FPF vs. PPSIX

Last updated Jun 23, 2026

FPF (First Trust Intermediate Duration Preferred and Income Fund) and PPSIX (Principal Spectrum Preferred and Capital Securities Income Fund) are both Preferred Stock/Convertible Bonds funds. Over the past 10 years, FPF returned 5.64%/yr vs 4.34%/yr for PPSIX. At a 0.36 correlation, their price movements are largely independent. FPF charges 0.02%/yr vs 0.79%/yr for PPSIX.

Performance

FPF vs. PPSIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Intermediate Duration Preferred and Income Fund (FPF) and Principal Spectrum Preferred and Capital Securities Income Fund (PPSIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FPF achieves a -0.31% return, which is significantly lower than PPSIX's 1.01% return. Over the past 10 years, FPF has outperformed PPSIX with an annualized return of 5.64%, while PPSIX has yielded a comparatively lower 4.34% annualized return.

FPF

• 1D: -0.39%
• 1M: 0.14%
• YTD: -0.31%
• 6M: 0.64%
• 1Y: 6.09%
• 3Y*: 15.36%
• 5Y*: 1.68%
• 10Y*: 5.64%

PPSIX

• 1D: 0.00%
• 1M: 0.56%
• YTD: 1.01%
• 6M: 1.19%
• 1Y: 5.81%
• 3Y*: 8.29%
• 5Y*: 2.66%
• 10Y*: 4.34%

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

FPF vs. PPSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FPF First Trust Intermediate Duration Preferred and Income Fund	-0.31%	13.14%	20.90%	5.31%	-25.83%	9.12%	9.67%	28.24%	-11.97%	15.99%
PPSIX Principal Spectrum Preferred and Capital Securities Income Fund	1.01%	7.86%	9.82%	5.88%	-10.67%	3.03%	5.47%	16.45%	-4.54%	10.51%

Correlation

The correlation between FPF and PPSIX is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since May 24, 2013	0.36

The correlation between FPF and PPSIX shifts across timeframes, from 0.36 (all time) to 0.53 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FPF vs. PPSIX — Risk / Return Rank

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

FPF

FPF Risk / Return Rank: 8
FPF Sharpe Ratio Rank: 9
FPF Sortino Ratio Rank: 8
FPF Omega Ratio Rank: 9
FPF Calmar Ratio Rank: 7
FPF Martin Ratio Rank: 7

PPSIX

PPSIX Risk / Return Rank: 62
PPSIX Sharpe Ratio Rank: 80
PPSIX Sortino Ratio Rank: 79
PPSIX Omega Ratio Rank: 87
PPSIX Calmar Ratio Rank: 27
PPSIX Martin Ratio Rank: 35

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.

FPF vs. PPSIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Intermediate Duration Preferred and Income Fund (FPF) and Principal Spectrum Preferred and Capital Securities Income Fund (PPSIX). 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.

	FPF	PPSIX	Difference
Sharpe ratio: Return per unit of total volatility	0.71	2.42	-1.71
Sortino ratio: Return per unit of downside risk	0.99	3.45	-2.46
Omega ratio: Gain probability vs. loss probability	1.14	1.57	-0.43
Calmar ratio: Return relative to maximum drawdown	0.60	1.83	-1.23
Martin ratio: Return relative to average drawdown	1.82	7.39	-5.57

FPF vs. PPSIX - Sharpe Ratio Comparison

The current FPF Sharpe Ratio is 0.71, which is lower than the PPSIX Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of FPF and PPSIX, 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

FPF vs. PPSIX - Drawdown Comparison

The maximum FPF drawdown since its inception was -53.78%, roughly equal to the maximum PPSIX drawdown of -52.75%. Use the drawdown chart below to compare losses from any high point for FPF and PPSIX.

Drawdown Indicators

	FPF	PPSIX	Difference
Max Drawdown Largest peak-to-trough decline	-53.78%	-52.75%	-1.03%
Max Drawdown (1Y) Largest decline over 1 year	-10.13%	-3.18%	-6.95%
Max Drawdown (3Y) Largest decline over 3 years	-11.81%	-3.35%	-8.46%
Max Drawdown (5Y) Largest decline over 5 years	-37.06%	-17.37%	-19.69%
Max Drawdown (10Y) Largest decline over 10 years	-53.78%	-22.82%	-30.96%
Current Drawdown Current decline from peak	-4.42%	-0.60%	-3.82%
Average Drawdown Average peak-to-trough decline	-8.41%	-3.28%	-5.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.35%	0.79%	+2.56%

Volatility

FPF vs. PPSIX - Volatility Comparison

First Trust Intermediate Duration Preferred and Income Fund (FPF) has a higher volatility of 1.74% compared to Principal Spectrum Preferred and Capital Securities Income Fund (PPSIX) at 0.62%. This indicates that FPF's price experiences larger fluctuations and is considered to be riskier than PPSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPF	PPSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.74%	0.62%	+1.12%
Volatility (6M) Calculated over the trailing 6-month period	7.24%	2.09%	+5.15%
Volatility (1Y) Calculated over the trailing 1-year period	8.68%	2.41%	+6.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.53%	4.23%	+10.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.01%	5.35%	+19.66%

FPF vs. PPSIX - Expense Ratio Comparison

FPF has a 0.02% expense ratio, which is lower than PPSIX's 0.79% expense ratio.

Dividends

FPF vs. PPSIX - Dividend Comparison

FPF's dividend yield for the trailing twelve months is around 9.22%, more than PPSIX's 5.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPF First Trust Intermediate Duration Preferred and Income Fund	9.22%	8.85%	9.17%	8.31%	8.62%	6.75%	6.55%	7.08%	8.79%	7.63%	9.31%	9.16%
PPSIX Principal Spectrum Preferred and Capital Securities Income Fund	5.36%	5.59%	5.34%	4.82%	5.54%	4.39%	4.44%	4.87%	5.79%	5.04%	5.86%	6.09%

Frequently Asked Questions

Can I hold both FPF and PPSIX in my portfolio?

FPF and PPSIX have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPF or PPSIX?

FPF has higher volatility (1.74%) compared to PPSIX (0.62%). In terms of maximum drawdown, FPF dropped -53.78% vs PPSIX's -52.75%.

Which has better risk-adjusted returns?

PPSIX currently has the higher Sharpe Ratio (2.42 vs 0.71), 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.