FPF vs. VARBX
Compare and contrast key facts about First Trust Intermediate Duration Preferred and Income Fund (FPF) and Vivaldi Merger Arbitrage Fund Class I (VARBX).
FPF is managed by First Trust. It was launched on Apr 1, 2009. VARBX is managed by First Trust. It was launched on Oct 1, 2015.
Performance
FPF vs. VARBX - Performance Comparison
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FPF vs. VARBX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FPF First Trust Intermediate Duration Preferred and Income Fund | -4.04% | 13.14% | 20.90% | 5.31% | -25.83% | 9.12% | 9.67% | 28.24% | -11.97% | 15.99% |
VARBX Vivaldi Merger Arbitrage Fund Class I | 0.76% | 6.06% | 12.64% | 3.30% | 2.38% | 5.42% | 4.00% | 4.28% | 4.11% | 2.39% |
Returns By Period
In the year-to-date period, FPF achieves a -4.04% return, which is significantly lower than VARBX's 0.76% return. Over the past 10 years, FPF has outperformed VARBX with an annualized return of 5.68%, while VARBX has yielded a comparatively lower 4.44% annualized return.
FPF
- 1D
- 2.38%
- 1M
- -7.17%
- YTD
- -4.04%
- 6M
- -3.83%
- 1Y
- 4.72%
- 3Y*
- 13.45%
- 5Y*
- 1.98%
- 10Y*
- 5.68%
VARBX
- 1D
- 0.00%
- 1M
- 0.38%
- YTD
- 0.76%
- 6M
- 2.21%
- 1Y
- 5.36%
- 3Y*
- 7.33%
- 5Y*
- 5.43%
- 10Y*
- 4.44%
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FPF vs. VARBX - Expense Ratio Comparison
FPF has a 0.02% expense ratio, which is lower than VARBX's 1.81% expense ratio.
Return for Risk
FPF vs. VARBX — Risk / Return Rank
FPF
VARBX
FPF vs. VARBX - 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 Vivaldi Merger Arbitrage Fund Class I (VARBX). 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.
| FPF | VARBX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.39 | 4.06 | -3.66 |
Sortino ratioReturn per unit of downside risk | 0.56 | 6.90 | -6.34 |
Omega ratioGain probability vs. loss probability | 1.10 | 2.36 | -1.26 |
Calmar ratioReturn relative to maximum drawdown | 0.44 | 8.40 | -7.96 |
Martin ratioReturn relative to average drawdown | 1.35 | 36.29 | -34.94 |
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
| FPF | VARBX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.39 | 4.06 | -3.66 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.14 | 1.65 | -1.51 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.23 | 1.33 | -1.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.24 | 1.40 | -1.15 |
Correlation
The correlation between FPF and VARBX is 0.17, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
FPF vs. VARBX - Dividend Comparison
FPF's dividend yield for the trailing twelve months is around 9.36%, more than VARBX's 5.99% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FPF First Trust Intermediate Duration Preferred and Income Fund | 9.36% | 8.85% | 9.17% | 8.31% | 8.62% | 6.75% | 6.55% | 7.08% | 8.79% | 7.63% | 9.31% | 9.16% |
VARBX Vivaldi Merger Arbitrage Fund Class I | 5.99% | 6.04% | 12.59% | 4.07% | 0.75% | 8.42% | 0.81% | 5.54% | 2.15% | 1.70% | 0.06% | 0.04% |
Drawdowns
FPF vs. VARBX - Drawdown Comparison
The maximum FPF drawdown since its inception was -53.78%, which is greater than VARBX's maximum drawdown of -5.12%. Use the drawdown chart below to compare losses from any high point for FPF and VARBX.
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Drawdown Indicators
| FPF | VARBX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.78% | -5.12% | -48.66% |
Max Drawdown (1Y)Largest decline over 1 year | -10.17% | -0.64% | -9.53% |
Max Drawdown (5Y)Largest decline over 5 years | -37.06% | -1.79% | -35.27% |
Max Drawdown (10Y)Largest decline over 10 years | -53.78% | -5.12% | -48.66% |
Current DrawdownCurrent decline from peak | -7.99% | 0.00% | -7.99% |
Average DrawdownAverage peak-to-trough decline | -8.49% | -0.57% | -7.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.33% | 0.15% | +3.18% |
Volatility
FPF vs. VARBX - Volatility Comparison
First Trust Intermediate Duration Preferred and Income Fund (FPF) has a higher volatility of 5.15% compared to Vivaldi Merger Arbitrage Fund Class I (VARBX) at 0.32%. This indicates that FPF's price experiences larger fluctuations and is considered to be riskier than VARBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FPF | VARBX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.15% | 0.32% | +4.83% |
Volatility (6M)Calculated over the trailing 6-month period | 6.68% | 0.73% | +5.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.01% | 1.35% | +10.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.55% | 3.31% | +11.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.00% | 3.35% | +21.65% |