FCA vs. CAS

Last updated Jul 14, 2026

FCA (First Trust China AlphaDEX Fund) and CAS (Simplify China A Shares PLUS Income ETF) are both China Equities funds. FCA is passively managed, while CAS is actively managed. A 0.60 correlation means they provide meaningful diversification when combined. FCA charges 0.80%/yr vs 0.88%/yr for CAS.

Performance

FCA vs. CAS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust China AlphaDEX Fund (FCA) and Simplify China A Shares PLUS Income ETF (CAS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FCA

• 1D: -2.14%
• 1M: -13.42%
• 6M: -15.08%
• YTD: -6.22%
• 1Y: 10.52%
• 3Y*: 13.13%
• 5Y*: 1.14%
• 10Y*: 7.34%

CAS

• 1D: -4.63%
• 1M: -2.07%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FCA vs. CAS - Yearly Performance Comparison

	2026 (YTD)
FCA First Trust China AlphaDEX Fund	-15.16%
CAS Simplify China A Shares PLUS Income ETF	-5.99%

Correlation

The correlation between FCA and CAS is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 28, 2026	0.60

FCA vs. CAS - Sectors Allocation Comparison

Sectors	FCA	CAS
Industrials	23.6%	-
Financial Services	20.2%	40.5%
Basic Materials	18.7%	-
Energy	14.4%	-
Technology	12.1%	-
Healthcare	2.9%	-
Communication Services	2.7%	-
Utilities	2.7%	-
Real Estate	1.2%	-
Consumer Cyclical	1.0%	-
Consumer Defensive	0.5%	-

Return for Risk

FCA vs. CAS — Risk / Return Rank

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

FCA

FCA Risk / Return Rank: 17
FCA Sharpe Ratio Rank: 18
FCA Sortino Ratio Rank: 17
FCA Omega Ratio Rank: 17
FCA Calmar Ratio Rank: 16
FCA Martin Ratio Rank: 19

CAS

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

FCA vs. CAS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust China AlphaDEX Fund (FCA) and Simplify China A Shares PLUS Income ETF (CAS). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FCA	CAS	Difference
Sharpe ratio: Return per unit of total volatility	0.45	—	—
Sortino ratio: Return per unit of downside risk	0.75	—	—
Omega ratio: Gain probability vs. loss probability	1.09	—	—
Calmar ratio: Return relative to maximum drawdown	0.45	—	—
Martin ratio: Return relative to average drawdown	1.56	—	—

Drawdowns

FCA vs. CAS - Drawdown Comparison

The maximum FCA drawdown since its inception was -45.56%, which is greater than CAS's maximum drawdown of -9.35%. Use the drawdown chart below to compare losses from any high point for FCA and CAS.

Drawdown Indicators

	FCA	CAS	Difference
Max Drawdown Largest peak-to-trough decline	-45.56%	-9.35%	-36.21%
Max Drawdown (1Y) Largest decline over 1 year	-23.38%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-26.13%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-42.47%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-42.47%	—	—
Current Drawdown Current decline from peak	-23.38%	-9.35%	-14.03%
Average Drawdown Average peak-to-trough decline	-21.61%	-3.11%	-18.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.74%	—	—

Volatility

Volatility by Period

	FCA	CAS	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.67%	—	—
Volatility (6M) Calculated over the trailing 6-month period	18.05%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	23.73%	32.32%	-8.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.81%	32.32%	-4.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.72%	32.32%	-5.60%

FCA vs. CAS - Expense Ratio Comparison

FCA has a 0.80% expense ratio, which is lower than CAS's 0.88% expense ratio.

Dividends

FCA vs. CAS - Dividend Comparison

FCA's dividend yield for the trailing twelve months is around 3.01%, more than CAS's 0.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAS Simplify China A Shares PLUS Income ETF	0.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FCA First Trust China AlphaDEX Fund	3.01%	2.67%	5.17%	5.70%	6.00%	4.91%	4.12%	3.73%	3.10%	2.30%	2.51%	4.13%

Frequently Asked Questions

Can I hold both FCA and CAS in my portfolio?

FCA and CAS have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FCA or CAS?

On fees, FCA is cheaper at 0.80% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FCA or CAS?

FCA is cheaper with a 0.80% expense ratio, compared with 0.88% for CAS.

Which ETF pays a higher dividend yield, FCA or CAS?

FCA has the higher dividend yield at 3.01%, compared with 0.38% for CAS.

What is the main difference between FCA and CAS?

They also come from different issuers: First Trust and Simplify. Their fees differ too: 0.80% for FCA and 0.88% for CAS.