FPEI vs. AGZD
FPEI (First Trust Institutional Preferred Securities & Income ETF) and AGZD (WisdomTree Interest Rate Hedged U.S. Aggregate Bond Fund) are both exchange-traded funds - FPEI is a Preferred Stock/Convertible Bonds fund actively managed by First Trust, while AGZD is a Nontraditional Bonds fund tracking the Bloomberg Rate Hedged U.S. Aggregate Bond Index, Zero Duration. FPEI is actively managed, while AGZD is passively managed. Over the past 5 years, FPEI returned 4.26%/yr vs 4.37%/yr for AGZD. At a 0.08 correlation, their price movements are largely independent. FPEI charges 0.85%/yr vs 0.23%/yr for AGZD.
Performance
FPEI vs. AGZD - Performance Comparison
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Returns By Period
In the year-to-date period, FPEI achieves a 1.66% return, which is significantly lower than AGZD's 2.40% return.
FPEI
- 1D
- -0.05%
- 1M
- 0.83%
- YTD
- 1.66%
- 6M
- 2.14%
- 1Y
- 9.00%
- 3Y*
- 10.72%
- 5Y*
- 4.26%
- 10Y*
- —
AGZD
- 1D
- 0.05%
- 1M
- 0.73%
- YTD
- 2.40%
- 6M
- 3.10%
- 1Y
- 5.40%
- 3Y*
- 6.08%
- 5Y*
- 4.37%
- 10Y*
- 3.17%
FPEI vs. AGZD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FPEI First Trust Institutional Preferred Securities & Income ETF | 1.66% | 9.82% | 10.94% | 6.29% | -8.19% | 4.63% | 7.08% | 15.86% | -4.29% | 2.23% |
AGZD WisdomTree Interest Rate Hedged U.S. Aggregate Bond Fund | 2.40% | 4.35% | 6.64% | 7.15% | 1.17% | 0.69% | 0.31% | 4.65% | 0.18% | 1.91% |
Correlation
The correlation between FPEI and AGZD is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Aug 24, 2017 | 0.08 |
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Return for Risk
FPEI vs. AGZD — Risk / Return Rank
FPEI
AGZD
FPEI vs. AGZD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Institutional Preferred Securities & Income ETF (FPEI) and WisdomTree Interest Rate Hedged U.S. Aggregate Bond Fund (AGZD). 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.
| FPEI | AGZD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.45 | 1.88 | +0.57 |
Sortino ratioReturn per unit of downside risk | 3.90 | 2.79 | +1.11 |
Omega ratioGain probability vs. loss probability | 1.57 | 1.37 | +0.20 |
Calmar ratioReturn relative to maximum drawdown | 2.48 | 6.28 | -3.80 |
Martin ratioReturn relative to average drawdown | 12.37 | 19.78 | -7.41 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FPEI | AGZD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.45 | 1.88 | +0.57 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.72 | 1.22 | -0.51 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.86 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.57 | 0.65 | -0.08 |
Drawdowns
FPEI vs. AGZD - Drawdown Comparison
The maximum FPEI drawdown since its inception was -27.51%, which is greater than AGZD's maximum drawdown of -8.46%. Use the drawdown chart below to compare losses from any high point for FPEI and AGZD.
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Drawdown Indicators
| FPEI | AGZD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.51% | -8.46% | -19.05% |
Max Drawdown (1Y)Largest decline over 1 year | -3.63% | -0.87% | -2.76% |
Max Drawdown (3Y)Largest decline over 3 years | -4.26% | -1.71% | -2.55% |
Max Drawdown (5Y)Largest decline over 5 years | -16.46% | -2.23% | -14.23% |
Max Drawdown (10Y)Largest decline over 10 years | — | -8.46% | — |
Current DrawdownCurrent decline from peak | -0.05% | -0.22% | +0.17% |
Average DrawdownAverage peak-to-trough decline | -3.06% | -0.77% | -2.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.73% | 0.28% | +0.45% |
Volatility
FPEI vs. AGZD - Volatility Comparison
First Trust Institutional Preferred Securities & Income ETF (FPEI) and WisdomTree Interest Rate Hedged U.S. Aggregate Bond Fund (AGZD) have volatilities of 0.97% and 1.02%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FPEI | AGZD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.97% | 1.02% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 3.06% | 1.99% | +1.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.69% | 2.88% | +0.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.97% | 3.58% | +2.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.86% | 3.72% | +5.14% |
FPEI vs. AGZD - Expense Ratio Comparison
FPEI has a 0.85% expense ratio, which is higher than AGZD's 0.23% expense ratio.
Dividends
FPEI vs. AGZD - Dividend Comparison
FPEI's dividend yield for the trailing twelve months is around 5.72%, more than AGZD's 3.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AGZD WisdomTree Interest Rate Hedged U.S. Aggregate Bond Fund | 3.98% | 4.12% | 3.96% | 6.07% | 8.61% | 1.66% | 2.28% | 2.83% | 2.62% | 2.31% | 1.81% | 1.66% |
FPEI First Trust Institutional Preferred Securities & Income ETF | 5.72% | 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
FPEI and AGZD have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AGZD has higher volatility (1.02%) compared to FPEI (0.97%). In terms of maximum drawdown, FPEI dropped -27.51% vs AGZD's -8.46%.
On 5-year performance, AGZD leads with 4.37% vs 4.26% for FPEI. On fees, AGZD is cheaper at 0.23% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, AGZD has performed better with a 4.37% return vs 4.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AGZD is cheaper with a 0.23% expense ratio, compared with 0.85% for FPEI.
FPEI has the higher dividend yield at 5.72%, compared with 3.98% for AGZD.
FPEI is categorized as Preferred Stock/Convertible Bonds, while AGZD is Nontraditional Bonds. They also come from different issuers: First Trust and WisdomTree. Their fees differ too: 0.85% for FPEI and 0.23% for AGZD.
FPEI currently has the higher Sharpe Ratio (2.45 vs 1.88), 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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