VRP vs. FPEI
VRP (Invesco Variable Rate Preferred ETF) and FPEI (First Trust Institutional Preferred Securities & Income ETF) are both Preferred Stock funds. VRP is passively managed, while FPEI is actively managed. Over the past 5 years, VRP returned 4.09%/yr vs 3.91%/yr for FPEI. Their 0.46 correlation means their historical movements had little consistent relationship. VRP charges 0.50%/yr vs 0.85%/yr for FPEI.
Performance
VRP vs. FPEI - Performance Comparison
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Returns By Period
In the year-to-date period, VRP achieves a 2.44% return, which is significantly higher than FPEI's 2.11% return.
VRP
- 1D
- 0.29%
- 1M
- -0.29%
- 6M
- 1.47%
- YTD
- 2.44%
- 1Y
- 5.13%
- 3Y*
- 8.73%
- 5Y*
- 4.09%
- 10Y*
- 4.87%
- ALL TIME*
- 5.04%
FPEI
- 1D
- 0.05%
- 1M
- -0.26%
- 6M
- 1.21%
- YTD
- 2.11%
- 1Y
- 6.14%
- 3Y*
- 9.92%
- 5Y*
- 3.91%
- 10Y*
- —
- ALL TIME*
- 4.94%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.79M | $5.67M | $5.90M | |
| $16.35M | $14.15M | $17.52M |
VRP vs. FPEI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VRP Invesco Variable Rate Preferred ETF | 2.44% | 7.34% | 11.10% | 10.35% | -9.00% | 4.20% | 5.11% | 18.84% | -6.62% | 0.44% |
FPEI First Trust Institutional Preferred Securities & Income ETF | 2.11% | 9.82% | 10.94% | 6.29% | -8.19% | 4.63% | 7.08% | 15.86% | -4.29% | 2.07% |
Correlation
The correlation between VRP and FPEI is 0.60, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.60 |
Correlation (3Y) Balances recent behavior with more history. | 0.53 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.55 |
Correlation (All Time) Calculated using the full available price history since Aug 23, 2017 | 0.46 |
The correlation between VRP and FPEI shifts across timeframes, from 0.46 (all time) to 0.60 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
VRP vs. FPEI — Risk / Return Rank
VRP
FPEI
VRP vs. FPEI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Variable Rate Preferred ETF (VRP) 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.
| VRP | FPEI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.37 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.78 | 1.70 | +0.08 |
| Martin ratioReturn relative to average drawdown | 9.26 | 8.28 | +0.97 |
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Drawdowns
VRP vs. FPEI - Drawdown Comparison
The maximum VRP drawdown since its inception was -46.04%, which is greater than FPEI's maximum drawdown of -27.51%. Use the drawdown chart below to compare losses from any high point for VRP and FPEI.
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Drawdown Indicators
| VRP | FPEI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.04% | -27.51% | -18.53% |
Max Drawdown (1Y)Largest decline over 1 year | -2.89% | -3.63% | +0.74% |
Max Drawdown (3Y)Largest decline over 3 years | -4.26% | -4.26% | 0.00% |
Max Drawdown (5Y)Largest decline over 5 years | -13.76% | -16.46% | +2.70% |
Max Drawdown (10Y)Largest decline over 10 years | -46.04% | — | — |
Current DrawdownCurrent decline from peak | -0.33% | -0.36% | +0.03% |
Average DrawdownAverage peak-to-trough decline | -2.28% | -3.00% | +0.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.56% | 0.74% | -0.18% |
Volatility
VRP vs. FPEI - Volatility Comparison
Invesco Variable Rate Preferred ETF (VRP) and First Trust Institutional Preferred Securities & Income ETF (FPEI) have volatilities of 0.71% and 0.72%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VRP | FPEI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.71% | 0.72% | -0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 2.40% | 3.06% | -0.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.95% | 3.75% | -0.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.56% | 5.98% | +0.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.53% | 8.78% | +5.75% |
VRP vs. FPEI - Expense Ratio Comparison
VRP has a 0.50% expense ratio, which is lower than FPEI's 0.85% expense ratio.
Dividends
VRP vs. FPEI - Dividend Comparison
VRP's dividend yield for the trailing twelve months is around 6.16%, more than FPEI's 5.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FPEI First Trust Institutional Preferred Securities & Income ETF | 5.79% | 5.62% | 5.55% | 5.76% | 5.20% | 4.46% | 4.90% | 5.02% | 5.81% | 1.50% | 0.00% | 0.00% |
VRP Invesco Variable Rate Preferred ETF | 6.16% | 6.53% | 5.78% | 6.61% | 5.38% | 4.25% | 4.17% | 4.71% | 5.28% | 4.69% | 5.10% | 5.02% |
Frequently Asked Questions
VRP and FPEI have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FPEI has higher volatility (0.72%) compared to VRP (0.71%). In terms of maximum drawdown, VRP dropped -46.04% vs FPEI's -27.51%.
On 5-year performance, VRP leads with 4.09% vs 3.91% for FPEI. On fees, VRP is cheaper at 0.50% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, VRP has performed better with a 4.09% return vs 3.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VRP is cheaper with a 0.50% expense ratio, compared with 0.85% for FPEI.
VRP has the higher dividend yield at 6.16%, compared with 5.79% for FPEI.
They also come from different issuers: Invesco and First Trust. Their fees differ too: 0.50% for VRP and 0.85% for FPEI.
VRP currently has the higher Sharpe Ratio (1.76 vs 1.67), 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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