FPEI vs. FMSDX

Last updated Apr 1, 2026

Compare and contrast key facts about First Trust Institutional Preferred Securities & Income ETF (FPEI) and Fidelity Multi-Asset Income Fund (FMSDX).

FPEI is an actively managed fund by First Trust. It was launched on Aug 22, 2017. FMSDX is managed by Fidelity. It was launched on Sep 9, 2015.

Performance

FPEI vs. FMSDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Institutional Preferred Securities & Income ETF (FPEI) and Fidelity Multi-Asset Income Fund (FMSDX). The values are adjusted to include any dividend payments, if applicable.

FPEI vs. FMSDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FPEI First Trust Institutional Preferred Securities & Income ETF	-0.64%	9.82%	10.94%	6.29%	-8.19%	4.63%	7.08%	15.86%	-3.85%
FMSDX Fidelity Multi-Asset Income Fund	0.32%	14.10%	9.95%	11.75%	-13.67%	17.27%	14.56%	23.14%	-0.91%

Returns By Period

In the year-to-date period, FPEI achieves a -0.64% return, which is significantly lower than FMSDX's 0.32% return.

FPEI

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

FMSDX

• 1D: -0.39%
• 1M: -6.19%
• YTD: 0.32%
• 6M: 0.22%
• 1Y: 16.81%
• 3Y*: 9.80%
• 5Y*: 5.96%
• 10Y*: —

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

FPEI vs. FMSDX - Expense Ratio Comparison

FPEI has a 0.85% expense ratio, which is higher than FMSDX's 0.78% expense ratio.

FPEI

First Trust Institutional Preferred Securities & Income ETF

FMSDX

Fidelity Multi-Asset Income Fund

Return for Risk

FPEI vs. FMSDX — 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

FMSDX

FMSDX Risk / Return Rank: 80
FMSDX Sharpe Ratio Rank: 80
FMSDX Sortino Ratio Rank: 80
FMSDX Omega Ratio Rank: 75
FMSDX Calmar Ratio Rank: 84
FMSDX Martin Ratio Rank: 80

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. FMSDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Institutional Preferred Securities & Income ETF (FPEI) and Fidelity Multi-Asset Income Fund (FMSDX). 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	FMSDX	Difference
Sharpe ratio Return per unit of total volatility	1.68	1.46	+0.22
Sortino ratio Return per unit of downside risk	2.21	1.99	+0.22
Omega ratio Gain probability vs. loss probability	1.39	1.28	+0.11
Calmar ratio Return relative to maximum drawdown	2.01	2.06	-0.05
Martin ratio Return relative to average drawdown	8.34	7.80	+0.53
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. FMSDX - Sharpe Ratio Comparison

The current FPEI Sharpe Ratio is 1.68, which is comparable to the FMSDX Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of FPEI and FMSDX, 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	FMSDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.68	1.46	+0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	0.61	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.84	-0.30

Correlation

The correlation between FPEI and FMSDX is 0.48, 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. FMSDX - Dividend Comparison

FPEI's dividend yield for the trailing twelve months is around 5.77%, more than FMSDX's 3.53% 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%
FMSDX Fidelity Multi-Asset Income Fund	3.53%	3.81%	3.84%	4.23%	3.74%	2.81%	1.79%	2.82%	4.36%	0.00%

Drawdowns

FPEI vs. FMSDX - Drawdown Comparison

The maximum FPEI drawdown since its inception was -27.51%, which is greater than FMSDX's maximum drawdown of -21.64%. Use the drawdown chart below to compare losses from any high point for FPEI and FMSDX.

Drawdown Indicators

	FPEI	FMSDX	Difference
Max Drawdown Largest peak-to-trough decline	-27.51%	-21.64%	-5.87%
Max Drawdown (1Y) Largest decline over 1 year	-3.90%	-7.94%	+4.04%
Max Drawdown (5Y) Largest decline over 5 years	-16.46%	-18.12%	+1.66%
Current Drawdown Current decline from peak	-2.29%	-6.47%	+4.18%
Average Drawdown Average peak-to-trough decline	-3.10%	-3.87%	+0.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	2.09%	-1.15%

Volatility

FPEI vs. FMSDX - Volatility Comparison

The current volatility for First Trust Institutional Preferred Securities & Income ETF (FPEI) is 2.17%, while Fidelity Multi-Asset Income Fund (FMSDX) has a volatility of 3.94%. This indicates that FPEI experiences smaller price fluctuations and is considered to be less risky than FMSDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPEI	FMSDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.17%	3.94%	-1.77%
Volatility (6M) Calculated over the trailing 6-month period	2.91%	8.00%	-5.09%
Volatility (1Y) Calculated over the trailing 1-year period	4.55%	11.87%	-7.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.93%	9.75%	-3.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.93%	10.61%	-1.68%