FPEIX vs. FPEI

Last updated Aug 1, 2026

FPEIX (First Trust Preferred Securities and Income Fund) and FPEI (First Trust Institutional Preferred Securities & Income ETF) are both Preferred Stock funds from First Trust. Over the past 5 years, FPEIX returned 2.51%/yr vs 3.90%/yr for FPEI. Their 0.53 correlation means they have sometimes moved together and sometimes differently. FPEIX charges 1.00%/yr vs 0.85%/yr for FPEI.

Performance

FPEIX vs. FPEI - Performance Comparison

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

Returns By Period

In the year-to-date period, FPEIX achieves a -0.27% return, which is significantly lower than FPEI's 1.74% return.

FPEIX

• 1D: 0.10%
• 1M: -0.74%
• 6M: -0.92%
• YTD: -0.27%
• 1Y: 4.45%
• 3Y*: 8.57%
• 5Y*: 2.51%
• 10Y*: 4.66%
• ALL TIME*: 5.16%

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%

*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	$6.31M	$5.65M	$6.02M
FPEIX First Trust Preferred Securities and Income Fund	$0.00	$0.00	$0.00

FPEIX vs. FPEI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FPEIX First Trust Preferred Securities and Income Fund	-0.27%	9.48%	10.99%	5.32%	-11.60%	4.85%	6.01%	16.93%	-4.31%	2.63%
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%

Correlation

The correlation between FPEIX and FPEI is 0.54, 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.	0.54
Correlation (3Y) Balances recent behavior with more history.	0.56
Correlation (5Y) Shows whether the relationship held over a longer period.	0.59
Correlation (All Time) Calculated using the full available price history since Aug 23, 2017	0.53

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

Return for Risk

FPEIX vs. FPEI — Risk / Return Rank

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

FPEIX

FPEIX Risk / Return Rank: 59
FPEIX Sharpe Ratio Rank: 71
FPEIX Sortino Ratio Rank: 77
FPEIX Omega Ratio Rank: 79
FPEIX Calmar Ratio Rank: 33
FPEIX Martin Ratio Rank: 36

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: 72

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.

FPEIX vs. FPEI - Risk-Adjusted Trends Comparison

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

	FPEIX	FPEI	Difference
Sharpe ratio: Return per unit of total volatility	1.68	1.75	-0.07
Sortino ratio: Return per unit of downside risk	2.67	2.78	-0.11
Omega ratio: Gain probability vs. loss probability	1.36	1.39	-0.03
Calmar ratio: Return relative to maximum drawdown	1.46	1.81	-0.34
Martin ratio: Return relative to average drawdown	5.32	8.82	-3.50

FPEIX vs. FPEI - Sharpe Ratio Comparison

The current FPEIX Sharpe Ratio is 1.68, which is comparable to the FPEI Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of FPEIX and FPEI, 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

FPEIX vs. FPEI - Drawdown Comparison

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

Drawdown Indicators

	FPEIX	FPEI	Difference
Max Drawdown Largest peak-to-trough decline	-27.83%	-27.51%	-0.32%
Max Drawdown (1Y) Largest decline over 1 year	-3.62%	-3.63%	+0.01%
Max Drawdown (3Y) Largest decline over 3 years	-4.11%	-4.26%	+0.15%
Max Drawdown (5Y) Largest decline over 5 years	-19.66%	-16.46%	-3.20%
Max Drawdown (10Y) Largest decline over 10 years	-27.83%	—	—
Current Drawdown Current decline from peak	-1.44%	-0.73%	-0.71%
Average Drawdown Average peak-to-trough decline	-2.85%	-3.01%	+0.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	0.74%	+0.24%

Volatility

FPEIX vs. FPEI - Volatility Comparison

First Trust Preferred Securities and Income Fund (FPEIX) and First Trust Institutional Preferred Securities & Income ETF (FPEI) have volatilities of 0.67% and 0.65%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPEIX	FPEI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.67%	0.65%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	2.45%	3.05%	-0.60%
Volatility (1Y) Calculated over the trailing 1-year period	3.16%	3.74%	-0.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.26%	5.97%	-0.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.53%	8.78%	-2.25%

FPEIX vs. FPEI - Expense Ratio Comparison

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

Dividends

FPEIX vs. FPEI - Dividend Comparison

FPEIX's dividend yield for the trailing twelve months is around 4.62%, less than FPEI's 5.81% 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%
FPEIX First Trust Preferred Securities and Income Fund	4.62%	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 FPEIX and FPEI in my portfolio?

FPEIX and FPEI have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPEIX or FPEI?

FPEIX has higher volatility (0.67%) compared to FPEI (0.65%). In terms of maximum drawdown, FPEIX dropped -27.83% vs FPEI's -27.51%.

Which has better risk-adjusted returns?

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.