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Relative Intelligence · Preferred Stocks

How El Paso Energy Capital Trust I PFD CV TR SECS (EP-PC) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on EP-PC alone. It places EP-PC (El Paso Energy Capital Trust I PFD CV TR SECS) against 5 popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where EP-PC stands in the market, and of the alternatives worth a closer look.

Period covered: EP-PC's full trading record, from March 1998 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against EP-PC →Chart EP-PC vs. 5 alternatives →
On this page12 sections

Key findings

How much would $10,000 in EP-PC have grown?

This chart tracks a hypothetical $10,000 investment in EP-PC over the past 16 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of EP-PC over the same span and EP-PC's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: The chart covers the past 16 years rather than EP-PC's full 28 years, because most of its popular alternatives have not traded that long.

Choose a period

From the end of September 2010 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 1,599 of the 2,048 stocks and funds worth at least $500 million that traded the whole period ended ahead of EP-PC; the chart shows 5, closest alternatives first. The other 2 lines are popular alternatives, shown for context.

$10,000$100,000$1M201020132016201920222025$10,000$100,000$1M20102014201820222026
  • NVDA$9M+85,752% total · +52.5% a year
  • AAPL$392,248+3,822% total · +25.8% a year
  • SPY (S&P 500)$88,503+785% total · +14.6% a year
  • CWB$47,573+376% total · +10.2% a year
  • CHT$32,693+227% total · +7.7% a year
  • AMLP$23,377+134% total · +5.5% a year
  • EP-PC$20,532+105% total · +4.6% a year
  • PFF$18,880+88.8% total · +4.1% a year
  • PGX$17,908+79.1% total · +3.7% a year
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From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,964 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of EP-PC; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$15,000$20,000$25,000$30,000202120222023202420252026$5,000$10,000$15,000$20,000$25,000$30,000202120222023202420252026
  • KMI$23,609+136% total · +18.7% a year
  • AMLP$23,208+132% total · +18.3% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • POCT$16,328+63.3% total · +10.3% a year
  • DOCT$14,821+48.2% total · +8.2% a year
  • AQNB$13,700+37.0% total · +6.5% a year
  • CWB$13,115+31.2% total · +5.6% a year
  • EP-PC$12,905+29.0% total · +5.2% a year
  • PFF$10,208+2.1% total · +0.4% a year
  • PGX$9,018−9.8% total · −2.0% a year
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EP-PC at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

The company

Market value
$112B
Industry
Financial - Credit Services
Price history from
March 1998

Returns

Past 1 year
+5.9%total return
Past 3 years
+29.1%+8.9% a year
Past 5 years
+28.5%+5.2% a year
Past 10 years
+37.8%+3.3% a year
Best calendar year
+103%2003
Worst calendar year
−65.3%2002
Losing years
9 of 27full calendar years

Risk

Volatility
8.9%typical yearly swing, 5 years
Sharpe ratio
0.61return per unit of risk, 5 years
Worst decline ever
−85.0%Feb 2001 to Oct 2002
From its all-time high
At its highwithin 1%

EP-PC against the whole market

Where EP-PC ranks among every stock and fund, and what across the market has done better.

How does EP-PC rank among all stocks?

This section ranks EP-PC on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how EP-PC stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.

MeasureEP-PCRankStanding
1-year return+5.9%1,742 of 3,287bottom 48%
3-year return+29.1%1,863 of 3,017bottom 39%
5-year return+28.5%1,353 of 2,893top 47%
10-year return+37.8%1,641 of 2,202bottom 26%
Volatility, 5 years8.9%1 of 2,893top 1%
Sharpe ratio, 5 years0.61644 of 2,893top 22%
Worst decline, past 10 years−25.4%7 of 2,187top 1%

What has beaten EP-PC on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). EP-PC sits where the dashed lines cross. Anything in the green box above and to the left earned more than EP-PC with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to EP-PC; faint dots are 1 more of the 9 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0%4.0%5.0%6.0%7.0%8.0%9.0%10.0%11.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than EP-PCHYGH: +6.6% a year, volatility 7.1%EP-PC: +5.2% a year, volatility 8.9%AQNB: +5.7% a year, volatility 11.6%POCT: +10.0% a year, volatility 8.0%DOCT: +8.3% a year, volatility 7.4%FLRT: +6.0% a year, volatility 2.3%BALT: +6.3% a year, volatility 3.3%JAAA: +5.1% a year, volatility 1.7%FLTR: +4.8% a year, volatility 2.1%CHT: +7.7% a year, volatility 13.3%EP-PCAQNBPOCTDOCTFLRTBALTJAAAFLTRCHT0.0%5.0%10.0%15.0%4.0%5.0%6.0%7.0%8.0%9.0%10.0%11.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than EP-PCHYGH: +6.6% a year, volatility 7.1%EP-PC: +5.2% a year, volatility 8.9%AQNB: +5.7% a year, volatility 11.6%POCT: +10.0% a year, volatility 8.0%DOCT: +8.3% a year, volatility 7.4%FLRT: +6.0% a year, volatility 2.3%BALT: +6.3% a year, volatility 3.3%JAAA: +5.1% a year, volatility 1.7%FLTR: +4.8% a year, volatility 2.1%CHT: +7.7% a year, volatility 13.3%EP-PCAQNBPOCTDOCTFLRTJAAAFLTRCHT
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region
  • 3 with more than 1.6× EP-PC's volatility are in the table only

