FPEI vs. ICVT
Compare and contrast key facts about First Trust Institutional Preferred Securities & Income ETF (FPEI) and iShares Convertible Bond ETF (ICVT).
FPEI and ICVT 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. ICVT is a passively managed fund by iShares that tracks the performance of the Barclays U.S. Convertible Cash Pay Bond > $250MM Index. It was launched on Jun 2, 2015.
Performance
FPEI vs. ICVT - Performance Comparison
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FPEI vs. ICVT - 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% |
ICVT iShares Convertible Bond ETF | 3.58% | 18.10% | 10.61% | 15.35% | -20.66% | -0.66% | 61.01% | 21.76% | -0.27% | 5.09% |
Returns By Period
In the year-to-date period, FPEI achieves a -0.64% return, which is significantly lower than ICVT's 3.58% return.
FPEI
- 1D
- 1.04%
- 1M
- -1.99%
- YTD
- -0.64%
- 6M
- 1.11%
- 1Y
- 7.60%
- 3Y*
- 10.49%
- 5Y*
- 4.17%
- 10Y*
- —
ICVT
- 1D
- 2.66%
- 1M
- -2.73%
- YTD
- 3.58%
- 6M
- 2.56%
- 1Y
- 23.90%
- 3Y*
- 14.18%
- 5Y*
- 3.55%
- 10Y*
- 12.24%
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FPEI vs. ICVT - Expense Ratio Comparison
FPEI has a 0.85% expense ratio, which is higher than ICVT's 0.20% expense ratio.
Return for Risk
FPEI vs. ICVT — Risk / Return Rank
FPEI
ICVT
FPEI vs. ICVT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Institutional Preferred Securities & Income ETF (FPEI) and iShares Convertible Bond ETF (ICVT). 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 | ICVT | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.68 | 1.71 | -0.03 |
Sortino ratioReturn per unit of downside risk | 2.21 | 2.33 | -0.12 |
Omega ratioGain probability vs. loss probability | 1.39 | 1.32 | +0.07 |
Calmar ratioReturn relative to maximum drawdown | 2.01 | 3.10 | -1.09 |
Martin ratioReturn relative to average drawdown | 8.34 | 10.57 | -2.24 |
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 | ICVT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.68 | 1.71 | -0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.71 | 0.27 | +0.44 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.79 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | 0.67 | -0.13 |
Correlation
The correlation between FPEI and ICVT 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. ICVT - Dividend Comparison
FPEI's dividend yield for the trailing twelve months is around 5.77%, more than ICVT's 1.62% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
ICVT iShares Convertible Bond ETF | 1.62% | 1.73% | 2.19% | 1.85% | 1.93% | 7.70% | 3.98% | 1.86% | 4.82% | 2.56% | 3.06% | 1.57% |
Drawdowns
FPEI vs. ICVT - Drawdown Comparison
The maximum FPEI drawdown since its inception was -27.51%, smaller than the maximum ICVT drawdown of -33.25%. Use the drawdown chart below to compare losses from any high point for FPEI and ICVT.
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Drawdown Indicators
| FPEI | ICVT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.51% | -33.25% | +5.74% |
Max Drawdown (1Y)Largest decline over 1 year | -3.90% | -7.55% | +3.65% |
Max Drawdown (5Y)Largest decline over 5 years | -16.46% | -29.95% | +13.49% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.25% | — |
Current DrawdownCurrent decline from peak | -2.29% | -3.67% | +1.38% |
Average DrawdownAverage peak-to-trough decline | -3.10% | -9.64% | +6.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 2.21% | -1.27% |
Volatility
FPEI vs. ICVT - Volatility Comparison
The current volatility for First Trust Institutional Preferred Securities & Income ETF (FPEI) is 2.17%, while iShares Convertible Bond ETF (ICVT) has a volatility of 6.74%. This indicates that FPEI experiences smaller price fluctuations and is considered to be less risky than ICVT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FPEI | ICVT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.17% | 6.74% | -4.57% |
Volatility (6M)Calculated over the trailing 6-month period | 2.91% | 11.65% | -8.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.55% | 14.02% | -9.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.93% | 13.20% | -7.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.93% | 15.54% | -6.61% |