FPE vs. ICVT

Last updated Jun 3, 2026

FPE (First Trust Preferred Securities & Income ETF) and ICVT (iShares Convertible Bond ETF) are both Preferred Stock/Convertible Bonds funds. FPE is actively managed, while ICVT is passively managed. Over the past 10 years, FPE returned 5.05%/yr vs 14.10%/yr for ICVT. At a 0.41 correlation, their price movements are largely independent. FPE charges 0.85%/yr vs 0.20%/yr for ICVT.

Performance

FPE vs. ICVT - Performance Comparison

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

Returns By Period

In the year-to-date period, FPE achieves a 1.08% return, which is significantly lower than ICVT's 26.51% return. Over the past 10 years, FPE has underperformed ICVT with an annualized return of 5.05%, while ICVT has yielded a comparatively higher 14.10% annualized return.

FPE

• 1D: 0.00%
• 1M: -0.11%
• YTD: 1.08%
• 6M: 1.48%
• 1Y: 8.74%
• 3Y*: 10.09%
• 5Y*: 3.12%
• 10Y*: 5.05%

ICVT

• 1D: 1.04%
• 1M: 9.19%
• YTD: 26.51%
• 6M: 26.15%
• 1Y: 44.47%
• 3Y*: 21.44%
• 5Y*: 8.16%
• 10Y*: 14.10%

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

FPE vs. ICVT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FPE First Trust Preferred Securities & Income ETF	1.08%	9.21%	11.17%	6.84%	-12.77%	5.24%	6.00%	18.15%	-4.98%	11.26%
ICVT iShares Convertible Bond ETF	26.51%	18.10%	10.61%	15.35%	-20.66%	-0.66%	61.01%	21.76%	-0.27%	16.38%

Correlation

The correlation between FPE and ICVT is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since Jun 5, 2015	0.41

The correlation between FPE and ICVT shifts across timeframes, from 0.41 (all time) to 0.54 (5 years), reflecting how their relationship changes across market environments.

FPE vs. ICVT - Sectors Allocation Comparison

Sectors	FPE	ICVT
Financial Services	9.2%	-
Utilities	3.1%	-
Real Estate	2.3%	-
Consumer Defensive	0.8%	-
Communication Services	0.4%	-
Industrials	0.4%	-
Basic Materials	-	-
Consumer Cyclical	-	13.0%
Energy	-	-
Healthcare	-	44.8%
Technology	-	55.2%

Return for Risk

FPE vs. ICVT — Risk / Return Rank

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

FPE

FPE Risk / Return Rank: 63
FPE Sharpe Ratio Rank: 68
FPE Sortino Ratio Rank: 70
FPE Omega Ratio Rank: 80
FPE Calmar Ratio Rank: 43
FPE Martin Ratio Rank: 55

ICVT

ICVT Risk / Return Rank: 89
ICVT Sharpe Ratio Rank: 90
ICVT Sortino Ratio Rank: 88
ICVT Omega Ratio Rank: 88
ICVT Calmar Ratio Rank: 91
ICVT Martin Ratio Rank: 91

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. ICVT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Preferred Securities & Income ETF (FPE) and iShares Convertible Bond ETF (ICVT). 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	ICVT	Difference
Sharpe ratio Return per unit of total volatility	2.28	3.12	-0.84
Sortino ratio Return per unit of downside risk	3.24	4.03	-0.79
Omega ratio Gain probability vs. loss probability	1.48	1.55	-0.07
Calmar ratio Return relative to maximum drawdown	2.14	5.94	-3.80
Martin ratio Return relative to average drawdown	9.74	21.71	-11.98
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. ICVT - Sharpe Ratio Comparison

The current FPE Sharpe Ratio is 2.28, which is comparable to the ICVT Sharpe Ratio of 3.12. The chart below compares the historical Sharpe Ratios of FPE and ICVT, 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	ICVT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.28	3.12	-0.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.62	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.91	-0.41
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.79	-0.26

Drawdowns

FPE vs. ICVT - Drawdown Comparison

The maximum FPE drawdown since its inception was -33.35%, roughly equal to the maximum ICVT drawdown of -33.25%. Use the drawdown chart below to compare losses from any high point for FPE and ICVT.

Drawdown Indicators

	FPE	ICVT	Difference
Max Drawdown Largest peak-to-trough decline	-33.35%	-33.25%	-0.10%
Max Drawdown (1Y) Largest decline over 1 year	-4.08%	-7.55%	+3.47%
Max Drawdown (3Y) Largest decline over 3 years	-4.66%	-11.22%	+6.56%
Max Drawdown (5Y) Largest decline over 5 years	-19.65%	-29.95%	+10.30%
Max Drawdown (10Y) Largest decline over 10 years	-33.35%	-33.25%	-0.10%
Current Drawdown Current decline from peak	-0.73%	0.00%	-0.73%
Average Drawdown Average peak-to-trough decline	-3.33%	-9.50%	+6.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	2.07%	-1.17%

Volatility

FPE vs. ICVT - Volatility Comparison

The current volatility for First Trust Preferred Securities & Income ETF (FPE) is 1.16%, while iShares Convertible Bond ETF (ICVT) has a volatility of 5.38%. This indicates that FPE experiences smaller price fluctuations and is considered to be less risky than ICVT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPE	ICVT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.16%	5.38%	-4.22%
Volatility (6M) Calculated over the trailing 6-month period	3.09%	11.67%	-8.58%
Volatility (1Y) Calculated over the trailing 1-year period	3.85%	14.32%	-10.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.61%	13.24%	-6.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.17%	15.50%	-5.33%

FPE vs. ICVT - Expense Ratio Comparison

FPE has a 0.85% expense ratio, which is higher than ICVT's 0.20% expense ratio.

Dividends

FPE vs. ICVT - Dividend Comparison

FPE's dividend yield for the trailing twelve months is around 5.83%, more than ICVT's 1.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPE First Trust Preferred Securities & Income ETF	5.83%	5.81%	5.68%	6.03%	5.67%	4.48%	4.88%	5.32%	6.14%	5.39%	5.97%	5.49%
ICVT iShares Convertible Bond ETF	1.28%	1.73%	2.19%	1.85%	1.93%	7.70%	3.98%	1.86%	4.82%	2.56%	3.06%	1.57%

Frequently Asked Questions

Can I hold both FPE and ICVT in my portfolio?

FPE and ICVT have a correlation of 0.46, 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 ICVT?

ICVT has higher volatility (5.38%) compared to FPE (1.16%). In terms of maximum drawdown, FPE dropped -33.35% vs ICVT's -33.25%.

Which ETF is better, FPE or ICVT?

On 10-year performance, ICVT leads with 14.10% vs 5.05% for FPE. On fees, ICVT is cheaper at 0.20% per year. On volatility, FPE has been the lower-risk option at 1.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FPE or ICVT?

Over the 10-year period, ICVT has performed better with a 14.10% return vs 5.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FPE or ICVT?

ICVT is cheaper with a 0.20% expense ratio, compared with 0.85% for FPE.

Which ETF pays a higher dividend yield, FPE or ICVT?

FPE has the higher dividend yield at 5.83%, compared with 1.28% for ICVT.

What is the main difference between FPE and ICVT?

They also come from different issuers: First Trust and iShares. Their fees differ too: 0.85% for FPE and 0.20% for ICVT.

Which has better risk-adjusted returns?

ICVT currently has the higher Sharpe Ratio (3.12 vs 2.28), 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.