FTLS vs. FDLO
FTLS (First Trust Long/Short Equity ETF) and FDLO (Fidelity Low Volatility Factor ETF) are both exchange-traded funds - FTLS is a Long-Short fund actively managed by First Trust, while FDLO is a Low Volatility fund tracking the Fidelity U.S. Low Volatility Factor Index. FTLS is actively managed, while FDLO is passively managed. Over the past 5 years, FTLS returned 10.06%/yr vs 9.60%/yr for FDLO. Their 0.75 correlation means they have sometimes moved together and sometimes differently. FTLS charges 1.38%/yr vs 0.15%/yr for FDLO.
Performance
FTLS vs. FDLO - Performance Comparison
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Returns By Period
In the year-to-date period, FTLS achieves a 6.03% return, which is significantly lower than FDLO's 8.41% return.
FTLS
- 1D
- -0.31%
- 1M
- 1.47%
- 6M
- 4.95%
- YTD
- 6.03%
- 1Y
- 14.40%
- 3Y*
- 13.13%
- 5Y*
- 10.06%
- 10Y*
- 9.59%
- ALL TIME*
- 9.00%
FDLO
- 1D
- 0.52%
- 1M
- 2.54%
- 6M
- 6.36%
- YTD
- 8.41%
- 1Y
- 16.67%
- 3Y*
- 13.79%
- 5Y*
- 9.60%
- 10Y*
- —
- ALL TIME*
- 13.06%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $4.52M | $3.68M | $3.65M | |
| $8.26M | $8.04M | $8.94M |
FTLS vs. FDLO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FTLS First Trust Long/Short Equity ETF | 6.03% | 9.09% | 18.80% | 16.94% | -5.56% | 19.65% | 2.56% | 16.16% | -4.81% | 14.41% |
FDLO Fidelity Low Volatility Factor ETF | 8.41% | 11.77% | 16.06% | 16.38% | -10.38% | 24.00% | 12.19% | 31.10% | -0.26% | 20.44% |
Correlation
The correlation between FTLS and FDLO is 0.64, 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. | 0.64 |
Correlation (3Y) Balances recent behavior with more history. | 0.66 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.71 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2016 | 0.75 |
The correlation between FTLS and FDLO shifts across timeframes, from 0.64 (1 year) to 0.75 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FTLS vs. FDLO — Risk / Return Rank
FTLS
FDLO
FTLS vs. FDLO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Long/Short Equity ETF (FTLS) and Fidelity Low Volatility Factor ETF (FDLO). 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.
| FTLS | FDLO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.30 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.55 | 2.17 | +1.38 |
| Martin ratioReturn relative to average drawdown | 10.80 | 8.89 | +1.91 |
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Drawdowns
FTLS vs. FDLO - Drawdown Comparison
The maximum FTLS drawdown since its inception was -20.54%, smaller than the maximum FDLO drawdown of -34.35%. Use the drawdown chart below to compare losses from any high point for FTLS and FDLO.
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Drawdown Indicators
| FTLS | FDLO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.54% | -34.35% | +13.81% |
Max Drawdown (1Y)Largest decline over 1 year | -3.79% | -7.13% | +3.34% |
Max Drawdown (3Y)Largest decline over 3 years | -11.69% | -13.68% | +1.99% |
Max Drawdown (5Y)Largest decline over 5 years | -11.69% | -19.23% | +7.54% |
Max Drawdown (10Y)Largest decline over 10 years | -20.54% | — | — |
Current DrawdownCurrent decline from peak | -0.42% | 0.00% | -0.42% |
Average DrawdownAverage peak-to-trough decline | -2.67% | -3.34% | +0.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.24% | 1.74% | -0.50% |
Volatility
FTLS vs. FDLO - Volatility Comparison
The current volatility for First Trust Long/Short Equity ETF (FTLS) is 2.15%, while Fidelity Low Volatility Factor ETF (FDLO) has a volatility of 3.07%. This indicates that FTLS experiences smaller price fluctuations and is considered to be less risky than FDLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FTLS | FDLO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.15% | 3.07% | -0.92% |
Volatility (6M)Calculated over the trailing 6-month period | 5.86% | 6.99% | -1.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.54% | 9.15% | -0.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.53% | 13.11% | -2.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.23% | 15.43% | -4.20% |
FTLS vs. FDLO - Expense Ratio Comparison
FTLS has a 1.38% expense ratio, which is higher than FDLO's 0.15% expense ratio.
Dividends
FTLS vs. FDLO - Dividend Comparison
FTLS's dividend yield for the trailing twelve months is around 0.88%, less than FDLO's 1.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FDLO Fidelity Low Volatility Factor ETF | 1.37% | 1.37% | 1.40% | 1.35% | 1.49% | 1.11% | 1.38% | 1.55% | 1.76% | 1.61% | 0.55% | 0.00% |
FTLS First Trust Long/Short Equity ETF | 0.88% | 1.07% | 1.50% | 1.49% | 0.81% | 0.01% | 0.44% | 0.83% | 0.87% | 0.43% | 1.04% | 0.49% |
Frequently Asked Questions
FTLS and FDLO have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FDLO has higher volatility (3.07%) compared to FTLS (2.15%). In terms of maximum drawdown, FTLS dropped -20.54% vs FDLO's -34.35%.
On 5-year performance, FTLS leads with 10.06% vs 9.60% for FDLO. On fees, FDLO is cheaper at 0.15% per year. On volatility, FTLS has been the lower-risk option at 2.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FTLS has performed better with a 10.06% return vs 9.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FDLO is cheaper with a 0.15% expense ratio, compared with 1.38% for FTLS.
FDLO has the higher dividend yield at 1.37%, compared with 0.88% for FTLS.
FTLS is categorized as Long-Short, while FDLO is Low Volatility. They also come from different issuers: First Trust and Fidelity. Their fees differ too: 1.38% for FTLS and 0.15% for FDLO.
FDLO currently has the higher Sharpe Ratio (1.70 vs 1.57), 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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