FCFY vs. KEAT

Last updated Jun 4, 2026

FCFY (First Trust S&P 500 Diversified Free Cash Flow ETF) and KEAT (Keating Active ETF) are both exchange-traded funds - FCFY is a Large Cap Value Equities fund tracking the S&P 500 Sector-Neutral FCF Index - Benchmark TR Gross, while KEAT is a Global Allocation fund actively managed by Keating. FCFY is passively managed, while KEAT is actively managed. Over the past year, FCFY returned 20.70% vs 24.92% for KEAT. At a 0.44 correlation, their price movements are largely independent. FCFY charges 0.60%/yr vs 0.85%/yr for KEAT.

Performance

FCFY vs. KEAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust S&P 500 Diversified Free Cash Flow ETF (FCFY) and Keating Active ETF (KEAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCFY achieves a 3.09% return, which is significantly lower than KEAT's 9.05% return.

FCFY

• 1D: -1.02%
• 1M: 5.88%
• YTD: 3.09%
• 6M: 4.54%
• 1Y: 20.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

KEAT

• 1D: -0.72%
• 1M: -1.47%
• YTD: 9.05%
• 6M: 9.91%
• 1Y: 24.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FCFY vs. KEAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FCFY First Trust S&P 500 Diversified Free Cash Flow ETF	3.09%	16.76%	4.49%
KEAT Keating Active ETF	9.05%	22.76%	2.41%

Correlation

The correlation between FCFY and KEAT 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 (All Time) Calculated using the full available price history since Mar 28, 2024	0.44

The correlation between FCFY and KEAT shifts across timeframes, from 0.33 (1 year) to 0.44 (all time), reflecting how their relationship changes across market environments.

FCFY vs. KEAT - Sectors Allocation Comparison

Sectors	FCFY	KEAT
Technology	37.4%	-
Financial Services	11.5%	1.0%
Communication Services	10.3%	15.0%
Healthcare	10.1%	5.3%
Consumer Cyclical	9.8%	-
Industrials	5.8%	4.3%
Consumer Defensive	5.1%	22.2%
Energy	4.0%	30.9%
Utilities	2.5%	-
Real Estate	1.9%	0.6%
Basic Materials	1.7%	21.7%

Return for Risk

FCFY vs. KEAT — Risk / Return Rank

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

FCFY

FCFY Risk / Return Rank: 34
FCFY Sharpe Ratio Rank: 35
FCFY Sortino Ratio Rank: 36
FCFY Omega Ratio Rank: 34
FCFY Calmar Ratio Rank: 35
FCFY Martin Ratio Rank: 31

KEAT

KEAT Risk / Return Rank: 73
KEAT Sharpe Ratio Rank: 75
KEAT Sortino Ratio Rank: 73
KEAT Omega Ratio Rank: 73
KEAT Calmar Ratio Rank: 80
KEAT Martin Ratio Rank: 63

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.

FCFY vs. KEAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust S&P 500 Diversified Free Cash Flow ETF (FCFY) and Keating Active ETF (KEAT). 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.

	FCFY	KEAT	Difference
Sharpe ratio: Return per unit of total volatility	1.28	2.44	-1.17
Sortino ratio: Return per unit of downside risk	1.88	3.32	-1.44
Omega ratio: Gain probability vs. loss probability	1.23	1.44	-0.21
Calmar ratio: Return relative to maximum drawdown	1.74	4.14	-2.40
Martin ratio: Return relative to average drawdown	4.64	11.38	-6.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCFY vs. KEAT - Sharpe Ratio Comparison

The current FCFY Sharpe Ratio is 1.28, which is lower than the KEAT Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of FCFY and KEAT, 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

	FCFY	KEAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.28	2.44	-1.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.88	1.52	-0.64

Drawdowns

FCFY vs. KEAT - Drawdown Comparison

The maximum FCFY drawdown since its inception was -21.36%, which is greater than KEAT's maximum drawdown of -7.45%. Use the drawdown chart below to compare losses from any high point for FCFY and KEAT.

Drawdown Indicators

	FCFY	KEAT	Difference
Max Drawdown Largest peak-to-trough decline	-21.36%	-7.45%	-13.91%
Max Drawdown (1Y) Largest decline over 1 year	-11.94%	-6.04%	-5.90%
Current Drawdown Current decline from peak	-2.17%	-5.92%	+3.75%
Average Drawdown Average peak-to-trough decline	-3.50%	-1.57%	-1.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.47%	2.20%	+2.27%

Volatility

FCFY vs. KEAT - Volatility Comparison

First Trust S&P 500 Diversified Free Cash Flow ETF (FCFY) has a higher volatility of 4.72% compared to Keating Active ETF (KEAT) at 2.55%. This indicates that FCFY's price experiences larger fluctuations and is considered to be riskier than KEAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCFY	KEAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.72%	2.55%	+2.17%
Volatility (6M) Calculated over the trailing 6-month period	11.29%	8.32%	+2.97%
Volatility (1Y) Calculated over the trailing 1-year period	16.39%	10.25%	+6.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.54%	10.27%	+7.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.54%	10.27%	+7.27%

FCFY vs. KEAT - Expense Ratio Comparison

FCFY has a 0.60% expense ratio, which is lower than KEAT's 0.85% expense ratio.

Dividends

FCFY vs. KEAT - Dividend Comparison

FCFY's dividend yield for the trailing twelve months is around 1.43%, less than KEAT's 2.25% yield.

Position	TTM	2025	2024	2023
FCFY First Trust S&P 500 Diversified Free Cash Flow ETF	1.43%	1.48%	1.76%	0.73%
KEAT Keating Active ETF	2.25%	2.48%	1.72%	0.00%

Frequently Asked Questions

Can I hold both FCFY and KEAT in my portfolio?

FCFY and KEAT 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, FCFY or KEAT?

FCFY has higher volatility (4.72%) compared to KEAT (2.55%). In terms of maximum drawdown, FCFY dropped -21.36% vs KEAT's -7.45%.

Which ETF is better, FCFY or KEAT?

On 1-year performance, KEAT leads with 24.92% vs 20.70% for FCFY. On fees, FCFY is cheaper at 0.60% per year. On volatility, KEAT has been the lower-risk option at 2.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FCFY or KEAT?

Over the 1-year period, KEAT has performed better with a 24.92% return vs 20.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FCFY or KEAT?

FCFY is cheaper with a 0.60% expense ratio, compared with 0.85% for KEAT.

Which ETF pays a higher dividend yield, FCFY or KEAT?

KEAT has the higher dividend yield at 2.25%, compared with 1.43% for FCFY.

What is the main difference between FCFY and KEAT?

FCFY is categorized as Large Cap Value Equities, while KEAT is Global Allocation. They also come from different issuers: First Trust and Keating. Their fees differ too: 0.60% for FCFY and 0.85% for KEAT.

Which has better risk-adjusted returns?

KEAT currently has the higher Sharpe Ratio (2.44 vs 1.28), 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.