FCEF vs. QVOY

Last updated Apr 1, 2026

Compare and contrast key facts about First Trust CEF Income Opportunity ETF (FCEF) and Q3 All-Season Active Rotation ETF (QVOY).

FCEF and QVOY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FCEF is an actively managed fund by First Trust. It was launched on Sep 27, 2016. QVOY is an actively managed fund by Q3. It was launched on Dec 6, 2022.

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.

FCEF vs. QVOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FCEF First Trust CEF Income Opportunity ETF	-0.30%	14.39%	17.51%	10.27%	-2.71%
QVOY Q3 All-Season Active Rotation ETF	4.39%	16.45%	1.55%	17.19%	-0.53%

Returns By Period

In the year-to-date period, FCEF achieves a -0.30% return, which is significantly lower than QVOY's 4.39% return.

FCEF

• 1D: 2.15%
• 1M: -4.71%
• YTD: -0.30%
• 6M: 1.89%
• 1Y: 11.54%
• 3Y*: 13.19%
• 5Y*: 5.66%
• 10Y*: —

QVOY

• 1D: 0.47%
• 1M: -6.52%
• YTD: 4.39%
• 6M: 7.32%
• 1Y: 26.27%
• 3Y*: 12.71%
• 5Y*: —
• 10Y*: —

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

FCEF vs. QVOY - Expense Ratio Comparison

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

FCEF

First Trust CEF Income Opportunity ETF

QVOY

Q3 All-Season Active Rotation ETF

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: 53
FCEF Sharpe Ratio Rank: 53
FCEF Sortino Ratio Rank: 47
FCEF Omega Ratio Rank: 62
FCEF Calmar Ratio Rank: 45
FCEF Martin Ratio Rank: 56

QVOY

QVOY Risk / Return Rank: 80
QVOY Sharpe Ratio Rank: 78
QVOY Sortino Ratio Rank: 76
QVOY Omega Ratio Rank: 75
QVOY Calmar Ratio Rank: 87
QVOY Martin Ratio Rank: 83

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	0.92	1.48	-0.55
Sortino ratio Return per unit of downside risk	1.26	1.96	-0.70
Omega ratio Gain probability vs. loss probability	1.22	1.29	-0.07
Calmar ratio Return relative to maximum drawdown	1.11	2.75	-1.65
Martin ratio Return relative to average drawdown	5.37	9.60	-4.22
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 0.92, which is lower than the QVOY Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of FCEF and QVOY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FCEF	QVOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.92	1.48	-0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.78	-0.29

Correlation

The correlation between FCEF and QVOY is 0.66, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

FCEF vs. QVOY - Dividend Comparison

FCEF's dividend yield for the trailing twelve months is around 7.21%, less than QVOY's 8.91% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FCEF First Trust CEF Income Opportunity ETF	7.21%	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	8.91%	9.30%	10.88%	6.03%	0.46%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

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	-10.61%	-9.69%	-0.92%
Max Drawdown (5Y) Largest decline over 5 years	-25.32%	—	—
Current Drawdown Current decline from peak	-5.03%	-6.95%	+1.92%
Average Drawdown Average peak-to-trough decline	-6.38%	-3.77%	-2.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.19%	2.78%	-0.59%

Volatility

FCEF vs. QVOY - Volatility Comparison

The current volatility for First Trust CEF Income Opportunity ETF (FCEF) is 4.35%, while Q3 All-Season Active Rotation ETF (QVOY) has a volatility of 6.16%. 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	4.35%	6.16%	-1.81%
Volatility (6M) Calculated over the trailing 6-month period	6.29%	13.84%	-7.55%
Volatility (1Y) Calculated over the trailing 1-year period	12.54%	17.85%	-5.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.21%	15.04%	-2.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.52%	15.04%	+0.48%