Is there a better investment than EP-PC?

Investments that beat EP-PC over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat EP-PC over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks EP-PC's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than EP-PC follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than EP-PC's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× EP-PC's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than EP-PC's.

Screen the whole market against EP-PC for any period in BetterThanSPYOpen these 11 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with EP-PC?lower diversifies moreExpenseper year
EP-PCEl Paso Energy Capital Trust I PFD CV TR SECS · this page
+5.2%8.9%0.61−25.4%+37.8%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.370.09%
Popular alternativesbest 2 shownThe investments people most often weigh against EP-PC. 2 of 5 passed at least one test.
KMIKinder Morgan, Inc. · Oil & Gas Midstream
On the frontierHigher return in most periods+18.7%22.5%0.88−55.1%+163%0.32—
AMLPAlerian MLP ETF · Energy Equity
Higher return in most periods+16.1%18.9%0.89−72.9%+91.0%0.141.01%
Same and neighboring categories, and shared themesbest 1 shownEverything else in Preferred Stocks and the categories next to it (Preferred Securities, Bitcoin Treasury, Bitcoin, Corporate Bonds), plus EP-PC's specific themes. 1 of 34 passed at least one test.
AQNBAlgonquin Power & Utilities Corp. · Junior Subordinated Debt
Higher return in most periods+5.7%11.6%0.54−42.7%—0.32—
The whole marketbest 7 shownEvery other stock and fund worth at least $500 million. 102 of 3,594 passed at least one test.
POCTInnovator U.S. Equity Power Buffer ETF · Broad Market
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+10.0%8.0%1.23−18.8%—0.350.79%
DOCTFT Vest U.S. Equity Deep Buffer ETF - October · Multi-Asset
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+8.3%7.4%1.11−9.9%—0.360.85%
FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Financials
On the frontierSimilar return, lower volatilityHigher return in most periodsSmaller losses in recent crashes+6.0%2.3%2.55−21.0%+58.0%0.160.60%
BALTInnovator Defined Wealth Shield ETF · Crypto
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline+6.3%3.3%1.85−4.9%—0.260.69%
JAAAJanus Henderson AAA CLO ETF · CLO Bonds
On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline+5.1%1.7%2.98−2.6%—0.220.20%
FLTRVanEck IG Floating Rate ETF · Multi-Asset
Similar return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+4.8%2.1%2.20−17.8%+41.8%0.250.14%
CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications
Higher return in most periods+7.7%13.3%0.63−23.8%+101%0.35—
What these numbers mean for EP-PC
Annual return
EP-PC returned 5.2% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $12,900. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
EP-PC's volatility over the past 5 years was 8.9%, 52% of the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, EP-PC's return lands within 8.9% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
EP-PC's Sharpe ratio over the past 5 years was 0.61, against 0.79 for the S&P 500, so EP-PC earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
EP-PC's worst fall from a peak to a low over the past 10 years was 25.4%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 25.4% fall takes a 34.0% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, EP-PC's monthly returns had a correlation of 0.37 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against EP-PC instead: the lower it is, the more that option would diversify a EP-PC holding. Guide: Correlation and diversification →
Show all 9 stocks and funds worth at least $500 million that earned more than EP-PC with less volatility

Out of 3,633 tested over 5 years. The strongest 4 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with EP-PCExpense
1
POCTInnovator U.S. Equity Power Buffer ETF · Broad Market
Whole market+10.0%8.0%1.23−18.8%—0.350.79%
2
DOCTFT Vest U.S. Equity Deep Buffer ETF - October · Multi-Asset
Whole market+8.3%7.4%1.11−9.9%—0.360.85%
3
BALTInnovator Defined Wealth Shield ETF · Crypto
Whole market+6.3%3.3%1.85−4.9%—0.260.69%
4
HYGHiShares Interest Rate Hedged High Yield Bond ETF · Bonds
Whole market+6.6%7.1%0.94−23.9%+74.5%0.341.12%

EP-PC against its popular alternatives

The investments people most often weigh against EP-PC, compared period by period and year by year.

