NPFI vs. FPEI

Last updated Jun 5, 2026

NPFI (Nuveen Preferred And Income ETF) and FPEI (First Trust Institutional Preferred Securities & Income ETF) are both Preferred Stock/Convertible Bonds funds. Both are actively managed. Over the past year, NPFI returned 7.77% vs 8.42% for FPEI. A 0.64 correlation means they provide meaningful diversification when combined. NPFI charges 0.55%/yr vs 0.85%/yr for FPEI.

Performance

NPFI vs. FPEI - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with NPFI having a 1.68% return and FPEI slightly lower at 1.61%.

NPFI

• 1D: 0.06%
• 1M: 0.43%
• YTD: 1.68%
• 6M: 2.17%
• 1Y: 7.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FPEI

• 1D: 0.05%
• 1M: 0.62%
• YTD: 1.61%
• 6M: 1.98%
• 1Y: 8.42%
• 3Y*: 10.64%
• 5Y*: 4.21%
• 10Y*: —

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

NPFI vs. FPEI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NPFI Nuveen Preferred And Income ETF	1.68%	9.21%	6.56%
FPEI First Trust Institutional Preferred Securities & Income ETF	1.61%	9.82%	8.55%

Correlation

The correlation between NPFI and FPEI is 0.70, 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	0.70
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024	0.64

The correlation between NPFI and FPEI has been stable across timeframes, ranging from 0.64 to 0.70 - a consistent structural relationship.

Return for Risk

NPFI vs. FPEI — Risk / Return Rank

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

NPFI

NPFI Risk / Return Rank: 76
NPFI Sharpe Ratio Rank: 83
NPFI Sortino Ratio Rank: 90
NPFI Omega Ratio Rank: 93
NPFI Calmar Ratio Rank: 50
NPFI Martin Ratio Rank: 66

FPEI

FPEI Risk / Return Rank: 71
FPEI Sharpe Ratio Rank: 71
FPEI Sortino Ratio Rank: 83
FPEI Omega Ratio Rank: 87
FPEI Calmar Ratio Rank: 48
FPEI 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.

NPFI vs. FPEI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Preferred And Income ETF (NPFI) 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.

	NPFI	FPEI	Difference
Sharpe ratio: Return per unit of total volatility	2.68	2.30	+0.38
Sortino ratio: Return per unit of downside risk	4.12	3.66	+0.46
Omega ratio: Gain probability vs. loss probability	1.63	1.53	+0.10
Calmar ratio: Return relative to maximum drawdown	2.45	2.33	+0.12
Martin ratio: Return relative to average drawdown	11.83	11.60	+0.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NPFI vs. FPEI - Sharpe Ratio Comparison

The current NPFI Sharpe Ratio is 2.68, which is comparable to the FPEI Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of NPFI 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

	NPFI	FPEI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.68	2.30	+0.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.71	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.66	0.57	+2.09

Drawdowns

NPFI vs. FPEI - Drawdown Comparison

The maximum NPFI drawdown since its inception was -3.18%, smaller than the maximum FPEI drawdown of -27.51%. Use the drawdown chart below to compare losses from any high point for NPFI and FPEI.

Drawdown Indicators

	NPFI	FPEI	Difference
Max Drawdown Largest peak-to-trough decline	-3.18%	-27.51%	+24.33%
Max Drawdown (1Y) Largest decline over 1 year	-3.18%	-3.63%	+0.45%
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	-0.06%	-0.10%	+0.04%
Average Drawdown Average peak-to-trough decline	-0.34%	-3.06%	+2.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	0.73%	-0.07%

Volatility

NPFI vs. FPEI - Volatility Comparison

The current volatility for Nuveen Preferred And Income ETF (NPFI) is 0.75%, while First Trust Institutional Preferred Securities & Income ETF (FPEI) has a volatility of 0.89%. This indicates that NPFI experiences smaller price fluctuations and is considered to be less risky than FPEI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NPFI	FPEI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.75%	0.89%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	2.53%	3.06%	-0.53%
Volatility (1Y) Calculated over the trailing 1-year period	2.91%	3.68%	-0.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.95%	5.97%	-3.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.95%	8.85%	-5.90%

NPFI vs. FPEI - Expense Ratio Comparison

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

Dividends

NPFI vs. FPEI - Dividend Comparison

NPFI's dividend yield for the trailing twelve months is around 6.40%, more 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%
NPFI Nuveen Preferred And Income ETF	6.40%	6.33%	5.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NPFI and FPEI in my portfolio?

NPFI and FPEI have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NPFI or FPEI?

FPEI has higher volatility (0.89%) compared to NPFI (0.75%). In terms of maximum drawdown, NPFI dropped -3.18% vs FPEI's -27.51%.

Which ETF is better, NPFI or FPEI?

On 1-year performance, FPEI leads with 8.42% vs 7.77% for NPFI. On fees, NPFI is cheaper at 0.55% per year. On volatility, NPFI has been the lower-risk option at 0.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NPFI or FPEI?

Over the 1-year period, FPEI has performed better with a 8.42% return vs 7.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NPFI or FPEI?

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

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

NPFI has the higher dividend yield at 6.40%, compared with 5.72% for FPEI.

What is the main difference between NPFI and FPEI?

They also come from different issuers: Nuveen and First Trust. Their fees differ too: 0.55% for NPFI and 0.85% for FPEI.

Which has better risk-adjusted returns?

NPFI currently has the higher Sharpe Ratio (2.68 vs 2.30), 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.