FPFD vs. IPPP

Last updated Jun 4, 2026

FPFD (Fidelity Preferred Securities & Income ETF) and IPPP (Preferred-Plus ETF) are both Preferred Stock/Convertible Bonds funds. Both are actively managed. FPFD charges 0.59%/yr vs 1.27%/yr for IPPP.

Performance

FPFD vs. IPPP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Preferred Securities & Income ETF (FPFD) and Preferred-Plus ETF (IPPP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FPFD

• 1D: -0.23%
• 1M: -0.51%
• YTD: 0.73%
• 6M: 0.81%
• 1Y: 6.27%
• 3Y*: 7.66%
• 5Y*: —
• 10Y*: —

IPPP

• 1D: 0.00%
• 1M: 0.00%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FPFD vs. IPPP - Yearly Performance Comparison

	2026 (YTD)
FPFD Fidelity Preferred Securities & Income ETF	-0.37%
IPPP Preferred-Plus ETF	0.00%

FPFD vs. IPPP - Sectors Allocation Comparison

Sectors	FPFD	IPPP
Financial Services	16.4%	-
Utilities	5.4%	100.0%
Communication Services	3.5%	-
Real Estate	1.6%	-
Technology	1.2%	-
Industrials	0.8%	-
Consumer Cyclical	0.3%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-

Return for Risk

FPFD vs. IPPP — Risk / Return Rank

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

FPFD

FPFD Risk / Return Rank: 59
FPFD Sharpe Ratio Rank: 63
FPFD Sortino Ratio Rank: 68
FPFD Omega Ratio Rank: 69
FPFD Calmar Ratio Rank: 47
FPFD Martin Ratio Rank: 51

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.

FPFD vs. IPPP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Preferred Securities & Income ETF (FPFD) and Preferred-Plus ETF (IPPP). 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.

	FPFD	IPPP	Difference
Sharpe ratio: Return per unit of total volatility	2.14	—	—
Sortino ratio: Return per unit of downside risk	3.14	—	—
Omega ratio: Gain probability vs. loss probability	1.42	—	—
Calmar ratio: Return relative to maximum drawdown	2.29	—	—
Martin ratio: Return relative to average drawdown	8.64	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	FPFD	IPPP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.14	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	—	—

Drawdowns

FPFD vs. IPPP - Drawdown Comparison

The maximum FPFD drawdown since its inception was -20.83%, which is greater than IPPP's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for FPFD and IPPP.

Drawdown Indicators

	FPFD	IPPP	Difference
Max Drawdown Largest peak-to-trough decline	-20.83%	0.00%	-20.83%
Max Drawdown (1Y) Largest decline over 1 year	-2.75%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-4.92%	—	—
Current Drawdown Current decline from peak	-1.23%	0.00%	-1.23%
Average Drawdown Average peak-to-trough decline	-6.82%	0.00%	-6.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.73%	—	—

Volatility

Volatility by Period

	FPFD	IPPP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.00%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.24%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.95%	0.00%	+2.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.32%	0.00%	+5.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.32%	0.00%	+5.32%

FPFD vs. IPPP - Expense Ratio Comparison

FPFD has a 0.59% expense ratio, which is lower than IPPP's 1.27% expense ratio.

Dividends

FPFD vs. IPPP - Dividend Comparison

FPFD's dividend yield for the trailing twelve months is around 5.15%, while IPPP has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
FPFD Fidelity Preferred Securities & Income ETF	5.15%	5.04%	4.89%	5.09%	5.22%	1.59%
IPPP Preferred-Plus ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Which ETF is better, FPFD or IPPP?

On fees, FPFD is cheaper at 0.59% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FPFD or IPPP?

FPFD is cheaper with a 0.59% expense ratio, compared with 1.27% for IPPP.

Which ETF pays a higher dividend yield, FPFD or IPPP?

FPFD has the higher dividend yield at 5.15%, compared with 0.00% for IPPP.

What is the main difference between FPFD and IPPP?

They also come from different issuers: Fidelity and Innovative Portfolios. Their fees differ too: 0.59% for FPFD and 1.27% for IPPP.