FCFY vs. KWIN

Last updated Jul 17, 2026

FCFY (First Trust S&P 500 Diversified Free Cash Flow ETF) and KWIN (KraneShares Wahed Alternative Income Index ETF) are both Large Cap Value Equities funds - FCFY tracks the S&P 500 Sector-Neutral FCF Index - Benchmark TR Gross while KWIN tracks the Wahed Alternative Income Index. Both are passively managed. At a 0.06 correlation, their price movements are largely independent. FCFY charges 0.60%/yr vs 0.51%/yr for KWIN.

Performance

FCFY vs. KWIN - 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 KraneShares Wahed Alternative Income Index ETF (KWIN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCFY achieves a 2.26% return, which is significantly higher than KWIN's 1.66% return.

FCFY

• 1D: 1.21%
• 1M: 2.13%
• 6M: 1.06%
• YTD: 2.26%
• 1Y: 13.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

KWIN

• 1D: 0.21%
• 1M: 0.19%
• 6M: 1.23%
• YTD: 1.66%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FCFY vs. KWIN - Yearly Performance Comparison

	2026 (YTD)	2025
FCFY First Trust S&P 500 Diversified Free Cash Flow ETF	2.26%	5.71%
KWIN KraneShares Wahed Alternative Income Index ETF	1.66%	0.61%

Correlation

The correlation between FCFY and KWIN is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 5, 2025	0.06

Return for Risk

FCFY vs. KWIN — Risk / Return Rank

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

FCFY

FCFY Risk / Return Rank: 28
FCFY Sharpe Ratio Rank: 28
FCFY Sortino Ratio Rank: 28
FCFY Omega Ratio Rank: 27
FCFY Calmar Ratio Rank: 28
FCFY Martin Ratio Rank: 27

KWIN

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. KWIN - 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 KraneShares Wahed Alternative Income Index ETF (KWIN). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FCFY	KWIN	Difference
Sharpe ratio: Return per unit of total volatility	0.85	—	—
Sortino ratio: Return per unit of downside risk	1.29	—	—
Omega ratio: Gain probability vs. loss probability	1.16	—	—
Calmar ratio: Return relative to maximum drawdown	1.14	—	—
Martin ratio: Return relative to average drawdown	2.85	—	—

Drawdowns

FCFY vs. KWIN - Drawdown Comparison

The maximum FCFY drawdown since its inception was -21.36%, which is greater than KWIN's maximum drawdown of -1.58%. Use the drawdown chart below to compare losses from any high point for FCFY and KWIN.

Drawdown Indicators

	FCFY	KWIN	Difference
Max Drawdown Largest peak-to-trough decline	-21.36%	-1.58%	-19.78%
Max Drawdown (1Y) Largest decline over 1 year	-11.94%	—	—
Current Drawdown Current decline from peak	-2.97%	-1.37%	-1.60%
Average Drawdown Average peak-to-trough decline	-3.56%	-0.27%	-3.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.79%	—	—

Volatility

Volatility by Period

	FCFY	KWIN	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.35%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.64%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	16.16%	4.14%	+12.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.43%	4.14%	+13.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.43%	4.14%	+13.29%

FCFY vs. KWIN - Expense Ratio Comparison

FCFY has a 0.60% expense ratio, which is higher than KWIN's 0.51% expense ratio.

Dividends

FCFY vs. KWIN - Dividend Comparison

FCFY's dividend yield for the trailing twelve months is around 1.44%, while KWIN has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
FCFY First Trust S&P 500 Diversified Free Cash Flow ETF	1.44%	1.48%	1.76%	0.73%
KWIN KraneShares Wahed Alternative Income Index ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FCFY and KWIN in my portfolio?

FCFY and KWIN have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FCFY or KWIN?

On fees, KWIN is cheaper at 0.51% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FCFY or KWIN?

KWIN is cheaper with a 0.51% expense ratio, compared with 0.60% for FCFY.

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

FCFY has the higher dividend yield at 1.44%, compared with 0.00% for KWIN.

What is the main difference between FCFY and KWIN?

FCFY tracks S&P 500 Sector-Neutral FCF Index - Benchmark TR Gross, while KWIN tracks Wahed Alternative Income Index. They also come from different issuers: First Trust and KraneShares. Their fees differ too: 0.60% for FCFY and 0.51% for KWIN.