FPEI vs. EPRF

Last updated Apr 1, 2026

Compare and contrast key facts about First Trust Institutional Preferred Securities & Income ETF (FPEI) and Innovator S&P High Quality Preferred ETF (EPRF).

FPEI and EPRF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FPEI is an actively managed fund by First Trust. It was launched on Aug 22, 2017. EPRF is a passively managed fund by Innovator that tracks the performance of the S&P U.S. High Quality Preferred Stock Index. It was launched on May 24, 2016.

Performance

FPEI vs. EPRF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Institutional Preferred Securities & Income ETF (FPEI) and Innovator S&P High Quality Preferred ETF (EPRF). The values are adjusted to include any dividend payments, if applicable.

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	-0.64%	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	-4.28%	2.69%	3.46%	9.43%	-20.68%	1.37%	7.38%	19.54%	-5.58%	0.75%

Returns By Period

In the year-to-date period, FPEI achieves a -0.64% return, which is significantly higher than EPRF's -4.28% return.

FPEI

• 1D: 1.04%
• 1M: -1.99%
• YTD: -0.64%
• 6M: 1.11%
• 1Y: 7.60%
• 3Y*: 10.49%
• 5Y*: 4.17%
• 10Y*: —

EPRF

• 1D: 0.12%
• 1M: -3.39%
• YTD: -4.28%
• 6M: -6.59%
• 1Y: -0.37%
• 3Y*: 2.18%
• 5Y*: -2.07%
• 10Y*: —

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

FPEI vs. EPRF - Expense Ratio Comparison

FPEI has a 0.85% expense ratio, which is higher than EPRF's 0.47% expense ratio.

FPEI

First Trust Institutional Preferred Securities & Income ETF

EPRF

Innovator S&P High Quality Preferred ETF

Return for Risk

FPEI vs. EPRF — Risk / Return Rank

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

FPEI

FPEI Risk / Return Rank: 83
FPEI Sharpe Ratio Rank: 85
FPEI Sortino Ratio Rank: 85
FPEI Omega Ratio Rank: 91
FPEI Calmar Ratio Rank: 77
FPEI Martin Ratio Rank: 79

EPRF

EPRF Risk / Return Rank: 10
EPRF Sharpe Ratio Rank: 11
EPRF Sortino Ratio Rank: 10
EPRF Omega Ratio Rank: 10
EPRF Calmar Ratio Rank: 11
EPRF Martin Ratio Rank: 10

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.

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 ratio Return per unit of total volatility	1.68	-0.04	+1.72
Sortino ratio Return per unit of downside risk	2.21	0.00	+2.21
Omega ratio Gain probability vs. loss probability	1.39	1.00	+0.39
Calmar ratio Return relative to maximum drawdown	2.01	-0.08	+2.08
Martin ratio Return relative to average drawdown	8.34	-0.20	+8.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FPEI vs. EPRF - Sharpe Ratio Comparison

The current FPEI Sharpe Ratio is 1.68, which is higher than the EPRF Sharpe Ratio of -0.04. The chart below compares the historical Sharpe Ratios of FPEI and EPRF, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FPEI	EPRF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.68	-0.04	+1.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	-0.18	+0.88
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.07	+0.48

Correlation

The correlation between FPEI and EPRF is 0.40, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

FPEI vs. EPRF - Dividend Comparison

FPEI's dividend yield for the trailing twelve months is around 5.77%, less than EPRF's 6.30% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FPEI First Trust Institutional Preferred Securities & Income ETF	5.77%	5.62%	5.55%	5.76%	5.20%	4.46%	4.90%	5.02%	5.81%	1.50%
EPRF Innovator S&P High Quality Preferred ETF	6.30%	6.03%	6.13%	5.71%	5.67%	4.70%	4.92%	5.01%	5.27%	2.59%

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.

Drawdown Indicators

	FPEI	EPRF	Difference
Max Drawdown Largest peak-to-trough decline	-27.51%	-26.82%	-0.69%
Max Drawdown (1Y) Largest decline over 1 year	-3.90%	-8.59%	+4.69%
Max Drawdown (5Y) Largest decline over 5 years	-16.46%	-25.23%	+8.77%
Current Drawdown Current decline from peak	-2.29%	-12.78%	+10.49%
Average Drawdown Average peak-to-trough decline	-3.10%	-7.31%	+4.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	3.25%	-2.31%

Volatility

FPEI vs. EPRF - Volatility Comparison

The current volatility for First Trust Institutional Preferred Securities & Income ETF (FPEI) is 2.17%, while Innovator S&P High Quality Preferred ETF (EPRF) has a volatility of 2.42%. 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.

Volatility by Period

	FPEI	EPRF	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.17%	2.42%	-0.25%
Volatility (6M) Calculated over the trailing 6-month period	2.91%	5.27%	-2.36%
Volatility (1Y) Calculated over the trailing 1-year period	4.55%	8.88%	-4.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.93%	11.73%	-5.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.93%	13.57%	-4.64%