First Trust CEF Income Opportunity ETF (FCEF) belongs to the Diversified Portfolio category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with FCEF. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to FCEF
FCEF charges 2.91% annually. There are 74 ETFs in the Diversified Portfolio category with lower expense ratios, going as low as 0.10%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| Simplify US Equity PLUS Managed Futures Strategy E... | 0.10% | 138.08M | Dec 2025 | FCEF vs CTAP | |
| iShares Core 60/40 Balanced Allocation ETF | 0.15% | 3.64B | Nov 2008 | FCEF vs AOR | |
| iShares Core 30/70 Conservative Allocation ETF | 0.15% | 781.58M | Nov 2008 | FCEF vs AOK | |
| iShares Core 80/20 Aggressive Allocation ETF | 0.15% | 3.19B | Nov 2008 | FCEF vs AOA | |
| iShares ESG Aware Growth Allocation ETF | 0.18% | 32.64M | Jun 2020 | FCEF vs EAOR |
Best Risk-Adjusted Alternatives to FCEF
FCEF has a PortfoliosLab risk / return rank of 68. There are 24 ETFs in the Diversified Portfolio category with higher risk-adjusted ranks, going as high as 92.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| Franklin Income Focus ETF | 92 | 1.72B | Jun 2023 | FCEF vs INCM | |
| Alpha Architect High Inflation And Deflation ETF | 88 | 145.17M | Nov 2022 | FCEF vs HIDE | |
| iShares Morningstar Multi-Asset Income ETF | 87 | 125.24M | Apr 2012 | FCEF vs IYLD | |
| Avantis Moderate Allocation ETF | 87 | 82.33M | Jun 2023 | FCEF vs AVMA | |
| First Trust Multi-Asset Diversified Income Index F... | 86 | 429.28M | Aug 2012 | FCEF vs MDIV |
Top Performing FCEF Alternatives (YTD)
FCEF is at 7.77% YTD. There are 22 ETFs in the Diversified Portfolio category with higher YTD returns, going as high as 28.07%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Adaptive Core ETF | 28.07% | 16.56M | Nov 2021 | FCEF vs RULE | |
| WisdomTree Emerging Markets Efficient Core Fund | 18.97% | 53.61M | May 2021 | FCEF vs NTSE | |
| Pacer Trendpilot International ETF | 16.34% | 181.50M | May 2019 | FCEF vs PTIN | |
| Invesco Zacks Multi-Asset Income ETF | 15.51% | 124.41M | Sep 2006 | FCEF vs CVY | |
| Myriad Dynamic Asset Allocation ETF | 14.47% | 444.94M | Oct 2025 | FCEF vs MDAA |
Lowest Volatility Alternatives to FCEF
FCEF has 7.87% 1-year volatility. There are 23 ETFs in the Diversified Portfolio category with lower 1-year volatility, going as low as 0.00%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| FlexShares Real Assets Allocation Index Fund | 0.00% | 7.49M | Nov 2015 | FCEF vs ASET | |
| Prospera Income ETF | 2.88% | 2.20M | Sep 2025 | FCEF vs THRV | |
| First Trust High Income Strategic Focus ETF | 3.33% | 98.51M | Aug 2014 | FCEF vs HISF | |
| Mindful Conservative ETF | 4.31% | 26.13M | Nov 2021 | FCEF vs MFUL | |
| Brookstone Yield ETF | 4.53% | 43.48M | Sep 2023 | FCEF vs BAMY |
Lowest Drawdown Alternatives to FCEF
FCEF has a 1-year max drawdown of -7.03%. There are 34 ETFs in the Diversified Portfolio category with shallower 1-year drawdowns, going as shallow as -2.48%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| Brookstone Yield ETF | -2.48% | 43.48M | Sep 2023 | FCEF vs BAMY | |
| First Trust High Income Strategic Focus ETF | -2.90% | 98.51M | Aug 2014 | FCEF vs HISF | |
| Franklin Income Focus ETF | -3.19% | 1.72B | Jun 2023 | FCEF vs INCM | |
| Alpha Architect High Inflation And Deflation ETF | -3.31% | 145.17M | Nov 2022 | FCEF vs HIDE | |
| Mindful Conservative ETF | -3.36% | 26.13M | Nov 2021 | FCEF vs MFUL |
Other ETFs from First Trust
The 10 most viewed First Trust ETFs shown here include CIBR, GRID, AIRR and span 16 categories. AUM among these funds goes as high as $25B.
Often Compared With FCEF
Investors most often compare FCEF with CEFS, XMPT, JEPI. These 19 comparison targets span 13 categories, based on PortfoliosLab usage data.
Compare FCEF with Any Fund or Stock
Compare FCEF with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair FCEF with funds that move differently
First Trust CEF Income Opportunity ETF alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to FCEF.
Explore FCEF Diversifiers