Which returned more over the last year, FPE or VRP?

In the year to Oct 28, 2026, with distributions reinvested, FPE returned −2.6% and VRP +1.6%.

Which is cheaper, FPE or VRP?

VRP is cheaper, by 0.33 percentage points a year. That is about $33 on $10,000 held for a year. Fees come from each fund's prospectus.

How much do FPE and VRP overlap with the S&P 500?

By their latest filed holdings, 0% of FPE and 0% of VRP by weight is stocks the S&P 500 already holds.

Data as of Oct 28, 2026.

Across categories

FPE vs VRP: Differences, Returns & Fees

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Over the year to Oct 28, 2026, FPE returned −2.6% to VRP's +1.6%, and VRP charges 0.50% to FPE's 0.83%.

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Net assets on Oct 27, 2026: $5.8bn for First Trust Preferred Securities and Income ETF and $3.0bn for Invesco Variable Rate Preferred ETF.

FPE on its own →VRP on its own →

At a glance

−2.6%

FPE total return, 1 year

+1.6%

VRP total return, 1 year

0.83%

FPE expense ratio

0.50%

VRP expense ratio

Pair scorecard

VRP costs 0.33 points a year less; their one-year returns differ by 4.2 points; FPE is 1.9 times larger.

FPE vs VRP: Differences, Returns & Fees
Measure	FPE	VRP
Return
Measure	FPE	VRP
Total return, 1 year	−2.6%	+1.6%
Drawdown
Measure	FPE	VRP
Below its high	4.3%, high on Feb 20, 2026
Benchmark
Measure	FPE	VRP
What it tracks	No index, actively managed	ICE Variable Rate Preferred & Hybrid Securities Index
Cost and size
Measure	FPE	VRP
Expense ratio	0.83%	0.50%
Net assets, as of Oct 27, 2026	$5.8bn	$3.0bn
Holdings
Measure	FPE	VRP
Holdings in common	22%
Top ten holdings, share of the fund	15.0%	9.1%

Holdings in common uses holdings dated May 31, 2026 and Jul 31, 2026. Method

Risk and return

May 9, 2014 to Oct 23, 2026 · 650 weekly returns

FPE VRP

Return

Total return edge Tie +78.6% +79.9%

Annualized edge Tie +4.7% +4.8%

Price return edge VRP −11.5% −5.8%

Risk

Volatility edge FPE (slight) 10.2% 10.9%

Max drawdown edge FPE (slight) −30.1% −30.8%

Risk-adjusted

Sharpe edge FPE (slight) 0.31 0.30

Sortino edge Tie 0.42 0.42

Calmar edge Tie 0.16 0.16

Reading

FPE and VRP returned about the same: +78.6% and +79.9%. FPE swung slightly less: 10.2% to 10.9%. FPE fell slightly less at its worst: −30.1% to −30.8%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: FPE vs VRP: Differences, Returns & Fees
Measure	FPE	VRP	Edge	How it is measured
Return
Total return	+78.6%	+79.9%	Tie	Price change plus distributions, reinvested.
Annualized	+4.7%	+4.8%	Tie	Total return as a yearly rate.
Price return	−11.5%	−5.8%	VRP	Price change alone, distributions left out.
Risk
Volatility	10.2%	10.9%	FPE (slight)	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	7.5%	7.7%	FPE (slight)	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−30.1%	−30.8%	FPE (slight)	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	0.31	0.30	FPE (slight)	Return above Treasury bills per unit of volatility.
Sortino	0.42	0.42	Tie	Return above Treasury bills per unit of downside deviation.
Calmar	0.16	0.16	Tie	Annualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 650 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

22%

By the books each fund has filed, FPE and VRP hold 22% of their money in the same securities at the same weight. Holdings dated May 31, 2026 and Jul 31, 2026.

