FPE vs. PFFV

Last updated Jun 4, 2026

FPE (First Trust Preferred Securities & Income ETF) and PFFV (Global X Variable Rate Preferred ETF) are both Preferred Stock/Convertible Bonds funds. FPE is actively managed, while PFFV is passively managed. Over the past 5 years, FPE returned 3.08%/yr vs 2.24%/yr for PFFV. A 0.66 correlation means they provide meaningful diversification when combined. FPE charges 0.85%/yr vs 0.25%/yr for PFFV.

Performance

FPE vs. PFFV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Preferred Securities & Income ETF (FPE) and Global X Variable Rate Preferred ETF (PFFV). 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 lower than PFFV's 2.93% 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%

PFFV

• 1D: -0.05%
• 1M: 0.45%
• YTD: 2.93%
• 6M: 2.88%
• 1Y: 5.19%
• 3Y*: 7.51%
• 5Y*: 2.24%
• 10Y*: —

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

FPE vs. PFFV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FPE First Trust Preferred Securities & Income ETF	0.97%	9.21%	11.17%	6.84%	-12.77%	5.24%	12.29%
PFFV Global X Variable Rate Preferred ETF	2.93%	2.08%	9.45%	10.64%	-13.81%	6.35%	13.36%

Correlation

The correlation between FPE and PFFV is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (All Time) Calculated using the full available price history since Jun 25, 2020	0.66

The correlation between FPE and PFFV shifts across timeframes, from 0.54 (1 year) to 0.67 (5 years), reflecting how their relationship changes across market environments.

FPE vs. PFFV - Sectors Allocation Comparison

Sectors	FPE	PFFV
Financial Services	9.2%	72.1%
Utilities	3.1%	-
Real Estate	2.3%	19.6%
Consumer Defensive	0.8%	-
Communication Services	0.4%	-
Industrials	0.4%	-
Basic Materials	-	-
Consumer Cyclical	-	-
Energy	-	1.6%
Healthcare	-	-
Technology	-	-

Return for Risk

FPE vs. PFFV — 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

PFFV

PFFV Risk / Return Rank: 33
PFFV Sharpe Ratio Rank: 35
PFFV Sortino Ratio Rank: 35
PFFV Omega Ratio Rank: 34
PFFV Calmar Ratio Rank: 32
PFFV Martin Ratio Rank: 31

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. PFFV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Preferred Securities & Income ETF (FPE) and Global X Variable Rate Preferred ETF (PFFV). 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	PFFV	Difference
Sharpe ratio: Return per unit of total volatility	2.22	1.27	+0.95
Sortino ratio: Return per unit of downside risk	3.15	1.88	+1.27
Omega ratio: Gain probability vs. loss probability	1.47	1.23	+0.24
Calmar ratio: Return relative to maximum drawdown	2.09	1.61	+0.48
Martin ratio: Return relative to average drawdown	9.47	4.52	+4.95
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. PFFV - Sharpe Ratio Comparison

The current FPE Sharpe Ratio is 2.22, which is higher than the PFFV Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of FPE and PFFV, 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	PFFV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	1.27	+0.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.26	+0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.56	-0.03

Drawdowns

FPE vs. PFFV - Drawdown Comparison

The maximum FPE drawdown since its inception was -33.35%, which is greater than PFFV's maximum drawdown of -18.96%. Use the drawdown chart below to compare losses from any high point for FPE and PFFV.

Drawdown Indicators

	FPE	PFFV	Difference
Max Drawdown Largest peak-to-trough decline	-33.35%	-18.96%	-14.39%
Max Drawdown (1Y) Largest decline over 1 year	-4.08%	-3.23%	-0.85%
Max Drawdown (3Y) Largest decline over 3 years	-4.66%	-6.07%	+1.41%
Max Drawdown (5Y) Largest decline over 5 years	-19.65%	-18.96%	-0.69%
Max Drawdown (10Y) Largest decline over 10 years	-33.35%	—	—
Current Drawdown Current decline from peak	-0.84%	-0.31%	-0.53%
Average Drawdown Average peak-to-trough decline	-3.33%	-4.18%	+0.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	1.15%	-0.25%

Volatility

FPE vs. PFFV - Volatility Comparison

First Trust Preferred Securities & Income ETF (FPE) has a higher volatility of 1.10% compared to Global X Variable Rate Preferred ETF (PFFV) at 0.79%. This indicates that FPE's price experiences larger fluctuations and is considered to be riskier than PFFV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPE	PFFV	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.10%	0.79%	+0.31%
Volatility (6M) Calculated over the trailing 6-month period	3.09%	2.84%	+0.25%
Volatility (1Y) Calculated over the trailing 1-year period	3.85%	4.12%	-0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.61%	8.84%	-2.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.17%	8.69%	+1.48%

FPE vs. PFFV - Expense Ratio Comparison

FPE has a 0.85% expense ratio, which is higher than PFFV's 0.25% expense ratio.

Dividends

FPE vs. PFFV - Dividend Comparison

FPE's dividend yield for the trailing twelve months is around 5.84%, less than PFFV's 8.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
PFFV Global X Variable Rate Preferred ETF	8.12%	8.26%	7.33%	7.17%	6.60%	5.23%	2.29%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FPE and PFFV in my portfolio?

FPE and PFFV have a correlation of 0.54, 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 PFFV?

FPE has higher volatility (1.10%) compared to PFFV (0.79%). In terms of maximum drawdown, FPE dropped -33.35% vs PFFV's -18.96%.

Which ETF is better, FPE or PFFV?

On 5-year performance, FPE leads with 3.08% vs 2.24% for PFFV. On fees, PFFV is cheaper at 0.25% per year. On volatility, PFFV has been the lower-risk option at 0.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FPE or PFFV?

Over the 5-year period, FPE has performed better with a 3.08% return vs 2.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FPE or PFFV?

PFFV is cheaper with a 0.25% expense ratio, compared with 0.85% for FPE.

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

PFFV has the higher dividend yield at 8.12%, compared with 5.84% for FPE.

What is the main difference between FPE and PFFV?

They also come from different issuers: First Trust and Global X. Their fees differ too: 0.85% for FPE and 0.25% for PFFV.

Which has better risk-adjusted returns?

FPE currently has the higher Sharpe Ratio (2.22 vs 1.27), 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.