GTIP vs. FPEI

Last updated Jun 3, 2026

GTIP (Goldman Sachs Access Inflation Protected USD Bond ETF) and FPEI (First Trust Institutional Preferred Securities & Income ETF) are both exchange-traded funds - GTIP is a Inflation-Protected Bonds fund tracking the FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index, while FPEI is a Preferred Stock/Convertible Bonds fund actively managed by First Trust. GTIP is passively managed, while FPEI is actively managed. Over the past 5 years, GTIP returned 1.20%/yr vs 4.26%/yr for FPEI. At a 0.24 correlation, their price movements are largely independent. GTIP charges 0.12%/yr vs 0.85%/yr for FPEI.

Performance

GTIP vs. FPEI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Access Inflation Protected USD Bond ETF (GTIP) 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, GTIP achieves a 1.78% return, which is significantly higher than FPEI's 1.66% return.

GTIP

• 1D: -0.05%
• 1M: -0.09%
• YTD: 1.78%
• 6M: 1.48%
• 1Y: 5.12%
• 3Y*: 4.04%
• 5Y*: 1.20%
• 10Y*: —

FPEI

• 1D: -0.05%
• 1M: 0.83%
• YTD: 1.66%
• 6M: 2.14%
• 1Y: 9.00%
• 3Y*: 10.72%
• 5Y*: 4.26%
• 10Y*: —

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

GTIP vs. FPEI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
GTIP Goldman Sachs Access Inflation Protected USD Bond ETF	1.78%	6.63%	2.04%	3.88%	-12.14%	5.86%	10.83%	8.33%	0.24%
FPEI First Trust Institutional Preferred Securities & Income ETF	1.66%	9.82%	10.94%	6.29%	-8.19%	4.63%	7.08%	15.86%	-3.00%

Correlation

The correlation between GTIP and FPEI is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (All Time) Calculated using the full available price history since Oct 5, 2018	0.24

Return for Risk

GTIP vs. FPEI — Risk / Return Rank

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

GTIP

GTIP Risk / Return Rank: 45
GTIP Sharpe Ratio Rank: 44
GTIP Sortino Ratio Rank: 47
GTIP Omega Ratio Rank: 43
GTIP Calmar Ratio Rank: 48
GTIP Martin Ratio Rank: 45

FPEI

FPEI Risk / Return Rank: 73
FPEI Sharpe Ratio Rank: 74
FPEI Sortino Ratio Rank: 86
FPEI Omega Ratio Rank: 89
FPEI Calmar Ratio Rank: 49
FPEI Martin Ratio Rank: 66

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.

GTIP vs. FPEI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Access Inflation Protected USD Bond ETF (GTIP) 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.

	GTIP	FPEI	Difference
Sharpe ratio Return per unit of total volatility	1.54	2.45	-0.91
Sortino ratio Return per unit of downside risk	2.34	3.90	-1.55
Omega ratio Gain probability vs. loss probability	1.28	1.57	-0.29
Calmar ratio Return relative to maximum drawdown	2.40	2.48	-0.08
Martin ratio Return relative to average drawdown	7.57	12.37	-4.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GTIP vs. FPEI - Sharpe Ratio Comparison

The current GTIP Sharpe Ratio is 1.54, which is lower than the FPEI Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of GTIP 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.

Sharpe Ratios by Period

	GTIP	FPEI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.54	2.45	-0.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	0.72	-0.52
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.57	-0.01

Drawdowns

GTIP vs. FPEI - Drawdown Comparison

The maximum GTIP drawdown since its inception was -14.31%, smaller than the maximum FPEI drawdown of -27.51%. Use the drawdown chart below to compare losses from any high point for GTIP and FPEI.

Drawdown Indicators

	GTIP	FPEI	Difference
Max Drawdown Largest peak-to-trough decline	-14.31%	-27.51%	+13.20%
Max Drawdown (1Y) Largest decline over 1 year	-2.02%	-3.63%	+1.61%
Max Drawdown (3Y) Largest decline over 3 years	-4.47%	-4.26%	-0.21%
Max Drawdown (5Y) Largest decline over 5 years	-14.31%	-16.46%	+2.15%
Current Drawdown Current decline from peak	-0.09%	-0.05%	-0.04%
Average Drawdown Average peak-to-trough decline	-4.24%	-3.06%	-1.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.64%	0.73%	-0.09%

Volatility

GTIP vs. FPEI - Volatility Comparison

Goldman Sachs Access Inflation Protected USD Bond ETF (GTIP) and First Trust Institutional Preferred Securities & Income ETF (FPEI) have volatilities of 0.99% and 0.97%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GTIP	FPEI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.99%	0.97%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	2.36%	3.06%	-0.70%
Volatility (1Y) Calculated over the trailing 1-year period	3.35%	3.69%	-0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.07%	5.97%	+0.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.01%	8.86%	-2.85%

GTIP vs. FPEI - Expense Ratio Comparison

GTIP has a 0.12% expense ratio, which is lower than FPEI's 0.85% expense ratio.

Dividends

GTIP vs. FPEI - Dividend Comparison

GTIP's dividend yield for the trailing twelve months is around 4.68%, less than FPEI's 5.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FPEI First Trust Institutional Preferred Securities & Income ETF	5.72%	5.62%	5.55%	5.76%	5.20%	4.46%	4.90%	5.02%	5.81%	1.50%
GTIP Goldman Sachs Access Inflation Protected USD Bond ETF	4.68%	4.58%	3.52%	2.77%	6.47%	3.82%	1.04%	2.34%	0.66%	0.00%

Frequently Asked Questions

Can I hold both GTIP and FPEI in my portfolio?

GTIP and FPEI have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GTIP or FPEI?

GTIP has higher volatility (0.99%) compared to FPEI (0.97%). In terms of maximum drawdown, GTIP dropped -14.31% vs FPEI's -27.51%.

Which ETF is better, GTIP or FPEI?

On 5-year performance, FPEI leads with 4.26% vs 1.20% for GTIP. On fees, GTIP is cheaper at 0.12% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GTIP or FPEI?

Over the 5-year period, FPEI has performed better with a 4.26% return vs 1.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GTIP or FPEI?

GTIP is cheaper with a 0.12% expense ratio, compared with 0.85% for FPEI.

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

FPEI has the higher dividend yield at 5.72%, compared with 4.68% for GTIP.

What is the main difference between GTIP and FPEI?

GTIP is categorized as Inflation-Protected Bonds, while FPEI is Preferred Stock/Convertible Bonds. They also come from different issuers: Goldman Sachs and First Trust. Their fees differ too: 0.12% for GTIP and 0.85% for FPEI.

Which has better risk-adjusted returns?

FPEI currently has the higher Sharpe Ratio (2.45 vs 1.54), 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.