PEPS vs. EIPI

Last updated Jul 14, 2026

PEPS (Parametric Equity Plus ETF) and EIPI (FT Energy Income Partners Enhanced Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, PEPS returned 24.89% vs 22.83% for EIPI. At a 0.21 correlation, their price movements are largely independent. PEPS charges 0.10%/yr vs 1.11%/yr for EIPI.

Performance

PEPS vs. EIPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Parametric Equity Plus ETF (PEPS) and FT Energy Income Partners Enhanced Income ETF (EIPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PEPS achieves a 10.36% return, which is significantly lower than EIPI's 16.72% return.

PEPS

• 1D: -0.73%
• 1M: 1.90%
• 6M: 7.86%
• YTD: 10.36%
• 1Y: 24.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EIPI

• 1D: 1.40%
• 1M: 1.71%
• 6M: 16.37%
• YTD: 16.72%
• 1Y: 22.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PEPS vs. EIPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PEPS Parametric Equity Plus ETF	10.36%	20.32%	-1.42%
EIPI FT Energy Income Partners Enhanced Income ETF	16.72%	12.38%	0.16%

Correlation

The correlation between PEPS and EIPI is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.02
Correlation (All Time) Calculated using the full available price history since Nov 8, 2024	0.21

The correlation between PEPS and EIPI shifts across timeframes, from -0.02 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PEPS vs. EIPI — Risk / Return Rank

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

PEPS

PEPS Risk / Return Rank: 70
PEPS Sharpe Ratio Rank: 71
PEPS Sortino Ratio Rank: 66
PEPS Omega Ratio Rank: 70
PEPS Calmar Ratio Rank: 65
PEPS Martin Ratio Rank: 76

EIPI

EIPI Risk / Return Rank: 88
EIPI Sharpe Ratio Rank: 88
EIPI Sortino Ratio Rank: 91
EIPI Omega Ratio Rank: 82
EIPI Calmar Ratio Rank: 92
EIPI Martin Ratio Rank: 86

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.

PEPS vs. EIPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Parametric Equity Plus ETF (PEPS) and FT Energy Income Partners Enhanced Income ETF (EIPI). 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.

	PEPS	EIPI	Difference
Sharpe ratio: Return per unit of total volatility	1.81	2.28	-0.48
Sortino ratio: Return per unit of downside risk	2.42	3.41	-1.00
Omega ratio: Gain probability vs. loss probability	1.33	1.39	-0.06
Calmar ratio: Return relative to maximum drawdown	2.55	4.81	-2.25
Martin ratio: Return relative to average drawdown	11.27	14.07	-2.80

PEPS vs. EIPI - Sharpe Ratio Comparison

The current PEPS Sharpe Ratio is 1.81, which is comparable to the EIPI Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of PEPS and EIPI, 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

PEPS vs. EIPI - Drawdown Comparison

The maximum PEPS drawdown since its inception was -21.26%, which is greater than EIPI's maximum drawdown of -12.33%. Use the drawdown chart below to compare losses from any high point for PEPS and EIPI.

Drawdown Indicators

	PEPS	EIPI	Difference
Max Drawdown Largest peak-to-trough decline	-21.26%	-12.33%	-8.93%
Max Drawdown (1Y) Largest decline over 1 year	-9.80%	-4.77%	-5.03%
Current Drawdown Current decline from peak	-0.79%	-0.77%	-0.02%
Average Drawdown Average peak-to-trough decline	-2.71%	-1.72%	-0.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.21%	1.63%	+0.58%

Volatility

PEPS vs. EIPI - Volatility Comparison

Parametric Equity Plus ETF (PEPS) and FT Energy Income Partners Enhanced Income ETF (EIPI) have volatilities of 4.20% and 4.19%, 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

	PEPS	EIPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.20%	4.19%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	10.88%	7.84%	+3.04%
Volatility (1Y) Calculated over the trailing 1-year period	13.85%	10.06%	+3.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.21%	13.08%	+5.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.21%	13.08%	+5.13%

PEPS vs. EIPI - Expense Ratio Comparison

PEPS has a 0.10% expense ratio, which is lower than EIPI's 1.11% expense ratio.

Dividends

PEPS vs. EIPI - Dividend Comparison

PEPS's dividend yield for the trailing twelve months is around 0.92%, less than EIPI's 6.69% yield.

Position	TTM	2025	2024
EIPI FT Energy Income Partners Enhanced Income ETF	6.69%	9.71%	6.31%
PEPS Parametric Equity Plus ETF	0.92%	1.00%	0.17%

Frequently Asked Questions

Can I hold both PEPS and EIPI in my portfolio?

PEPS and EIPI have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PEPS or EIPI?

PEPS has higher volatility (4.20%) compared to EIPI (4.19%). In terms of maximum drawdown, PEPS dropped -21.26% vs EIPI's -12.33%.

Which ETF is better, PEPS or EIPI?

On 1-year performance, PEPS leads with 24.89% vs 22.83% for EIPI. On fees, PEPS is cheaper at 0.10% 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, PEPS or EIPI?

Over the 1-year period, PEPS has performed better with a 24.89% return vs 22.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PEPS or EIPI?

PEPS is cheaper with a 0.10% expense ratio, compared with 1.11% for EIPI.

Which ETF pays a higher dividend yield, PEPS or EIPI?

EIPI has the higher dividend yield at 6.69%, compared with 0.92% for PEPS.

What is the main difference between PEPS and EIPI?

They also come from different issuers: Parametric and First Trust. Their fees differ too: 0.10% for PEPS and 1.11% for EIPI.

Which has better risk-adjusted returns?

EIPI currently has the higher Sharpe Ratio (2.28 vs 1.81), 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.