First Trust Long/Short Equity ETF (FTLS) belongs to the Long-Short category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with FTLS. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to FTLS
FTLS charges 1.38% annually. There are 19 ETFs in the Long-Short category with lower expense ratios, going as low as 0.40%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| iShares Flexible Equity Active ETF | 0.40% | 1.61B | May 2026 | FTLS vs BFLX | |
| Proshares Large Cap Core Plus | 0.45% | 515.52M | Jul 2009 | FTLS vs CSM | |
| Aptus International Enhanced Yield ETF | 0.45% | 490.37M | Jul 2021 | FTLS vs IDUB | |
| Arin Tactical Tail Risk ETF | 0.63% | — | Oct 2025 | FTLS vs ATTR | |
| ProShares Long Online/Short Stores ETF | 0.65% | 7.48M | Nov 2017 | FTLS vs CLIX |
Best Risk-Adjusted Alternatives to FTLS
FTLS has a PortfoliosLab risk / return rank of 75. There are 7 ETFs in the Long-Short category with higher risk-adjusted ranks, going as high as 96.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| Convergence Long/Short Equity ETF | 96 | 447.61M | Dec 2009 | FTLS vs CLSE | |
| Franklin Liberty Systematic Style Premia ETF | 88 | 1.04B | Dec 2019 | FTLS vs FLSP | |
| NYLI Hedge Multi-Strategy Tracker ETF | 83 | 1.02B | Mar 2009 | FTLS vs QAI | |
| ProShares Hedge Replication | 80 | 22.00M | Jul 2011 | FTLS vs HDG | |
| Aptus International Enhanced Yield ETF | 78 | 490.37M | Jul 2021 | FTLS vs IDUB |
Top Performing FTLS Alternatives (YTD)
FTLS is at 6.03% YTD. There are 16 ETFs in the Long-Short category with higher YTD returns, going as high as 24.37%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Convergence Long/Short Equity ETF | 24.37% | 447.61M | Dec 2009 | FTLS vs CLSE | |
| Harbor Long-Short Equity ETF | 23.37% | 15.30M | Dec 2023 | FTLS vs LSEQ | |
| Aptus International Enhanced Yield ETF | 15.21% | 490.37M | Jul 2021 | FTLS vs IDUB | |
| Efficient Market Portfolio Plus ETF | 14.62% | — | Dec 2024 | FTLS vs EMPB | |
| Militia Long/Short Equity ETF | 13.55% | 138.61M | Jan 2025 | FTLS vs ORR |
Lowest Volatility Alternatives to FTLS
FTLS has 8.54% 1-year volatility. There are 5 ETFs in the Long-Short category with lower 1-year volatility, going as low as 3.30%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| Arin Tactical Tail Risk ETF | 3.30% | — | Oct 2025 | FTLS vs ATTR | |
| ProShares Hedge Replication | 6.41% | 22.00M | Jul 2011 | FTLS vs HDG | |
| Federated Hermes MDT Market Neutral ETF | 6.65% | 106.80M | Sep 2025 | FTLS vs MKTN | |
| NYLI Hedge Multi-Strategy Tracker ETF | 6.85% | 1.02B | Mar 2009 | FTLS vs QAI | |
| AltShares Event-Driven ETF | 7.57% | 8.62M | Dec 2014 | FTLS vs EVNT |
Lowest Drawdown Alternatives to FTLS
FTLS has a 1-year max drawdown of -3.79%. There are 2 ETFs in the Long-Short category with shallower 1-year drawdowns, going as shallow as -3.35%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| AltShares Event-Driven ETF | -3.35% | 8.62M | Dec 2014 | FTLS vs EVNT | |
| NYLI Hedge Multi-Strategy Tracker ETF | -3.71% | 1.02B | Mar 2009 | FTLS vs QAI | |
| ProShares Hedge Replication | -3.97% | 22.00M | Jul 2011 | FTLS vs HDG | |
| Franklin Liberty Systematic Style Premia ETF | -4.03% | 1.04B | Dec 2019 | FTLS vs FLSP | |
| Convergence Long/Short Equity ETF | -4.85% | 447.61M | Dec 2009 | FTLS vs CLSE |
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 FTLS
Investors most often compare FTLS with SPY, FMF, FDLO. These 20 comparison targets span 12 categories, based on PortfoliosLab usage data.
Compare FTLS with Any Fund or Stock
Compare FTLS with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair FTLS with funds that move differently
First Trust Long/Short Equity ETF alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to FTLS.
Explore FTLS Diversifiers