over the past year, FPE and DODIX have become more correlated (0.55) than their long-term average of 0.33, meaning their price movements have been converging.

Return for Risk

FPE vs. DODIX — Risk / Return Rank

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

FPE

FPE Risk / Return Rank: 61
FPE Sharpe Ratio Rank: 65
FPE Sortino Ratio Rank: 67
FPE Omega Ratio Rank: 77
FPE Calmar Ratio Rank: 42
FPE Martin Ratio Rank: 54

DODIX

DODIX Risk / Return Rank: 29
DODIX Sharpe Ratio Rank: 30
DODIX Sortino Ratio Rank: 32
DODIX Omega Ratio Rank: 30
DODIX Calmar Ratio Rank: 30
DODIX Martin Ratio Rank: 25

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.

FPE vs. DODIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Preferred Securities & Income ETF (FPE) and Dodge & Cox Income Fund (DODIX). 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.

	FPE	DODIX	Difference
Sharpe ratio: Return per unit of total volatility	2.22	1.57	+0.64
Sortino ratio: Return per unit of downside risk	3.15	2.33	+0.82
Omega ratio: Gain probability vs. loss probability	1.47	1.29	+0.18
Calmar ratio: Return relative to maximum drawdown	2.09	2.04	+0.05
Martin ratio: Return relative to average drawdown	9.47	6.23	+3.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FPE vs. DODIX - Sharpe Ratio Comparison

The current FPE Sharpe Ratio is 2.22, which is higher than the DODIX Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of FPE and DODIX, 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

	FPE	DODIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	1.57	+0.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.24	+0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.66	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	1.47	-0.95

Drawdowns

FPE vs. DODIX - Drawdown Comparison

The maximum FPE drawdown since its inception was -33.35%, which is greater than DODIX's maximum drawdown of -16.89%. Use the drawdown chart below to compare losses from any high point for FPE and DODIX.

Drawdown Indicators

	FPE	DODIX	Difference
Max Drawdown Largest peak-to-trough decline	-33.35%	-16.89%	-16.46%
Max Drawdown (1Y) Largest decline over 1 year	-4.08%	-3.17%	-0.91%
Max Drawdown (3Y) Largest decline over 3 years	-4.66%	-5.68%	+1.02%
Max Drawdown (5Y) Largest decline over 5 years	-19.65%	-16.89%	-2.76%
Max Drawdown (10Y) Largest decline over 10 years	-33.35%	-16.89%	-16.46%
Current Drawdown Current decline from peak	-0.84%	-1.63%	+0.79%
Average Drawdown Average peak-to-trough decline	-3.33%	-1.50%	-1.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	1.04%	-0.14%

Volatility

FPE vs. DODIX - Volatility Comparison

The current volatility for First Trust Preferred Securities & Income ETF (FPE) is 1.10%, while Dodge & Cox Income Fund (DODIX) has a volatility of 1.43%. This indicates that FPE experiences smaller price fluctuations and is considered to be less risky than DODIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPE	DODIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.10%	1.43%	-0.33%
Volatility (6M) Calculated over the trailing 6-month period	3.09%	3.00%	+0.09%
Volatility (1Y) Calculated over the trailing 1-year period	3.85%	4.11%	-0.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.61%	5.56%	+1.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.17%	4.45%	+5.72%

FPE vs. DODIX - Expense Ratio Comparison

FPE has a 0.85% expense ratio, which is higher than DODIX's 0.41% expense ratio.

Dividends

FPE vs. DODIX - Dividend Comparison

FPE's dividend yield for the trailing twelve months is around 5.84%, more than DODIX's 4.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DODIX Dodge & Cox Income Fund	4.26%	4.23%	4.24%	3.86%	2.19%	3.23%	4.66%	3.63%	3.43%	3.03%	3.25%	3.09%
FPE First Trust Preferred Securities & Income ETF	5.84%	5.81%	5.68%	6.03%	5.67%	4.48%	4.88%	5.32%	6.14%	5.39%	5.97%	5.49%

Frequently Asked Questions

Can I hold both FPE and DODIX in my portfolio?

FPE and DODIX have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPE or DODIX?

DODIX has higher volatility (1.43%) compared to FPE (1.10%). In terms of maximum drawdown, FPE dropped -33.35% vs DODIX's -16.89%.

Which has better risk-adjusted returns?

FPE currently has the higher Sharpe Ratio (2.22 vs 1.57), 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.