PRFD vs. FPEI
PRFD (PIMCO Preferred And Capital Securities Active Exchange-Traded Fund) and FPEI (First Trust Institutional Preferred Securities & Income ETF) are both Preferred Stock/Convertible Bonds funds. Both are actively managed. Over the past 3 years, PRFD returned 9.42%/yr vs 11.06%/yr for FPEI. A 0.52 correlation means they provide meaningful diversification when combined. PRFD charges 0.74%/yr vs 0.85%/yr for FPEI.
Performance
PRFD vs. FPEI - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with PRFD having a 2.00% return and FPEI slightly higher at 2.03%.
PRFD
- 1D
- 0.22%
- 1M
- 1.05%
- YTD
- 2.00%
- 6M
- 1.98%
- 1Y
- 7.17%
- 3Y*
- 9.42%
- 5Y*
- —
- 10Y*
- —
FPEI
- 1D
- 0.08%
- 1M
- 0.89%
- YTD
- 2.03%
- 6M
- 1.93%
- 1Y
- 7.87%
- 3Y*
- 11.06%
- 5Y*
- 4.19%
- 10Y*
- —
PRFD vs. FPEI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PRFD PIMCO Preferred And Capital Securities Active Exchange-Traded Fund | 2.00% | 8.45% | 9.92% | 1.81% |
FPEI First Trust Institutional Preferred Securities & Income ETF | 2.03% | 9.82% | 10.94% | 2.38% |
Correlation
The correlation between PRFD and FPEI is 0.51, 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 | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Jan 19, 2023 | 0.52 |
The correlation between PRFD and FPEI has been stable across timeframes, ranging from 0.50 to 0.52 - a consistent structural relationship.
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Return for Risk
PRFD vs. FPEI — Risk / Return Rank
PRFD
FPEI
PRFD vs. FPEI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Preferred And Capital Securities Active Exchange-Traded Fund (PRFD) 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.
| PRFD | FPEI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.48 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.19 | 2.18 | +0.02 |
| Martin ratioReturn relative to average drawdown | 8.96 | 10.81 | -1.86 |
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Drawdowns
PRFD vs. FPEI - Drawdown Comparison
The maximum PRFD drawdown since its inception was -11.93%, smaller than the maximum FPEI drawdown of -27.51%. Use the drawdown chart below to compare losses from any high point for PRFD and FPEI.
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Drawdown Indicators
| PRFD | FPEI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.93% | -27.51% | +15.58% |
Max Drawdown (1Y)Largest decline over 1 year | -3.28% | -3.63% | +0.35% |
Max Drawdown (3Y)Largest decline over 3 years | -6.28% | -4.26% | -2.02% |
Max Drawdown (5Y)Largest decline over 5 years | — | -16.46% | — |
Current DrawdownCurrent decline from peak | -0.03% | -0.00% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -2.20% | -3.04% | +0.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | 0.73% | +0.07% |
Volatility
PRFD vs. FPEI - Volatility Comparison
The current volatility for PIMCO Preferred And Capital Securities Active Exchange-Traded Fund (PRFD) is 0.73%, while First Trust Institutional Preferred Securities & Income ETF (FPEI) has a volatility of 0.81%. This indicates that PRFD experiences smaller price fluctuations and is considered to be less risky 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
| PRFD | FPEI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.73% | 0.81% | -0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 2.67% | 3.09% | -0.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.18% | 3.73% | -0.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.85% | 5.97% | -1.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.85% | 8.83% | -3.98% |
PRFD vs. FPEI - Expense Ratio Comparison
PRFD has a 0.74% expense ratio, which is lower than FPEI's 0.85% expense ratio.
Dividends
PRFD vs. FPEI - Dividend Comparison
PRFD's dividend yield for the trailing twelve months is around 5.73%, which matches 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% |
PRFD PIMCO Preferred And Capital Securities Active Exchange-Traded Fund | 5.73% | 5.63% | 5.53% | 5.04% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PRFD and FPEI have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FPEI has higher volatility (0.81%) compared to PRFD (0.73%). In terms of maximum drawdown, PRFD dropped -11.93% vs FPEI's -27.51%.
On 3-year performance, FPEI leads with 11.06% vs 9.42% for PRFD. On fees, PRFD is cheaper at 0.74% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, FPEI has performed better with a 11.06% return vs 9.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PRFD is cheaper with a 0.74% expense ratio, compared with 0.85% for FPEI.
PRFD has the higher dividend yield at 5.73%, compared with 5.70% for FPEI.
They also come from different issuers: PIMCO and First Trust. Their fees differ too: 0.74% for PRFD and 0.85% for FPEI.
PRFD currently has the higher Sharpe Ratio (2.27 vs 2.12), 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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