ANEW vs. FPX

Last updated Jun 4, 2026

ANEW (ProShares MSCI Transformational Changes ETF) and FPX (First Trust US Equity Opportunities ETF) are both Large Cap Growth Equities funds - ANEW tracks the MSCI Global Transformational Changes Index while FPX tracks the IPOX-100 U.S. Index. Both are passively managed. Over the past 5 years, ANEW returned 3.83%/yr vs 10.31%/yr for FPX. Their correlation of 0.84 suggests significant overlap in exposure. ANEW charges 0.45%/yr vs 0.57%/yr for FPX.

Performance

ANEW vs. FPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares MSCI Transformational Changes ETF (ANEW) and First Trust US Equity Opportunities ETF (FPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ANEW achieves a 1.92% return, which is significantly lower than FPX's 18.28% return.

ANEW

• 1D: -0.48%
• 1M: 4.91%
• YTD: 1.92%
• 6M: 0.88%
• 1Y: 6.05%
• 3Y*: 13.69%
• 5Y*: 3.83%
• 10Y*: —

FPX

• 1D: -0.55%
• 1M: 4.63%
• YTD: 18.28%
• 6M: 18.02%
• 1Y: 39.24%
• 3Y*: 32.32%
• 5Y*: 10.31%
• 10Y*: 14.65%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ANEW vs. FPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ANEW ProShares MSCI Transformational Changes ETF	1.92%	12.01%	19.37%	22.81%	-29.62%	6.95%	5.77%
FPX First Trust US Equity Opportunities ETF	18.28%	37.62%	24.75%	22.26%	-35.11%	3.69%	15.38%

Correlation

The correlation between ANEW and FPX is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (All Time) Calculated using the full available price history since Oct 19, 2020	0.84

The correlation between ANEW and FPX shifts across timeframes, from 0.69 (1 year) to 0.84 (5 years), reflecting how their relationship changes across market environments.

ANEW vs. FPX - Sectors Allocation Comparison

Sectors	ANEW	FPX
Healthcare	23.3%	16.1%
Technology	22.6%	29.8%
Communication Services	16.0%	7.0%
Basic Materials	11.6%	3.3%
Consumer Cyclical	11.2%	3.5%
Industrials	7.0%	20.0%
Consumer Defensive	4.6%	2.3%
Financial Services	3.6%	3.0%
Real Estate	0.2%	4.2%
Energy	-	4.4%
Utilities	-	6.5%

Return for Risk

ANEW vs. FPX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ANEW

ANEW Risk / Return Rank: 15
ANEW Sharpe Ratio Rank: 16
ANEW Sortino Ratio Rank: 15
ANEW Omega Ratio Rank: 15
ANEW Calmar Ratio Rank: 14
ANEW Martin Ratio Rank: 14

FPX

FPX Risk / Return Rank: 52
FPX Sharpe Ratio Rank: 49
FPX Sortino Ratio Rank: 44
FPX Omega Ratio Rank: 43
FPX Calmar Ratio Rank: 64
FPX Martin Ratio Rank: 58

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ANEW vs. FPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares MSCI Transformational Changes ETF (ANEW) and First Trust US Equity Opportunities ETF (FPX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	ANEW	FPX	Difference
Sharpe ratio Return per unit of total volatility	0.46	1.71	-1.25
Sortino ratio Return per unit of downside risk	0.73	2.24	-1.51
Omega ratio Gain probability vs. loss probability	1.09	1.28	-0.19
Calmar ratio Return relative to maximum drawdown	0.38	3.21	-2.83
Martin ratio Return relative to average drawdown	1.08	10.40	-9.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ANEW vs. FPX - Sharpe Ratio Comparison

The current ANEW Sharpe Ratio is 0.46, which is lower than the FPX Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of ANEW and FPX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ANEW	FPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.46	1.71	-1.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	0.39	-0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.57	-0.29

Drawdowns

ANEW vs. FPX - Drawdown Comparison

The maximum ANEW drawdown since its inception was -39.87%, smaller than the maximum FPX drawdown of -56.29%. Use the drawdown chart below to compare losses from any high point for ANEW and FPX.

Drawdown Indicators

	ANEW	FPX	Difference
Max Drawdown Largest peak-to-trough decline	-39.87%	-56.29%	+16.42%
Max Drawdown (1Y) Largest decline over 1 year	-16.12%	-12.28%	-3.84%
Max Drawdown (3Y) Largest decline over 3 years	-20.26%	-30.88%	+10.62%
Max Drawdown (5Y) Largest decline over 5 years	-39.87%	-43.14%	+3.27%
Max Drawdown (10Y) Largest decline over 10 years	—	-43.14%	—
Current Drawdown Current decline from peak	-3.05%	-0.83%	-2.22%
Average Drawdown Average peak-to-trough decline	-13.37%	-11.34%	-2.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.62%	3.78%	+1.84%

Volatility

ANEW vs. FPX - Volatility Comparison

The current volatility for ProShares MSCI Transformational Changes ETF (ANEW) is 3.09%, while First Trust US Equity Opportunities ETF (FPX) has a volatility of 6.22%. This indicates that ANEW experiences smaller price fluctuations and is considered to be less risky than FPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ANEW	FPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.09%	6.22%	-3.13%
Volatility (6M) Calculated over the trailing 6-month period	9.83%	17.11%	-7.28%
Volatility (1Y) Calculated over the trailing 1-year period	13.19%	23.10%	-9.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.81%	26.49%	-7.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.80%	24.28%	-5.48%

ANEW vs. FPX - Expense Ratio Comparison

ANEW has a 0.45% expense ratio, which is lower than FPX's 0.57% expense ratio.

Dividends

ANEW vs. FPX - Dividend Comparison

ANEW's dividend yield for the trailing twelve months is around 0.61%, more than FPX's 0.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ANEW ProShares MSCI Transformational Changes ETF	0.61%	0.54%	1.08%	0.87%	1.05%	0.24%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%
FPX First Trust US Equity Opportunities ETF	0.49%	0.53%	0.09%	0.27%	1.08%	0.14%	0.28%	0.67%	0.88%	0.68%	0.77%	0.62%

Frequently Asked Questions

Can I hold both ANEW and FPX in my portfolio?

ANEW and FPX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ANEW or FPX?

FPX has higher volatility (6.22%) compared to ANEW (3.09%). In terms of maximum drawdown, ANEW dropped -39.87% vs FPX's -56.29%.

Which ETF is better, ANEW or FPX?

On 5-year performance, FPX leads with 10.31% vs 3.83% for ANEW. On fees, ANEW is cheaper at 0.45% per year. On volatility, ANEW has been the lower-risk option at 3.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ANEW or FPX?

Over the 5-year period, FPX has performed better with a 10.31% return vs 3.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ANEW or FPX?

ANEW is cheaper with a 0.45% expense ratio, compared with 0.57% for FPX.

Which ETF pays a higher dividend yield, ANEW or FPX?

ANEW has the higher dividend yield at 0.61%, compared with 0.49% for FPX.

What is the main difference between ANEW and FPX?

ANEW tracks MSCI Global Transformational Changes Index, while FPX tracks IPOX-100 U.S. Index. They also come from different issuers: ProShares and First Trust. Their fees differ too: 0.45% for ANEW and 0.57% for FPX.

Which has better risk-adjusted returns?

FPX currently has the higher Sharpe Ratio (1.71 vs 0.46), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.