FPEI vs. VRP
FPEI (First Trust Institutional Preferred Securities & Income ETF) and VRP (Invesco Variable Rate Preferred ETF) are both Preferred Stock funds. FPEI is actively managed, while VRP is passively managed. Over the past 5 years, FPEI returned 3.90%/yr vs 4.06%/yr for VRP. Their 0.46 correlation means their historical movements had little consistent relationship. FPEI charges 0.85%/yr vs 0.50%/yr for VRP.
Performance
FPEI vs. VRP - Performance Comparison
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Returns By Period
In the year-to-date period, FPEI achieves a 1.74% return, which is significantly lower than VRP's 1.98% return.
FPEI
- 1D
- 0.00%
- 1M
- -0.63%
- 6M
- 1.00%
- YTD
- 1.74%
- 1Y
- 6.47%
- 3Y*
- 9.51%
- 5Y*
- 3.90%
- 10Y*
- —
- ALL TIME*
- 4.90%
VRP
- 1D
- 0.17%
- 1M
- -0.74%
- 6M
- 1.09%
- YTD
- 1.98%
- 1Y
- 5.08%
- 3Y*
- 8.37%
- 5Y*
- 4.06%
- 10Y*
- 4.86%
- ALL TIME*
- 5.00%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.31M | $5.65M | $6.02M | |
| $11.39M | $12.80M | $16.85M |
FPEI vs. VRP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FPEI First Trust Institutional Preferred Securities & Income ETF | 1.74% | 9.82% | 10.94% | 6.29% | -8.19% | 4.63% | 7.08% | 15.86% | -4.29% | 2.07% |
VRP Invesco Variable Rate Preferred ETF | 1.98% | 7.34% | 11.10% | 10.35% | -9.00% | 4.20% | 5.11% | 18.84% | -6.62% | 0.44% |
Correlation
The correlation between FPEI and VRP is 0.59, 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. | 0.59 |
Correlation (3Y) Balances recent behavior with more history. | 0.53 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.55 |
Correlation (All Time) Calculated using the full available price history since Aug 23, 2017 | 0.46 |
The correlation between FPEI and VRP shifts across timeframes, from 0.46 (all time) to 0.59 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FPEI vs. VRP — Risk / Return Rank
FPEI
VRP
FPEI vs. VRP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Institutional Preferred Securities & Income ETF (FPEI) and Invesco Variable Rate Preferred ETF (VRP). 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 | VRP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.39 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.34 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.81 | 1.71 | +0.10 |
| Martin ratioReturn relative to average drawdown | 8.82 | 8.89 | -0.06 |
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Drawdowns
FPEI vs. VRP - Drawdown Comparison
The maximum FPEI drawdown since its inception was -27.51%, smaller than the maximum VRP drawdown of -46.04%. Use the drawdown chart below to compare losses from any high point for FPEI and VRP.
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Drawdown Indicators
| FPEI | VRP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.51% | -46.04% | +18.53% |
Max Drawdown (1Y)Largest decline over 1 year | -3.63% | -2.89% | -0.74% |
Max Drawdown (3Y)Largest decline over 3 years | -4.26% | -4.26% | 0.00% |
Max Drawdown (5Y)Largest decline over 5 years | -16.46% | -13.76% | -2.70% |
Max Drawdown (10Y)Largest decline over 10 years | — | -46.04% | — |
Current DrawdownCurrent decline from peak | -0.73% | -0.78% | +0.05% |
Average DrawdownAverage peak-to-trough decline | -3.01% | -2.28% | -0.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.74% | 0.55% | +0.19% |
Volatility
FPEI vs. VRP - Volatility Comparison
The current volatility for First Trust Institutional Preferred Securities & Income ETF (FPEI) is 0.65%, while Invesco Variable Rate Preferred ETF (VRP) has a volatility of 0.69%. This indicates that FPEI experiences smaller price fluctuations and is considered to be less risky than VRP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FPEI | VRP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.65% | 0.69% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 3.05% | 2.38% | +0.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.74% | 2.94% | +0.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.97% | 6.55% | -0.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.78% | 14.53% | -5.75% |
FPEI vs. VRP - Expense Ratio Comparison
FPEI has a 0.85% expense ratio, which is higher than VRP's 0.50% expense ratio.
Dividends
FPEI vs. VRP - Dividend Comparison
FPEI's dividend yield for the trailing twelve months is around 5.81%, less than VRP's 6.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FPEI First Trust Institutional Preferred Securities & Income ETF | 5.81% | 5.62% | 5.55% | 5.76% | 5.20% | 4.46% | 4.90% | 5.02% | 5.81% | 1.50% | 0.00% | 0.00% |
VRP Invesco Variable Rate Preferred ETF | 6.19% | 6.53% | 5.78% | 6.61% | 5.38% | 4.25% | 4.17% | 4.71% | 5.28% | 4.69% | 5.10% | 5.02% |
Frequently Asked Questions
FPEI and VRP have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VRP has higher volatility (0.69%) compared to FPEI (0.65%). In terms of maximum drawdown, FPEI dropped -27.51% vs VRP's -46.04%.
On 5-year performance, VRP leads with 4.06% vs 3.90% for FPEI. On fees, VRP is cheaper at 0.50% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, VRP has performed better with a 4.06% return vs 3.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VRP is cheaper with a 0.50% expense ratio, compared with 0.85% for FPEI.
VRP has the higher dividend yield at 6.19%, compared with 5.81% for FPEI.
They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.85% for FPEI and 0.50% for VRP.
FPEI currently has the higher Sharpe Ratio (1.75 vs 1.68), 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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