How do EP-PC's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at EP-PC, which divides the map into what did better or worse on each measure.

Green points earned more than EP-PC with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

8.0%10.0%12.0%14.0%16.0%18.0%20.0%22.0%24.0%−5.0%0.0%5.0%10.0%15.0%20.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityEP-PC: 5.1% a year, volatility 8.9%SPY (S&P 500): 12.7% a year, volatility 17.1%CWB: 3.7% a year, volatility 13.7%PFF: −0.2% a year, volatility 10.5%PGX: −2.3% a year, volatility 11.2%KMI: 18.7% a year, volatility 22.5%AMLP: 16.1% a year, volatility 18.9%EP-PCSPY (S&P 500)CWBPFFPGXKMIAMLP5.0%10.0%15.0%20.0%25.0%−5.0%0.0%5.0%10.0%15.0%20.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityEP-PC: 5.1% a year, volatility 8.9%SPY (S&P 500): 12.7% a year, volatility 17.1%CWB: 3.7% a year, volatility 13.7%PFF: −0.2% a year, volatility 10.5%PGX: −2.3% a year, volatility 11.2%KMI: 18.7% a year, volatility 22.5%AMLP: 16.1% a year, volatility 18.9%EP-PCSPY (S&P 500)CWBPFFPGXKMIAMLP
All figures
InvestmentAnnual returnVolatility
KMI Kinder Morgan, Inc.+18.7%22.5%
AMLP Alerian MLP ETF+16.1%18.9%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
EP-PC This pageEl Paso Energy Capital Trust I PFD CV TR SECS+5.1%8.9%
CWB State Street SPDR Bloomberg Convertible Securities ETF+3.7%13.7%
PFF iShares Preferred and Income Securities ETF−0.2%10.5%
PGX Invesco Preferred ETF−2.3%11.2%
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Has EP-PC consistently beaten its popular alternatives?

This section compares EP-PC with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than EP-PC helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than EP-PC over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
EP-PC El Paso Energy Capital Trust I PFD CV TR SECS (this page)—+0.8%−0.4%+1.8%+5.8%+5.9%+29.1%+28.5%+37.8%8.9%0.61−25.4%—$112B—
KMI QualifiedKinder Morgan, Inc.5/5 short3/3 longAll-weather+5.8%+4.0%+7.1%+24.6%+26.9%+129%+136%+163%22.5%0.88−55.1%—$75B—
AMLP QualifiedAlerian MLP ETF3/5 short3/3 long−3.2%−1.6%+6.6%+17.5%+22.8%+56.0%+111%+91.0%18.9%0.89−72.9%1.01%$13B—
CWB BondsState Street SPDR Bloomberg Convertible Securities ETF1/5 short2/3 long−6.9%−5.5%−4.3%+7.0%+4.9%+54.0%+20.2%+178%13.7%0.34−32.1%0.40%$5.3B—
PFF Dividend & IncomeiShares Preferred and Income Securities ETF0/5 short0/3 long−3.9%−3.3%−5.5%−3.9%−3.8%+21.6%−0.9%+29.6%10.5%0.04−34.1%0.45%$12B—
PGX FinancialsInvesco Preferred ETF0/5 short0/3 long−3.9%−6.6%−8.1%−7.6%−8.7%+16.0%−11.0%+16.8%11.2%-0.15−34.1%0.50%$3.6B—
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How did EP-PC do year by year?

