FTHI vs. FZFLX

Last updated Jun 24, 2026

FTHI (First Trust BuyWrite Income ETF) and FZFLX (Fidelity SAI Small-Mid Cap 500 Index Fund) are both funds - FTHI is a Derivative Income fund actively managed by First Trust, while FZFLX is a Mid Cap Blend Equities fund managed by Fidelity. Over the past 10 years, FTHI returned 8.66%/yr vs 14.81%/yr for FZFLX. A 0.74 correlation means they provide meaningful diversification when combined. FTHI charges 0.85%/yr vs 0.05%/yr for FZFLX.

Performance

FTHI vs. FZFLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust BuyWrite Income ETF (FTHI) and Fidelity SAI Small-Mid Cap 500 Index Fund (FZFLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FTHI achieves a 4.88% return, which is significantly lower than FZFLX's 37.72% return. Over the past 10 years, FTHI has underperformed FZFLX with an annualized return of 8.66%, while FZFLX has yielded a comparatively higher 14.81% annualized return.

FTHI

• 1D: -0.71%
• 1M: -0.04%
• YTD: 4.88%
• 6M: 4.13%
• 1Y: 15.40%
• 3Y*: 14.28%
• 5Y*: 10.33%
• 10Y*: 8.66%

FZFLX

• 1D: 1.82%
• 1M: 5.65%
• YTD: 37.72%
• 6M: 33.84%
• 1Y: 52.31%
• 3Y*: 25.54%
• 5Y*: 12.78%
• 10Y*: 14.81%

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

FTHI vs. FZFLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FTHI First Trust BuyWrite Income ETF	4.88%	11.03%	19.02%	20.72%	-4.37%	13.95%	-7.13%	18.16%	-9.72%	14.41%
FZFLX Fidelity SAI Small-Mid Cap 500 Index Fund	37.72%	10.76%	15.52%	17.75%	-15.62%	20.40%	19.78%	31.96%	-9.25%	18.41%

Correlation

The correlation between FTHI and FZFLX is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Aug 20, 2015	0.74

The correlation between FTHI and FZFLX has been stable across timeframes, ranging from 0.74 to 0.82 - a consistent structural relationship.

Return for Risk

FTHI vs. FZFLX — Risk / Return Rank

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

FTHI

FTHI Risk / Return Rank: 57
FTHI Sharpe Ratio Rank: 52
FTHI Sortino Ratio Rank: 53
FTHI Omega Ratio Rank: 54
FTHI Calmar Ratio Rank: 60
FTHI Martin Ratio Rank: 69

FZFLX

FZFLX Risk / Return Rank: 83
FZFLX Sharpe Ratio Rank: 83
FZFLX Sortino Ratio Rank: 73
FZFLX Omega Ratio Rank: 71
FZFLX Calmar Ratio Rank: 94
FZFLX Martin Ratio Rank: 96

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.

FTHI vs. FZFLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust BuyWrite Income ETF (FTHI) and Fidelity SAI Small-Mid Cap 500 Index Fund (FZFLX). 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.

	FTHI	FZFLX	Difference
Sharpe ratio: Return per unit of total volatility	1.71	2.49	-0.79
Sortino ratio: Return per unit of downside risk	2.45	3.24	-0.78
Omega ratio: Gain probability vs. loss probability	1.32	1.43	-0.11
Calmar ratio: Return relative to maximum drawdown	2.83	5.06	-2.23
Martin ratio: Return relative to average drawdown	12.09	21.02	-8.93

FTHI vs. FZFLX - Sharpe Ratio Comparison

The current FTHI Sharpe Ratio is 1.71, which is lower than the FZFLX Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of FTHI and FZFLX, 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

FTHI vs. FZFLX - Drawdown Comparison

The maximum FTHI drawdown since its inception was -32.65%, smaller than the maximum FZFLX drawdown of -42.03%. Use the drawdown chart below to compare losses from any high point for FTHI and FZFLX.

Drawdown Indicators

	FTHI	FZFLX	Difference
Max Drawdown Largest peak-to-trough decline	-32.65%	-42.03%	+9.38%
Max Drawdown (1Y) Largest decline over 1 year	-5.47%	-10.68%	+5.21%
Max Drawdown (3Y) Largest decline over 3 years	-15.92%	-22.29%	+6.37%
Max Drawdown (5Y) Largest decline over 5 years	-16.70%	-24.77%	+8.07%
Max Drawdown (10Y) Largest decline over 10 years	-32.65%	-42.03%	+9.38%
Current Drawdown Current decline from peak	-0.71%	0.00%	-0.71%
Average Drawdown Average peak-to-trough decline	-3.67%	-5.72%	+2.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.28%	2.56%	-1.28%

Volatility

FTHI vs. FZFLX - Volatility Comparison

The current volatility for First Trust BuyWrite Income ETF (FTHI) is 2.70%, while Fidelity SAI Small-Mid Cap 500 Index Fund (FZFLX) has a volatility of 7.41%. This indicates that FTHI experiences smaller price fluctuations and is considered to be less risky than FZFLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FTHI	FZFLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.70%	7.41%	-4.71%
Volatility (6M) Calculated over the trailing 6-month period	7.32%	18.68%	-11.36%
Volatility (1Y) Calculated over the trailing 1-year period	9.08%	21.71%	-12.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.43%	21.28%	-7.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.29%	21.20%	-6.91%

FTHI vs. FZFLX - Expense Ratio Comparison

FTHI has a 0.85% expense ratio, which is higher than FZFLX's 0.05% expense ratio.

Dividends

FTHI vs. FZFLX - Dividend Comparison

FTHI's dividend yield for the trailing twelve months is around 8.72%, less than FZFLX's 41.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTHI First Trust BuyWrite Income ETF	8.72%	8.70%	8.61%	8.50%	9.06%	4.37%	4.76%	4.21%	4.76%	4.00%	4.41%	4.98%
FZFLX Fidelity SAI Small-Mid Cap 500 Index Fund	41.94%	57.77%	10.20%	2.35%	79.79%	50.77%	7.19%	6.49%	7.69%	1.68%	0.93%	0.67%

Frequently Asked Questions

Can I hold both FTHI and FZFLX in my portfolio?

FTHI and FZFLX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FTHI or FZFLX?

FZFLX has higher volatility (7.41%) compared to FTHI (2.70%). In terms of maximum drawdown, FTHI dropped -32.65% vs FZFLX's -42.03%.

Which has better risk-adjusted returns?

FZFLX currently has the higher Sharpe Ratio (2.49 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.