FXH vs. XLVI

Last updated Jun 4, 2026

FXH (First Trust Health Care AlphaDEX Fund) and XLVI (State Street Health Care Select Sector SPDR Premium Income ETF) are both exchange-traded funds - FXH is a Health & Biotech Equities fund tracking the StrataQuant Health Care Index, while XLVI is a Derivative Income fund actively managed by State Street. FXH is passively managed, while XLVI is actively managed. A 0.75 correlation means they provide meaningful diversification when combined. FXH charges 0.61%/yr vs 0.35%/yr for XLVI.

Performance

FXH vs. XLVI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Health Care AlphaDEX Fund (FXH) and State Street Health Care Select Sector SPDR Premium Income ETF (XLVI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FXH achieves a 0.68% return, which is significantly higher than XLVI's -0.67% return.

FXH

• 1D: 1.48%
• 1M: 1.65%
• YTD: 0.68%
• 6M: -0.88%
• 1Y: 13.28%
• 3Y*: 3.52%
• 5Y*: 0.56%
• 10Y*: 7.03%

XLVI

• 1D: 0.67%
• 1M: 2.30%
• YTD: -0.67%
• 6M: 0.76%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FXH vs. XLVI - Yearly Performance Comparison

	2026 (YTD)	2025
FXH First Trust Health Care AlphaDEX Fund	0.68%	13.81%
XLVI State Street Health Care Select Sector SPDR Premium Income ETF	-0.67%	12.79%

Correlation

The correlation between FXH and XLVI is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 31, 2025	0.75

FXH vs. XLVI - Sectors Allocation Comparison

Sectors	FXH	XLVI
Healthcare	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	100.6%
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

FXH vs. XLVI — Risk / Return Rank

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

FXH

FXH Risk / Return Rank: 24
FXH Sharpe Ratio Rank: 24
FXH Sortino Ratio Rank: 24
FXH Omega Ratio Rank: 23
FXH Calmar Ratio Rank: 24
FXH Martin Ratio Rank: 25

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.

FXH vs. XLVI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Health Care AlphaDEX Fund (FXH) and State Street Health Care Select Sector SPDR Premium Income ETF (XLVI). 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.

	FXH	XLVI	Difference
Sharpe ratio: Return per unit of total volatility	0.85	—	—
Sortino ratio: Return per unit of downside risk	1.34	—	—
Omega ratio: Gain probability vs. loss probability	1.15	—	—
Calmar ratio: Return relative to maximum drawdown	1.09	—	—
Martin ratio: Return relative to average drawdown	3.33	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	FXH	XLVI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.85	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.03	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	1.33	-0.81

Drawdowns

FXH vs. XLVI - Drawdown Comparison

The maximum FXH drawdown since its inception was -43.70%, which is greater than XLVI's maximum drawdown of -8.14%. Use the drawdown chart below to compare losses from any high point for FXH and XLVI.

Drawdown Indicators

	FXH	XLVI	Difference
Max Drawdown Largest peak-to-trough decline	-43.70%	-8.14%	-35.56%
Max Drawdown (1Y) Largest decline over 1 year	-12.20%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-17.53%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-29.49%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-30.61%	—	—
Current Drawdown Current decline from peak	-9.07%	-4.02%	-5.05%
Average Drawdown Average peak-to-trough decline	-9.46%	-1.95%	-7.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.99%	—	—

Volatility

Volatility by Period

	FXH	XLVI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.16%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.17%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	15.75%	10.94%	+4.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.52%	10.94%	+5.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.47%	10.94%	+7.53%

FXH vs. XLVI - Expense Ratio Comparison

FXH has a 0.61% expense ratio, which is higher than XLVI's 0.35% expense ratio.

Dividends

FXH vs. XLVI - Dividend Comparison

FXH's dividend yield for the trailing twelve months is around 0.85%, less than XLVI's 11.53% yield.

Position	TTM	2025	2024	2023	2022
FXH First Trust Health Care AlphaDEX Fund	0.85%	0.75%	0.41%	0.24%	0.20%
XLVI State Street Health Care Select Sector SPDR Premium Income ETF	11.53%	5.73%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FXH and XLVI in my portfolio?

FXH and XLVI have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FXH or XLVI?

On fees, XLVI is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FXH or XLVI?

XLVI is cheaper with a 0.35% expense ratio, compared with 0.61% for FXH.

Which ETF pays a higher dividend yield, FXH or XLVI?

XLVI has the higher dividend yield at 11.53%, compared with 0.85% for FXH.

What is the main difference between FXH and XLVI?

FXH is categorized as Health & Biotech Equities, while XLVI is Derivative Income. They also come from different issuers: First Trust and State Street. Their fees differ too: 0.61% for FXH and 0.35% for XLVI.