This table shows each investment's total return in every full calendar year since 1999, along with where EP-PC ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with EP-PC and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Newest year first. Green marks a year in which the fund came out ahead of EP-PC; gray means the two finished within a fraction of a point. The rank row places EP-PC among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of EP-PC202520242023202220212020201920182017201620152014201320122011201020092008200720062005200420032002200120001999
EP-PC This pageEl Paso Energy Capital Trust I PFD CV TR SECS—+7.5%+7.1%+10.1%−6.3%+2.5%+0.6%+26.2%−14.3%−0.5%+19.6%−32.7%+8.4%+4.9%+25.6%+25.4%+12.9%+54.8%−23.9%−1.4%+25.2%−4.2%+14.6%+103%−65.3%−34.2%+83.2%+10.4%
Rank among alternativesTop quarter in 5 of 152 of 65 of 63 of 63 of 65 of 64 of 62 of 66 of 64 of 62 of 65 of 64 of 64 of 61 of 61 of 5————————————
SPY S&P 500State Street SPDR S&P 500 ETF17 of 27+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%+5.1%+15.9%+4.8%+10.7%+28.2%−21.6%−11.7%−9.8%+20.4%
KMI Kinder Morgan, Inc.8 of 14+4.7%+64.4%+4.2%+21.2%+23.8%−30.8%+44.4%−11.1%−11.1%+42.7%−62.8%+23.2%+6.3%+13.0%—————————————
AMLP Alerian MLP ETF7 of 15+5.8%+22.8%+21.4%+25.5%+39.1%−32.3%+6.0%−12.6%−7.9%+14.9%−25.7%+4.8%+18.6%+1.9%+10.2%————————————
CWB State Street SPDR Bloomberg Convertible Securities ETF9 of 16+16.6%+10.1%+14.5%−20.8%+2.2%+53.4%+22.4%−2.0%+15.7%+10.6%−0.8%+7.7%+20.5%+15.9%−7.6%+14.1%———————————
PFF iShares Preferred and Income Securities ETF7 of 18+4.9%+7.2%+9.3%−18.2%+7.2%+7.9%+15.9%−4.7%+8.1%+1.3%+4.3%+14.1%−1.0%+18.2%−2.0%+13.9%+38.4%−23.9%—————————
PGX Invesco Preferred ETF6 of 17+3.4%+6.6%+9.4%−21.1%+3.1%+7.1%+17.8%−4.1%+10.6%+0.9%+7.9%+16.4%−2.4%+14.4%+3.6%+11.5%+19.7%——————————
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Risk and diversification

How EP-PC has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were EP-PC's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents EP-PC's five deepest drawdowns since it began trading in 1998, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Green means EP-PC fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringEP-PC fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Dot-com bust−85.0%−36.3%Feb 2001Oct 200220 monthsNov 20119.1 years
2015 China and oil sell-off−37.3%−3.8%Apr 2015Dec 20158 monthsAug 20259.7 years
No named crash−21.6%−15.5%Jul 1998Sep 19982 monthsApr 19997 months
Dot-com bust−19.0%+0.9%Dec 2000Jan 20011 monthFeb 20011 month
No named crash−17.8%+12.5%May 2013Mar 201410 monthsDec 20149 months

How did EP-PC do in stock market crashes?

This section measures how far EP-PC, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than EP-PC.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
EP-PC This pageEl Paso Energy Capital Trust I PFD CV TR SECS—−2.1%−8.9%−22.7%−12.3%−0.2%−24.2%−9.5%0.0%−51.1%−85.0%
SPY S&P 500State Street SPDR S&P 500 ETF2 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
KMI Kinder Morgan, Inc.0 of 7−3.2%−20.3%−55.1%−19.8%−4.0%−64.4%−16.2%———
AMLP Alerian MLP ETF0 of 7−2.8%−20.9%−63.7%−22.4%−4.8%−42.8%−10.8%———
CWB State Street SPDR Bloomberg Convertible Securities ETF1 of 8−3.5%−22.5%−32.1%−12.7%−4.1%−13.4%−14.9%−2.4%——
PFF iShares Preferred and Income Securities ETF2 of 9−7.0%−18.1%−33.9%−8.2%−0.7%−6.8%−14.4%0.0%−64.7%—
PGX Invesco Preferred ETF2 of 8−7.7%−19.3%−33.7%−6.7%−0.6%−6.0%−10.6%0.0%——
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How closely does EP-PC move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares EP-PC with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than EP-PC's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
EP-PC This pageEl Paso Energy Capital Trust I PFD CV TR SECS23%24%0.980.31
CWB State Street SPDR Bloomberg Convertible Securities ETF72%70%1.030.78
KMI Kinder Morgan, Inc.68%82%0.830.82
AMLP Alerian MLP ETF79%112%0.701.18
PFF iShares Preferred and Income Securities ETF39%59%0.660.50
PGX Invesco Preferred ETF35%58%0.590.45
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What diversifies EP-PC?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with EP-PC's. Because such investments tend not to fall at the same time, pairing EP-PC with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which EP-PC lost money. The last two columns show a portfolio that is 80% EP-PC and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe20222018201720152008200720052002200180/20 mix volatility80/20 mix annual return
EP-PC El Paso Energy Capital Trust I PFD CV TR SECS (this page)1.00+28.5%0.61−6.3%−14.3%−0.5%−32.7%−23.9%−1.4%−4.2%−65.3%−34.2%5.0%+5.2%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.38+119%1.48+3.8%−5.2%+10.0%——————5.0%+7.5%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.18+225%1.34+6.0%−19.8%+22.8%+7.7%−20.8%−7.4%———5.1%+9.4%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.38+101%1.04+10.4%−8.7%+1.1%−25.3%—————5.8%+7.4%
HDV Dividend & IncomeiShares Core High Dividend ETF0.27+83.3%1.00+7.1%−3.0%+13.5%−0.3%—————5.4%+6.7%
SMH TechnologyVanEck Semiconductor ETF0.30+323%0.97−33.5%−9.1%+38.5%−0.3%−44.7%+6.0%+10.8%−47.0%−14.6%9.0%+12.0%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.36+85.0%0.96−5.1%−9.5%+16.7%+4.1%—————5.2%+7.0%
GLD CommoditiesSPDR Gold Shares0.24+126%0.96−0.8%−1.9%+12.8%−10.7%+4.9%+30.4%+17.8%——5.8%+8.0%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.25+136%0.93−10.4%−0.9%+27.8%——————6.4%+8.7%

