FCA vs. SPY

Last updated Jun 3, 2026

FCA (First Trust China AlphaDEX Fund) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - FCA is a China Equities fund tracking the NASDAQ AlphaDEX China Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, FCA returned 9.89%/yr vs 15.57%/yr for SPY. At a 0.36 correlation, their price movements are largely independent. FCA charges 0.80%/yr vs 0.09%/yr for SPY.

Performance

FCA vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust China AlphaDEX Fund (FCA) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with FCA having a 11.53% return and SPY slightly higher at 11.69%. Over the past 10 years, FCA has underperformed SPY with an annualized return of 9.89%, while SPY has yielded a comparatively higher 15.57% annualized return.

FCA

• 1D: 2.01%
• 1M: -4.08%
• YTD: 11.53%
• 6M: 9.85%
• 1Y: 44.90%
• 3Y*: 20.06%
• 5Y*: 5.02%
• 10Y*: 9.89%

SPY

• 1D: 0.14%
• 1M: 5.40%
• YTD: 11.69%
• 6M: 12.09%
• 1Y: 29.62%
• 3Y*: 22.64%
• 5Y*: 14.20%
• 10Y*: 15.57%

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

FCA vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCA First Trust China AlphaDEX Fund	11.53%	45.20%	14.07%	-8.28%	-17.61%	-0.65%	11.80%	18.72%	-18.30%	60.26%
SPY State Street SPDR S&P 500 ETF	11.69%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between FCA and SPY is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since Apr 25, 2011	0.36

FCA vs. SPY - Sectors Allocation Comparison

Sectors	FCA	SPY
Industrials	25.2%	7.8%
Financial Services	19.7%	11.8%
Basic Materials	19.1%	1.8%
Energy	14.8%	3.6%
Technology	10.3%	35.9%
Healthcare	3.0%	8.4%
Communication Services	2.9%	11.3%
Utilities	2.4%	2.4%
Real Estate	1.1%	1.9%
Consumer Cyclical	1.1%	10.3%
Consumer Defensive	0.5%	4.8%

Return for Risk

FCA vs. SPY — Risk / Return Rank

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

FCA

FCA Risk / Return Rank: 62
FCA Sharpe Ratio Rank: 59
FCA Sortino Ratio Rank: 53
FCA Omega Ratio Rank: 55
FCA Calmar Ratio Rank: 80
FCA Martin Ratio Rank: 65

SPY

SPY Risk / Return Rank: 75
SPY Sharpe Ratio Rank: 77
SPY Sortino Ratio Rank: 75
SPY Omega Ratio Rank: 76
SPY Calmar Ratio Rank: 68
SPY Martin Ratio Rank: 80

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust China AlphaDEX Fund (FCA) and State Street SPDR S&P 500 ETF (SPY). 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.

	FCA	SPY	Difference
Sharpe ratio Return per unit of total volatility	2.02	2.52	-0.50
Sortino ratio Return per unit of downside risk	2.58	3.42	-0.83
Omega ratio Gain probability vs. loss probability	1.34	1.46	-0.12
Calmar ratio Return relative to maximum drawdown	4.19	3.42	+0.78
Martin ratio Return relative to average drawdown	12.06	15.93	-3.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCA vs. SPY - Sharpe Ratio Comparison

The current FCA Sharpe Ratio is 2.02, which is comparable to the SPY Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of FCA and SPY, 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

	FCA	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.02	2.52	-0.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.18	0.84	-0.65
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	0.87	-0.50
Sharpe Ratio (All Time) Calculated using the full available price history	0.13	0.59	-0.45

Drawdowns

FCA vs. SPY - Drawdown Comparison

The maximum FCA drawdown since its inception was -45.56%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for FCA and SPY.

Drawdown Indicators

	FCA	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-45.56%	-55.19%	+9.63%
Max Drawdown (1Y) Largest decline over 1 year	-11.13%	-8.88%	-2.25%
Max Drawdown (3Y) Largest decline over 3 years	-26.13%	-18.76%	-7.37%
Max Drawdown (5Y) Largest decline over 5 years	-42.47%	-24.50%	-17.97%
Max Drawdown (10Y) Largest decline over 10 years	-42.47%	-33.72%	-8.75%
Current Drawdown Current decline from peak	-8.87%	0.00%	-8.87%
Average Drawdown Average peak-to-trough decline	-21.62%	-9.05%	-12.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.87%	1.91%	+1.96%

Volatility

FCA vs. SPY - Volatility Comparison

First Trust China AlphaDEX Fund (FCA) has a higher volatility of 8.36% compared to State Street SPDR S&P 500 ETF (SPY) at 2.75%. This indicates that FCA's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCA	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.36%	2.75%	+5.61%
Volatility (6M) Calculated over the trailing 6-month period	16.57%	8.89%	+7.68%
Volatility (1Y) Calculated over the trailing 1-year period	22.31%	11.81%	+10.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.59%	17.05%	+10.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.63%	17.94%	+8.69%

FCA vs. SPY - Expense Ratio Comparison

FCA has a 0.80% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

FCA vs. SPY - Dividend Comparison

FCA's dividend yield for the trailing twelve months is around 2.31%, more than SPY's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCA First Trust China AlphaDEX Fund	2.31%	2.67%	5.17%	5.70%	6.00%	4.91%	4.12%	3.73%	3.10%	2.30%	2.51%	4.13%
SPY State Street SPDR S&P 500 ETF	0.97%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both FCA and SPY in my portfolio?

FCA and SPY have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCA or SPY?

FCA has higher volatility (8.36%) compared to SPY (2.75%). In terms of maximum drawdown, FCA dropped -45.56% vs SPY's -55.19%.

Which ETF is better, FCA or SPY?

On 10-year performance, SPY leads with 15.57% vs 9.89% for FCA. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FCA or SPY?

Over the 10-year period, SPY has performed better with a 15.57% return vs 9.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FCA or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.80% for FCA.

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

FCA has the higher dividend yield at 2.31%, compared with 0.97% for SPY.

What is the main difference between FCA and SPY?

FCA is categorized as China Equities, while SPY is S&P 500. FCA tracks NASDAQ AlphaDEX China Index, while SPY tracks S&P 500 Index. They also come from different issuers: First Trust and State Street. Their fees differ too: 0.80% for FCA and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.52 vs 2.02), 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.