FEPI vs. FXAIX

Last updated Jun 16, 2026

FEPI (REX FANG & Innovation Equity Premium Income ETF) and FXAIX (Fidelity 500 Index Fund) are both funds - FEPI is a Derivative Income fund actively managed by REX, while FXAIX is a S&P 500 fund tracking the S&P 500 Index. FEPI is actively managed, while FXAIX is passively managed. Over the past year, FEPI returned 29.40% vs 25.82% for FXAIX. Their correlation of 0.83 suggests significant overlap in exposure. FEPI charges 0.65%/yr vs 0.02%/yr for FXAIX.

Performance

FEPI vs. FXAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in REX FANG & Innovation Equity Premium Income ETF (FEPI) and Fidelity 500 Index Fund (FXAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEPI achieves a 8.42% return, which is significantly lower than FXAIX's 9.14% return.

FEPI

• 1D: 2.85%
• 1M: 1.58%
• YTD: 8.42%
• 6M: 10.88%
• 1Y: 29.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FXAIX

• 1D: 0.51%
• 1M: 0.42%
• YTD: 9.14%
• 6M: 9.65%
• 1Y: 25.82%
• 3Y*: 20.99%
• 5Y*: 13.45%
• 10Y*: 15.52%

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

FEPI vs. FXAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FEPI REX FANG & Innovation Equity Premium Income ETF	8.42%	18.33%	15.69%	11.75%
FXAIX Fidelity 500 Index Fund	9.14%	17.84%	25.01%	9.84%

Correlation

The correlation between FEPI and FXAIX is 0.79, 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	0.79
Correlation (All Time) Calculated using the full available price history since Oct 11, 2023	0.83

The correlation between FEPI and FXAIX has been stable across timeframes, ranging from 0.79 to 0.83 - a consistent structural relationship.

Return for Risk

FEPI vs. FXAIX — Risk / Return Rank

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

FEPI

FEPI Risk / Return Rank: 53
FEPI Sharpe Ratio Rank: 56
FEPI Sortino Ratio Rank: 51
FEPI Omega Ratio Rank: 56
FEPI Calmar Ratio Rank: 51
FEPI Martin Ratio Rank: 49

FXAIX

FXAIX Risk / Return Rank: 65
FXAIX Sharpe Ratio Rank: 64
FXAIX Sortino Ratio Rank: 58
FXAIX Omega Ratio Rank: 60
FXAIX Calmar Ratio Rank: 66
FXAIX Martin Ratio Rank: 78

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.

FEPI vs. FXAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for REX FANG & Innovation Equity Premium Income ETF (FEPI) and Fidelity 500 Index Fund (FXAIX). 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.

	FEPI	FXAIX	Difference
Sharpe ratio: Return per unit of total volatility	1.71	1.98	-0.27
Sortino ratio: Return per unit of downside risk	2.28	2.69	-0.41
Omega ratio: Gain probability vs. loss probability	1.31	1.36	-0.05
Calmar ratio: Return relative to maximum drawdown	2.29	2.76	-0.47
Martin ratio: Return relative to average drawdown	7.48	12.52	-5.03

FEPI vs. FXAIX - Sharpe Ratio Comparison

The current FEPI Sharpe Ratio is 1.71, which is comparable to the FXAIX Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of FEPI and FXAIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FEPI vs. FXAIX - Drawdown Comparison

The maximum FEPI drawdown since its inception was -23.56%, smaller than the maximum FXAIX drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for FEPI and FXAIX.

Drawdown Indicators

	FEPI	FXAIX	Difference
Max Drawdown Largest peak-to-trough decline	-23.56%	-33.79%	+10.23%
Max Drawdown (1Y) Largest decline over 1 year	-12.91%	-8.89%	-4.02%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.79%	—
Current Drawdown Current decline from peak	-3.24%	-2.29%	-0.95%
Average Drawdown Average peak-to-trough decline	-3.51%	-3.79%	+0.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.94%	1.96%	+1.98%

Volatility

FEPI vs. FXAIX - Volatility Comparison

REX FANG & Innovation Equity Premium Income ETF (FEPI) has a higher volatility of 6.42% compared to Fidelity 500 Index Fund (FXAIX) at 4.43%. This indicates that FEPI's price experiences larger fluctuations and is considered to be riskier than FXAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEPI	FXAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.42%	4.43%	+1.99%
Volatility (6M) Calculated over the trailing 6-month period	13.68%	9.69%	+3.99%
Volatility (1Y) Calculated over the trailing 1-year period	17.31%	12.37%	+4.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.19%	16.98%	+2.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.19%	18.10%	+1.09%

FEPI vs. FXAIX - Expense Ratio Comparison

FEPI has a 0.65% expense ratio, which is higher than FXAIX's 0.02% expense ratio.

Dividends

FEPI vs. FXAIX - Dividend Comparison

FEPI's dividend yield for the trailing twelve months is around 24.96%, more than FXAIX's 1.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEPI REX FANG & Innovation Equity Premium Income ETF	24.96%	25.48%	27.18%	4.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FXAIX Fidelity 500 Index Fund	1.05%	1.11%	1.25%	1.45%	1.69%	1.22%	1.60%	2.06%	2.72%	1.97%	2.52%	2.83%

Frequently Asked Questions

Can I hold both FEPI and FXAIX in my portfolio?

FEPI and FXAIX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEPI or FXAIX?

FEPI has higher volatility (6.42%) compared to FXAIX (4.43%). In terms of maximum drawdown, FEPI dropped -23.56% vs FXAIX's -33.79%.

Which has better risk-adjusted returns?

FXAIX currently has the higher Sharpe Ratio (1.98 vs 1.71), 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.