FXD vs. SPY

Last updated Jun 23, 2026

FXD (First Trust Consumer Discretionary AlphaDEX Fund) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - FXD is a Consumer Discretionary Equities fund tracking the StrataQuant Consumer Discretionary Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, FXD returned 8.50%/yr vs 15.70%/yr for SPY. A 0.78 correlation means they provide meaningful diversification when combined. FXD charges 0.63%/yr vs 0.09%/yr for SPY.

Performance

FXD vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Consumer Discretionary AlphaDEX Fund (FXD) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FXD achieves a 0.15% return, which is significantly lower than SPY's 9.74% return. Over the past 10 years, FXD has underperformed SPY with an annualized return of 8.50%, while SPY has yielded a comparatively higher 15.70% annualized return.

FXD

• 1D: -0.99%
• 1M: 3.43%
• YTD: 0.15%
• 6M: -1.79%
• 1Y: 11.85%
• 3Y*: 9.82%
• 5Y*: 3.65%
• 10Y*: 8.50%

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

FXD vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FXD First Trust Consumer Discretionary AlphaDEX Fund	0.15%	6.70%	10.57%	23.39%	-21.56%	22.72%	12.97%	24.22%	-11.60%	19.77%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between FXD and SPY is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since May 10, 2007	0.78

The correlation between FXD and SPY shifts across timeframes, from 0.64 (1 year) to 0.79 (5 years), reflecting how their relationship changes across market environments.

FXD vs. SPY - Sectors Allocation Comparison

Sectors	FXD	SPY
Consumer Cyclical	69.7%	9.9%
Consumer Defensive	9.2%	4.5%
Industrials	9.2%	7.8%
Communication Services	6.7%	10.6%
Technology	2.5%	39.0%
Energy	0.8%	3.1%
Basic Materials	-	1.7%
Financial Services	-	11.1%
Healthcare	-	8.3%
Real Estate	-	1.8%
Utilities	-	2.1%

Return for Risk

FXD vs. SPY — Risk / Return Rank

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

FXD

FXD Risk / Return Rank: 19
FXD Sharpe Ratio Rank: 18
FXD Sortino Ratio Rank: 19
FXD Omega Ratio Rank: 17
FXD Calmar Ratio Rank: 19
FXD Martin Ratio Rank: 19

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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.

FXD vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Consumer Discretionary AlphaDEX Fund (FXD) and State Street SPDR S&P 500 ETF (SPY). 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.

	FXD	SPY	Difference
Sharpe ratio: Return per unit of total volatility	0.61	2.16	-1.55
Sortino ratio: Return per unit of downside risk	1.04	2.91	-1.87
Omega ratio: Gain probability vs. loss probability	1.11	1.39	-0.28
Calmar ratio: Return relative to maximum drawdown	0.85	3.01	-2.16
Martin ratio: Return relative to average drawdown	2.12	13.54	-11.41

FXD vs. SPY - Sharpe Ratio Comparison

The current FXD Sharpe Ratio is 0.61, which is lower than the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of FXD and SPY, 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

FXD vs. SPY - Drawdown Comparison

The maximum FXD drawdown since its inception was -65.27%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for FXD and SPY.

Drawdown Indicators

	FXD	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-65.27%	-55.19%	-10.08%
Max Drawdown (1Y) Largest decline over 1 year	-13.94%	-8.88%	-5.06%
Max Drawdown (3Y) Largest decline over 3 years	-26.02%	-18.76%	-7.26%
Max Drawdown (5Y) Largest decline over 5 years	-33.74%	-24.50%	-9.24%
Max Drawdown (10Y) Largest decline over 10 years	-49.54%	-33.72%	-15.82%
Current Drawdown Current decline from peak	-5.20%	-1.75%	-3.45%
Average Drawdown Average peak-to-trough decline	-10.95%	-9.04%	-1.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.59%	1.97%	+3.62%

Volatility

FXD vs. SPY - Volatility Comparison

First Trust Consumer Discretionary AlphaDEX Fund (FXD) has a higher volatility of 5.75% compared to State Street SPDR S&P 500 ETF (SPY) at 4.64%. This indicates that FXD's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXD	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.75%	4.64%	+1.11%
Volatility (6M) Calculated over the trailing 6-month period	14.77%	9.75%	+5.02%
Volatility (1Y) Calculated over the trailing 1-year period	19.52%	12.43%	+7.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.77%	17.14%	+5.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.72%	17.99%	+5.73%

FXD vs. SPY - Expense Ratio Comparison

FXD has a 0.63% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

FXD vs. SPY - Dividend Comparison

FXD's dividend yield for the trailing twelve months is around 0.76%, less than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXD First Trust Consumer Discretionary AlphaDEX Fund	0.76%	0.80%	0.89%	0.70%	1.00%	0.62%	0.42%	0.92%	1.08%	0.93%	1.05%	0.90%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both FXD and SPY in my portfolio?

FXD and SPY 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.

Which is riskier, FXD or SPY?

FXD has higher volatility (5.75%) compared to SPY (4.64%). In terms of maximum drawdown, FXD dropped -65.27% vs SPY's -55.19%.

Which ETF is better, FXD or SPY?

On 10-year performance, SPY leads with 15.70% vs 8.50% for FXD. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FXD or SPY?

Over the 10-year period, SPY has performed better with a 15.70% return vs 8.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FXD or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.63% for FXD.

Which ETF pays a higher dividend yield, FXD or SPY?

SPY has the higher dividend yield at 1.01%, compared with 0.76% for FXD.

What is the main difference between FXD and SPY?

FXD is categorized as Consumer Discretionary Equities, while SPY is S&P 500. FXD tracks StrataQuant Consumer Discretionary Index, while SPY tracks S&P 500 Index. They also come from different issuers: First Trust and State Street. Their fees differ too: 0.63% for FXD and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 0.61), 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.