FEX vs. EBI

Last updated Jun 24, 2026

FEX (First Trust Large Cap Core AlphaDEX Fund) and EBI (Longview Advantage ETF) are both Large Cap Blend Equities funds. FEX is passively managed, while EBI is actively managed. Over the past year, FEX returned 28.96% vs 30.46% for EBI. Their correlation of 0.94 suggests significant overlap in exposure. FEX charges 0.57%/yr vs 0.24%/yr for EBI.

Performance

FEX vs. EBI - Performance Comparison

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

Returns By Period

In the year-to-date period, FEX achieves a 16.10% return, which is significantly higher than EBI's 13.70% return.

FEX

• 1D: -1.34%
• 1M: 3.10%
• YTD: 16.10%
• 6M: 14.91%
• 1Y: 28.96%
• 3Y*: 20.58%
• 5Y*: 11.42%
• 10Y*: 13.56%

EBI

• 1D: -0.96%
• 1M: 0.90%
• YTD: 13.70%
• 6M: 12.56%
• 1Y: 30.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FEX vs. EBI - Yearly Performance Comparison

	2026 (YTD)	2025
FEX First Trust Large Cap Core AlphaDEX Fund	16.10%	12.81%
EBI Longview Advantage ETF	13.70%	15.82%

Correlation

The correlation between FEX and EBI is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (All Time) Calculated using the full available price history since Feb 27, 2025	0.94

The correlation between FEX and EBI has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.

Return for Risk

FEX vs. EBI — Risk / Return Rank

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

FEX

FEX Risk / Return Rank: 78
FEX Sharpe Ratio Rank: 74
FEX Sortino Ratio Rank: 74
FEX Omega Ratio Rank: 70
FEX Calmar Ratio Rank: 87
FEX Martin Ratio Rank: 85

EBI

EBI Risk / Return Rank: 84
EBI Sharpe Ratio Rank: 84
EBI Sortino Ratio Rank: 84
EBI Omega Ratio Rank: 81
EBI Calmar Ratio Rank: 85
EBI Martin Ratio Rank: 88

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. EBI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Large Cap Core AlphaDEX Fund (FEX) and Longview Advantage ETF (EBI). 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	EBI	Difference
Sharpe ratio: Return per unit of total volatility	2.21	2.46	-0.25
Sortino ratio: Return per unit of downside risk	3.05	3.37	-0.32
Omega ratio: Gain probability vs. loss probability	1.39	1.43	-0.05
Calmar ratio: Return relative to maximum drawdown	4.67	4.32	+0.35
Martin ratio: Return relative to average drawdown	16.75	17.50	-0.75

FEX vs. EBI - Sharpe Ratio Comparison

The current FEX Sharpe Ratio is 2.21, which is comparable to the EBI Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of FEX and EBI, 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. EBI - Drawdown Comparison

The maximum FEX drawdown since its inception was -58.81%, which is greater than EBI's maximum drawdown of -17.05%. Use the drawdown chart below to compare losses from any high point for FEX and EBI.

Drawdown Indicators

	FEX	EBI	Difference
Max Drawdown Largest peak-to-trough decline	-58.81%	-17.05%	-41.76%
Max Drawdown (1Y) Largest decline over 1 year	-6.23%	-7.09%	+0.86%
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	-1.34%	-1.43%	+0.09%
Average Drawdown Average peak-to-trough decline	-7.87%	-2.03%	-5.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.73%	1.75%	-0.02%

Volatility

FEX vs. EBI - Volatility Comparison

First Trust Large Cap Core AlphaDEX Fund (FEX) has a higher volatility of 5.09% compared to Longview Advantage ETF (EBI) at 4.03%. This indicates that FEX's price experiences larger fluctuations and is considered to be riskier than EBI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEX	EBI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.09%	4.03%	+1.06%
Volatility (6M) Calculated over the trailing 6-month period	9.99%	9.27%	+0.72%
Volatility (1Y) Calculated over the trailing 1-year period	13.19%	12.49%	+0.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.57%	17.88%	-1.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.60%	17.88%	+0.72%

FEX vs. EBI - Expense Ratio Comparison

FEX has a 0.57% expense ratio, which is higher than EBI's 0.24% expense ratio.

Dividends

FEX vs. EBI - Dividend Comparison

FEX's dividend yield for the trailing twelve months is around 0.94%, more than EBI's 0.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EBI Longview Advantage ETF	0.92%	1.05%	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	0.94%	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 EBI in my portfolio?

With a correlation of 0.93, FEX and EBI move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FEX or EBI?

FEX has higher volatility (5.09%) compared to EBI (4.03%). In terms of maximum drawdown, FEX dropped -58.81% vs EBI's -17.05%.

Which ETF is better, FEX or EBI?

On 1-year performance, EBI leads with 30.46% vs 28.96% for FEX. On fees, EBI is cheaper at 0.24% per year. On volatility, EBI has been the lower-risk option at 4.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FEX or EBI?

Over the 1-year period, EBI has performed better with a 30.46% return vs 28.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FEX or EBI?

EBI is cheaper with a 0.24% expense ratio, compared with 0.57% for FEX.

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

FEX has the higher dividend yield at 0.94%, compared with 0.92% for EBI.

What is the main difference between FEX and EBI?

They also come from different issuers: First Trust and Longview. Their fees differ too: 0.57% for FEX and 0.24% for EBI.

Which has better risk-adjusted returns?

EBI currently has the higher Sharpe Ratio (2.46 vs 2.21), 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.