FPEI vs. FPEIX

Last updated Aug 4, 2026

FPEI (First Trust Institutional Preferred Securities & Income ETF) and FPEIX (First Trust Preferred Securities and Income Fund) are both Preferred Stock funds from First Trust. Over the past 5 years, FPEI returned 3.96%/yr vs 2.61%/yr for FPEIX. Their 0.53 correlation means they have sometimes moved together and sometimes differently. FPEI charges 0.85%/yr vs 1.00%/yr for FPEIX.

Performance

FPEI vs. FPEIX - Performance Comparison

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

Returns By Period

In the year-to-date period, FPEI achieves a 2.06% return, which is significantly higher than FPEIX's 0.24% return.

FPEI

• 1D: 0.31%
• 1M: -0.31%
• 6M: 1.16%
• YTD: 2.06%
• 1Y: 6.81%
• 3Y*: 9.91%
• 5Y*: 3.96%
• 10Y*: —
• ALL TIME*: 4.94%

FPEIX

• 1D: 0.51%
• 1M: -0.23%
• 6M: -0.41%
• YTD: 0.24%
• 1Y: 4.98%
• 3Y*: 8.81%
• 5Y*: 2.61%
• 10Y*: 4.72%
• ALL TIME*: 5.20%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FPEI First Trust Institutional Preferred Securities & Income ETF	$6.15M	$5.72M	$5.90M
FPEIX First Trust Preferred Securities and Income Fund	$0.00	$0.00	$0.00

FPEI vs. FPEIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FPEI First Trust Institutional Preferred Securities & Income ETF	2.06%	9.82%	10.94%	6.29%	-8.19%	4.63%	7.08%	15.86%	-4.29%	2.07%
FPEIX First Trust Preferred Securities and Income Fund	0.24%	9.48%	10.99%	5.32%	-11.60%	4.85%	6.01%	16.93%	-4.31%	2.63%

Correlation

The correlation between FPEI and FPEIX is 0.53, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.53
Correlation (3Y) Balances recent behavior with more history.	0.56
Correlation (5Y) Shows whether the relationship held over a longer period.	0.58
Correlation (All Time) Calculated using the full available price history since Aug 23, 2017	0.53

The correlation between FPEI and FPEIX has been stable across timeframes, ranging from 0.53 to 0.58 - a consistent structural relationship.

Return for Risk

FPEI vs. FPEIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FPEI

FPEI Risk / Return Rank: 74
FPEI Sharpe Ratio Rank: 77
FPEI Sortino Ratio Rank: 85
FPEI Omega Ratio Rank: 87
FPEI Calmar Ratio Rank: 50
FPEI Martin Ratio Rank: 71

FPEIX

FPEIX Risk / Return Rank: 55
FPEIX Sharpe Ratio Rank: 64
FPEIX Sortino Ratio Rank: 73
FPEIX Omega Ratio Rank: 76
FPEIX Calmar Ratio Rank: 29
FPEIX Martin Ratio Rank: 33

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FPEI vs. FPEIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Institutional Preferred Securities & Income ETF (FPEI) and First Trust Preferred Securities and Income Fund (FPEIX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FPEI	FPEIX	Difference
Sharpe ratio: Return per unit of total volatility	1.82	1.64	+0.18
Sortino ratio: Return per unit of downside risk	2.90	2.59	+0.31
Omega ratio: Gain probability vs. loss probability	1.40	1.35	+0.05
Calmar ratio: Return relative to maximum drawdown	1.88	1.42	+0.47
Martin ratio: Return relative to average drawdown	9.19	5.15	+4.05

FPEI vs. FPEIX - Sharpe Ratio Comparison

The current FPEI Sharpe Ratio is 1.82, which is comparable to the FPEIX Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of FPEI and FPEIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FPEI vs. FPEIX - Drawdown Comparison

The maximum FPEI drawdown since its inception was -27.51%, roughly equal to the maximum FPEIX drawdown of -27.83%. Use the drawdown chart below to compare losses from any high point for FPEI and FPEIX.

Drawdown Indicators

	FPEI	FPEIX	Difference
Max Drawdown Largest peak-to-trough decline	-27.51%	-27.83%	+0.32%
Max Drawdown (1Y) Largest decline over 1 year	-3.63%	-3.62%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	-4.26%	-4.11%	-0.15%
Max Drawdown (5Y) Largest decline over 5 years	-16.46%	-19.66%	+3.20%
Max Drawdown (10Y) Largest decline over 10 years	—	-27.83%	—
Current Drawdown Current decline from peak	-0.42%	-0.94%	+0.52%
Average Drawdown Average peak-to-trough decline	-3.01%	-2.84%	-0.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.74%	0.98%	-0.24%

Volatility

FPEI vs. FPEIX - Volatility Comparison

The current volatility for First Trust Institutional Preferred Securities & Income ETF (FPEI) is 0.73%, while First Trust Preferred Securities and Income Fund (FPEIX) has a volatility of 0.85%. This indicates that FPEI experiences smaller price fluctuations and is considered to be less risky than FPEIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPEI	FPEIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.73%	0.85%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	3.07%	2.51%	+0.56%
Volatility (1Y) Calculated over the trailing 1-year period	3.76%	3.20%	+0.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.98%	5.26%	+0.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.78%	6.53%	+2.25%

FPEI vs. FPEIX - Expense Ratio Comparison

FPEI has a 0.85% expense ratio, which is lower than FPEIX's 1.00% expense ratio.

Dividends

FPEI vs. FPEIX - Dividend Comparison

FPEI's dividend yield for the trailing twelve months is around 5.79%, more than FPEIX's 5.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPEI First Trust Institutional Preferred Securities & Income ETF	5.79%	5.62%	5.55%	5.76%	5.20%	4.46%	4.90%	5.02%	5.81%	1.50%	0.00%	0.00%
FPEIX First Trust Preferred Securities and Income Fund	5.08%	5.40%	5.60%	5.17%	5.30%	4.70%	4.88%	5.36%	5.93%	5.36%	5.66%	5.56%

Frequently Asked Questions

Can I hold both FPEI and FPEIX in my portfolio?

FPEI and FPEIX have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPEI or FPEIX?

FPEIX has higher volatility (0.85%) compared to FPEI (0.73%). In terms of maximum drawdown, FPEI dropped -27.51% vs FPEIX's -27.83%.

Which has better risk-adjusted returns?

FPEI currently has the higher Sharpe Ratio (1.82 vs 1.64), 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.