FEX vs. QUS

Last updated Aug 4, 2026

FEX (First Trust Large Cap Core AlphaDEX Fund) and QUS (State Street SPDR MSCI USA StrategicFactors ETF) are both Large Cap Blend Equities funds - FEX tracks the Nasdaq AlphaDEX Large Cap Core Index while QUS tracks the MSCI USA Factor Mix A-Series Capped Index. Both are passively managed. Over the past 10 years, FEX returned 12.82%/yr vs 13.54%/yr for QUS. Their correlation of 0.84 means they have usually moved in the same direction. FEX charges 0.57%/yr vs 0.15%/yr for QUS.

Performance

FEX vs. QUS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Large Cap Core AlphaDEX Fund (FEX) and State Street SPDR MSCI USA StrategicFactors ETF (QUS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEX achieves a 16.59% return, which is significantly higher than QUS's 10.23% return. Over the past 10 years, FEX has underperformed QUS with an annualized return of 12.82%, while QUS has yielded a comparatively higher 13.54% annualized return.

FEX

• 1D: 1.03%
• 1M: 0.43%
• 6M: 11.73%
• YTD: 16.59%
• 1Y: 26.18%
• 3Y*: 18.57%
• 5Y*: 10.92%
• 10Y*: 12.82%
• ALL TIME*: 9.64%

QUS

• 1D: 0.83%
• 1M: 1.29%
• 6M: 7.60%
• YTD: 10.23%
• 1Y: 19.80%
• 3Y*: 17.10%
• 5Y*: 10.91%
• 10Y*: 13.54%
• ALL TIME*: 12.75%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FEX First Trust Large Cap Core AlphaDEX Fund	$3.97M	$3.32M	$3.45M
QUS State Street SPDR MSCI USA StrategicFactors ETF	$3.01M	$4.81M	$3.43M

FEX vs. QUS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FEX First Trust Large Cap Core AlphaDEX Fund	16.59%	15.05%	17.07%	14.31%	-11.86%	26.83%	14.28%	26.93%	-9.89%	21.41%
QUS State Street SPDR MSCI USA StrategicFactors ETF	10.23%	14.13%	18.99%	21.78%	-14.15%	26.72%	12.40%	32.45%	-3.66%	21.67%

Correlation

The correlation between FEX and QUS is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.79
Correlation (3Y) Balances recent behavior with more history.	0.87
Correlation (5Y) Shows whether the relationship held over a longer period.	0.91
Correlation (10Y) Provides a long-term view across more market conditions.	0.89
Correlation (All Time) Calculated using the full available price history since Apr 16, 2015	0.84

The correlation between FEX and QUS shifts across timeframes, from 0.79 (1 year) to 0.91 (5 years), reflecting how their relationship changes across market environments.

FEX vs. QUS - Sectors Allocation Comparison

Sectors	FEX	QUS
Technology	22.8%	28.4%
Industrials	19.0%	8.1%
Financial Services	13.9%	15.7%
Healthcare	9.1%	14.4%
Consumer Cyclical	8.2%	5.7%
Utilities	7.0%	3.9%
Energy	5.2%	3.3%
Real Estate	4.4%	1.6%
Consumer Defensive	4.3%	8.3%
Basic Materials	3.2%	2.2%
Communication Services	3.0%	8.2%

Return for Risk

FEX vs. QUS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FEX

FEX Risk / Return Rank: 84
FEX Sharpe Ratio Rank: 81
FEX Sortino Ratio Rank: 80
FEX Omega Ratio Rank: 78
FEX Calmar Ratio Rank: 91
FEX Martin Ratio Rank: 88

QUS

QUS Risk / Return Rank: 85
QUS Sharpe Ratio Rank: 87
QUS Sortino Ratio Rank: 88
QUS Omega Ratio Rank: 86
QUS Calmar Ratio Rank: 78
QUS Martin Ratio Rank: 86

