FPX vs. MFUS

Last updated Jun 4, 2026

FPX (First Trust US Equity Opportunities ETF) and MFUS (PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF) are both Large Cap Growth Equities funds - FPX tracks the IPOX-100 U.S. Index while MFUS tracks the RAFI Dynamic Multi-Factor U.S. Index​. Both are passively managed. Over the past 5 years, FPX returned 10.31%/yr vs 12.82%/yr for MFUS. A 0.73 correlation means they provide meaningful diversification when combined. FPX charges 0.57%/yr vs 0.30%/yr for MFUS.

Performance

FPX vs. MFUS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust US Equity Opportunities ETF (FPX) and PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FPX achieves a 18.28% return, which is significantly higher than MFUS's 16.37% return.

FPX

• 1D: -0.55%
• 1M: 4.63%
• YTD: 18.28%
• 6M: 18.02%
• 1Y: 39.24%
• 3Y*: 32.32%
• 5Y*: 10.31%
• 10Y*: 14.65%

MFUS

• 1D: 0.03%
• 1M: 5.72%
• YTD: 16.37%
• 6M: 16.58%
• 1Y: 28.04%
• 3Y*: 22.25%
• 5Y*: 12.82%
• 10Y*: —

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

FPX vs. MFUS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FPX First Trust US Equity Opportunities ETF	18.28%	37.62%	24.75%	22.26%	-35.11%	3.69%	47.89%	30.37%	-8.35%	10.88%
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	16.37%	16.02%	20.17%	12.19%	-5.82%	24.10%	10.64%	26.17%	-7.30%	11.20%

Correlation

The correlation between FPX and MFUS is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since Sep 7, 2017	0.73

The correlation between FPX and MFUS has been stable across timeframes, ranging from 0.66 to 0.75 - a consistent structural relationship.

FPX vs. MFUS - Sectors Allocation Comparison

Sectors	FPX	MFUS
Technology	29.8%	21.8%
Industrials	20.0%	12.6%
Healthcare	16.1%	13.5%
Communication Services	7.0%	5.3%
Utilities	6.5%	1.7%
Energy	4.4%	7.0%
Real Estate	4.2%	1.8%
Consumer Cyclical	3.5%	10.6%
Basic Materials	3.3%	2.8%
Financial Services	3.0%	12.6%
Consumer Defensive	2.3%	10.3%

Return for Risk

FPX vs. MFUS — Risk / Return Rank

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

FPX

FPX Risk / Return Rank: 52
FPX Sharpe Ratio Rank: 49
FPX Sortino Ratio Rank: 44
FPX Omega Ratio Rank: 43
FPX Calmar Ratio Rank: 64
FPX Martin Ratio Rank: 58

MFUS

MFUS Risk / Return Rank: 82
MFUS Sharpe Ratio Rank: 80
MFUS Sortino Ratio Rank: 83
MFUS Omega Ratio Rank: 78
MFUS Calmar Ratio Rank: 83
MFUS Martin Ratio Rank: 86

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.

FPX vs. MFUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust US Equity Opportunities ETF (FPX) and PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS). 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.

	FPX	MFUS	Difference
Sharpe ratio: Return per unit of total volatility	1.71	2.63	-0.92
Sortino ratio: Return per unit of downside risk	2.24	3.77	-1.53
Omega ratio: Gain probability vs. loss probability	1.28	1.47	-0.19
Calmar ratio: Return relative to maximum drawdown	3.21	4.41	-1.20
Martin ratio: Return relative to average drawdown	10.40	18.13	-7.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FPX vs. MFUS - Sharpe Ratio Comparison

The current FPX Sharpe Ratio is 1.71, which is lower than the MFUS Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of FPX and MFUS, 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

	FPX	MFUS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.71	2.63	-0.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	0.86	-0.47
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.79	-0.22

Drawdowns

FPX vs. MFUS - Drawdown Comparison

The maximum FPX drawdown since its inception was -56.29%, which is greater than MFUS's maximum drawdown of -35.21%. Use the drawdown chart below to compare losses from any high point for FPX and MFUS.

Drawdown Indicators

	FPX	MFUS	Difference
Max Drawdown Largest peak-to-trough decline	-56.29%	-35.21%	-21.08%
Max Drawdown (1Y) Largest decline over 1 year	-12.28%	-6.39%	-5.89%
Max Drawdown (3Y) Largest decline over 3 years	-30.88%	-15.39%	-15.49%
Max Drawdown (5Y) Largest decline over 5 years	-43.14%	-18.22%	-24.92%
Max Drawdown (10Y) Largest decline over 10 years	-43.14%	—	—
Current Drawdown Current decline from peak	-0.83%	0.00%	-0.83%
Average Drawdown Average peak-to-trough decline	-11.34%	-4.00%	-7.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.78%	1.55%	+2.23%

Volatility

FPX vs. MFUS - Volatility Comparison

First Trust US Equity Opportunities ETF (FPX) has a higher volatility of 6.22% compared to PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS) at 3.19%. This indicates that FPX's price experiences larger fluctuations and is considered to be riskier than MFUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPX	MFUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.22%	3.19%	+3.03%
Volatility (6M) Calculated over the trailing 6-month period	17.11%	8.22%	+8.89%
Volatility (1Y) Calculated over the trailing 1-year period	23.10%	10.72%	+12.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.49%	15.03%	+11.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.28%	17.35%	+6.93%

FPX vs. MFUS - Expense Ratio Comparison

FPX has a 0.57% expense ratio, which is higher than MFUS's 0.30% expense ratio.

Dividends

FPX vs. MFUS - Dividend Comparison

FPX's dividend yield for the trailing twelve months is around 0.49%, less than MFUS's 1.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPX First Trust US Equity Opportunities ETF	0.49%	0.53%	0.09%	0.27%	1.08%	0.14%	0.28%	0.67%	0.88%	0.68%	0.77%	0.62%
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	1.36%	1.54%	1.45%	1.96%	2.07%	1.35%	1.72%	1.89%	1.69%	1.01%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FPX and MFUS in my portfolio?

FPX and MFUS have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPX or MFUS?

FPX has higher volatility (6.22%) compared to MFUS (3.19%). In terms of maximum drawdown, FPX dropped -56.29% vs MFUS's -35.21%.

Which ETF is better, FPX or MFUS?

On 5-year performance, MFUS leads with 12.82% vs 10.31% for FPX. On fees, MFUS is cheaper at 0.30% per year. On volatility, MFUS has been the lower-risk option at 3.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FPX or MFUS?

Over the 5-year period, MFUS has performed better with a 12.82% return vs 10.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FPX or MFUS?

MFUS is cheaper with a 0.30% expense ratio, compared with 0.57% for FPX.

Which ETF pays a higher dividend yield, FPX or MFUS?

MFUS has the higher dividend yield at 1.36%, compared with 0.49% for FPX.

What is the main difference between FPX and MFUS?

FPX tracks IPOX-100 U.S. Index, while MFUS tracks RAFI Dynamic Multi-Factor U.S. Index​. They also come from different issuers: First Trust and PIMCO. Their fees differ too: 0.57% for FPX and 0.30% for MFUS.

Which has better risk-adjusted returns?

MFUS currently has the higher Sharpe Ratio (2.63 vs 1.71), 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.