FCEF vs. QVOY

Last updated Jun 3, 2026

FCEF (First Trust CEF Income Opportunity ETF) and QVOY (Q3 All-Season Active Rotation ETF) are both Diversified Portfolio funds. Both are actively managed. Over the past 3 years, FCEF returned 15.92%/yr vs 15.81%/yr for QVOY. A 0.65 correlation means they provide meaningful diversification when combined. FCEF charges 2.91%/yr vs 1.30%/yr for QVOY.

Performance

FCEF vs. QVOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust CEF Income Opportunity ETF (FCEF) and Q3 All-Season Active Rotation ETF (QVOY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCEF achieves a 7.01% return, which is significantly lower than QVOY's 18.34% return.

FCEF

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

QVOY

• 1D: 1.18%
• 1M: 7.86%
• YTD: 18.34%
• 6M: 21.70%
• 1Y: 37.19%
• 3Y*: 15.81%
• 5Y*: —
• 10Y*: —

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

FCEF vs. QVOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FCEF First Trust CEF Income Opportunity ETF	7.01%	14.39%	17.51%	10.27%	-2.71%
QVOY Q3 All-Season Active Rotation ETF	18.34%	16.45%	1.55%	17.19%	-0.53%

Correlation

The correlation between FCEF and QVOY is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (All Time) Calculated using the full available price history since Dec 8, 2022	0.65

The correlation between FCEF and QVOY has been stable across timeframes, ranging from 0.57 to 0.65 - a consistent structural relationship.

FCEF vs. QVOY - Sectors Allocation Comparison

Sectors	FCEF	QVOY
Financial Services	25.5%	11.4%
Utilities	15.0%	18.7%
Energy	13.6%	19.3%
Technology	11.9%	15.3%
Healthcare	9.2%	5.8%
Industrials	8.5%	9.9%
Communication Services	4.4%	3.1%
Consumer Cyclical	3.7%	6.5%
Real Estate	3.5%	3.5%
Basic Materials	2.7%	3.0%
Consumer Defensive	2.1%	3.6%

Return for Risk

FCEF vs. QVOY — 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

QVOY

QVOY Risk / Return Rank: 69
QVOY Sharpe Ratio Rank: 70
QVOY Sortino Ratio Rank: 61
QVOY Omega Ratio Rank: 70
QVOY Calmar Ratio Rank: 79
QVOY Martin Ratio Rank: 67

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. QVOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust CEF Income Opportunity ETF (FCEF) and Q3 All-Season Active Rotation ETF (QVOY). 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	QVOY	Difference
Sharpe ratio Return per unit of total volatility	2.23	2.35	-0.12
Sortino ratio Return per unit of downside risk	3.09	2.93	+0.16
Omega ratio Gain probability vs. loss probability	1.42	1.43	0.00
Calmar ratio Return relative to maximum drawdown	2.51	4.09	-1.58
Martin ratio Return relative to average drawdown	11.41	12.55	-1.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCEF vs. QVOY - Sharpe Ratio Comparison

The current FCEF Sharpe Ratio is 2.23, which is comparable to the QVOY Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of FCEF and QVOY, 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

	FCEF	QVOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.23	2.35	-0.12
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	1.02	-0.48

Drawdowns

FCEF vs. QVOY - Drawdown Comparison

The maximum FCEF drawdown since its inception was -44.81%, which is greater than QVOY's maximum drawdown of -17.05%. Use the drawdown chart below to compare losses from any high point for FCEF and QVOY.

Drawdown Indicators

	FCEF	QVOY	Difference
Max Drawdown Largest peak-to-trough decline	-44.81%	-17.05%	-27.76%
Max Drawdown (1Y) Largest decline over 1 year	-7.03%	-9.39%	+2.36%
Max Drawdown (3Y) Largest decline over 3 years	-12.39%	-17.05%	+4.66%
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%	-3.75%	-2.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.55%	3.06%	-1.51%

Volatility

FCEF vs. QVOY - Volatility Comparison

The current volatility for First Trust CEF Income Opportunity ETF (FCEF) is 2.13%, while Q3 All-Season Active Rotation ETF (QVOY) has a volatility of 4.56%. This indicates that FCEF experiences smaller price fluctuations and is considered to be less risky than QVOY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCEF	QVOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.13%	4.56%	-2.43%
Volatility (6M) Calculated over the trailing 6-month period	6.19%	12.59%	-6.40%
Volatility (1Y) Calculated over the trailing 1-year period	7.73%	15.91%	-8.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.19%	14.93%	-2.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.42%	14.93%	+0.49%

FCEF vs. QVOY - Expense Ratio Comparison

FCEF has a 2.91% expense ratio, which is higher than QVOY's 1.30% expense ratio.

Dividends

FCEF vs. QVOY - Dividend Comparison

FCEF's dividend yield for the trailing twelve months is around 6.82%, less than QVOY's 7.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
QVOY Q3 All-Season Active Rotation ETF	7.86%	9.30%	10.88%	6.03%	0.46%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FCEF and QVOY in my portfolio?

FCEF and QVOY have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCEF or QVOY?

QVOY has higher volatility (4.56%) compared to FCEF (2.13%). In terms of maximum drawdown, FCEF dropped -44.81% vs QVOY's -17.05%.

Which ETF is better, FCEF or QVOY?

On 3-year performance, FCEF leads with 15.92% vs 15.81% for QVOY. On fees, QVOY is cheaper at 1.30% per year. On volatility, FCEF has been the lower-risk option at 2.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FCEF or QVOY?

Over the 3-year period, FCEF has performed better with a 15.92% return vs 15.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FCEF or QVOY?

QVOY is cheaper with a 1.30% expense ratio, compared with 2.91% for FCEF.

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

QVOY has the higher dividend yield at 7.86%, compared with 6.82% for FCEF.

What is the main difference between FCEF and QVOY?

They also come from different issuers: First Trust and Q3. Their fees differ too: 2.91% for FCEF and 1.30% for QVOY.

Which has better risk-adjusted returns?

QVOY currently has the higher Sharpe Ratio (2.35 vs 2.23), 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.