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FEX vs. QUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Large Cap Core AlphaDEX Fund (FEX) and State Street SPDR MSCI USA StrategicFactors ETF (QUS). 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	QUS	Difference
Sharpe ratio: Return per unit of total volatility	1.98	2.16	-0.18
Sortino ratio: Return per unit of downside risk	2.77	3.05	-0.28
Omega ratio: Gain probability vs. loss probability	1.35	1.39	-0.04
Calmar ratio: Return relative to maximum drawdown	4.22	2.90	+1.32
Martin ratio: Return relative to average drawdown	14.07	12.95	+1.12

FEX vs. QUS - Sharpe Ratio Comparison

The current FEX Sharpe Ratio is 1.98, which is comparable to the QUS Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of FEX and QUS, 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. QUS - Drawdown Comparison

The maximum FEX drawdown since its inception was -58.81%, which is greater than QUS's maximum drawdown of -33.78%. Use the drawdown chart below to compare losses from any high point for FEX and QUS.

Drawdown Indicators

	FEX	QUS	Difference
Max Drawdown Largest peak-to-trough decline	-58.81%	-33.78%	-25.03%
Max Drawdown (1Y) Largest decline over 1 year	-6.23%	-6.85%	+0.62%
Max Drawdown (3Y) Largest decline over 3 years	-19.58%	-13.94%	-5.64%
Max Drawdown (5Y) Largest decline over 5 years	-21.27%	-22.30%	+1.03%
Max Drawdown (10Y) Largest decline over 10 years	-39.51%	-33.78%	-5.73%
Current Drawdown Current decline from peak	-1.56%	0.00%	-1.56%
Average Drawdown Average peak-to-trough decline	-7.83%	-3.66%	-4.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.87%	1.53%	+0.34%

Volatility

FEX vs. QUS - Volatility Comparison

First Trust Large Cap Core AlphaDEX Fund (FEX) has a higher volatility of 2.89% compared to State Street SPDR MSCI USA StrategicFactors ETF (QUS) at 2.42%. This indicates that FEX's price experiences larger fluctuations and is considered to be riskier than QUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEX	QUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.89%	2.42%	+0.47%
Volatility (6M) Calculated over the trailing 6-month period	10.07%	6.97%	+3.10%
Volatility (1Y) Calculated over the trailing 1-year period	13.28%	9.22%	+4.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.56%	14.32%	+2.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.57%	16.40%	+2.17%

FEX vs. QUS - Expense Ratio Comparison

FEX has a 0.57% expense ratio, which is higher than QUS's 0.15% expense ratio.

Dividends

FEX vs. QUS - Dividend Comparison

FEX's dividend yield for the trailing twelve months is around 0.94%, less than QUS's 1.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
QUS State Street SPDR MSCI USA StrategicFactors ETF	1.27%	1.38%	1.49%	1.57%	1.68%	1.27%	1.73%	1.81%	2.12%	1.86%	2.07%	1.48%

Frequently Asked Questions

Can I hold both FEX and QUS in my portfolio?

FEX and QUS 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, FEX or QUS?

FEX has higher volatility (2.89%) compared to QUS (2.42%). In terms of maximum drawdown, FEX dropped -58.81% vs QUS's -33.78%.

Which ETF is better, FEX or QUS?

On 10-year performance, QUS leads with 13.54% vs 12.82% for FEX. On fees, QUS is cheaper at 0.15% per year. On volatility, QUS has been the lower-risk option at 2.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FEX or QUS?

Over the 10-year period, QUS has performed better with a 13.54% return vs 12.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FEX or QUS?

QUS is cheaper with a 0.15% expense ratio, compared with 0.57% for FEX.

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

QUS has the higher dividend yield at 1.27%, compared with 0.94% for FEX.

What is the main difference between FEX and QUS?

FEX tracks Nasdaq AlphaDEX Large Cap Core Index, while QUS tracks MSCI USA Factor Mix A-Series Capped Index. They also come from different issuers: First Trust and State Street. Their fees differ too: 0.57% for FEX and 0.15% for QUS.

Which has better risk-adjusted returns?

QUS currently has the higher Sharpe Ratio (2.16 vs 1.98), 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.