FPFD vs. NPFI

Last updated Jun 4, 2026

FPFD (Fidelity Preferred Securities & Income ETF) and NPFI (Nuveen Preferred And Income ETF) are both Preferred Stock/Convertible Bonds funds. Both are actively managed. Over the past year, FPFD returned 6.27% vs 7.90% for NPFI. A 0.61 correlation means they provide meaningful diversification when combined. FPFD charges 0.59%/yr vs 0.55%/yr for NPFI.

Performance

FPFD vs. NPFI - Performance Comparison

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

Returns By Period

In the year-to-date period, FPFD achieves a 0.73% return, which is significantly lower than NPFI's 1.62% return.

FPFD

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

NPFI

• 1D: -0.11%
• 1M: 0.76%
• YTD: 1.62%
• 6M: 2.06%
• 1Y: 7.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FPFD vs. NPFI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FPFD Fidelity Preferred Securities & Income ETF	0.73%	6.46%	4.96%
NPFI Nuveen Preferred And Income ETF	1.62%	9.21%	6.56%

Correlation

The correlation between FPFD and NPFI is 0.65, 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	0.65
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024	0.61

The correlation between FPFD and NPFI has been stable across timeframes, ranging from 0.61 to 0.65 - a consistent structural relationship.

Return for Risk

FPFD vs. NPFI — 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

NPFI

NPFI Risk / Return Rank: 76
NPFI Sharpe Ratio Rank: 83
NPFI Sortino Ratio Rank: 89
NPFI Omega Ratio Rank: 92
NPFI Calmar Ratio Rank: 50
NPFI Martin Ratio Rank: 65

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. NPFI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Preferred Securities & Income ETF (FPFD) and Nuveen Preferred And Income ETF (NPFI). 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	NPFI	Difference
Sharpe ratio: Return per unit of total volatility	2.14	2.72	-0.59
Sortino ratio: Return per unit of downside risk	3.14	4.18	-1.05
Omega ratio: Gain probability vs. loss probability	1.42	1.64	-0.22
Calmar ratio: Return relative to maximum drawdown	2.29	2.49	-0.21
Martin ratio: Return relative to average drawdown	8.64	12.02	-3.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FPFD vs. NPFI - Sharpe Ratio Comparison

The current FPFD Sharpe Ratio is 2.14, which is comparable to the NPFI Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of FPFD and NPFI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FPFD	NPFI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.14	2.72	-0.59
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	2.65	-2.32

Drawdowns

FPFD vs. NPFI - Drawdown Comparison

The maximum FPFD drawdown since its inception was -20.83%, which is greater than NPFI's maximum drawdown of -3.18%. Use the drawdown chart below to compare losses from any high point for FPFD and NPFI.

Drawdown Indicators

	FPFD	NPFI	Difference
Max Drawdown Largest peak-to-trough decline	-20.83%	-3.18%	-17.65%
Max Drawdown (1Y) Largest decline over 1 year	-2.75%	-3.18%	+0.43%
Max Drawdown (3Y) Largest decline over 3 years	-4.92%	—	—
Current Drawdown Current decline from peak	-1.23%	-0.11%	-1.12%
Average Drawdown Average peak-to-trough decline	-6.82%	-0.34%	-6.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.73%	0.66%	+0.07%

Volatility

FPFD vs. NPFI - Volatility Comparison

Fidelity Preferred Securities & Income ETF (FPFD) has a higher volatility of 1.00% compared to Nuveen Preferred And Income ETF (NPFI) at 0.83%. This indicates that FPFD's price experiences larger fluctuations and is considered to be riskier than NPFI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPFD	NPFI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.00%	0.83%	+0.17%
Volatility (6M) Calculated over the trailing 6-month period	2.24%	2.53%	-0.29%
Volatility (1Y) Calculated over the trailing 1-year period	2.95%	2.91%	+0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.32%	2.95%	+2.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.32%	2.95%	+2.37%

FPFD vs. NPFI - Expense Ratio Comparison

FPFD has a 0.59% expense ratio, which is higher than NPFI's 0.55% expense ratio.

Dividends

FPFD vs. NPFI - Dividend Comparison

FPFD's dividend yield for the trailing twelve months is around 5.15%, less than NPFI's 6.41% yield.

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%
NPFI Nuveen Preferred And Income ETF	6.41%	6.33%	5.10%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FPFD and NPFI in my portfolio?

FPFD and NPFI have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPFD or NPFI?

FPFD has higher volatility (1.00%) compared to NPFI (0.83%). In terms of maximum drawdown, FPFD dropped -20.83% vs NPFI's -3.18%.

Which ETF is better, FPFD or NPFI?

On 1-year performance, NPFI leads with 7.90% vs 6.27% for FPFD. On fees, NPFI is cheaper at 0.55% per year. On volatility, NPFI has been the lower-risk option at 0.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FPFD or NPFI?

Over the 1-year period, NPFI has performed better with a 7.90% return vs 6.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FPFD or NPFI?

NPFI is cheaper with a 0.55% expense ratio, compared with 0.59% for FPFD.

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

NPFI has the higher dividend yield at 6.41%, compared with 5.15% for FPFD.

What is the main difference between FPFD and NPFI?

They also come from different issuers: Fidelity and Nuveen. Their fees differ too: 0.59% for FPFD and 0.55% for NPFI.

Which has better risk-adjusted returns?

NPFI currently has the higher Sharpe Ratio (2.72 vs 2.14), 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.