First Trust Institutional Preferred… (FPEI) Performance
FPEI total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −0.9% since Dec 31, 2025
- 1 year
- +0.5% total return
- 5 years
- +3.4% a year
- Since first price
- +4.6% a year since 2017
FPEI trailing returns vs SPY, QQQ, AGG
| Period | FPEI total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −1.3% | −2.3% | −1.0% | −5.0% | +0.9% |
| 3 months | −2.5% | −4.0% | +3.2% | +1.9% | −0.4% |
| 6 months | −1.7% | −4.6% | +7.8% | +8.4% | −1.5% |
| YTD | −0.9% | −5.6% | +12.3% | +15.1% | −1.0% |
| 1 year | +0.5% | −5.7% | +14.4% | +15.9% | −1.1% |
| 3 years | +32.9%+9.9%/yr | +10.8% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +18.3%+3.4%/yr | −11.0% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionAug 23, 2017 | +50.4%+4.6%/yr | −8.4% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: FPEI vs SPY
From Aug 23, 2017: FPEI grew to $15,039, SPY to $35,843.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
FPEI returns by calendar year
6 of 8 full years positive. Best 2019 (+15.9%), worst 2022 (−8.2%). 2026 is year to date.
FPEI annual returns table
| Year | FPEI | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −0.9% | −3.6% | +12.3% | +15.1% | −1.0% |
| 2025 | +10.3% | −4.3% | +17.7% | +20.8% | +7.2% |
| 2024 | +10.9% | −1.9% | +24.9% | +25.6% | +1.3% |
| 2023 | +6.3% | −13.7% | +26.2% | +54.9% | +5.7% |
| 2022 | −8.2% | −12.9% | −18.2% | −32.6% | −13.0% |
| 2021 | +4.6% | −2.0% | +28.7% | +27.4% | −1.8% |
| 2020 | +7.1% | −27.5% | +18.3% | +48.6% | +7.5% |
| 2019 | +15.9% | −0.9% | +31.2% | +39.0% | +8.5% |
| 2018 | −4.3% | −6.0% | −4.6% | −0.1% | +0.1% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
FPEI largest drawdowns
Now 3.3% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Feb 18, 2020 | −27.5% | Mar 23, 2020 | Nov 6, 2020 | 34 days | 9 months |
| Sep 22, 2021 | −16.5% | Mar 24, 2023 | Mar 20, 2024 | 1.5 years | 2.5 years |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
FPEI risk statistics
| Statistic | 3 years | 5 years | Since 2017 |
|---|---|---|---|
| Annualized return | +9.2% | +3.5% | +4.6% |
| Volatility (annualized) | 5.1% | 7.6% | 8.1% |
| Sharpe ratio | 0.91 | 0.01 | 0.29 |
| Sortino ratio | 1.60 | 0.02 | 0.37 |
| Best month | +5.1% | +5.1% | +6.9% |
| Worst month | −2.5% | −7.9% | −13.1% |
| Best 12 months | +19.8% | +19.8% | +26.0% |
| Worst 12 months | +1.5% | −12.9% | −12.9% |
| Positive months | 75% | 60% | 68% |
| Beta vs S&P 500 | 0.29 | 0.30 | — |
| Correlation with S&P 500 | 0.72 | 0.63 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
FPEI rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 99 | −12.9% | +6.0% | +26.0% | 77% |
| 3-year (a year) | 75 | −0.2% | +4.6% | +11.2% | 99% |
| 5-year (a year) | 51 | +1.9% | +4.2% | +7.6% | 100% |
Every holding period starting at a month-end since 2017. Returns for 3 years and longer are annualized.
FPEI performance overview
First Trust Institutional Preferred… (FPEI) returned +0.5% over the past year and +3.4% a year over five years, with distributions reinvested. Since its first recorded price in 2017 it has returned +4.6% a year, turning $10,000 into about $15,039. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −27.5%, from Feb 18, 2020 to Mar 23, 2020, and it took 7 months to get back to the old high. FPEI finished 6 of its 8 full calendar years with a gain; the best year was 2019 (+15.9%) and the worst 2022 (−8.2%). Volatility has been 8.1% a year.
Related: FPEI chart, FPEI dividends. See the FPEI overview for the latest quote and fund facts.
FPEI performance FAQ
What is the FPEI return over the past year?
FPEI returned +0.5% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 5.7%.
What is the average annual return of FPEI?
FPEI has returned +3.4% a year over 5 years, +4.6% a year since August 23, 2017 (total return, distributions reinvested).
How much would $10,000 invested in FPEI be worth?
$10,000 invested in FPEI at its first recorded close on August 23, 2017 would be worth about $15,039 on October 23, 2026 with distributions reinvested.
What was the worst year for FPEI?
The worst calendar year was 2022, with a total return of −8.2%. The best was 2019 at +15.9%.
What is the biggest drawdown of FPEI?
The largest peak-to-trough decline was −27.5% between February 18, 2020 and March 23, 2020. It recovered to the old high on November 6, 2020, 7 months after the bottom.
How volatile is FPEI?
Over the past 3 years FPEI had an annualized volatility of 5.1% and a Sharpe ratio of 0.91 (excess return over 1–3 month T-bills per unit of risk).