PFLD vs. FPEI
PFLD (AAM Low Duration Preferred and Income Securities ETF 144A) and FPEI (First Trust Institutional Preferred Securities & Income ETF) are both Preferred Stock/Convertible Bonds funds. PFLD is passively managed, while FPEI is actively managed. Over the past 5 years, PFLD returned 1.04%/yr vs 4.20%/yr for FPEI. At a 0.45 correlation, their price movements are largely independent. PFLD charges 0.45%/yr vs 0.85%/yr for FPEI.
Performance
PFLD vs. FPEI - Performance Comparison
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Returns By Period
In the year-to-date period, PFLD achieves a 2.69% return, which is significantly higher than FPEI's 1.56% return.
PFLD
- 1D
- 0.05%
- 1M
- 0.74%
- YTD
- 2.69%
- 6M
- 2.90%
- 1Y
- 6.25%
- 3Y*
- 4.93%
- 5Y*
- 1.04%
- 10Y*
- —
FPEI
- 1D
- -0.10%
- 1M
- 0.94%
- YTD
- 1.56%
- 6M
- 1.80%
- 1Y
- 8.60%
- 3Y*
- 10.69%
- 5Y*
- 4.20%
- 10Y*
- —
PFLD vs. FPEI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
PFLD AAM Low Duration Preferred and Income Securities ETF 144A | 2.69% | 1.44% | 5.48% | 8.16% | -12.73% | 4.49% | 5.34% | 1.04% |
FPEI First Trust Institutional Preferred Securities & Income ETF | 1.56% | 9.82% | 10.94% | 6.29% | -8.19% | 4.63% | 7.08% | 1.31% |
Correlation
The correlation between PFLD and FPEI is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since Nov 21, 2019 | 0.45 |
The correlation between PFLD and FPEI shifts across timeframes, from 0.32 (1 year) to 0.45 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PFLD vs. FPEI — Risk / Return Rank
PFLD
FPEI
PFLD vs. FPEI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AAM Low Duration Preferred and Income Securities ETF 144A (PFLD) 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.
| PFLD | FPEI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.49 | ||
| Sortino ratioReturn per unit of downside risk | -0.72 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.54 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 2.81 | 2.38 | +0.43 |
| Martin ratioReturn relative to average drawdown | 12.46 | 11.84 | +0.62 |
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
| PFLD | FPEI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.85 | 2.34 | -0.49 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.14 | 0.71 | -0.57 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.17 | 0.57 | -0.40 |
Drawdowns
PFLD vs. FPEI - Drawdown Comparison
The maximum PFLD drawdown since its inception was -33.20%, which is greater than FPEI's maximum drawdown of -27.51%. Use the drawdown chart below to compare losses from any high point for PFLD and FPEI.
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Drawdown Indicators
| PFLD | FPEI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.20% | -27.51% | -5.69% |
Max Drawdown (1Y)Largest decline over 1 year | -2.23% | -3.63% | +1.40% |
Max Drawdown (3Y)Largest decline over 3 years | -6.41% | -4.26% | -2.15% |
Max Drawdown (5Y)Largest decline over 5 years | -15.51% | -16.46% | +0.95% |
Current DrawdownCurrent decline from peak | 0.00% | -0.16% | +0.16% |
Average DrawdownAverage peak-to-trough decline | -4.17% | -3.06% | -1.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.50% | 0.73% | -0.23% |
Volatility
PFLD vs. FPEI - Volatility Comparison
The current volatility for AAM Low Duration Preferred and Income Securities ETF 144A (PFLD) is 0.84%, while First Trust Institutional Preferred Securities & Income ETF (FPEI) has a volatility of 0.95%. This indicates that PFLD 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
| PFLD | FPEI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.84% | 0.95% | -0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 2.26% | 3.06% | -0.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.39% | 3.69% | -0.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.50% | 5.97% | +1.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.38% | 8.86% | +4.52% |
PFLD vs. FPEI - Expense Ratio Comparison
PFLD has a 0.45% expense ratio, which is lower than FPEI's 0.85% expense ratio.
Dividends
PFLD vs. FPEI - Dividend Comparison
PFLD's dividend yield for the trailing twelve months is around 5.60%, 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% |
PFLD AAM Low Duration Preferred and Income Securities ETF 144A | 5.60% | 6.52% | 7.09% | 7.09% | 5.76% | 4.52% | 4.79% | 0.82% | 0.00% | 0.00% |
Frequently Asked Questions
PFLD and FPEI have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FPEI has higher volatility (0.95%) compared to PFLD (0.84%). In terms of maximum drawdown, PFLD dropped -33.20% vs FPEI's -27.51%.
On 5-year performance, FPEI leads with 4.20% vs 1.04% for PFLD. On fees, PFLD is cheaper at 0.45% per year. On volatility, PFLD has been the lower-risk option at 0.84%. 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 4.20% return vs 1.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PFLD is cheaper with a 0.45% expense ratio, compared with 0.85% for FPEI.
FPEI has the higher dividend yield at 5.72%, compared with 5.60% for PFLD.
They also come from different issuers: Advisors Asset Management and First Trust. Their fees differ too: 0.45% for PFLD and 0.85% for FPEI.
FPEI currently has the higher Sharpe Ratio (2.34 vs 1.85), 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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