PISHX vs. FPF

Last updated Jun 4, 2026

PISHX (Cohen & Steers Preferred Securities and Income SMA Shares) and FPF (First Trust Intermediate Duration Preferred and Income Fund) are both Preferred Stock/Convertible Bonds funds. Over the past 5 years, PISHX returned 4.14%/yr vs 1.54%/yr for FPF. At a 0.41 correlation, their price movements are largely independent. PISHX charges 0.00%/yr vs 0.02%/yr for FPF.

Performance

PISHX vs. FPF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cohen & Steers Preferred Securities and Income SMA Shares (PISHX) and First Trust Intermediate Duration Preferred and Income Fund (FPF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PISHX achieves a 2.00% return, which is significantly higher than FPF's -0.26% return.

PISHX

• 1D: 0.00%
• 1M: 0.46%
• YTD: 2.00%
• 6M: 2.20%
• 1Y: 8.70%
• 3Y*: 11.40%
• 5Y*: 4.14%
• 10Y*: —

FPF

• 1D: -0.56%
• 1M: -1.34%
• YTD: -0.26%
• 6M: 1.13%
• 1Y: 7.85%
• 3Y*: 14.89%
• 5Y*: 1.54%
• 10Y*: 5.63%

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

PISHX vs. FPF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PISHX Cohen & Steers Preferred Securities and Income SMA Shares	2.00%	9.65%	12.50%	7.91%	-11.73%	4.30%	8.57%	12.46%
FPF First Trust Intermediate Duration Preferred and Income Fund	-0.26%	13.14%	20.90%	5.31%	-25.83%	9.12%	9.67%	16.93%

Correlation

The correlation between PISHX and FPF is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (All Time) Calculated using the full available price history since Mar 4, 2019	0.41

The correlation between PISHX and FPF shifts across timeframes, from 0.41 (all time) to 0.54 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PISHX vs. FPF — Risk / Return Rank

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

PISHX

PISHX Risk / Return Rank: 87
PISHX Sharpe Ratio Rank: 97
PISHX Sortino Ratio Rank: 97
PISHX Omega Ratio Rank: 97
PISHX Calmar Ratio Rank: 68
PISHX Martin Ratio Rank: 77

FPF

FPF Risk / Return Rank: 10
FPF Sharpe Ratio Rank: 12
FPF Sortino Ratio Rank: 10
FPF Omega Ratio Rank: 12
FPF Calmar Ratio Rank: 8
FPF Martin Ratio Rank: 8

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.

PISHX vs. FPF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cohen & Steers Preferred Securities and Income SMA Shares (PISHX) and First Trust Intermediate Duration Preferred and Income Fund (FPF). 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.

	PISHX	FPF	Difference
Sharpe ratio: Return per unit of total volatility	3.74	0.91	+2.84
Sortino ratio: Return per unit of downside risk	5.71	1.25	+4.46
Omega ratio: Gain probability vs. loss probability	1.95	1.17	+0.77
Calmar ratio: Return relative to maximum drawdown	3.18	0.78	+2.40
Martin ratio: Return relative to average drawdown	14.50	2.45	+12.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PISHX vs. FPF - Sharpe Ratio Comparison

The current PISHX Sharpe Ratio is 3.74, which is higher than the FPF Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of PISHX and FPF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PISHX	FPF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.74	0.91	+2.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.91	0.11	+0.80
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.23	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	0.25	+0.57

Drawdowns

PISHX vs. FPF - Drawdown Comparison

The maximum PISHX drawdown since its inception was -27.12%, smaller than the maximum FPF drawdown of -53.78%. Use the drawdown chart below to compare losses from any high point for PISHX and FPF.

Drawdown Indicators

	PISHX	FPF	Difference
Max Drawdown Largest peak-to-trough decline	-27.12%	-53.78%	+26.66%
Max Drawdown (1Y) Largest decline over 1 year	-2.83%	-10.13%	+7.30%
Max Drawdown (3Y) Largest decline over 3 years	-3.90%	-11.81%	+7.91%
Max Drawdown (5Y) Largest decline over 5 years	-19.14%	-37.06%	+17.92%
Max Drawdown (10Y) Largest decline over 10 years	—	-53.78%	—
Current Drawdown Current decline from peak	0.00%	-4.37%	+4.37%
Average Drawdown Average peak-to-trough decline	-3.94%	-8.42%	+4.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.62%	3.21%	-2.59%

Volatility

PISHX vs. FPF - Volatility Comparison

The current volatility for Cohen & Steers Preferred Securities and Income SMA Shares (PISHX) is 0.72%, while First Trust Intermediate Duration Preferred and Income Fund (FPF) has a volatility of 2.74%. This indicates that PISHX experiences smaller price fluctuations and is considered to be less risky than FPF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PISHX	FPF	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.72%	2.74%	-2.02%
Volatility (6M) Calculated over the trailing 6-month period	2.10%	7.20%	-5.10%
Volatility (1Y) Calculated over the trailing 1-year period	2.40%	8.69%	-6.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.57%	14.55%	-9.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.35%	25.01%	-17.66%

PISHX vs. FPF - Expense Ratio Comparison

PISHX has a 0.00% expense ratio, which is lower than FPF's 0.02% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

PISHX vs. FPF - Dividend Comparison

PISHX's dividend yield for the trailing twelve months is around 5.62%, less than FPF's 9.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPF First Trust Intermediate Duration Preferred and Income Fund	9.21%	8.85%	9.17%	8.31%	8.62%	6.75%	6.55%	7.08%	8.79%	7.63%	9.31%	9.16%
PISHX Cohen & Steers Preferred Securities and Income SMA Shares	5.62%	5.52%	5.89%	5.92%	5.45%	4.25%	4.59%	3.38%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PISHX and FPF in my portfolio?

PISHX and FPF have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PISHX or FPF?

FPF has higher volatility (2.74%) compared to PISHX (0.72%). In terms of maximum drawdown, PISHX dropped -27.12% vs FPF's -53.78%.

Which has better risk-adjusted returns?

PISHX currently has the higher Sharpe Ratio (3.74 vs 0.91), 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.