PPSIX vs. FPF

Last updated Jun 23, 2026

PPSIX (Principal Spectrum Preferred and Capital Securities Income Fund) and FPF (First Trust Intermediate Duration Preferred and Income Fund) are both Preferred Stock/Convertible Bonds funds. Over the past 10 years, PPSIX returned 4.34%/yr vs 5.64%/yr for FPF. At a 0.36 correlation, their price movements are largely independent. PPSIX charges 0.79%/yr vs 0.02%/yr for FPF.

Performance

PPSIX vs. FPF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Principal Spectrum Preferred and Capital Securities Income Fund (PPSIX) 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, PPSIX achieves a 1.01% return, which is significantly higher than FPF's -0.31% return. Over the past 10 years, PPSIX has underperformed FPF with an annualized return of 4.34%, while FPF has yielded a comparatively higher 5.64% annualized return.

PPSIX

• 1D: 0.00%
• 1M: 0.56%
• YTD: 1.01%
• 6M: 1.19%
• 1Y: 5.81%
• 3Y*: 8.29%
• 5Y*: 2.66%
• 10Y*: 4.34%

FPF

• 1D: -0.39%
• 1M: 0.14%
• YTD: -0.31%
• 6M: 0.64%
• 1Y: 6.09%
• 3Y*: 15.36%
• 5Y*: 1.68%
• 10Y*: 5.64%

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

PPSIX vs. FPF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PPSIX Principal Spectrum Preferred and Capital Securities Income Fund	1.01%	7.86%	9.82%	5.88%	-10.67%	3.03%	5.47%	16.45%	-4.54%	10.51%
FPF First Trust Intermediate Duration Preferred and Income Fund	-0.31%	13.14%	20.90%	5.31%	-25.83%	9.12%	9.67%	28.24%	-11.97%	15.99%

Correlation

The correlation between PPSIX and FPF is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since May 24, 2013	0.36

The correlation between PPSIX and FPF shifts across timeframes, from 0.36 (all time) to 0.53 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PPSIX vs. FPF — Risk / Return Rank

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

PPSIX

PPSIX Risk / Return Rank: 62
PPSIX Sharpe Ratio Rank: 80
PPSIX Sortino Ratio Rank: 79
PPSIX Omega Ratio Rank: 87
PPSIX Calmar Ratio Rank: 27
PPSIX Martin Ratio Rank: 35

FPF

FPF Risk / Return Rank: 8
FPF Sharpe Ratio Rank: 9
FPF Sortino Ratio Rank: 8
FPF Omega Ratio Rank: 9
FPF Calmar Ratio Rank: 7
FPF Martin Ratio Rank: 7

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.

PPSIX vs. FPF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Principal Spectrum Preferred and Capital Securities Income Fund (PPSIX) 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.

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.

	PPSIX	FPF	Difference
Sharpe ratio: Return per unit of total volatility	2.42	0.71	+1.71
Sortino ratio: Return per unit of downside risk	3.45	0.99	+2.46
Omega ratio: Gain probability vs. loss probability	1.57	1.14	+0.43
Calmar ratio: Return relative to maximum drawdown	1.83	0.60	+1.23
Martin ratio: Return relative to average drawdown	7.39	1.82	+5.57

PPSIX vs. FPF - Sharpe Ratio Comparison

The current PPSIX Sharpe Ratio is 2.42, which is higher than the FPF Sharpe Ratio of 0.71. The chart below compares the historical Sharpe Ratios of PPSIX 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.

Drawdowns

PPSIX vs. FPF - Drawdown Comparison

The maximum PPSIX drawdown since its inception was -52.75%, roughly equal to the maximum FPF drawdown of -53.78%. Use the drawdown chart below to compare losses from any high point for PPSIX and FPF.

Drawdown Indicators

	PPSIX	FPF	Difference
Max Drawdown Largest peak-to-trough decline	-52.75%	-53.78%	+1.03%
Max Drawdown (1Y) Largest decline over 1 year	-3.18%	-10.13%	+6.95%
Max Drawdown (3Y) Largest decline over 3 years	-3.35%	-11.81%	+8.46%
Max Drawdown (5Y) Largest decline over 5 years	-17.37%	-37.06%	+19.69%
Max Drawdown (10Y) Largest decline over 10 years	-22.82%	-53.78%	+30.96%
Current Drawdown Current decline from peak	-0.60%	-4.42%	+3.82%
Average Drawdown Average peak-to-trough decline	-3.28%	-8.41%	+5.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	3.35%	-2.56%

Volatility

PPSIX vs. FPF - Volatility Comparison

The current volatility for Principal Spectrum Preferred and Capital Securities Income Fund (PPSIX) is 0.62%, while First Trust Intermediate Duration Preferred and Income Fund (FPF) has a volatility of 1.74%. This indicates that PPSIX 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

	PPSIX	FPF	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.62%	1.74%	-1.12%
Volatility (6M) Calculated over the trailing 6-month period	2.09%	7.24%	-5.15%
Volatility (1Y) Calculated over the trailing 1-year period	2.41%	8.68%	-6.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.23%	14.53%	-10.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.35%	25.01%	-19.66%

PPSIX vs. FPF - Expense Ratio Comparison

PPSIX has a 0.79% expense ratio, which is higher than FPF's 0.02% expense ratio.

Dividends

PPSIX vs. FPF - Dividend Comparison

PPSIX's dividend yield for the trailing twelve months is around 5.36%, less than FPF's 9.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPF First Trust Intermediate Duration Preferred and Income Fund	9.22%	8.85%	9.17%	8.31%	8.62%	6.75%	6.55%	7.08%	8.79%	7.63%	9.31%	9.16%
PPSIX Principal Spectrum Preferred and Capital Securities Income Fund	5.36%	5.59%	5.34%	4.82%	5.54%	4.39%	4.44%	4.87%	5.79%	5.04%	5.86%	6.09%

Frequently Asked Questions

Can I hold both PPSIX and FPF in my portfolio?

PPSIX and FPF have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PPSIX or FPF?

FPF has higher volatility (1.74%) compared to PPSIX (0.62%). In terms of maximum drawdown, PPSIX dropped -52.75% vs FPF's -53.78%.

Which has better risk-adjusted returns?

PPSIX currently has the higher Sharpe Ratio (2.42 vs 0.71), 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.