FFA vs. SPY
Compare and contrast key facts about First Trust Enhanced Equity Income Fund (FFA) and State Street SPDR S&P 500 ETF (SPY).
FFA is an actively managed fund by First Trust. It was launched on Aug 26, 2004. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.
Performance
FFA vs. SPY - Performance Comparison
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FFA vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FFA First Trust Enhanced Equity Income Fund | -5.60% | 14.23% | 21.46% | 24.73% | -20.26% | 28.69% | 10.82% | 43.35% | -13.93% | 28.97% |
SPY State Street SPDR S&P 500 ETF | -4.37% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Returns By Period
In the year-to-date period, FFA achieves a -5.60% return, which is significantly lower than SPY's -4.37% return. Over the past 10 years, FFA has underperformed SPY with an annualized return of 12.66%, while SPY has yielded a comparatively higher 13.98% annualized return.
FFA
- 1D
- 3.98%
- 1M
- -5.00%
- YTD
- -5.60%
- 6M
- -1.66%
- 1Y
- 13.54%
- 3Y*
- 15.20%
- 5Y*
- 9.19%
- 10Y*
- 12.66%
SPY
- 1D
- 2.91%
- 1M
- -4.94%
- YTD
- -4.37%
- 6M
- -1.82%
- 1Y
- 17.59%
- 3Y*
- 18.19%
- 5Y*
- 11.69%
- 10Y*
- 13.98%
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FFA vs. SPY - Expense Ratio Comparison
FFA has a 1.22% expense ratio, which is higher than SPY's 0.09% expense ratio.
Return for Risk
FFA vs. SPY — Risk / Return Rank
FFA
SPY
FFA vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Enhanced Equity Income Fund (FFA) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.74 | 0.93 | -0.18 |
Sortino ratioReturn per unit of downside risk | 1.13 | 1.45 | -0.32 |
Omega ratioGain probability vs. loss probability | 1.19 | 1.22 | -0.04 |
Calmar ratioReturn relative to maximum drawdown | 0.89 | 1.53 | -0.63 |
Martin ratioReturn relative to average drawdown | 4.50 | 7.30 | -2.80 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FFA | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.74 | 0.93 | -0.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.53 | 0.69 | -0.16 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.65 | 0.78 | -0.14 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.41 | 0.56 | -0.15 |
Correlation
The correlation between FFA and SPY is 0.74, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
FFA vs. SPY - Dividend Comparison
FFA's dividend yield for the trailing twelve months is around 7.41%, more than SPY's 1.14% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FFA First Trust Enhanced Equity Income Fund | 7.41% | 6.70% | 6.59% | 6.90% | 7.99% | 5.92% | 6.47% | 6.61% | 8.82% | 6.83% | 7.07% | 7.12% |
SPY State Street SPDR S&P 500 ETF | 1.14% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Drawdowns
FFA vs. SPY - Drawdown Comparison
The maximum FFA drawdown since its inception was -57.51%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for FFA and SPY.
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Drawdown Indicators
| FFA | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.51% | -55.19% | -2.32% |
Max Drawdown (1Y)Largest decline over 1 year | -14.81% | -12.05% | -2.76% |
Max Drawdown (5Y)Largest decline over 5 years | -29.96% | -24.50% | -5.46% |
Max Drawdown (10Y)Largest decline over 10 years | -44.35% | -33.72% | -10.63% |
Current DrawdownCurrent decline from peak | -6.58% | -6.24% | -0.34% |
Average DrawdownAverage peak-to-trough decline | -8.48% | -9.09% | +0.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.94% | 2.52% | +0.42% |
Volatility
FFA vs. SPY - Volatility Comparison
First Trust Enhanced Equity Income Fund (FFA) has a higher volatility of 6.36% compared to State Street SPDR S&P 500 ETF (SPY) at 5.31%. This indicates that FFA's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FFA | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.36% | 5.31% | +1.05% |
Volatility (6M)Calculated over the trailing 6-month period | 9.75% | 9.47% | +0.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.29% | 19.05% | -0.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.34% | 17.06% | +0.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.69% | 17.92% | +1.77% |