FPEI vs. PFFA

Last updated Jun 24, 2026

FPEI (First Trust Institutional Preferred Securities & Income ETF) and PFFA (Virtus InfraCap U.S. Preferred Stock ETF) are both Preferred Stock/Convertible Bonds funds. Both are actively managed. Over the past 5 years, FPEI returned 4.17%/yr vs 6.09%/yr for PFFA. At a 0.45 correlation, their price movements are largely independent. FPEI charges 0.85%/yr vs 1.47%/yr for PFFA.

Performance

FPEI vs. PFFA - Performance Comparison

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

Returns By Period

In the year-to-date period, FPEI achieves a 1.95% return, which is significantly lower than PFFA's 2.26% return.

FPEI

• 1D: 0.03%
• 1M: 0.81%
• YTD: 1.95%
• 6M: 2.11%
• 1Y: 7.87%
• 3Y*: 11.03%
• 5Y*: 4.17%
• 10Y*: —

PFFA

• 1D: -0.28%
• 1M: -0.23%
• YTD: 2.26%
• 6M: 1.93%
• 1Y: 11.54%
• 3Y*: 14.10%
• 5Y*: 6.09%
• 10Y*: —

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

FPEI vs. PFFA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FPEI First Trust Institutional Preferred Securities & Income ETF	1.95%	9.82%	10.94%	6.29%	-8.19%	4.63%	7.08%	15.86%	-2.66%
PFFA Virtus InfraCap U.S. Preferred Stock ETF	2.26%	8.22%	16.11%	26.45%	-20.91%	23.53%	-7.87%	31.99%	-7.29%

Correlation

The correlation between FPEI and PFFA is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
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 May 16, 2018	0.45

The correlation between FPEI and PFFA has been stable across timeframes, ranging from 0.45 to 0.50 - a consistent structural relationship.

Return for Risk

FPEI vs. PFFA — Risk / Return Rank

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

FPEI

FPEI Risk / Return Rank: 69
FPEI Sharpe Ratio Rank: 70
FPEI Sortino Ratio Rank: 82
FPEI Omega Ratio Rank: 84
FPEI Calmar Ratio Rank: 47
FPEI Martin Ratio Rank: 63

PFFA

PFFA Risk / Return Rank: 44
PFFA Sharpe Ratio Rank: 49
PFFA Sortino Ratio Rank: 48
PFFA Omega Ratio Rank: 48
PFFA Calmar Ratio Rank: 37
PFFA Martin Ratio Rank: 39

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. PFFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Institutional Preferred Securities & Income ETF (FPEI) and Virtus InfraCap U.S. Preferred Stock ETF (PFFA). 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	PFFA	Difference
Sharpe ratio: Return per unit of total volatility	2.12	1.62	+0.50
Sortino ratio: Return per unit of downside risk	3.39	2.32	+1.07
Omega ratio: Gain probability vs. loss probability	1.48	1.30	+0.18
Calmar ratio: Return relative to maximum drawdown	2.18	1.79	+0.39
Martin ratio: Return relative to average drawdown	10.82	5.90	+4.91

FPEI vs. PFFA - Sharpe Ratio Comparison

The current FPEI Sharpe Ratio is 2.12, which is higher than the PFFA Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of FPEI and PFFA, 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. PFFA - Drawdown Comparison

The maximum FPEI drawdown since its inception was -27.51%, smaller than the maximum PFFA drawdown of -70.52%. Use the drawdown chart below to compare losses from any high point for FPEI and PFFA.

Drawdown Indicators

	FPEI	PFFA	Difference
Max Drawdown Largest peak-to-trough decline	-27.51%	-70.52%	+43.01%
Max Drawdown (1Y) Largest decline over 1 year	-3.63%	-6.49%	+2.86%
Max Drawdown (3Y) Largest decline over 3 years	-4.26%	-12.15%	+7.89%
Max Drawdown (5Y) Largest decline over 5 years	-16.46%	-22.70%	+6.24%
Current Drawdown Current decline from peak	-0.08%	-2.28%	+2.20%
Average Drawdown Average peak-to-trough decline	-3.04%	-6.62%	+3.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.73%	1.96%	-1.23%

Volatility

FPEI vs. PFFA - Volatility Comparison

The current volatility for First Trust Institutional Preferred Securities & Income ETF (FPEI) is 0.82%, while Virtus InfraCap U.S. Preferred Stock ETF (PFFA) has a volatility of 2.13%. This indicates that FPEI experiences smaller price fluctuations and is considered to be less risky than PFFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPEI	PFFA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.82%	2.13%	-1.31%
Volatility (6M) Calculated over the trailing 6-month period	3.09%	5.91%	-2.82%
Volatility (1Y) Calculated over the trailing 1-year period	3.73%	7.16%	-3.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.97%	11.54%	-5.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.83%	31.74%	-22.91%

FPEI vs. PFFA - Expense Ratio Comparison

FPEI has a 0.85% expense ratio, which is lower than PFFA's 1.47% expense ratio.

Dividends

FPEI vs. PFFA - Dividend Comparison

FPEI's dividend yield for the trailing twelve months is around 5.70%, less than PFFA's 9.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FPEI First Trust Institutional Preferred Securities & Income ETF	5.70%	5.62%	5.55%	5.76%	5.20%	4.46%	4.90%	5.02%	5.81%	1.50%
PFFA Virtus InfraCap U.S. Preferred Stock ETF	9.79%	9.47%	9.18%	9.56%	10.75%	7.64%	8.54%	10.02%	5.15%	0.00%

Frequently Asked Questions

Can I hold both FPEI and PFFA in my portfolio?

FPEI and PFFA have a correlation of 0.47, 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 PFFA?

PFFA has higher volatility (2.13%) compared to FPEI (0.82%). In terms of maximum drawdown, FPEI dropped -27.51% vs PFFA's -70.52%.

Which ETF is better, FPEI or PFFA?

On 5-year performance, PFFA leads with 6.09% vs 4.17% for FPEI. On fees, FPEI is cheaper at 0.85% per year. On volatility, FPEI has been the lower-risk option at 0.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FPEI or PFFA?

Over the 5-year period, PFFA has performed better with a 6.09% return vs 4.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FPEI or PFFA?

FPEI is cheaper with a 0.85% expense ratio, compared with 1.47% for PFFA.

Which ETF pays a higher dividend yield, FPEI or PFFA?

PFFA has the higher dividend yield at 9.79%, compared with 5.70% for FPEI.

What is the main difference between FPEI and PFFA?

They also come from different issuers: First Trust and Virtus Investment Partners. Their fees differ too: 0.85% for FPEI and 1.47% for PFFA.

Which has better risk-adjusted returns?

FPEI currently has the higher Sharpe Ratio (2.12 vs 1.62), 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.