Stocks

InvestmentCorrelation5Y returnSharpe20222018201720152008200720052002200180/20 mix volatility80/20 mix annual return
EP-PC El Paso Energy Capital Trust I PFD CV TR SECS (this page)1.00+28.5%0.61−6.3%−14.3%−0.5%−32.7%−23.9%−1.4%−4.2%−65.3%−34.2%5.0%+5.2%
CAH Medical - DistributionCardinal Health, Inc.0.10+479%1.55+54.1%−24.5%−12.7%+12.6%−39.6%−9.8%+18.7%−8.3%−2.5%6.9%+11.7%
CLS Hardware, Equipment & PartsCelestica Inc.0.06+3,143%1.47+1.3%−16.3%−11.6%−6.0%−20.5%−25.7%−25.2%−65.1%−25.6%12.6%+24.0%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.24+1,636%1.46+17.0%+0.8%+32.1%+67.7%−15.2%+2.1%+20.1%−9.4%+73.7%10.6%+20.1%
MCK Medical - DistributionMcKesson Corporation0.10+413%1.44+51.8%−28.4%+12.0%−4.5%−40.4%+29.7%+64.9%−27.2%+4.9%6.7%+11.1%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.20+690%1.41+86.6%−8.2%+34.8%+17.4%—————8.2%+13.7%
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Common questions

What was EP-PC's worst drawdown?

EP-PC's deepest decline since it began trading in 1998 was 85.0%, from February 2001 to October 2002. It took about nine years from the low to climb back to its old high.

What were EP-PC's best and worst years?

Over 27 full calendar years, EP-PC's best year was 2003, when it returned 103%. Its worst was 2002, with a return of -65.3%.

Is there a better investment than EP-PC?

Among EP-PC's popular alternatives, KMI and AMLP were ahead of EP-PC in most short and long periods, though with much bigger swings (22.5% and 18.9% volatility against 8.9%). Looking beyond its popular alternatives, AQNB (junior subordinated debt) was ahead of EP-PC in most short and long periods, though with much bigger swings (11.6% volatility against 8.9%).

Is EP-PC more volatile than the S&P 500?

No. EP-PC's volatility over the past 5 years was 8.9%, 52% of the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, EP-PC's return lands within 8.9% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is EP-PC's Sharpe ratio?

EP-PC's Sharpe ratio over the past 5 years was 0.61, against 0.79 for the S&P 500, so EP-PC earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is EP-PC with the S&P 500?

Over the past 5 years, EP-PC's monthly returns had a correlation of 0.37 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against EP-PC instead: the lower it is, the more that option would diversify a EP-PC holding.

What are the best alternatives to EP-PC?

Of the five popular alternatives we compared, two outperformed EP-PC in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: KMI and AMLP.

Did EP-PC outperform the S&P 500?

EP-PC finished ahead of the S&P 500 (SPY) in ten of 27 full calendar years. In 2025, it returned +7.5%, against +17.7% for the index.

How did EP-PC do in stock market crashes?

EP-PC fell less than the S&P 500 (SPY) in eight of the ten major crashes it has traded through, and further in two. The clearest case was the 2022 bear market, when EP-PC fell 8.9% and the S&P 500 fell 24.5%.

What diversifies EP-PC?

These had a low correlation with EP-PC over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.38), DXJ (correlation 0.18) and EMLP (correlation 0.38); among large stocks, CAH (correlation 0.10), CLS (correlation 0.06) and FIX (correlation 0.24). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to EP-PC

Other stocks and ETFs