FPX vs. VEGN

Last updated Jun 4, 2026

FPX (First Trust US Equity Opportunities ETF) and VEGN (US Vegan Climate ETF) are both Large Cap Growth Equities funds - FPX tracks the IPOX-100 U.S. Index while VEGN tracks the US Vegan Climate Index. Both are passively managed. Over the past 5 years, FPX returned 10.31%/yr vs 16.69%/yr for VEGN. Their correlation of 0.83 suggests significant overlap in exposure. FPX charges 0.57%/yr vs 0.60%/yr for VEGN.

Performance

FPX vs. VEGN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust US Equity Opportunities ETF (FPX) and US Vegan Climate ETF (VEGN). 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 lower than VEGN's 32.05% 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%

VEGN

• 1D: -0.64%
• 1M: 18.62%
• YTD: 32.05%
• 6M: 32.41%
• 1Y: 50.54%
• 3Y*: 30.01%
• 5Y*: 16.69%
• 10Y*: —

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

FPX vs. VEGN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FPX First Trust US Equity Opportunities ETF	18.28%	37.62%	24.75%	22.26%	-35.11%	3.69%	47.89%	4.74%
VEGN US Vegan Climate ETF	32.05%	13.71%	25.42%	38.10%	-26.87%	26.01%	27.72%	9.10%

Correlation

The correlation between FPX and VEGN is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (All Time) Calculated using the full available price history since Sep 11, 2019	0.83

The correlation between FPX and VEGN has been stable across timeframes, ranging from 0.76 to 0.84 - a consistent structural relationship.

FPX vs. VEGN - Sectors Allocation Comparison

Sectors	FPX	VEGN
Technology	29.8%	56.2%
Industrials	20.0%	5.7%
Healthcare	16.1%	5.6%
Communication Services	7.0%	10.7%
Utilities	6.5%	0.1%
Energy	4.4%	-
Real Estate	4.2%	3.7%
Consumer Cyclical	3.5%	2.1%
Basic Materials	3.3%	0.1%
Financial Services	3.0%	15.8%
Consumer Defensive	2.3%	0.0%

Return for Risk

FPX vs. VEGN — 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

VEGN

VEGN Risk / Return Rank: 86
VEGN Sharpe Ratio Rank: 90
VEGN Sortino Ratio Rank: 88
VEGN Omega Ratio Rank: 85
VEGN Calmar Ratio Rank: 81
VEGN Martin Ratio Rank: 84

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. VEGN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust US Equity Opportunities ETF (FPX) and US Vegan Climate ETF (VEGN). 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	VEGN	Difference
Sharpe ratio: Return per unit of total volatility	1.71	3.13	-1.42
Sortino ratio: Return per unit of downside risk	2.24	4.09	-1.85
Omega ratio: Gain probability vs. loss probability	1.28	1.53	-0.24
Calmar ratio: Return relative to maximum drawdown	3.21	4.29	-1.08
Martin ratio: Return relative to average drawdown	10.40	17.47	-7.08
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. VEGN - Sharpe Ratio Comparison

The current FPX Sharpe Ratio is 1.71, which is lower than the VEGN Sharpe Ratio of 3.13. The chart below compares the historical Sharpe Ratios of FPX and VEGN, 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	VEGN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.71	3.13	-1.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	0.83	-0.44
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	0.86	-0.30

Drawdowns

FPX vs. VEGN - Drawdown Comparison

The maximum FPX drawdown since its inception was -56.29%, which is greater than VEGN's maximum drawdown of -34.14%. Use the drawdown chart below to compare losses from any high point for FPX and VEGN.

Drawdown Indicators

	FPX	VEGN	Difference
Max Drawdown Largest peak-to-trough decline	-56.29%	-34.14%	-22.15%
Max Drawdown (1Y) Largest decline over 1 year	-12.28%	-11.85%	-0.43%
Max Drawdown (3Y) Largest decline over 3 years	-30.88%	-20.91%	-9.97%
Max Drawdown (5Y) Largest decline over 5 years	-43.14%	-33.40%	-9.74%
Max Drawdown (10Y) Largest decline over 10 years	-43.14%	—	—
Current Drawdown Current decline from peak	-0.83%	-0.64%	-0.19%
Average Drawdown Average peak-to-trough decline	-11.34%	-7.59%	-3.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.78%	2.90%	+0.88%

Volatility

FPX vs. VEGN - Volatility Comparison

First Trust US Equity Opportunities ETF (FPX) and US Vegan Climate ETF (VEGN) have volatilities of 6.22% and 6.10%, 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

	FPX	VEGN	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.22%	6.10%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	17.11%	13.39%	+3.72%
Volatility (1Y) Calculated over the trailing 1-year period	23.10%	16.26%	+6.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.49%	20.27%	+6.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.28%	22.77%	+1.51%

FPX vs. VEGN - Expense Ratio Comparison

FPX has a 0.57% expense ratio, which is lower than VEGN's 0.60% expense ratio.

Dividends

FPX vs. VEGN - Dividend Comparison

FPX's dividend yield for the trailing twelve months is around 0.49%, more than VEGN's 0.44% 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%
VEGN US Vegan Climate ETF	0.44%	0.51%	0.51%	0.67%	0.81%	0.41%	0.71%	0.29%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FPX and VEGN in my portfolio?

FPX and VEGN have a correlation of 0.76, 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 VEGN?

FPX has higher volatility (6.22%) compared to VEGN (6.10%). In terms of maximum drawdown, FPX dropped -56.29% vs VEGN's -34.14%.

Which ETF is better, FPX or VEGN?

On 5-year performance, VEGN leads with 16.69% vs 10.31% for FPX. On fees, FPX is cheaper at 0.57% per year. On volatility, VEGN has been the lower-risk option at 6.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FPX or VEGN?

Over the 5-year period, VEGN has performed better with a 16.69% 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 VEGN?

FPX is cheaper with a 0.57% expense ratio, compared with 0.60% for VEGN.

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

FPX has the higher dividend yield at 0.49%, compared with 0.44% for VEGN.

What is the main difference between FPX and VEGN?

FPX tracks IPOX-100 U.S. Index, while VEGN tracks US Vegan Climate Index. They also come from different issuers: First Trust and Beyond Investing. Their fees differ too: 0.57% for FPX and 0.60% for VEGN.

Which has better risk-adjusted returns?

VEGN currently has the higher Sharpe Ratio (3.13 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.