FEX.L vs. FSKY.L

Last updated Jun 4, 2026

FEX.L (First Trust US Large Cap Core AlphaDEX® UCITS ETF Class A USD) and FSKY.L (First Trust Cloud Computing UCITS ETF Class A USD Accumulation) are both exchange-traded funds - FEX.L is a Large Cap Blend Equities fund tracking the Russell 1000 TR USD, while FSKY.L is a Technology Equities fund tracking the MSCI World/Information Tech NR USD. Both are passively managed. Over the past 5 years, FEX.L returned 12.02%/yr vs 9.62%/yr for FSKY.L. A 0.63 correlation means they provide meaningful diversification when combined. FEX.L charges 0.75%/yr vs 0.60%/yr for FSKY.L.

Performance

FEX.L vs. FSKY.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in First Trust US Large Cap Core AlphaDEX® UCITS ETF Class A USD (FEX.L) and First Trust Cloud Computing UCITS ETF Class A USD Accumulation (FSKY.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEX.L achieves a 14.44% return, which is significantly higher than FSKY.L's 13.35% return.

FEX.L

• 1D: 0.52%
• 1M: 5.95%
• YTD: 14.44%
• 6M: 15.16%
• 1Y: 30.58%
• 3Y*: 17.63%
• 5Y*: 12.02%
• 10Y*: 13.68%

FSKY.L

• 1D: -2.66%
• 1M: 21.58%
• YTD: 13.35%
• 6M: 13.33%
• 1Y: 28.16%
• 3Y*: 22.30%
• 5Y*: 9.62%
• 10Y*: —

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

FEX.L vs. FSKY.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FEX.L First Trust US Large Cap Core AlphaDEX® UCITS ETF Class A USD	14.44%	7.34%	18.68%	8.36%	-1.83%	28.60%	9.66%	22.13%	0.32%
FSKY.L First Trust Cloud Computing UCITS ETF Class A USD Accumulation	13.35%	1.06%	37.83%	47.12%	-39.21%	12.29%	54.03%	20.71%	0.00%

Correlation

The correlation between FEX.L and FSKY.L is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (All Time) Calculated using the full available price history since Dec 31, 2018	0.63

Over the past year, the correlation between FEX.L and FSKY.L has dropped to 0.38 - well below their long-term average of 0.63, suggesting their price drivers have been diverging.

FEX.L vs. FSKY.L - Sectors Allocation Comparison

Sectors	FEX.L	FSKY.L
Technology	21.0%	85.6%
Industrials	18.8%	-
Financial Services	14.0%	-
Healthcare	8.9%	0.5%
Consumer Cyclical	8.3%	3.9%
Utilities	7.3%	-
Energy	6.0%	-
Real Estate	4.6%	-
Consumer Defensive	4.4%	-
Communication Services	3.4%	10.1%
Basic Materials	3.4%	-

Return for Risk

FEX.L vs. FSKY.L — Risk / Return Rank

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

FEX.L

FEX.L Risk / Return Rank: 88
FEX.L Sharpe Ratio Rank: 86
FEX.L Sortino Ratio Rank: 85
FEX.L Omega Ratio Rank: 84
FEX.L Calmar Ratio Rank: 93
FEX.L Martin Ratio Rank: 90

FSKY.L

FSKY.L Risk / Return Rank: 26
FSKY.L Sharpe Ratio Rank: 28
FSKY.L Sortino Ratio Rank: 28
FSKY.L Omega Ratio Rank: 30
FSKY.L Calmar Ratio Rank: 22
FSKY.L Martin Ratio Rank: 19

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.

FEX.L vs. FSKY.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust US Large Cap Core AlphaDEX® UCITS ETF Class A USD (FEX.L) and First Trust Cloud Computing UCITS ETF Class A USD Accumulation (FSKY.L). 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.

	FEX.L	FSKY.L	Difference
Sharpe ratio: Return per unit of total volatility	2.82	1.01	+1.81
Sortino ratio: Return per unit of downside risk	3.82	1.53	+2.29
Omega ratio: Gain probability vs. loss probability	1.51	1.20	+0.31
Calmar ratio: Return relative to maximum drawdown	6.57	0.99	+5.58
Martin ratio: Return relative to average drawdown	20.88	2.14	+18.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FEX.L vs. FSKY.L - Sharpe Ratio Comparison

The current FEX.L Sharpe Ratio is 2.82, which is higher than the FSKY.L Sharpe Ratio of 1.01. The chart below compares the historical Sharpe Ratios of FEX.L and FSKY.L, 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

	FEX.L	FSKY.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.82	1.01	+1.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.83	0.34	+0.49
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.83	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	0.57	+0.26

Drawdowns

FEX.L vs. FSKY.L - Drawdown Comparison

The maximum FEX.L drawdown since its inception was -31.58%, smaller than the maximum FSKY.L drawdown of -47.61%. Use the drawdown chart below to compare losses from any high point for FEX.L and FSKY.L.

Drawdown Indicators

	FEX.L	FSKY.L	Difference
Max Drawdown Largest peak-to-trough decline	-31.58%	-47.61%	+16.03%
Max Drawdown (1Y) Largest decline over 1 year	-4.63%	-28.23%	+23.60%
Max Drawdown (3Y) Largest decline over 3 years	-21.34%	-34.05%	+12.71%
Max Drawdown (5Y) Largest decline over 5 years	-21.34%	-47.61%	+26.27%
Max Drawdown (10Y) Largest decline over 10 years	-31.58%	—	—
Current Drawdown Current decline from peak	0.00%	-3.47%	+3.47%
Average Drawdown Average peak-to-trough decline	-4.12%	-15.61%	+11.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.46%	13.09%	-11.63%

Volatility

FEX.L vs. FSKY.L - Volatility Comparison

The current volatility for First Trust US Large Cap Core AlphaDEX® UCITS ETF Class A USD (FEX.L) is 3.60%, while First Trust Cloud Computing UCITS ETF Class A USD Accumulation (FSKY.L) has a volatility of 12.34%. This indicates that FEX.L experiences smaller price fluctuations and is considered to be less risky than FSKY.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEX.L	FSKY.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.60%	12.34%	-8.74%
Volatility (6M) Calculated over the trailing 6-month period	7.23%	23.41%	-16.18%
Volatility (1Y) Calculated over the trailing 1-year period	10.85%	27.73%	-16.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.53%	28.23%	-13.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.45%	27.48%	-11.03%

FEX.L vs. FSKY.L - Expense Ratio Comparison

FEX.L has a 0.75% expense ratio, which is higher than FSKY.L's 0.60% expense ratio.

Dividends

FEX.L vs. FSKY.L - Dividend Comparison

Neither FEX.L nor FSKY.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FEX.L and FSKY.L in my portfolio?

FEX.L and FSKY.L have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FEX.L or FSKY.L?

On fees, FSKY.L is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FEX.L or FSKY.L?

FSKY.L is cheaper with a 0.60% expense ratio, compared with 0.75% for FEX.L.

What is the main difference between FEX.L and FSKY.L?

FEX.L is categorized as Large Cap Blend Equities, while FSKY.L is Technology Equities. FEX.L tracks Russell 1000 TR USD, while FSKY.L tracks MSCI World/Information Tech NR USD. Their fees differ too: 0.75% for FEX.L and 0.60% for FSKY.L.