FPX vs. QWLD

Last updated Aug 2, 2026

FPX (First Trust US Equity Opportunities ETF) and QWLD (SPDR MSCI World StrategicFactors ETF) are both Large Cap Growth Equities funds - FPX tracks the IPOX-100 U.S. Index while QWLD tracks the MSCI World Factor Mix A-Series (USD). Both are passively managed. Over the past 10 years, FPX returned 13.50%/yr vs 11.57%/yr for QWLD. Their 0.61 correlation means they have sometimes moved together and sometimes differently. FPX charges 0.57%/yr vs 0.30%/yr for QWLD.

Performance

FPX vs. QWLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust US Equity Opportunities ETF (FPX) and SPDR MSCI World StrategicFactors ETF (QWLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FPX achieves a 8.51% return, which is significantly lower than QWLD's 9.39% return. Over the past 10 years, FPX has outperformed QWLD with an annualized return of 13.50%, while QWLD has yielded a comparatively lower 11.57% annualized return.

FPX

• 1D: -1.38%
• 1M: -9.10%
• 6M: 8.46%
• YTD: 8.51%
• 1Y: 19.55%
• 3Y*: 23.96%
• 5Y*: 7.39%
• 10Y*: 13.50%
• ALL TIME*: 12.57%

QWLD

• 1D: 0.22%
• 1M: 1.63%
• 6M: 6.46%
• YTD: 9.39%
• 1Y: 19.11%
• 3Y*: 15.49%
• 5Y*: 10.03%
• 10Y*: 11.57%
• ALL TIME*: 10.49%

*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)
FPX First Trust US Equity Opportunities ETF	$11.19M	$11.53M	$10.30M
QWLD SPDR MSCI World StrategicFactors ETF	$231.12K	$297.84K	$1.04M

FPX vs. QWLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FPX First Trust US Equity Opportunities ETF	8.51%	37.62%	24.75%	22.26%	-35.11%	3.69%	47.89%	30.37%	-8.35%	27.03%
QWLD SPDR MSCI World StrategicFactors ETF	9.39%	17.93%	14.44%	19.59%	-13.30%	21.57%	10.24%	27.59%	-7.02%	22.44%

Correlation

The correlation between FPX and QWLD is 0.53, 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.	0.53
Correlation (3Y) Balances recent behavior with more history.	0.64
Correlation (5Y) Shows whether the relationship held over a longer period.	0.72
Correlation (10Y) Provides a long-term view across more market conditions.	0.66
Correlation (All Time) Calculated using the full available price history since Jun 5, 2014	0.61

The correlation between FPX and QWLD shifts across timeframes, from 0.53 (1 year) to 0.72 (5 years), reflecting how their relationship changes across market environments.

FPX vs. QWLD - Sectors Allocation Comparison

Sectors	FPX	QWLD
Technology	33.7%	24.9%
Industrials	20.9%	10.9%
Healthcare	15.4%	13.2%
Communication Services	7.2%	9.5%
Consumer Cyclical	5.6%	6.3%
Financial Services	4.8%	16.5%
Energy	3.5%	3.4%
Real Estate	2.6%	1.0%
Consumer Defensive	2.5%	8.1%
Basic Materials	2.4%	2.5%
Utilities	1.4%	3.8%

Return for Risk

FPX vs. QWLD — Risk / Return Rank

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

FPX

FPX Risk / Return Rank: 30
FPX Sharpe Ratio Rank: 28
FPX Sortino Ratio Rank: 28
FPX Omega Ratio Rank: 27
FPX Calmar Ratio Rank: 32
FPX Martin Ratio Rank: 36

QWLD

QWLD Risk / Return Rank: 80
QWLD Sharpe Ratio Rank: 83
QWLD Sortino Ratio Rank: 84
QWLD Omega Ratio Rank: 82
QWLD Calmar Ratio Rank: 70
QWLD Martin Ratio Rank: 81

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.

FPX vs. QWLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust US Equity Opportunities ETF (FPX) and SPDR MSCI World StrategicFactors ETF (QWLD). 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.

