PGF vs. FPEI
PGF (Invesco Financial Preferred ETF) and FPEI (First Trust Institutional Preferred Securities & Income ETF) are both Preferred Stock/Convertible Bonds funds. PGF is passively managed, while FPEI is actively managed. Over the past 5 years, PGF returned -0.81%/yr vs 4.20%/yr for FPEI. At a 0.43 correlation, their price movements are largely independent. PGF charges 0.62%/yr vs 0.85%/yr for FPEI.
Performance
PGF vs. FPEI - Performance Comparison
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Returns By Period
In the year-to-date period, PGF achieves a -0.31% return, which is significantly lower than FPEI's 1.56% return.
PGF
- 1D
- -0.29%
- 1M
- -1.27%
- YTD
- -0.31%
- 6M
- 0.05%
- 1Y
- 4.63%
- 3Y*
- 3.91%
- 5Y*
- -0.81%
- 10Y*
- 2.29%
FPEI
- 1D
- -0.10%
- 1M
- 0.94%
- YTD
- 1.56%
- 6M
- 1.80%
- 1Y
- 8.60%
- 3Y*
- 10.69%
- 5Y*
- 4.20%
- 10Y*
- —
PGF vs. FPEI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PGF Invesco Financial Preferred ETF | -0.31% | 3.40% | 6.01% | 7.73% | -19.22% | 2.65% | 7.23% | 14.55% | -2.82% | 1.54% |
FPEI First Trust Institutional Preferred Securities & Income ETF | 1.56% | 9.82% | 10.94% | 6.29% | -8.19% | 4.63% | 7.08% | 15.86% | -4.29% | 2.23% |
Correlation
The correlation between PGF and FPEI is 0.52, 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 | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Aug 24, 2017 | 0.43 |
The correlation between PGF and FPEI has been stable across timeframes, ranging from 0.43 to 0.52 - a consistent structural relationship.
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Return for Risk
PGF vs. FPEI — Risk / Return Rank
PGF
FPEI
PGF vs. FPEI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Financial Preferred ETF (PGF) 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.
| PGF | FPEI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.60 | ||
| Sortino ratioReturn per unit of downside risk | -2.61 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.54 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | 0.99 | 2.38 | -1.39 |
| Martin ratioReturn relative to average drawdown | 2.11 | 11.84 | -9.73 |
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
| PGF | FPEI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.74 | 2.34 | -1.60 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.07 | 0.71 | -0.78 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.19 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.15 | 0.57 | -0.41 |
Drawdowns
PGF vs. FPEI - Drawdown Comparison
The maximum PGF drawdown since its inception was -75.69%, which is greater than FPEI's maximum drawdown of -27.51%. Use the drawdown chart below to compare losses from any high point for PGF and FPEI.
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Drawdown Indicators
| PGF | FPEI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.69% | -27.51% | -48.18% |
Max Drawdown (1Y)Largest decline over 1 year | -4.69% | -3.63% | -1.06% |
Max Drawdown (3Y)Largest decline over 3 years | -10.87% | -4.26% | -6.61% |
Max Drawdown (5Y)Largest decline over 5 years | -23.41% | -16.46% | -6.95% |
Max Drawdown (10Y)Largest decline over 10 years | -28.92% | — | — |
Current DrawdownCurrent decline from peak | -5.38% | -0.16% | -5.22% |
Average DrawdownAverage peak-to-trough decline | -7.01% | -3.06% | -3.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.20% | 0.73% | +1.47% |
Volatility
PGF vs. FPEI - Volatility Comparison
Invesco Financial Preferred ETF (PGF) has a higher volatility of 1.48% compared to First Trust Institutional Preferred Securities & Income ETF (FPEI) at 0.95%. This indicates that PGF's price experiences larger fluctuations and is considered to be riskier 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
| PGF | FPEI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.48% | 0.95% | +0.53% |
Volatility (6M)Calculated over the trailing 6-month period | 4.06% | 3.06% | +1.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.28% | 3.69% | +2.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.36% | 5.97% | +5.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.00% | 8.86% | +3.14% |
PGF vs. FPEI - Expense Ratio Comparison
PGF has a 0.62% expense ratio, which is lower than FPEI's 0.85% expense ratio.
Dividends
PGF vs. FPEI - Dividend Comparison
PGF's dividend yield for the trailing twelve months is around 6.33%, more than FPEI's 5.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
PGF Invesco Financial Preferred ETF | 6.33% | 6.30% | 6.24% | 6.15% | 5.95% | 4.68% | 4.91% | 5.14% | 5.73% | 5.32% | 5.92% | 5.68% |
Frequently Asked Questions
PGF and FPEI have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PGF has higher volatility (1.48%) compared to FPEI (0.95%). In terms of maximum drawdown, PGF dropped -75.69% vs FPEI's -27.51%.
On 5-year performance, FPEI leads with 4.20% vs -0.81% for PGF. On fees, PGF is cheaper at 0.62% per year. On volatility, FPEI has been the lower-risk option at 0.95%. 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 -0.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PGF is cheaper with a 0.62% expense ratio, compared with 0.85% for FPEI.
PGF has the higher dividend yield at 6.33%, compared with 5.72% for FPEI.
They also come from different issuers: Invesco and First Trust. Their fees differ too: 0.62% for PGF and 0.85% for FPEI.
FPEI currently has the higher Sharpe Ratio (2.34 vs 0.74), 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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