PFFV vs. FPEI
PFFV (Global X Variable Rate Preferred ETF) and FPEI (First Trust Institutional Preferred Securities & Income ETF) are both Preferred Stock/Convertible Bonds funds. PFFV is passively managed, while FPEI is actively managed. Over the past 5 years, PFFV returned 2.23%/yr vs 4.21%/yr for FPEI. At a 0.45 correlation, their price movements are largely independent. PFFV charges 0.25%/yr vs 0.85%/yr for FPEI.
Performance
PFFV vs. FPEI - Performance Comparison
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Returns By Period
In the year-to-date period, PFFV achieves a 2.83% return, which is significantly higher than FPEI's 1.61% return.
PFFV
- 1D
- -0.09%
- 1M
- 0.32%
- YTD
- 2.83%
- 6M
- 2.94%
- 1Y
- 4.77%
- 3Y*
- 7.57%
- 5Y*
- 2.23%
- 10Y*
- —
FPEI
- 1D
- 0.05%
- 1M
- 0.62%
- YTD
- 1.61%
- 6M
- 1.98%
- 1Y
- 8.42%
- 3Y*
- 10.64%
- 5Y*
- 4.21%
- 10Y*
- —
PFFV vs. FPEI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
PFFV Global X Variable Rate Preferred ETF | 2.83% | 2.08% | 9.45% | 10.64% | -13.81% | 6.35% | 13.36% |
FPEI First Trust Institutional Preferred Securities & Income ETF | 1.61% | 9.82% | 10.94% | 6.29% | -8.19% | 4.63% | 11.71% |
Correlation
The correlation between PFFV and FPEI is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Jun 25, 2020 | 0.45 |
The correlation between PFFV and FPEI shifts across timeframes, from 0.37 (1 year) to 0.47 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PFFV vs. FPEI — Risk / Return Rank
PFFV
FPEI
PFFV vs. FPEI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Variable Rate Preferred ETF (PFFV) 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.
| PFFV | FPEI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.13 | ||
| Sortino ratioReturn per unit of downside risk | -1.92 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.53 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | 1.48 | 2.33 | -0.85 |
| Martin ratioReturn relative to average drawdown | 4.15 | 11.60 | -7.44 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PFFV | FPEI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.17 | 2.30 | -1.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.25 | 0.71 | -0.46 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.55 | 0.57 | -0.01 |
Drawdowns
PFFV vs. FPEI - Drawdown Comparison
The maximum PFFV drawdown since its inception was -18.96%, smaller than the maximum FPEI drawdown of -27.51%. Use the drawdown chart below to compare losses from any high point for PFFV and FPEI.
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Drawdown Indicators
| PFFV | FPEI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.96% | -27.51% | +8.55% |
Max Drawdown (1Y)Largest decline over 1 year | -3.23% | -3.63% | +0.40% |
Max Drawdown (3Y)Largest decline over 3 years | -6.07% | -4.26% | -1.81% |
Max Drawdown (5Y)Largest decline over 5 years | -18.96% | -16.46% | -2.50% |
Current DrawdownCurrent decline from peak | -0.40% | -0.10% | -0.30% |
Average DrawdownAverage peak-to-trough decline | -4.18% | -3.06% | -1.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.15% | 0.73% | +0.42% |
Volatility
PFFV vs. FPEI - Volatility Comparison
The current volatility for Global X Variable Rate Preferred ETF (PFFV) is 0.80%, while First Trust Institutional Preferred Securities & Income ETF (FPEI) has a volatility of 0.89%. This indicates that PFFV 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.
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Volatility by Period
| PFFV | FPEI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.80% | 0.89% | -0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 2.84% | 3.06% | -0.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.11% | 3.68% | +0.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.84% | 5.97% | +2.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.68% | 8.85% | -0.17% |
PFFV vs. FPEI - Expense Ratio Comparison
PFFV has a 0.25% expense ratio, which is lower than FPEI's 0.85% expense ratio.
Dividends
PFFV vs. FPEI - Dividend Comparison
PFFV's dividend yield for the trailing twelve months is around 8.12%, 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% |
PFFV Global X Variable Rate Preferred ETF | 8.12% | 8.26% | 7.33% | 7.17% | 6.60% | 5.23% | 2.29% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PFFV and FPEI have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FPEI has higher volatility (0.89%) compared to PFFV (0.80%). In terms of maximum drawdown, PFFV dropped -18.96% vs FPEI's -27.51%.
On 5-year performance, FPEI leads with 4.21% vs 2.23% for PFFV. On fees, PFFV is cheaper at 0.25% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FPEI has performed better with a 4.21% return vs 2.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PFFV is cheaper with a 0.25% expense ratio, compared with 0.85% for FPEI.
PFFV has the higher dividend yield at 8.12%, compared with 5.72% for FPEI.
They also come from different issuers: Global X and First Trust. Their fees differ too: 0.25% for PFFV and 0.85% for FPEI.
FPEI currently has the higher Sharpe Ratio (2.30 vs 1.17), 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.
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