CAAA vs. FTXL

Last updated Jun 3, 2026

CAAA (First Trust Commercial Mortgage Opportunities ETF) and FTXL (First Trust Nasdaq Semiconductor ETF) are both exchange-traded funds - CAAA is a Intermediate Core-Plus Bond fund actively managed by First Trust, while FTXL is a Semiconductors fund tracking the Nasdaq U.S. Smart Semiconductor Index. CAAA is actively managed, while FTXL is passively managed. Over the past year, CAAA returned 5.48% vs 228.34% for FTXL. At a 0.06 correlation, their price movements are largely independent. CAAA charges 0.55%/yr vs 0.60%/yr for FTXL.

Performance

CAAA vs. FTXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Commercial Mortgage Opportunities ETF (CAAA) and First Trust Nasdaq Semiconductor ETF (FTXL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CAAA achieves a 0.91% return, which is significantly lower than FTXL's 111.04% return.

CAAA

• 1D: 0.31%
• 1M: 0.10%
• YTD: 0.91%
• 6M: 1.20%
• 1Y: 5.48%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FTXL

• 1D: 5.49%
• 1M: 26.62%
• YTD: 111.04%
• 6M: 112.63%
• 1Y: 228.34%
• 3Y*: 60.35%
• 5Y*: 34.54%
• 10Y*: —

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

CAAA vs. FTXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CAAA First Trust Commercial Mortgage Opportunities ETF	0.91%	8.03%	4.65%
FTXL First Trust Nasdaq Semiconductor ETF	111.04%	48.94%	2.31%

Correlation

The correlation between CAAA and FTXL is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (All Time) Calculated using the full available price history since Feb 29, 2024	0.06

Return for Risk

CAAA vs. FTXL — Risk / Return Rank

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

CAAA

CAAA Risk / Return Rank: 53
CAAA Sharpe Ratio Rank: 52
CAAA Sortino Ratio Rank: 57
CAAA Omega Ratio Rank: 53
CAAA Calmar Ratio Rank: 53
CAAA Martin Ratio Rank: 49

FTXL

FTXL Risk / Return Rank: 97
FTXL Sharpe Ratio Rank: 99
FTXL Sortino Ratio Rank: 96
FTXL Omega Ratio Rank: 96
FTXL Calmar Ratio Rank: 98
FTXL Martin Ratio Rank: 98

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.

CAAA vs. FTXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Commercial Mortgage Opportunities ETF (CAAA) and First Trust Nasdaq Semiconductor ETF (FTXL). 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.

	CAAA	FTXL	Difference
Sharpe ratio Return per unit of total volatility	1.81	6.40	-4.60
Sortino ratio Return per unit of downside risk	2.75	5.79	-3.04
Omega ratio Gain probability vs. loss probability	1.33	1.79	-0.45
Calmar ratio Return relative to maximum drawdown	2.66	16.08	-13.42
Martin ratio Return relative to average drawdown	8.29	60.11	-51.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CAAA vs. FTXL - Sharpe Ratio Comparison

The current CAAA Sharpe Ratio is 1.81, which is lower than the FTXL Sharpe Ratio of 6.40. The chart below compares the historical Sharpe Ratios of CAAA and FTXL, 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

	CAAA	FTXL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.81	6.40	-4.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.96	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.89	0.93	+0.96

Drawdowns

CAAA vs. FTXL - Drawdown Comparison

The maximum CAAA drawdown since its inception was -2.24%, smaller than the maximum FTXL drawdown of -43.87%. Use the drawdown chart below to compare losses from any high point for CAAA and FTXL.

Drawdown Indicators

	CAAA	FTXL	Difference
Max Drawdown Largest peak-to-trough decline	-2.24%	-43.87%	+41.63%
Max Drawdown (1Y) Largest decline over 1 year	-2.08%	-14.51%	+12.43%
Max Drawdown (3Y) Largest decline over 3 years	—	-41.57%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-43.87%	—
Current Drawdown Current decline from peak	-0.69%	0.00%	-0.69%
Average Drawdown Average peak-to-trough decline	-0.56%	-10.56%	+10.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	3.88%	-3.21%

Volatility

CAAA vs. FTXL - Volatility Comparison

The current volatility for First Trust Commercial Mortgage Opportunities ETF (CAAA) is 0.99%, while First Trust Nasdaq Semiconductor ETF (FTXL) has a volatility of 14.41%. This indicates that CAAA experiences smaller price fluctuations and is considered to be less risky than FTXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAAA	FTXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.99%	14.41%	-13.42%
Volatility (6M) Calculated over the trailing 6-month period	2.24%	28.95%	-26.71%
Volatility (1Y) Calculated over the trailing 1-year period	3.04%	35.91%	-32.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.20%	36.01%	-32.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.20%	34.25%	-31.05%

CAAA vs. FTXL - Expense Ratio Comparison

CAAA has a 0.55% expense ratio, which is lower than FTXL's 0.60% expense ratio.

Dividends

CAAA vs. FTXL - Dividend Comparison

CAAA's dividend yield for the trailing twelve months is around 5.28%, more than FTXL's 0.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CAAA First Trust Commercial Mortgage Opportunities ETF	5.28%	6.09%	4.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FTXL First Trust Nasdaq Semiconductor ETF	0.13%	0.28%	0.54%	0.60%	0.89%	0.25%	0.48%	0.92%	0.71%	0.47%	0.12%

Frequently Asked Questions

Can I hold both CAAA and FTXL in my portfolio?

CAAA and FTXL have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CAAA or FTXL?

FTXL has higher volatility (14.41%) compared to CAAA (0.99%). In terms of maximum drawdown, CAAA dropped -2.24% vs FTXL's -43.87%.

Which ETF is better, CAAA or FTXL?

On 1-year performance, FTXL leads with 228.34% vs 5.48% for CAAA. On fees, CAAA is cheaper at 0.55% per year. On volatility, CAAA has been the lower-risk option at 0.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CAAA or FTXL?

Over the 1-year period, FTXL has performed better with a 228.34% return vs 5.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CAAA or FTXL?

CAAA is cheaper with a 0.55% expense ratio, compared with 0.60% for FTXL.

Which ETF pays a higher dividend yield, CAAA or FTXL?

CAAA has the higher dividend yield at 5.28%, compared with 0.13% for FTXL.

What is the main difference between CAAA and FTXL?

CAAA is categorized as Intermediate Core-Plus Bond, while FTXL is Semiconductors. Their fees differ too: 0.55% for CAAA and 0.60% for FTXL.

Which has better risk-adjusted returns?

FTXL currently has the higher Sharpe Ratio (6.40 vs 1.81), 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.