FTCB vs. FPEI

Last updated Jun 24, 2026

FTCB (First Trust Core Investment Grade ETF) and FPEI (First Trust Institutional Preferred Securities & Income ETF) are both exchange-traded funds - FTCB is a Intermediate Core Bond fund actively managed by First Trust, while FPEI is a Preferred Stock/Convertible Bonds fund actively managed by First Trust. Both are actively managed. Over the past year, FTCB returned 4.91% vs 7.87% for FPEI. At a 0.37 correlation, their price movements are largely independent. FTCB charges 0.55%/yr vs 0.85%/yr for FPEI.

Performance

FTCB vs. FPEI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Core Investment Grade ETF (FTCB) 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, FTCB achieves a 0.45% return, which is significantly lower than FPEI's 1.95% return.

FTCB

• 1D: 0.05%
• 1M: 0.77%
• YTD: 0.45%
• 6M: 0.76%
• 1Y: 4.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FPEI

• 1D: 0.03%
• 1M: 0.81%
• YTD: 1.95%
• 6M: 2.11%
• 1Y: 7.87%
• 3Y*: 11.03%
• 5Y*: 4.17%
• 10Y*: —

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

FTCB vs. FPEI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FTCB First Trust Core Investment Grade ETF	0.45%	8.12%	2.57%	5.69%
FPEI First Trust Institutional Preferred Securities & Income ETF	1.95%	9.82%	10.94%	6.87%

Correlation

The correlation between FTCB and FPEI is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (All Time) Calculated using the full available price history since Nov 8, 2023	0.37

Return for Risk

FTCB vs. FPEI — Risk / Return Rank

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

FTCB

FTCB Risk / Return Rank: 35
FTCB Sharpe Ratio Rank: 37
FTCB Sortino Ratio Rank: 38
FTCB Omega Ratio Rank: 34
FTCB Calmar Ratio Rank: 35
FTCB Martin Ratio Rank: 33

FPEI

FPEI Risk / Return Rank: 69
FPEI Sharpe Ratio Rank: 70
FPEI Sortino Ratio Rank: 82
FPEI Omega Ratio Rank: 84
FPEI Calmar Ratio Rank: 47
FPEI Martin Ratio Rank: 63

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.

FTCB vs. FPEI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Core Investment Grade ETF (FTCB) 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.

	FTCB	FPEI	Difference
Sharpe ratio: Return per unit of total volatility	1.24	2.12	-0.88
Sortino ratio: Return per unit of downside risk	1.83	3.39	-1.56
Omega ratio: Gain probability vs. loss probability	1.22	1.48	-0.26
Calmar ratio: Return relative to maximum drawdown	1.62	2.18	-0.56
Martin ratio: Return relative to average drawdown	4.73	10.82	-6.09

FTCB vs. FPEI - Sharpe Ratio Comparison

The current FTCB Sharpe Ratio is 1.24, which is lower than the FPEI Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of FTCB 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

FTCB vs. FPEI - Drawdown Comparison

The maximum FTCB drawdown since its inception was -4.99%, smaller than the maximum FPEI drawdown of -27.51%. Use the drawdown chart below to compare losses from any high point for FTCB and FPEI.

Drawdown Indicators

	FTCB	FPEI	Difference
Max Drawdown Largest peak-to-trough decline	-4.99%	-27.51%	+22.52%
Max Drawdown (1Y) Largest decline over 1 year	-3.04%	-3.63%	+0.59%
Max Drawdown (3Y) Largest decline over 3 years	—	-4.26%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-16.46%	—
Current Drawdown Current decline from peak	-1.44%	-0.08%	-1.36%
Average Drawdown Average peak-to-trough decline	-1.27%	-3.04%	+1.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.04%	0.73%	+0.31%

Volatility

FTCB vs. FPEI - Volatility Comparison

First Trust Core Investment Grade ETF (FTCB) has a higher volatility of 1.10% compared to First Trust Institutional Preferred Securities & Income ETF (FPEI) at 0.82%. This indicates that FTCB's price experiences larger fluctuations and is considered to be riskier than FPEI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FTCB	FPEI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.10%	0.82%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	2.98%	3.09%	-0.11%
Volatility (1Y) Calculated over the trailing 1-year period	4.00%	3.73%	+0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.18%	5.97%	-0.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.18%	8.83%	-3.65%

FTCB vs. FPEI - Expense Ratio Comparison

FTCB has a 0.55% expense ratio, which is lower than FPEI's 0.85% expense ratio.

Dividends

FTCB vs. FPEI - Dividend Comparison

FTCB's dividend yield for the trailing twelve months is around 5.29%, less than FPEI's 5.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FPEI First Trust Institutional Preferred Securities & Income ETF	5.70%	5.62%	5.55%	5.76%	5.20%	4.46%	4.90%	5.02%	5.81%	1.50%
FTCB First Trust Core Investment Grade ETF	5.29%	4.99%	5.19%	0.35%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FTCB and FPEI in my portfolio?

FTCB and FPEI have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FTCB or FPEI?

FTCB has higher volatility (1.10%) compared to FPEI (0.82%). In terms of maximum drawdown, FTCB dropped -4.99% vs FPEI's -27.51%.

Which ETF is better, FTCB or FPEI?

On 1-year performance, FPEI leads with 7.87% vs 4.91% for FTCB. On fees, FTCB is cheaper at 0.55% per year. On volatility, FPEI has been the lower-risk option at 0.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FTCB or FPEI?

Over the 1-year period, FPEI has performed better with a 7.87% return vs 4.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FTCB or FPEI?

FTCB is cheaper with a 0.55% expense ratio, compared with 0.85% for FPEI.

Which ETF pays a higher dividend yield, FTCB or FPEI?

FPEI has the higher dividend yield at 5.70%, compared with 5.29% for FTCB.

What is the main difference between FTCB and FPEI?

FTCB is categorized as Intermediate Core Bond, while FPEI is Preferred Stock/Convertible Bonds. Their fees differ too: 0.55% for FTCB and 0.85% for FPEI.

Which has better risk-adjusted returns?

FPEI currently has the higher Sharpe Ratio (2.12 vs 1.24), 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.