FPE vs. FCVT
FPE (First Trust Preferred Securities & Income ETF) and FCVT (First Trust SSI Strategic Convertible Securities ETF) are both exchange-traded funds - FPE is a Preferred Stock fund actively managed by First Trust, while FCVT is a Convertible Bonds fund actively managed by First Trust. Both are actively managed. Over the past 10 years, FPE returned 4.71%/yr vs 10.87%/yr for FCVT. Their 0.41 correlation means their historical movements had little consistent relationship. FPE charges 0.85%/yr vs 0.95%/yr for FCVT.
Performance
FPE vs. FCVT - Performance Comparison
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Returns By Period
In the year-to-date period, FPE achieves a 0.79% return, which is significantly lower than FCVT's 14.79% return. Over the past 10 years, FPE has underperformed FCVT with an annualized return of 4.71%, while FCVT has yielded a comparatively higher 10.87% annualized return.
FPE
- 1D
- 0.11%
- 1M
- -0.55%
- 6M
- -0.02%
- YTD
- 0.79%
- 1Y
- 5.35%
- 3Y*
- 9.22%
- 5Y*
- 2.72%
- 10Y*
- 4.71%
- ALL TIME*
- 4.77%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.38M | $2.19M | $1.42M | |
| $16.81M | $16.95M | $17.82M |
FPE vs. FCVT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FPE First Trust Preferred Securities & Income ETF | 0.79% | 9.21% | 11.17% | 6.84% | -12.77% | 5.24% | 6.00% | 18.15% | -4.98% | 11.26% |
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% |
Correlation
The correlation between FPE and FCVT is 0.50, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.50 |
Correlation (3Y) Balances recent behavior with more history. | 0.47 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.53 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.44 |
Correlation (All Time) Calculated using the full available price history since Nov 4, 2015 | 0.41 |
The correlation between FPE and FCVT shifts across timeframes, from 0.41 (all time) to 0.53 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
FPE vs. FCVT — Risk / Return Rank
FPE
FCVT
FPE vs. FCVT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Preferred Securities & Income ETF (FPE) and First Trust SSI Strategic Convertible Securities ETF (FCVT). 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.
| FPE | FCVT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.23 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.26 | 1.82 | -0.56 |
| Martin ratioReturn relative to average drawdown | 5.33 | 7.30 | -1.97 |
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Drawdowns
FPE vs. FCVT - Drawdown Comparison
The maximum FPE drawdown since its inception was -33.35%, roughly equal to the maximum FCVT drawdown of -31.79%. Use the drawdown chart below to compare losses from any high point for FPE and FCVT.
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Drawdown Indicators
| FPE | FCVT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.35% | -31.79% | -1.56% |
Max Drawdown (1Y)Largest decline over 1 year | -4.08% | -13.87% | +9.79% |
Max Drawdown (3Y)Largest decline over 3 years | -4.66% | -15.06% | +10.40% |
Max Drawdown (5Y)Largest decline over 5 years | -19.65% | -30.43% | +10.78% |
Max Drawdown (10Y)Largest decline over 10 years | -33.35% | -31.79% | -1.56% |
Current DrawdownCurrent decline from peak | -1.01% | -10.08% | +9.07% |
Average DrawdownAverage peak-to-trough decline | -3.30% | -10.29% | +6.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 3.45% | -2.49% |
Volatility
FPE vs. FCVT - Volatility Comparison
The current volatility for First Trust Preferred Securities & Income ETF (FPE) is 0.86%, while First Trust SSI Strategic Convertible Securities ETF (FCVT) has a volatility of 7.70%. This indicates that FPE experiences smaller price fluctuations and is considered to be less risky than FCVT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FPE | FCVT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.86% | 7.70% | -6.84% |
Volatility (6M)Calculated over the trailing 6-month period | 3.17% | 16.06% | -12.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.92% | 19.11% | -15.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.63% | 14.76% | -8.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.17% | 14.99% | -4.82% |
FPE vs. FCVT - Expense Ratio Comparison
FPE has a 0.85% expense ratio, which is lower than FCVT's 0.95% expense ratio.
Dividends
FPE vs. FCVT - Dividend Comparison
FPE's dividend yield for the trailing twelve months is around 6.01%, more than FCVT's 1.14% 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% |
FPE First Trust Preferred Securities & Income ETF | 6.01% | 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
FPE and FCVT have a correlation of 0.50, 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 FPE (0.86%). In terms of maximum drawdown, FPE dropped -33.35% vs FCVT's -31.79%.
On 10-year performance, FCVT leads with 10.87% vs 4.71% for FPE. On fees, FPE is cheaper at 0.85% per year. On volatility, FPE has been the lower-risk option at 0.86%. 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 4.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FPE is cheaper with a 0.85% expense ratio, compared with 0.95% for FCVT.
FPE has the higher dividend yield at 6.01%, compared with 1.14% for FCVT.
FPE is categorized as Preferred Stock, while FCVT is Convertible Bonds. Their fees differ too: 0.85% for FPE and 0.95% for FCVT.
FCVT currently has the higher Sharpe Ratio (1.32 vs 1.31), 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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