FPEI vs. EPRF
FPEI (First Trust Institutional Preferred Securities & Income ETF) and EPRF (Innovator S&P High Quality Preferred ETF) are both Preferred Stock/Convertible Bonds funds. FPEI is actively managed, while EPRF is passively managed. Over the past 5 years, FPEI returned 4.20%/yr vs -1.97%/yr for EPRF. At a 0.41 correlation, their price movements are largely independent. FPEI charges 0.85%/yr vs 0.47%/yr for EPRF.
Performance
FPEI vs. EPRF - Performance Comparison
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Returns By Period
In the year-to-date period, FPEI achieves a 1.56% return, which is significantly higher than EPRF's -2.39% return.
FPEI
- 1D
- -0.10%
- 1M
- 0.94%
- YTD
- 1.56%
- 6M
- 1.80%
- 1Y
- 8.60%
- 3Y*
- 10.69%
- 5Y*
- 4.20%
- 10Y*
- —
EPRF
- 1D
- -0.41%
- 1M
- -1.18%
- YTD
- -2.39%
- 6M
- -2.28%
- 1Y
- 2.04%
- 3Y*
- 2.39%
- 5Y*
- -1.97%
- 10Y*
- —
FPEI vs. EPRF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FPEI First Trust Institutional Preferred Securities & Income ETF | 1.56% | 9.82% | 10.94% | 6.29% | -8.19% | 4.63% | 7.08% | 15.86% | -4.29% | 2.23% |
EPRF Innovator S&P High Quality Preferred ETF | -2.39% | 2.69% | 3.46% | 9.43% | -20.68% | 1.37% | 7.38% | 19.54% | -5.58% | 0.75% |
Correlation
The correlation between FPEI and EPRF 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 | 0.50 |
Correlation (All Time) Calculated using the full available price history since Aug 24, 2017 | 0.41 |
The correlation between FPEI and EPRF has been stable across timeframes, ranging from 0.41 to 0.50 - a consistent structural relationship.
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Return for Risk
FPEI vs. EPRF — Risk / Return Rank
FPEI
EPRF
FPEI vs. EPRF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Institutional Preferred Securities & Income ETF (FPEI) and Innovator S&P High Quality Preferred ETF (EPRF). 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 | EPRF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.07 | ||
| Sortino ratioReturn per unit of downside risk | +3.29 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.05 | +0.49 |
| Calmar ratioReturn relative to maximum drawdown | 2.38 | 0.24 | +2.14 |
| Martin ratioReturn relative to average drawdown | 11.84 | 0.51 | +11.33 |
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 | EPRF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.34 | 0.27 | +2.07 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.71 | -0.17 | +0.87 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.57 | 0.08 | +0.48 |
Drawdowns
FPEI vs. EPRF - Drawdown Comparison
The maximum FPEI drawdown since its inception was -27.51%, roughly equal to the maximum EPRF drawdown of -26.82%. Use the drawdown chart below to compare losses from any high point for FPEI and EPRF.
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Drawdown Indicators
| FPEI | EPRF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.51% | -26.82% | -0.69% |
Max Drawdown (1Y)Largest decline over 1 year | -3.63% | -8.59% | +4.96% |
Max Drawdown (3Y)Largest decline over 3 years | -4.26% | -12.29% | +8.03% |
Max Drawdown (5Y)Largest decline over 5 years | -16.46% | -25.23% | +8.77% |
Current DrawdownCurrent decline from peak | -0.16% | -11.06% | +10.90% |
Average DrawdownAverage peak-to-trough decline | -3.06% | -7.37% | +4.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.73% | 4.01% | -3.28% |
Volatility
FPEI vs. EPRF - Volatility Comparison
The current volatility for First Trust Institutional Preferred Securities & Income ETF (FPEI) is 0.95%, while Innovator S&P High Quality Preferred ETF (EPRF) has a volatility of 2.14%. This indicates that FPEI experiences smaller price fluctuations and is considered to be less risky than EPRF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FPEI | EPRF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.95% | 2.14% | -1.19% |
Volatility (6M)Calculated over the trailing 6-month period | 3.06% | 5.46% | -2.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.69% | 7.55% | -3.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.97% | 11.81% | -5.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.86% | 13.49% | -4.63% |
FPEI vs. EPRF - Expense Ratio Comparison
FPEI has a 0.85% expense ratio, which is higher than EPRF's 0.47% expense ratio.
Dividends
FPEI vs. EPRF - Dividend Comparison
FPEI's dividend yield for the trailing twelve months is around 5.72%, less than EPRF's 6.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EPRF Innovator S&P High Quality Preferred ETF | 6.18% | 6.03% | 6.13% | 5.71% | 5.67% | 4.70% | 4.92% | 5.01% | 5.27% | 2.59% |
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% |
Frequently Asked Questions
FPEI and EPRF 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.
EPRF has higher volatility (2.14%) compared to FPEI (0.95%). In terms of maximum drawdown, FPEI dropped -27.51% vs EPRF's -26.82%.
On 5-year performance, FPEI leads with 4.20% vs -1.97% for EPRF. On fees, EPRF is cheaper at 0.47% per year. On volatility, FPEI has been the lower-risk option at 0.95%. 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 4.20% return vs -1.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EPRF is cheaper with a 0.47% expense ratio, compared with 0.85% for FPEI.
EPRF has the higher dividend yield at 6.18%, compared with 5.72% for FPEI.
They also come from different issuers: First Trust and Innovator. Their fees differ too: 0.85% for FPEI and 0.47% for EPRF.
FPEI currently has the higher Sharpe Ratio (2.34 vs 0.27), 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.
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