PQDI vs. LCAP

Last updated Apr 2, 2026

Compare and contrast key facts about Principal Spectrum Preferred and Income ETF (PQDI) and Principal Capital Appreciation Select ETF (LCAP).

PQDI and LCAP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PQDI is a passively managed fund by Principal that tracks the performance of the ICE BofA 7% Constrained DRD Eligible Preferred Securities Index. It was launched on Jun 16, 2020. LCAP is an actively managed fund by Principal. It was launched on Mar 25, 2025.

Performance

PQDI vs. LCAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Principal Spectrum Preferred and Income ETF (PQDI) and Principal Capital Appreciation Select ETF (LCAP). The values are adjusted to include any dividend payments, if applicable.

PQDI vs. LCAP - Yearly Performance Comparison

	2026 (YTD)	2025
PQDI Principal Spectrum Preferred and Income ETF	-0.52%	7.06%
LCAP Principal Capital Appreciation Select ETF	-1.86%	18.16%

Returns By Period

In the year-to-date period, PQDI achieves a -0.52% return, which is significantly higher than LCAP's -1.86% return.

PQDI

• 1D: 0.16%
• 1M: -1.57%
• YTD: -0.52%
• 6M: 0.80%
• 1Y: 6.56%
• 3Y*: 8.91%
• 5Y*: 3.29%
• 10Y*: —

LCAP

• 1D: 2.66%
• 1M: -4.58%
• YTD: -1.86%
• 6M: 0.05%
• 1Y: 17.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PQDI vs. LCAP - Expense Ratio Comparison

PQDI has a 0.60% expense ratio, which is higher than LCAP's 0.29% expense ratio.

PQDI

Principal Spectrum Preferred and Income ETF

LCAP

Principal Capital Appreciation Select ETF

Return for Risk

PQDI vs. LCAP — Risk / Return Rank

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

PQDI

PQDI Risk / Return Rank: 85
PQDI Sharpe Ratio Rank: 90
PQDI Sortino Ratio Rank: 91
PQDI Omega Ratio Rank: 93
PQDI Calmar Ratio Rank: 72
PQDI Martin Ratio Rank: 77

LCAP

LCAP Risk / Return Rank: 60
LCAP Sharpe Ratio Rank: 55
LCAP Sortino Ratio Rank: 58
LCAP Omega Ratio Rank: 56
LCAP Calmar Ratio Rank: 63
LCAP 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.

PQDI vs. LCAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Principal Spectrum Preferred and Income ETF (PQDI) and Principal Capital Appreciation Select ETF (LCAP). 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.

	PQDI	LCAP	Difference
Sharpe ratio Return per unit of total volatility	2.04	1.01	+1.03
Sortino ratio Return per unit of downside risk	2.77	1.54	+1.23
Omega ratio Gain probability vs. loss probability	1.44	1.22	+0.22
Calmar ratio Return relative to maximum drawdown	2.02	1.66	+0.36
Martin ratio Return relative to average drawdown	8.85	6.93	+1.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PQDI vs. LCAP - Sharpe Ratio Comparison

The current PQDI Sharpe Ratio is 2.04, which is higher than the LCAP Sharpe Ratio of 1.01. The chart below compares the historical Sharpe Ratios of PQDI and LCAP, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PQDI	LCAP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.04	1.01	+1.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.99	0.90	+0.09

Correlation

The correlation between PQDI and LCAP is 0.60, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

PQDI vs. LCAP - Dividend Comparison

PQDI's dividend yield for the trailing twelve months is around 5.24%, more than LCAP's 0.11% yield.

	TTM	2025	2024	2023	2022	2021	2020
PQDI Principal Spectrum Preferred and Income ETF	5.24%	5.02%	4.93%	5.35%	5.60%	5.21%	2.69%
LCAP Principal Capital Appreciation Select ETF	0.11%	0.11%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

PQDI vs. LCAP - Drawdown Comparison

The maximum PQDI drawdown since its inception was -17.41%, which is greater than LCAP's maximum drawdown of -11.31%. Use the drawdown chart below to compare losses from any high point for PQDI and LCAP.

Drawdown Indicators

	PQDI	LCAP	Difference
Max Drawdown Largest peak-to-trough decline	-17.41%	-11.31%	-6.10%
Max Drawdown (1Y) Largest decline over 1 year	-3.31%	-11.04%	+7.73%
Max Drawdown (5Y) Largest decline over 5 years	-17.41%	—	—
Current Drawdown Current decline from peak	-2.30%	-6.92%	+4.62%
Average Drawdown Average peak-to-trough decline	-3.59%	-1.69%	-1.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.75%	2.64%	-1.89%

Volatility

PQDI vs. LCAP - Volatility Comparison

The current volatility for Principal Spectrum Preferred and Income ETF (PQDI) is 1.87%, while Principal Capital Appreciation Select ETF (LCAP) has a volatility of 5.18%. This indicates that PQDI experiences smaller price fluctuations and is considered to be less risky than LCAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PQDI	LCAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.87%	5.18%	-3.31%
Volatility (6M) Calculated over the trailing 6-month period	2.50%	10.66%	-8.16%
Volatility (1Y) Calculated over the trailing 1-year period	3.22%	17.57%	-14.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.64%	17.60%	-12.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.57%	17.60%	-13.03%