FPEI vs. PQDI
FPEI (First Trust Institutional Preferred Securities & Income ETF) and PQDI (Principal Spectrum Preferred and Income ETF) are both Preferred Stock/Convertible Bonds funds. FPEI is actively managed, while PQDI is passively managed. Over the past 5 years, FPEI returned 4.20%/yr vs 3.23%/yr for PQDI. A 0.63 correlation means they provide meaningful diversification when combined. FPEI charges 0.85%/yr vs 0.60%/yr for PQDI.
Performance
FPEI vs. PQDI - Performance Comparison
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Returns By Period
In the year-to-date period, FPEI achieves a 1.56% return, which is significantly higher than PQDI's 1.19% return.
FPEI
- 1D
- -0.10%
- 1M
- 0.94%
- YTD
- 1.56%
- 6M
- 1.80%
- 1Y
- 8.60%
- 3Y*
- 10.69%
- 5Y*
- 4.20%
- 10Y*
- —
PQDI
- 1D
- -0.13%
- 1M
- 0.33%
- YTD
- 1.19%
- 6M
- 1.73%
- 1Y
- 7.12%
- 3Y*
- 9.06%
- 5Y*
- 3.23%
- 10Y*
- —
FPEI vs. PQDI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
FPEI First Trust Institutional Preferred Securities & Income ETF | 1.56% | 9.82% | 10.94% | 6.29% | -8.19% | 4.63% | 10.77% |
PQDI Principal Spectrum Preferred and Income ETF | 1.19% | 8.46% | 9.99% | 6.24% | -9.61% | 3.10% | 9.81% |
Correlation
The correlation between FPEI and PQDI is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Jun 18, 2020 | 0.63 |
The correlation between FPEI and PQDI has been stable across timeframes, ranging from 0.63 to 0.71 - a consistent structural relationship.
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Return for Risk
FPEI vs. PQDI — Risk / Return Rank
FPEI
PQDI
FPEI vs. PQDI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Institutional Preferred Securities & Income ETF (FPEI) and Principal Spectrum Preferred and Income ETF (PQDI). 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 | PQDI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.49 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.48 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.38 | 2.16 | +0.22 |
| Martin ratioReturn relative to average drawdown | 11.84 | 9.67 | +2.17 |
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 | PQDI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.34 | 2.22 | +0.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.71 | 0.69 | +0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.57 | 1.03 | -0.46 |
Drawdowns
FPEI vs. PQDI - Drawdown Comparison
The maximum FPEI drawdown since its inception was -27.51%, which is greater than PQDI's maximum drawdown of -17.41%. Use the drawdown chart below to compare losses from any high point for FPEI and PQDI.
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Drawdown Indicators
| FPEI | PQDI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.51% | -17.41% | -10.10% |
Max Drawdown (1Y)Largest decline over 1 year | -3.63% | -3.31% | -0.32% |
Max Drawdown (3Y)Largest decline over 3 years | -4.26% | -3.31% | -0.95% |
Max Drawdown (5Y)Largest decline over 5 years | -16.46% | -17.41% | +0.95% |
Current DrawdownCurrent decline from peak | -0.16% | -0.63% | +0.47% |
Average DrawdownAverage peak-to-trough decline | -3.06% | -3.51% | +0.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.73% | 0.74% | -0.01% |
Volatility
FPEI vs. PQDI - Volatility Comparison
The current volatility for First Trust Institutional Preferred Securities & Income ETF (FPEI) is 0.95%, while Principal Spectrum Preferred and Income ETF (PQDI) has a volatility of 1.07%. This indicates that FPEI experiences smaller price fluctuations and is considered to be less risky than PQDI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FPEI | PQDI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.95% | 1.07% | -0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 3.06% | 2.81% | +0.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.69% | 3.22% | +0.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.97% | 4.69% | +1.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.86% | 4.55% | +4.31% |
FPEI vs. PQDI - Expense Ratio Comparison
FPEI has a 0.85% expense ratio, which is higher than PQDI's 0.60% expense ratio.
Dividends
FPEI vs. PQDI - Dividend Comparison
FPEI's dividend yield for the trailing twelve months is around 5.72%, more than PQDI's 5.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FPEI First Trust Institutional Preferred Securities & Income ETF | 5.72% | 5.62% | 5.55% | 5.76% | 5.20% | 4.46% | 4.90% | 5.02% | 5.81% | 1.50% |
PQDI Principal Spectrum Preferred and Income ETF | 5.46% | 5.02% | 4.93% | 5.35% | 5.60% | 5.21% | 2.69% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FPEI and PQDI have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PQDI has higher volatility (1.07%) compared to FPEI (0.95%). In terms of maximum drawdown, FPEI dropped -27.51% vs PQDI's -17.41%.
On 5-year performance, FPEI leads with 4.20% vs 3.23% for PQDI. On fees, PQDI is cheaper at 0.60% per year. On volatility, FPEI has been the lower-risk option at 0.95%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FPEI has performed better with a 4.20% return vs 3.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PQDI is cheaper with a 0.60% expense ratio, compared with 0.85% for FPEI.
FPEI has the higher dividend yield at 5.72%, compared with 5.46% for PQDI.
They also come from different issuers: First Trust and Principal. Their fees differ too: 0.85% for FPEI and 0.60% for PQDI.
FPEI currently has the higher Sharpe Ratio (2.34 vs 2.22), 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.
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