FCEF vs. ASET

Last updated Jun 3, 2026

FCEF (First Trust CEF Income Opportunity ETF) and ASET (FlexShares Real Assets Allocation Index Fund) are both Diversified Portfolio funds. FCEF is actively managed, while ASET is passively managed. FCEF charges 2.91%/yr vs 0.57%/yr for ASET.

Performance

FCEF vs. ASET - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust CEF Income Opportunity ETF (FCEF) and FlexShares Real Assets Allocation Index Fund (ASET). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FCEF

• 1D: 0.08%
• 1M: 0.77%
• YTD: 7.01%
• 6M: 8.03%
• 1Y: 17.14%
• 3Y*: 15.92%
• 5Y*: 6.02%
• 10Y*: —

ASET

• 1D: 0.00%
• 1M: 0.00%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FCEF vs. ASET - Yearly Performance Comparison

	2026 (YTD)
FCEF First Trust CEF Income Opportunity ETF	3.67%
ASET FlexShares Real Assets Allocation Index Fund	0.00%

FCEF vs. ASET - Sectors Allocation Comparison

Sectors	FCEF	ASET
Financial Services	25.5%	-
Utilities	15.0%	12.8%
Energy	13.6%	7.8%
Technology	11.9%	0.2%
Healthcare	9.2%	2.2%
Industrials	8.5%	16.3%
Communication Services	4.4%	12.1%
Consumer Cyclical	3.7%	0.1%
Real Estate	3.5%	41.6%
Basic Materials	2.7%	5.8%
Consumer Defensive	2.1%	1.1%

Return for Risk

FCEF vs. ASET — Risk / Return Rank

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

FCEF

FCEF Risk / Return Rank: 63
FCEF Sharpe Ratio Rank: 66
FCEF Sortino Ratio Rank: 66
FCEF Omega Ratio Rank: 70
FCEF Calmar Ratio Rank: 50
FCEF Martin Ratio Rank: 62

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.

FCEF vs. ASET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust CEF Income Opportunity ETF (FCEF) and FlexShares Real Assets Allocation Index Fund (ASET). 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.

	FCEF	ASET	Difference
Sharpe ratio Return per unit of total volatility	2.23	—	—
Sortino ratio Return per unit of downside risk	3.09	—	—
Omega ratio Gain probability vs. loss probability	1.42	—	—
Calmar ratio Return relative to maximum drawdown	2.51	—	—
Martin ratio Return relative to average drawdown	11.41	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	FCEF	ASET	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.23	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	—	—

Drawdowns

FCEF vs. ASET - Drawdown Comparison

The maximum FCEF drawdown since its inception was -44.81%, which is greater than ASET's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for FCEF and ASET.

Drawdown Indicators

	FCEF	ASET	Difference
Max Drawdown Largest peak-to-trough decline	-44.81%	0.00%	-44.81%
Max Drawdown (1Y) Largest decline over 1 year	-7.03%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-12.39%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.32%	—	—
Current Drawdown Current decline from peak	-0.56%	0.00%	-0.56%
Average Drawdown Average peak-to-trough decline	-6.28%	0.00%	-6.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.55%	—	—

Volatility

Volatility by Period

	FCEF	ASET	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.13%	—	—
Volatility (6M) Calculated over the trailing 6-month period	6.19%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	7.73%	0.00%	+7.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.19%	0.00%	+12.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.42%	0.00%	+15.42%

FCEF vs. ASET - Expense Ratio Comparison

FCEF has a 2.91% expense ratio, which is higher than ASET's 0.57% expense ratio.

Dividends

FCEF vs. ASET - Dividend Comparison

FCEF's dividend yield for the trailing twelve months is around 6.82%, while ASET has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
ASET FlexShares Real Assets Allocation Index Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FCEF First Trust CEF Income Opportunity ETF	6.82%	7.05%	7.13%	7.17%	7.26%	4.74%	5.03%	5.07%	5.96%	4.90%	1.51%

Frequently Asked Questions

Which ETF is better, FCEF or ASET?

On fees, ASET is cheaper at 0.57% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FCEF or ASET?

ASET is cheaper with a 0.57% expense ratio, compared with 2.91% for FCEF.

Which ETF pays a higher dividend yield, FCEF or ASET?

FCEF has the higher dividend yield at 6.82%, compared with 0.00% for ASET.

What is the main difference between FCEF and ASET?

They also come from different issuers: First Trust and Northern Trust. Their fees differ too: 2.91% for FCEF and 0.57% for ASET.