	FPX	QWLD	Difference
Sharpe ratio: Return per unit of total volatility	0.66	1.93	-1.28
Sortino ratio: Return per unit of downside risk	1.04	2.75	-1.71
Omega ratio: Gain probability vs. loss probability	1.13	1.34	-0.22
Calmar ratio: Return relative to maximum drawdown	1.06	2.44	-1.38
Martin ratio: Return relative to average drawdown	3.58	10.67	-7.09

FPX vs. QWLD - Sharpe Ratio Comparison

The current FPX Sharpe Ratio is 0.66, which is lower than the QWLD Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of FPX and QWLD, 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

FPX vs. QWLD - Drawdown Comparison

The maximum FPX drawdown since its inception was -56.29%, which is greater than QWLD's maximum drawdown of -31.89%. Use the drawdown chart below to compare losses from any high point for FPX and QWLD.

Drawdown Indicators

	FPX	QWLD	Difference
Max Drawdown Largest peak-to-trough decline	-56.29%	-31.89%	-24.40%
Max Drawdown (1Y) Largest decline over 1 year	-16.29%	-7.66%	-8.63%
Max Drawdown (3Y) Largest decline over 3 years	-30.88%	-12.40%	-18.48%
Max Drawdown (5Y) Largest decline over 5 years	-43.14%	-22.84%	-20.30%
Max Drawdown (10Y) Largest decline over 10 years	-43.14%	-31.89%	-11.25%
Current Drawdown Current decline from peak	-13.94%	0.00%	-13.94%
Average Drawdown Average peak-to-trough decline	-11.29%	-3.66%	-7.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.80%	1.75%	+3.05%

Volatility

FPX vs. QWLD - Volatility Comparison

First Trust US Equity Opportunities ETF (FPX) has a higher volatility of 9.65% compared to SPDR MSCI World StrategicFactors ETF (QWLD) at 2.30%. This indicates that FPX's price experiences larger fluctuations and is considered to be riskier than QWLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPX	QWLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.65%	2.30%	+7.35%
Volatility (6M) Calculated over the trailing 6-month period	20.96%	7.73%	+13.23%
Volatility (1Y) Calculated over the trailing 1-year period	26.29%	9.71%	+16.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.10%	13.51%	+13.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.60%	15.12%	+9.48%

FPX vs. QWLD - Expense Ratio Comparison

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

Dividends

FPX vs. QWLD - Dividend Comparison

FPX's dividend yield for the trailing twelve months is around 0.48%, less than QWLD's 1.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPX First Trust US Equity Opportunities ETF	0.48%	0.53%	0.09%	0.27%	1.08%	0.14%	0.28%	0.67%	0.88%	0.68%	0.77%	0.62%
QWLD SPDR MSCI World StrategicFactors ETF	1.79%	1.85%	1.74%	1.78%	2.02%	1.77%	1.77%	2.13%	2.33%	2.73%	2.22%	3.42%

Frequently Asked Questions

Can I hold both FPX and QWLD in my portfolio?

FPX and QWLD have a correlation of 0.53, 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 QWLD?

FPX has higher volatility (9.65%) compared to QWLD (2.30%). In terms of maximum drawdown, FPX dropped -56.29% vs QWLD's -31.89%.

Which ETF is better, FPX or QWLD?

On 10-year performance, FPX leads with 13.50% vs 11.57% for QWLD. On fees, QWLD is cheaper at 0.30% per year. On volatility, QWLD has been the lower-risk option at 2.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FPX or QWLD?

Over the 10-year period, FPX has performed better with a 13.50% return vs 11.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FPX or QWLD?

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

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

QWLD has the higher dividend yield at 1.79%, compared with 0.48% for FPX.

What is the main difference between FPX and QWLD?

FPX tracks IPOX-100 U.S. Index, while QWLD tracks MSCI World Factor Mix A-Series (USD). They also come from different issuers: First Trust and State Street. Their fees differ too: 0.57% for FPX and 0.30% for QWLD.

Which has better risk-adjusted returns?

QWLD currently has the higher Sharpe Ratio (1.93 vs 0.66), 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.