50%

0 half 100%

half

22% in common

Positions both hold · largest shared weight first FPE VRP

BAC V6.625 PERP 2.52% 1.12%

JPM V6.875 PERP NN 1.35% 0.94%

C V6.625 PERP 1.20% 0.91%

GS V7.5 PERP X 1.04% 0.85%

SCHW V4 PERP H 1.07% 0.75%

WFC V6.125 PERP GG 0.61% 0.82%

C V6.875 PERP GG 0.58% 0.99%

PNC V6.25 PERP W 0.64% 0.55%

AEP V6.05 03/15/56 D, due Mar 15, 2056 0.57% 0.54%

ENBCN V8.5 01/15/84, due Jan 15, 2084 0.54% 0.51%

SO V6.375 03/15/55 2025, due Mar 15, 2055 0.50% 0.66%

GS V6.125 PERP Y 0.48% 0.72%

Only in one fund ↓

Only in FPE

WELLS FARGO & COMPANY 7.5% NON-CUMULATIVE PERPETUAL CONVERTIBLE CLASS A PREFERRED STOCK, SERIES L 2.08%

BACR V8 PERP 1.67%

NEXTERA ENERGY CAPITAL HOLDINGS INC SERIES U JUNIOR SUBORDINATED DEBENTURES DUE JUNE 1, 2085 1.33%

BNP V7.2 PERP 144A 1.26%

XCEL ENERGY INC 6.25% NOTES ISSUED DUE ON OCTOBER 15, 2085 1.23%

ACAFP V7.125 PERP 144A 1.21%

HIG F 02/12/47 ICON, due Feb 12, 2047 1.09%

COREBRIDGE FINANCIAL INC 6.375% JUNIOR SUBORDINATED NOTES DUE DECEMBER 15,2064. 1.05%

Only in VRP

JPMorgan Chase & Co., Series OO 1.10%

Citigroup Capital XIII, Pfd. 0.92%

Bank of America Corp. 0.91%

BP Capital Markets PLC 0.89%

CVS Health Corp., due Mar 10, 2055 0.84%

Bank of America Corp., Series FF 0.83%

Vodafone Group PLC, due Apr 4, 2079 0.75%

Bank of America Corp., Series TT 0.72%

Check overlap with more funds →

Side by side

FPE First Trust Preferred Securities and Income ETF VRP Invesco Variable Rate Preferred ETF

Where it sits Bond ETF Bond ETF

Issuer First Trust Invesco

What it is Actively managed Tracks an index

Total return, 1 year −2.6% +1.6%

Expense ratio 0.83% 0.50%

Already in the S&P 500 0.0% 0.0%

Holdings 263 367

Net assets, as of Oct 27, 2026 $5.8bn $3.0bn

FPE and VRP on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

Client brief · page 1 of 2 Report BR-486A205493

FPE and VRP are built for the same job. How do they differ in cost, holdings and results?

What each follows. FPE follows No index, actively managed and VRP follows ICE Variable Rate Preferred & Hybrid Securities Index.
Holdings in common. 22% of the weight is in the same securities (holdings dated Jul 31, 2026 and May 31, 2026).
One-year total return. Over 1 year to Oct 28, 2026 FPE returned −2.6% and VRP +1.6% with distributions reinvested, a gap of 4.2 points.

Data as of Oct 28, 2026.

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About each fund

FPE

FPE is actively managed and tracks no index. Over the year to Oct 28, 2026 it returned −2.6% with distributions reinvested. The prospectus expense ratio is 0.83% a year. By its holdings published by its issuer for Oct 27, 2026, 0% of the fund by weight is stocks the S&P 500 also holds, across 263 positions, with the top ten at 15.0%. It sat 4.3% below its high of Feb 20, 2026 on Oct 28, 2026.

VRP

VRP tracks an index. Over the year to Oct 28, 2026 it returned +1.6% with distributions reinvested. The prospectus expense ratio is 0.50% a year. By its holdings published by its issuer for Oct 27, 2026, 0% of the fund by weight is stocks the S&P 500 also holds, across 367 positions, with the top ten at 9.1%.

Questions people ask

Which returned more over the last year, FPE or VRP?: In the year to Oct 28, 2026, with distributions reinvested, FPE returned −2.6% and VRP +1.6%.
Which is cheaper, FPE or VRP?: VRP is cheaper, by 0.33 percentage points a year. That is about $33 on $10,000 held for a year. Fees come from each fund's prospectus.
How much do FPE and VRP overlap with the S&P 500?: By their latest filed holdings, 0% of FPE and 0% of VRP by weight is stocks the S&P 500 already holds.

Other comparisons

FPE vs PGX FPE vs PREF FPE vs PFF FPE vs PFFA PGX vs VRP PFF vs VRP PFFA vs VRP PFXF vs VRP

Where to next

FPE on its own →VRP on its own →Hold both: look the portfolio through →Rankings →FPE dividend history →FPE holdings →VRP dividend history →VRP holdings →Standards and sources →

Sources and dates

FPE filings on SEC EDGAR ↗

FPE prospectus with the expense ratio (SEC) ↗

First Trust page for FPE ↗

VRP filings on SEC EDGAR ↗

VRP prospectus with the expense ratio (SEC) ↗

Invesco page for VRP ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Cite this pageCitation, APA and Markdown

ETFIQ, FPE against VRP, data as of Oct 28, 2026. https://etfiq.com/compare/any/fpe-vs-vrp

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.