FFA vs. KNGLX

Last updated Jun 4, 2026

FFA (First Trust Enhanced Equity Income Fund) and KNGLX (CBOE Vest S&P 500 Dividend Aristocrats Target Income Fund) are both Derivative Income funds. FFA is actively managed, while KNGLX is passively managed. Over the past 5 years, FFA returned 10.38%/yr vs 3.44%/yr for KNGLX. A 0.61 correlation means they provide meaningful diversification when combined. FFA charges 1.22%/yr vs 1.20%/yr for KNGLX.

Performance

FFA vs. KNGLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Enhanced Equity Income Fund (FFA) and CBOE Vest S&P 500 Dividend Aristocrats Target Income Fund (KNGLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FFA achieves a 6.01% return, which is significantly higher than KNGLX's 2.66% return.

FFA

• 1D: -0.91%
• 1M: 3.15%
• YTD: 6.01%
• 6M: 9.10%
• 1Y: 23.85%
• 3Y*: 18.15%
• 5Y*: 10.38%
• 10Y*: 13.61%

KNGLX

• 1D: 0.27%
• 1M: 1.09%
• YTD: 2.66%
• 6M: 2.73%
• 1Y: 7.63%
• 3Y*: 5.89%
• 5Y*: 3.44%
• 10Y*: —

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

FFA vs. KNGLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FFA First Trust Enhanced Equity Income Fund	6.01%	14.23%	21.46%	24.73%	-20.26%	28.69%	10.82%	43.35%	-16.40%
KNGLX CBOE Vest S&P 500 Dividend Aristocrats Target Income Fund	2.66%	6.43%	2.91%	6.46%	-7.29%	23.23%	7.08%	26.58%	-4.64%

Correlation

The correlation between FFA and KNGLX is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (All Time) Calculated using the full available price history since Jan 3, 2018	0.61

Over the past year, the correlation between FFA and KNGLX has dropped to 0.36 - well below their long-term average of 0.61, suggesting their price drivers have been diverging.

Return for Risk

FFA vs. KNGLX — Risk / Return Rank

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

FFA

FFA Risk / Return Rank: 46
FFA Sharpe Ratio Rank: 47
FFA Sortino Ratio Rank: 45
FFA Omega Ratio Rank: 47
FFA Calmar Ratio Rank: 39
FFA Martin Ratio Rank: 55

KNGLX

KNGLX Risk / Return Rank: 9
KNGLX Sharpe Ratio Rank: 9
KNGLX Sortino Ratio Rank: 9
KNGLX Omega Ratio Rank: 8
KNGLX Calmar Ratio Rank: 9
KNGLX Martin Ratio Rank: 8

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.

FFA vs. KNGLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Enhanced Equity Income Fund (FFA) and CBOE Vest S&P 500 Dividend Aristocrats Target Income Fund (KNGLX). 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.

	FFA	KNGLX	Difference
Sharpe ratio Return per unit of total volatility	2.01	0.74	+1.26
Sortino ratio Return per unit of downside risk	2.85	1.16	+1.69
Omega ratio Gain probability vs. loss probability	1.37	1.13	+0.24
Calmar ratio Return relative to maximum drawdown	2.36	0.89	+1.47
Martin ratio Return relative to average drawdown	11.07	2.40	+8.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FFA vs. KNGLX - Sharpe Ratio Comparison

The current FFA Sharpe Ratio is 2.01, which is higher than the KNGLX Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of FFA and KNGLX, 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

	FFA	KNGLX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.01	0.74	+1.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	0.25	+0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.69	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.41	+0.02

Drawdowns

FFA vs. KNGLX - Drawdown Comparison

The maximum FFA drawdown since its inception was -57.51%, which is greater than KNGLX's maximum drawdown of -31.48%. Use the drawdown chart below to compare losses from any high point for FFA and KNGLX.

Drawdown Indicators

	FFA	KNGLX	Difference
Max Drawdown Largest peak-to-trough decline	-57.51%	-31.48%	-26.03%
Max Drawdown (1Y) Largest decline over 1 year	-10.15%	-8.90%	-1.25%
Max Drawdown (3Y) Largest decline over 3 years	-19.94%	-14.79%	-5.15%
Max Drawdown (5Y) Largest decline over 5 years	-29.96%	-18.25%	-11.71%
Max Drawdown (10Y) Largest decline over 10 years	-44.35%	—	—
Current Drawdown Current decline from peak	-0.95%	-5.58%	+4.63%
Average Drawdown Average peak-to-trough decline	-8.42%	-4.62%	-3.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	3.27%	-1.11%

Volatility

FFA vs. KNGLX - Volatility Comparison

First Trust Enhanced Equity Income Fund (FFA) and CBOE Vest S&P 500 Dividend Aristocrats Target Income Fund (KNGLX) have volatilities of 2.91% and 2.78%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FFA	KNGLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.91%	2.78%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	9.39%	7.71%	+1.68%
Volatility (1Y) Calculated over the trailing 1-year period	11.96%	10.62%	+1.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.34%	14.02%	+3.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.71%	17.15%	+2.56%

FFA vs. KNGLX - Expense Ratio Comparison

FFA has a 1.22% expense ratio, which is higher than KNGLX's 1.20% expense ratio.

Dividends

FFA vs. KNGLX - Dividend Comparison

FFA's dividend yield for the trailing twelve months is around 6.60%, less than KNGLX's 12.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFA First Trust Enhanced Equity Income Fund	6.60%	6.70%	6.59%	6.90%	7.99%	5.92%	6.47%	6.61%	8.82%	6.83%	7.07%	7.12%
KNGLX CBOE Vest S&P 500 Dividend Aristocrats Target Income Fund	12.76%	8.02%	9.60%	7.99%	4.54%	4.41%	3.53%	4.53%	4.74%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FFA and KNGLX in my portfolio?

FFA and KNGLX have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FFA or KNGLX?

FFA has higher volatility (2.91%) compared to KNGLX (2.78%). In terms of maximum drawdown, FFA dropped -57.51% vs KNGLX's -31.48%.

Which has better risk-adjusted returns?

FFA currently has the higher Sharpe Ratio (2.01 vs 0.74), 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.