FDLO vs. FTLS
FDLO (Fidelity Low Volatility Factor ETF) and FTLS (First Trust Long/Short Equity ETF) are both exchange-traded funds - FDLO is a Volatility Hedged Equity fund tracking the Fidelity U.S. Low Volatility Factor Index, while FTLS is a Long-Short fund actively managed by First Trust. FDLO is passively managed, while FTLS is actively managed. Over the past 5 years, FDLO returned 9.19%/yr vs 9.96%/yr for FTLS. A 0.76 correlation means they provide meaningful diversification when combined. FDLO charges 0.29%/yr vs 1.60%/yr for FTLS.
Performance
FDLO vs. FTLS - Performance Comparison
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Returns By Period
In the year-to-date period, FDLO achieves a 2.55% return, which is significantly lower than FTLS's 4.22% return.
FDLO
- 1D
- 0.10%
- 1M
- -2.99%
- YTD
- 2.55%
- 6M
- 1.63%
- 1Y
- 11.06%
- 3Y*
- 12.99%
- 5Y*
- 9.19%
- 10Y*
- —
FTLS
- 1D
- -0.46%
- 1M
- -0.98%
- YTD
- 4.22%
- 6M
- 3.10%
- 1Y
- 13.69%
- 3Y*
- 13.87%
- 5Y*
- 9.96%
- 10Y*
- 9.89%
FDLO vs. FTLS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FDLO Fidelity Low Volatility Factor ETF | 2.55% | 11.77% | 16.06% | 16.38% | -10.38% | 24.00% | 12.19% | 31.10% | -0.26% | 20.44% |
FTLS First Trust Long/Short Equity ETF | 4.22% | 9.09% | 18.80% | 16.94% | -5.56% | 19.65% | 2.56% | 16.16% | -4.81% | 14.41% |
Correlation
The correlation between FDLO and FTLS is 0.69, 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 | 0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2016 | 0.76 |
The correlation between FDLO and FTLS has been stable across timeframes, ranging from 0.68 to 0.76 - a consistent structural relationship.
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Return for Risk
FDLO vs. FTLS — Risk / Return Rank
FDLO
FTLS
FDLO vs. FTLS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Low Volatility Factor ETF (FDLO) and First Trust Long/Short Equity ETF (FTLS). 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.
| FDLO | FTLS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.38 | ||
| Sortino ratioReturn per unit of downside risk | -0.58 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.30 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.56 | 3.63 | -2.07 |
| Martin ratioReturn relative to average drawdown | 6.48 | 11.22 | -4.74 |
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Drawdowns
FDLO vs. FTLS - Drawdown Comparison
The maximum FDLO drawdown since its inception was -34.35%, which is greater than FTLS's maximum drawdown of -20.54%. Use the drawdown chart below to compare losses from any high point for FDLO and FTLS.
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Drawdown Indicators
| FDLO | FTLS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.35% | -20.54% | -13.81% |
Max Drawdown (1Y)Largest decline over 1 year | -7.13% | -3.79% | -3.34% |
Max Drawdown (3Y)Largest decline over 3 years | -13.68% | -11.69% | -1.99% |
Max Drawdown (5Y)Largest decline over 5 years | -19.23% | -11.69% | -7.54% |
Max Drawdown (10Y)Largest decline over 10 years | — | -20.54% | — |
Current DrawdownCurrent decline from peak | -3.22% | -1.28% | -1.94% |
Average DrawdownAverage peak-to-trough decline | -3.37% | -2.68% | -0.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.71% | 1.22% | +0.49% |
Volatility
FDLO vs. FTLS - Volatility Comparison
The current volatility for Fidelity Low Volatility Factor ETF (FDLO) is 2.42%, while First Trust Long/Short Equity ETF (FTLS) has a volatility of 2.56%. This indicates that FDLO experiences smaller price fluctuations and is considered to be less risky than FTLS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FDLO | FTLS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.42% | 2.56% | -0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 6.63% | 5.92% | +0.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.82% | 8.41% | +0.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.07% | 10.58% | +2.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.48% | 11.27% | +4.21% |
FDLO vs. FTLS - Expense Ratio Comparison
FDLO has a 0.29% expense ratio, which is lower than FTLS's 1.60% expense ratio.
Dividends
FDLO vs. FTLS - Dividend Comparison
FDLO's dividend yield for the trailing twelve months is around 1.45%, more than FTLS's 0.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FDLO Fidelity Low Volatility Factor ETF | 1.45% | 1.37% | 1.40% | 1.35% | 1.49% | 1.11% | 1.38% | 1.55% | 1.76% | 1.61% | 0.55% | 0.00% |
FTLS First Trust Long/Short Equity ETF | 0.91% | 1.07% | 1.50% | 1.49% | 0.81% | 0.01% | 0.44% | 0.83% | 0.87% | 0.43% | 1.04% | 0.49% |
Frequently Asked Questions
FDLO and FTLS have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FTLS has higher volatility (2.56%) compared to FDLO (2.42%). In terms of maximum drawdown, FDLO dropped -34.35% vs FTLS's -20.54%.
On 5-year performance, FTLS leads with 9.96% vs 9.19% for FDLO. On fees, FDLO is cheaper at 0.29% per year. On volatility, FDLO has been the lower-risk option at 2.42%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FTLS has performed better with a 9.96% return vs 9.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FDLO is cheaper with a 0.29% expense ratio, compared with 1.60% for FTLS.
FDLO has the higher dividend yield at 1.45%, compared with 0.91% for FTLS.
FDLO is categorized as Volatility Hedged Equity, while FTLS is Long-Short. They also come from different issuers: Fidelity and First Trust. Their fees differ too: 0.29% for FDLO and 1.60% for FTLS.
FTLS currently has the higher Sharpe Ratio (1.64 vs 1.26), 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.
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