PFLD vs. FPEI

Last updated Jun 25, 2026

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 0.97%/yr vs 4.19%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in AAM Low Duration Preferred and Income Securities ETF 144A (PFLD) 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, PFLD achieves a 2.61% return, which is significantly higher than FPEI's 2.03% return.

PFLD

• 1D: -0.23%
• 1M: 0.46%
• YTD: 2.61%
• 6M: 2.51%
• 1Y: 5.20%
• 3Y*: 5.14%
• 5Y*: 0.97%
• 10Y*: —

FPEI

• 1D: 0.08%
• 1M: 0.89%
• YTD: 2.03%
• 6M: 1.93%
• 1Y: 7.87%
• 3Y*: 11.06%
• 5Y*: 4.19%
• 10Y*: —

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

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	2.61%	1.44%	5.48%	8.16%	-12.73%	4.49%	5.34%	0.86%
FPEI First Trust Institutional Preferred Securities & Income ETF	2.03%	9.82%	10.94%	6.29%	-8.19%	4.63%	7.08%	1.34%

Correlation

The correlation between PFLD and FPEI is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (All Time) Calculated using the full available price history since Nov 20, 2019	0.45

Return for Risk

PFLD vs. FPEI — Risk / Return Rank

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

PFLD

PFLD Risk / Return Rank: 57
PFLD Sharpe Ratio Rank: 53
PFLD Sortino Ratio Rank: 62
PFLD Omega Ratio Rank: 54
PFLD Calmar Ratio Rank: 54
PFLD Martin Ratio Rank: 65

FPEI

FPEI Risk / Return Rank: 73
FPEI Sharpe Ratio Rank: 75
FPEI Sortino Ratio Rank: 85
FPEI Omega Ratio Rank: 88
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.

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.

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.

	PFLD	FPEI	Difference
Sharpe ratio: Return per unit of total volatility	1.59	2.12	-0.53
Sortino ratio: Return per unit of downside risk	2.55	3.39	-0.84
Omega ratio: Gain probability vs. loss probability	1.30	1.48	-0.18
Calmar ratio: Return relative to maximum drawdown	2.34	2.18	+0.16
Martin ratio: Return relative to average drawdown	10.39	10.81	-0.43

PFLD vs. FPEI - Sharpe Ratio Comparison

The current PFLD Sharpe Ratio is 1.59, which is comparable to the FPEI Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of PFLD 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.

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.

Drawdown Indicators

	PFLD	FPEI	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-0.23%	-0.00%	-0.23%
Average Drawdown Average peak-to-trough decline	-4.14%	-3.04%	-1.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.50%	0.73%	-0.23%

Volatility

PFLD vs. FPEI - Volatility Comparison

AAM Low Duration Preferred and Income Securities ETF 144A (PFLD) and First Trust Institutional Preferred Securities & Income ETF (FPEI) have volatilities of 0.82% and 0.81%, 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

	PFLD	FPEI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.82%	0.81%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	2.29%	3.09%	-0.80%
Volatility (1Y) Calculated over the trailing 1-year period	3.28%	3.73%	-0.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.51%	5.97%	+1.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.32%	8.83%	+4.49%

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 5.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FPEI First Trust Institutional Preferred Securities & Income ETF	5.70%	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

Can I hold both PFLD and FPEI in my portfolio?

PFLD and FPEI have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PFLD or FPEI?

PFLD has higher volatility (0.82%) compared to FPEI (0.81%). In terms of maximum drawdown, PFLD dropped -33.20% vs FPEI's -27.51%.

Which ETF is better, PFLD or FPEI?

On 5-year performance, FPEI leads with 4.19% vs 0.97% for PFLD. On fees, PFLD is cheaper at 0.45% 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, PFLD or FPEI?

Over the 5-year period, FPEI has performed better with a 4.19% return vs 0.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PFLD or FPEI?

PFLD is cheaper with a 0.45% expense ratio, compared with 0.85% for FPEI.

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

FPEI has the higher dividend yield at 5.70%, compared with 5.60% for PFLD.

What is the main difference between PFLD and FPEI?

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.

Which has better risk-adjusted returns?

FPEI currently has the higher Sharpe Ratio (2.12 vs 1.59), 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.