FPE vs. FPEI
FPE (First Trust Preferred Securities & Income ETF) and FPEI (First Trust Institutional Preferred Securities & Income ETF) are both Preferred Stock funds from First Trust. Both are actively managed. Over the past 5 years, FPE returned 2.72%/yr vs 3.90%/yr for FPEI. Their 0.55 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.85% expense ratio.
Performance
FPE vs. FPEI - 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 FPEI's 1.74% 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%
FPEI
- 1D
- 0.00%
- 1M
- -0.63%
- 6M
- 1.00%
- YTD
- 1.74%
- 1Y
- 6.47%
- 3Y*
- 9.51%
- 5Y*
- 3.90%
- 10Y*
- —
- ALL TIME*
- 4.90%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $16.81M | $16.95M | $17.82M | |
| $6.31M | $5.65M | $6.02M |
FPE vs. FPEI - 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% | 1.74% |
FPEI First Trust Institutional Preferred Securities & Income ETF | 1.74% | 9.82% | 10.94% | 6.29% | -8.19% | 4.63% | 7.08% | 15.86% | -4.29% | 2.07% |
Correlation
The correlation between FPE and FPEI is 0.73, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.73 |
Correlation (3Y) Balances recent behavior with more history. | 0.67 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.68 |
Correlation (All Time) Calculated using the full available price history since Aug 23, 2017 | 0.55 |
The correlation between FPE and FPEI shifts across timeframes, from 0.55 (all time) to 0.73 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FPE vs. FPEI — Risk / Return Rank
FPE
FPEI
FPE vs. FPEI - 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 Institutional Preferred Securities & Income ETF (FPEI). 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 | FPEI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.44 | ||
| Sortino ratioReturn per unit of downside risk | -0.92 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.39 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.26 | 1.81 | -0.55 |
| Martin ratioReturn relative to average drawdown | 5.33 | 8.82 | -3.49 |
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Drawdowns
FPE vs. FPEI - Drawdown Comparison
The maximum FPE drawdown since its inception was -33.35%, which is greater than FPEI's maximum drawdown of -27.51%. Use the drawdown chart below to compare losses from any high point for FPE and FPEI.
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Drawdown Indicators
| FPE | FPEI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.35% | -27.51% | -5.84% |
Max Drawdown (1Y)Largest decline over 1 year | -4.08% | -3.63% | -0.45% |
Max Drawdown (3Y)Largest decline over 3 years | -4.66% | -4.26% | -0.40% |
Max Drawdown (5Y)Largest decline over 5 years | -19.65% | -16.46% | -3.19% |
Max Drawdown (10Y)Largest decline over 10 years | -33.35% | — | — |
Current DrawdownCurrent decline from peak | -1.01% | -0.73% | -0.28% |
Average DrawdownAverage peak-to-trough decline | -3.30% | -3.01% | -0.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 0.74% | +0.22% |
Volatility
FPE vs. FPEI - Volatility Comparison
First Trust Preferred Securities & Income ETF (FPE) has a higher volatility of 0.86% compared to First Trust Institutional Preferred Securities & Income ETF (FPEI) at 0.65%. This indicates that FPE's price experiences larger fluctuations and is considered to be riskier than FPEI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FPE | FPEI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.86% | 0.65% | +0.21% |
Volatility (6M)Calculated over the trailing 6-month period | 3.17% | 3.05% | +0.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.92% | 3.74% | +0.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.63% | 5.97% | +0.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.17% | 8.78% | +1.39% |
FPE vs. FPEI - Expense Ratio Comparison
Both FPE and FPEI have an expense ratio of 0.85%.
Dividends
FPE vs. FPEI - Dividend Comparison
FPE's dividend yield for the trailing twelve months is around 6.01%, more than FPEI's 5.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
FPEI First Trust Institutional Preferred Securities & Income ETF | 5.81% | 5.62% | 5.55% | 5.76% | 5.20% | 4.46% | 4.90% | 5.02% | 5.81% | 1.50% | 0.00% | 0.00% |
Frequently Asked Questions
FPE and FPEI have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FPE has higher volatility (0.86%) compared to FPEI (0.65%). In terms of maximum drawdown, FPE dropped -33.35% vs FPEI's -27.51%.
On 5-year performance, FPEI leads with 3.90% vs 2.72% for FPE. Both ETFs have the same 0.85% expense ratio. On volatility, FPEI has been the lower-risk option at 0.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FPEI has performed better with a 3.90% return vs 2.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FPE and FPEI have the same expense ratio: 0.85% per year.
FPE has the higher dividend yield at 6.01%, compared with 5.81% for FPEI.
FPEI currently has the higher Sharpe Ratio (1.75 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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