FEX vs. AFOS

Last updated Jul 17, 2026

FEX (First Trust Large Cap Core AlphaDEX Fund) and AFOS (ARS Focused Opportunities Strategy ETF) are both Large Cap Blend Equities funds. Over the past year, FEX returned 24.50% vs 67.10% for AFOS. A 0.75 correlation means they provide meaningful diversification when combined. FEX charges 0.57%/yr vs 0.45%/yr for AFOS.

Performance

FEX vs. AFOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Large Cap Core AlphaDEX Fund (FEX) and ARS Focused Opportunities Strategy ETF (AFOS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEX achieves a 15.08% return, which is significantly lower than AFOS's 27.19% return.

FEX

• 1D: 0.05%
• 1M: -1.35%
• 6M: 10.52%
• YTD: 15.08%
• 1Y: 24.50%
• 3Y*: 17.96%
• 5Y*: 11.34%
• 10Y*: 12.74%

AFOS

• 1D: -2.05%
• 1M: -4.38%
• 6M: 18.66%
• YTD: 27.19%
• 1Y: 67.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FEX vs. AFOS - Yearly Performance Comparison

	2026 (YTD)	2025
FEX First Trust Large Cap Core AlphaDEX Fund	15.08%	10.82%
AFOS ARS Focused Opportunities Strategy ETF	27.19%	37.10%

Correlation

The correlation between FEX and AFOS is 0.76, 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	0.76
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.75

The correlation between FEX and AFOS has been stable across timeframes, ranging from 0.75 to 0.76 - a consistent structural relationship.

Return for Risk

FEX vs. AFOS — Risk / Return Rank

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

FEX

FEX Risk / Return Rank: 77
FEX Sharpe Ratio Rank: 73
FEX Sortino Ratio Rank: 72
FEX Omega Ratio Rank: 68
FEX Calmar Ratio Rank: 87
FEX Martin Ratio Rank: 85

AFOS

AFOS Risk / Return Rank: 94
AFOS Sharpe Ratio Rank: 95
AFOS Sortino Ratio Rank: 93
AFOS Omega Ratio Rank: 92
AFOS Calmar Ratio Rank: 95
AFOS Martin Ratio Rank: 96

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 vs. AFOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Large Cap Core AlphaDEX Fund (FEX) and ARS Focused Opportunities Strategy ETF (AFOS). 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.

	FEX	AFOS	Difference
Sharpe ratio: Return per unit of total volatility	1.85	3.03	-1.18
Sortino ratio: Return per unit of downside risk	2.61	3.72	-1.11
Omega ratio: Gain probability vs. loss probability	1.32	1.49	-0.16
Calmar ratio: Return relative to maximum drawdown	3.95	5.86	-1.91
Martin ratio: Return relative to average drawdown	13.68	24.92	-11.24

FEX vs. AFOS - Sharpe Ratio Comparison

The current FEX Sharpe Ratio is 1.85, which is lower than the AFOS Sharpe Ratio of 3.03. The chart below compares the historical Sharpe Ratios of FEX and AFOS, 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

FEX vs. AFOS - Drawdown Comparison

The maximum FEX drawdown since its inception was -58.81%, which is greater than AFOS's maximum drawdown of -11.52%. Use the drawdown chart below to compare losses from any high point for FEX and AFOS.

Drawdown Indicators

	FEX	AFOS	Difference
Max Drawdown Largest peak-to-trough decline	-58.81%	-11.52%	-47.29%
Max Drawdown (1Y) Largest decline over 1 year	-6.23%	-11.52%	+5.29%
Max Drawdown (3Y) Largest decline over 3 years	-19.58%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-21.27%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-39.51%	—	—
Current Drawdown Current decline from peak	-2.83%	-7.02%	+4.19%
Average Drawdown Average peak-to-trough decline	-7.85%	-1.58%	-6.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	2.70%	-0.90%

Volatility

FEX vs. AFOS - Volatility Comparison

The current volatility for First Trust Large Cap Core AlphaDEX Fund (FEX) is 3.70%, while ARS Focused Opportunities Strategy ETF (AFOS) has a volatility of 7.83%. This indicates that FEX experiences smaller price fluctuations and is considered to be less risky than AFOS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEX	AFOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.70%	7.83%	-4.13%
Volatility (6M) Calculated over the trailing 6-month period	10.08%	18.52%	-8.44%
Volatility (1Y) Calculated over the trailing 1-year period	13.28%	22.26%	-8.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.58%	21.80%	-5.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.56%	21.80%	-3.24%

FEX vs. AFOS - Expense Ratio Comparison

FEX has a 0.57% expense ratio, which is higher than AFOS's 0.45% expense ratio.

Dividends

FEX vs. AFOS - Dividend Comparison

FEX's dividend yield for the trailing twelve months is around 0.95%, more than AFOS's 0.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AFOS ARS Focused Opportunities Strategy ETF	0.23%	0.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FEX First Trust Large Cap Core AlphaDEX Fund	0.95%	1.10%	1.18%	1.38%	1.61%	0.80%	1.21%	1.32%	1.34%	1.07%	1.29%	1.33%

Frequently Asked Questions

Can I hold both FEX and AFOS in my portfolio?

FEX and AFOS have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEX or AFOS?

AFOS has higher volatility (7.83%) compared to FEX (3.70%). In terms of maximum drawdown, FEX dropped -58.81% vs AFOS's -11.52%.

Which ETF is better, FEX or AFOS?

On 1-year performance, AFOS leads with 67.10% vs 24.50% for FEX. On fees, AFOS is cheaper at 0.45% per year. On volatility, FEX has been the lower-risk option at 3.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FEX or AFOS?

Over the 1-year period, AFOS has performed better with a 67.10% return vs 24.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FEX or AFOS?

AFOS is cheaper with a 0.45% expense ratio, compared with 0.57% for FEX.

Which ETF pays a higher dividend yield, FEX or AFOS?

FEX has the higher dividend yield at 0.95%, compared with 0.23% for AFOS.

What is the main difference between FEX and AFOS?

They also come from different issuers: First Trust and ARS Investment Partners. Their fees differ too: 0.57% for FEX and 0.45% for AFOS.

Which has better risk-adjusted returns?

AFOS currently has the higher Sharpe Ratio (3.03 vs 1.85), 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.