PSK vs. FEPI

Last updated Jun 24, 2026

PSK (SPDR ICE Preferred Securities ETF) and FEPI (REX FANG & Innovation Equity Premium Income ETF) are both exchange-traded funds - PSK is a Preferred Stock/Convertible Bonds fund tracking the PSK-US - ICE Exchange-Listed Fixed& Adjustable Rate Preferred Securities Index, while FEPI is a Derivative Income fund actively managed by REX. PSK is passively managed, while FEPI is actively managed. Over the past year, PSK returned 3.05% vs 20.65% for FEPI. At a 0.34 correlation, their price movements are largely independent. PSK charges 0.45%/yr vs 0.65%/yr for FEPI.

Performance

PSK vs. FEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR ICE Preferred Securities ETF (PSK) and REX FANG & Innovation Equity Premium Income ETF (FEPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PSK achieves a -0.93% return, which is significantly lower than FEPI's 3.07% return.

PSK

• 1D: 0.03%
• 1M: -0.91%
• YTD: -0.93%
• 6M: -1.06%
• 1Y: 3.05%
• 3Y*: 3.78%
• 5Y*: -1.15%
• 10Y*: 2.00%

FEPI

• 1D: -2.98%
• 1M: -4.62%
• YTD: 3.07%
• 6M: 2.27%
• 1Y: 20.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PSK vs. FEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PSK SPDR ICE Preferred Securities ETF	-0.93%	2.69%	4.81%	9.07%
FEPI REX FANG & Innovation Equity Premium Income ETF	3.07%	18.33%	15.69%	11.75%

Correlation

The correlation between PSK and FEPI is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (All Time) Calculated using the full available price history since Oct 11, 2023	0.34

The correlation between PSK and FEPI shifts across timeframes, from 0.34 (all time) to 0.44 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PSK vs. FEPI — Risk / Return Rank

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

PSK

PSK Risk / Return Rank: 15
PSK Sharpe Ratio Rank: 17
PSK Sortino Ratio Rank: 15
PSK Omega Ratio Rank: 14
PSK Calmar Ratio Rank: 15
PSK Martin Ratio Rank: 14

FEPI

FEPI Risk / Return Rank: 33
FEPI Sharpe Ratio Rank: 33
FEPI Sortino Ratio Rank: 31
FEPI Omega Ratio Rank: 33
FEPI Calmar Ratio Rank: 33
FEPI Martin Ratio Rank: 35

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.

PSK vs. FEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR ICE Preferred Securities ETF (PSK) and REX FANG & Innovation Equity Premium Income ETF (FEPI). 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.

	PSK	FEPI	Difference
Sharpe ratio: Return per unit of total volatility	0.50	1.16	-0.66
Sortino ratio: Return per unit of downside risk	0.75	1.62	-0.87
Omega ratio: Gain probability vs. loss probability	1.09	1.22	-0.13
Calmar ratio: Return relative to maximum drawdown	0.56	1.61	-1.05
Martin ratio: Return relative to average drawdown	1.14	5.15	-4.00

PSK vs. FEPI - Sharpe Ratio Comparison

The current PSK Sharpe Ratio is 0.50, which is lower than the FEPI Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of PSK and FEPI, 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

PSK vs. FEPI - Drawdown Comparison

The maximum PSK drawdown since its inception was -30.10%, which is greater than FEPI's maximum drawdown of -23.56%. Use the drawdown chart below to compare losses from any high point for PSK and FEPI.

Drawdown Indicators

	PSK	FEPI	Difference
Max Drawdown Largest peak-to-trough decline	-30.10%	-23.56%	-6.54%
Max Drawdown (1Y) Largest decline over 1 year	-5.50%	-12.91%	+7.41%
Max Drawdown (3Y) Largest decline over 3 years	-10.30%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.23%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-30.10%	—	—
Current Drawdown Current decline from peak	-6.31%	-8.01%	+1.70%
Average Drawdown Average peak-to-trough decline	-3.98%	-3.53%	-0.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.67%	4.02%	-1.35%

Volatility

PSK vs. FEPI - Volatility Comparison

The current volatility for SPDR ICE Preferred Securities ETF (PSK) is 1.71%, while REX FANG & Innovation Equity Premium Income ETF (FEPI) has a volatility of 7.58%. This indicates that PSK experiences smaller price fluctuations and is considered to be less risky than FEPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSK	FEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.71%	7.58%	-5.87%
Volatility (6M) Calculated over the trailing 6-month period	4.33%	14.01%	-9.68%
Volatility (1Y) Calculated over the trailing 1-year period	6.13%	17.84%	-11.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.75%	19.33%	-8.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.92%	19.33%	-7.41%

PSK vs. FEPI - Expense Ratio Comparison

PSK has a 0.45% expense ratio, which is lower than FEPI's 0.65% expense ratio.

Dividends

PSK vs. FEPI - Dividend Comparison

PSK's dividend yield for the trailing twelve months is around 7.08%, less than FEPI's 26.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEPI REX FANG & Innovation Equity Premium Income ETF	26.88%	25.48%	27.18%	4.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PSK SPDR ICE Preferred Securities ETF	7.08%	6.82%	6.55%	6.44%	6.55%	5.03%	5.08%	5.44%	6.47%	6.91%	5.92%	5.35%

Frequently Asked Questions

Can I hold both PSK and FEPI in my portfolio?

PSK and FEPI have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSK or FEPI?

FEPI has higher volatility (7.58%) compared to PSK (1.71%). In terms of maximum drawdown, PSK dropped -30.10% vs FEPI's -23.56%.

Which ETF is better, PSK or FEPI?

On 1-year performance, FEPI leads with 20.65% vs 3.05% for PSK. On fees, PSK is cheaper at 0.45% per year. On volatility, PSK has been the lower-risk option at 1.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSK or FEPI?

Over the 1-year period, FEPI has performed better with a 20.65% return vs 3.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSK or FEPI?

PSK is cheaper with a 0.45% expense ratio, compared with 0.65% for FEPI.

Which ETF pays a higher dividend yield, PSK or FEPI?

FEPI has the higher dividend yield at 26.88%, compared with 7.08% for PSK.

What is the main difference between PSK and FEPI?

PSK is categorized as Preferred Stock/Convertible Bonds, while FEPI is Derivative Income. They also come from different issuers: State Street and REX. Their fees differ too: 0.45% for PSK and 0.65% for FEPI.

Which has better risk-adjusted returns?

FEPI currently has the higher Sharpe Ratio (1.16 vs 0.50), 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.