PSK vs. FPEI
PSK (SPDR ICE Preferred Securities ETF) and FPEI (First Trust Institutional Preferred Securities & Income ETF) are both Preferred Stock/Convertible Bonds funds. PSK is passively managed, while FPEI is actively managed. Over the past 5 years, PSK returned -1.15%/yr vs 4.17%/yr for FPEI. At a 0.45 correlation, their price movements are largely independent. PSK charges 0.45%/yr vs 0.85%/yr for FPEI.
Performance
PSK vs. FPEI - Performance Comparison
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Returns By Period
In the year-to-date period, PSK achieves a -0.93% return, which is significantly lower than FPEI's 1.95% 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%
FPEI
- 1D
- 0.03%
- 1M
- 0.81%
- YTD
- 1.95%
- 6M
- 2.11%
- 1Y
- 7.87%
- 3Y*
- 11.03%
- 5Y*
- 4.17%
- 10Y*
- —
PSK vs. FPEI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PSK SPDR ICE Preferred Securities ETF | -0.93% | 2.69% | 4.81% | 8.91% | -18.86% | 1.57% | 6.37% | 17.59% | -4.54% | 0.61% |
FPEI First Trust Institutional Preferred Securities & Income ETF | 1.95% | 9.82% | 10.94% | 6.29% | -8.19% | 4.63% | 7.08% | 15.86% | -4.29% | 2.07% |
Correlation
The correlation between PSK and FPEI 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 | 0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Aug 23, 2017 | 0.45 |
The correlation between PSK and FPEI has been stable across timeframes, ranging from 0.45 to 0.53 - a consistent structural relationship.
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Return for Risk
PSK vs. FPEI — Risk / Return Rank
PSK
FPEI
PSK vs. FPEI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR ICE Preferred Securities ETF (PSK) 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.
| PSK | FPEI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.62 | ||
| Sortino ratioReturn per unit of downside risk | -2.64 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.48 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | 0.56 | 2.18 | -1.62 |
| Martin ratioReturn relative to average drawdown | 1.14 | 10.82 | -9.67 |
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Drawdowns
PSK vs. FPEI - Drawdown Comparison
The maximum PSK drawdown since its inception was -30.10%, which is greater than FPEI's maximum drawdown of -27.51%. Use the drawdown chart below to compare losses from any high point for PSK and FPEI.
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Drawdown Indicators
| PSK | FPEI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.10% | -27.51% | -2.59% |
Max Drawdown (1Y)Largest decline over 1 year | -5.50% | -3.63% | -1.87% |
Max Drawdown (3Y)Largest decline over 3 years | -10.30% | -4.26% | -6.04% |
Max Drawdown (5Y)Largest decline over 5 years | -22.23% | -16.46% | -5.77% |
Max Drawdown (10Y)Largest decline over 10 years | -30.10% | — | — |
Current DrawdownCurrent decline from peak | -6.31% | -0.08% | -6.23% |
Average DrawdownAverage peak-to-trough decline | -3.98% | -3.04% | -0.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.67% | 0.73% | +1.94% |
Volatility
PSK vs. FPEI - Volatility Comparison
SPDR ICE Preferred Securities ETF (PSK) has a higher volatility of 1.71% compared to First Trust Institutional Preferred Securities & Income ETF (FPEI) at 0.82%. This indicates that PSK's price experiences larger fluctuations and is considered to be riskier 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
| PSK | FPEI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.71% | 0.82% | +0.89% |
Volatility (6M)Calculated over the trailing 6-month period | 4.33% | 3.09% | +1.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.13% | 3.73% | +2.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.75% | 5.97% | +4.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.92% | 8.83% | +3.09% |
PSK vs. FPEI - Expense Ratio Comparison
PSK has a 0.45% expense ratio, which is lower than FPEI's 0.85% expense ratio.
Dividends
PSK vs. FPEI - Dividend Comparison
PSK's dividend yield for the trailing twelve months is around 7.08%, more than FPEI's 5.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 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
PSK and FPEI 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.
PSK has higher volatility (1.71%) compared to FPEI (0.82%). In terms of maximum drawdown, PSK dropped -30.10% vs FPEI's -27.51%.
On 5-year performance, FPEI leads with 4.17% vs -1.15% for PSK. On fees, PSK is cheaper at 0.45% per year. On volatility, FPEI has been the lower-risk option at 0.82%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FPEI has performed better with a 4.17% return vs -1.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PSK is cheaper with a 0.45% expense ratio, compared with 0.85% for FPEI.
PSK has the higher dividend yield at 7.08%, compared with 5.70% for FPEI.
They also come from different issuers: State Street and First Trust. Their fees differ too: 0.45% for PSK and 0.85% for FPEI.
FPEI currently has the higher Sharpe Ratio (2.12 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.
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