FTA vs. SPLV
FTA (First Trust Large Cap Value AlphaDEX Fund) and SPLV (Invesco S&P 500 Low Volatility ETF) are both exchange-traded funds - FTA is a Large Cap Value Equities fund tracking the NASDAQ AlphaDEX Large Cap Value Index, while SPLV is a S&P 500 fund tracking the S&P 500 Low Volatility Index. Both are passively managed. Over the past 10 years, FTA returned 11.26%/yr vs 8.15%/yr for SPLV. A 0.71 correlation means they provide meaningful diversification when combined. FTA charges 0.60%/yr vs 0.25%/yr for SPLV.
Performance
FTA vs. SPLV - Performance Comparison
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Returns By Period
In the year-to-date period, FTA achieves a 15.56% return, which is significantly higher than SPLV's 8.18% return. Over the past 10 years, FTA has outperformed SPLV with an annualized return of 11.26%, while SPLV has yielded a comparatively lower 8.15% annualized return.
FTA
- 1D
- 0.75%
- 1M
- 1.78%
- 6M
- 12.39%
- YTD
- 15.56%
- 1Y
- 24.95%
- 3Y*
- 15.59%
- 5Y*
- 10.79%
- 10Y*
- 11.26%
SPLV
- 1D
- 0.75%
- 1M
- 2.80%
- 6M
- 7.40%
- YTD
- 8.18%
- 1Y
- 7.63%
- 3Y*
- 9.01%
- 5Y*
- 6.40%
- 10Y*
- 8.15%
FTA vs. SPLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FTA First Trust Large Cap Value AlphaDEX Fund | 15.56% | 14.94% | 10.13% | 10.08% | -3.73% | 29.32% | -0.38% | 24.73% | -13.63% | 18.47% |
SPLV Invesco S&P 500 Low Volatility ETF | 8.18% | 4.10% | 13.93% | 0.53% | -4.88% | 24.13% | -1.39% | 27.87% | -0.19% | 17.32% |
Correlation
The correlation between FTA and SPLV is 0.67, 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 | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since May 5, 2011 | 0.71 |
The correlation between FTA and SPLV has been stable across timeframes, ranging from 0.67 to 0.72 - a consistent structural relationship.
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Return for Risk
FTA vs. SPLV — Risk / Return Rank
FTA
SPLV
FTA vs. SPLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Large Cap Value AlphaDEX Fund (FTA) and Invesco S&P 500 Low Volatility ETF (SPLV). 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.
| FTA | SPLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.42 | ||
| Sortino ratioReturn per unit of downside risk | +2.04 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.13 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 4.88 | 1.03 | +3.85 |
| Martin ratioReturn relative to average drawdown | 15.50 | 2.38 | +13.13 |
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Drawdowns
FTA vs. SPLV - Drawdown Comparison
The maximum FTA drawdown since its inception was -62.45%, which is greater than SPLV's maximum drawdown of -36.26%. Use the drawdown chart below to compare losses from any high point for FTA and SPLV.
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Drawdown Indicators
| FTA | SPLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.45% | -36.26% | -26.19% |
Max Drawdown (1Y)Largest decline over 1 year | -5.13% | -7.41% | +2.28% |
Max Drawdown (3Y)Largest decline over 3 years | -18.73% | -9.64% | -9.09% |
Max Drawdown (5Y)Largest decline over 5 years | -19.80% | -17.26% | -2.54% |
Max Drawdown (10Y)Largest decline over 10 years | -44.97% | -36.26% | -8.71% |
Current DrawdownCurrent decline from peak | 0.00% | -0.66% | +0.66% |
Average DrawdownAverage peak-to-trough decline | -8.99% | -3.55% | -5.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.62% | 3.22% | -1.60% |
Volatility
FTA vs. SPLV - Volatility Comparison
The current volatility for First Trust Large Cap Value AlphaDEX Fund (FTA) is 3.67%, while Invesco S&P 500 Low Volatility ETF (SPLV) has a volatility of 4.12%. This indicates that FTA experiences smaller price fluctuations and is considered to be less risky than SPLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FTA | SPLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.67% | 4.12% | -0.45% |
Volatility (6M)Calculated over the trailing 6-month period | 7.70% | 7.82% | -0.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.70% | 10.52% | +1.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.24% | 12.56% | +3.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.84% | 15.39% | +4.45% |
FTA vs. SPLV - Expense Ratio Comparison
FTA has a 0.60% expense ratio, which is higher than SPLV's 0.25% expense ratio.
Dividends
FTA vs. SPLV - Dividend Comparison
FTA's dividend yield for the trailing twelve months is around 1.64%, less than SPLV's 2.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FTA First Trust Large Cap Value AlphaDEX Fund | 1.64% | 1.89% | 2.02% | 2.10% | 2.15% | 1.54% | 2.03% | 1.88% | 2.28% | 1.53% | 1.56% | 2.05% |
SPLV Invesco S&P 500 Low Volatility ETF | 2.10% | 2.04% | 1.88% | 2.45% | 2.11% | 1.51% | 2.12% | 2.08% | 2.18% | 2.03% | 2.03% | 2.28% |
Frequently Asked Questions
FTA and SPLV have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPLV has higher volatility (4.12%) compared to FTA (3.67%). In terms of maximum drawdown, FTA dropped -62.45% vs SPLV's -36.26%.
On 10-year performance, FTA leads with 11.26% vs 8.15% for SPLV. On fees, SPLV is cheaper at 0.25% per year. On volatility, FTA has been the lower-risk option at 3.67%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FTA has performed better with a 11.26% return vs 8.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPLV is cheaper with a 0.25% expense ratio, compared with 0.60% for FTA.
SPLV has the higher dividend yield at 2.10%, compared with 1.64% for FTA.
FTA is categorized as Large Cap Value Equities, while SPLV is S&P 500. FTA tracks NASDAQ AlphaDEX Large Cap Value Index, while SPLV tracks S&P 500 Low Volatility Index. They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.60% for FTA and 0.25% for SPLV.
FTA currently has the higher Sharpe Ratio (2.15 vs 0.73), 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.
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