FXH vs. XLVI

Last updated Aug 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. Over the past year, FXH returned 30.98% vs 22.96% for XLVI. Their 0.76 correlation means they have sometimes moved together and sometimes differently. 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 12.75% return, which is significantly higher than XLVI's 6.89% return.

FXH

• 1D: 0.72%
• 1M: 1.42%
• 6M: 11.87%
• YTD: 12.75%
• 1Y: 30.98%
• 3Y*: 7.54%
• 5Y*: 1.03%
• 10Y*: 7.76%
• ALL TIME*: 10.27%

XLVI

• 1D: -0.20%
• 1M: 0.97%
• 6M: 6.00%
• YTD: 6.89%
• 1Y: 22.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 19.93%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FXH First Trust Health Care AlphaDEX Fund	$8.23M	$7.53M	$5.49M
XLVI State Street Health Care Select Sector SPDR Premium Income ETF	$940.40K	$699.80K	$484.44K

FXH vs. XLVI - Yearly Performance Comparison

	2026 (YTD)	2025
FXH First Trust Health Care AlphaDEX Fund	12.75%	13.63%
XLVI State Street Health Care Select Sector SPDR Premium Income ETF	6.89%	12.41%

Correlation

The correlation between FXH and XLVI is 0.76, 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.	0.76
Correlation (All Time) Calculated using the full available price history since Jul 30, 2025	0.76

The correlation between FXH and XLVI has been stable across timeframes, ranging from 0.76 to 0.76 - a consistent structural relationship.

FXH vs. XLVI - Sectors Allocation Comparison

Sectors	FXH	XLVI
Healthcare	97.3%	100.0%
Technology	1.4%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	100.6%
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

FXH vs. XLVI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FXH

FXH Risk / Return Rank: 74
FXH Sharpe Ratio Rank: 79
FXH Sortino Ratio Rank: 83
FXH Omega Ratio Rank: 75
FXH Calmar Ratio Rank: 69
FXH Martin Ratio Rank: 63

XLVI

XLVI Risk / Return Rank: 80
XLVI Sharpe Ratio Rank: 85
XLVI Sortino Ratio Rank: 89
XLVI Omega Ratio Rank: 87
XLVI Calmar Ratio Rank: 75
XLVI Martin Ratio Rank: 62

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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.

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.

	FXH	XLVI	Difference
Sharpe ratio: Return per unit of total volatility	1.92	2.15	-0.23
Sortino ratio: Return per unit of downside risk	2.87	3.23	-0.37
Omega ratio: Gain probability vs. loss probability	1.33	1.41	-0.08
Calmar ratio: Return relative to maximum drawdown	2.55	2.83	-0.28
Martin ratio: Return relative to average drawdown	7.98	8.00	-0.02

FXH vs. XLVI - Sharpe Ratio Comparison

The current FXH Sharpe Ratio is 1.92, which is comparable to the XLVI Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of FXH and XLVI, 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

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%	-8.14%	-4.06%
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	-0.24%	-1.66%	+1.42%
Average Drawdown Average peak-to-trough decline	-9.41%	-1.78%	-7.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.89%	2.88%	+1.01%

Volatility

FXH vs. XLVI - Volatility Comparison

First Trust Health Care AlphaDEX Fund (FXH) has a higher volatility of 4.86% compared to State Street Health Care Select Sector SPDR Premium Income ETF (XLVI) at 3.36%. This indicates that FXH's price experiences larger fluctuations and is considered to be riskier than XLVI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXH	XLVI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.86%	3.36%	+1.50%
Volatility (6M) Calculated over the trailing 6-month period	12.08%	8.73%	+3.35%
Volatility (1Y) Calculated over the trailing 1-year period	16.25%	10.75%	+5.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.72%	11.04%	+5.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.51%	11.04%	+7.47%

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 0.80%, less than XLVI's 12.76% yield.

Position	TTM	2025	2024	2023	2022
FXH First Trust Health Care AlphaDEX Fund	0.80%	0.75%	0.41%	0.24%	0.20%
XLVI State Street Health Care Select Sector SPDR Premium Income ETF	12.76%	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 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FXH or XLVI?

FXH has higher volatility (4.86%) compared to XLVI (3.36%). In terms of maximum drawdown, FXH dropped -43.70% vs XLVI's -8.14%.

Which ETF is better, FXH or XLVI?

On 1-year performance, FXH leads with 30.98% vs 22.96% for XLVI. On fees, XLVI is cheaper at 0.35% per year. On volatility, XLVI has been the lower-risk option at 3.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FXH or XLVI?

Over the 1-year period, FXH has performed better with a 30.98% return vs 22.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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 12.76%, compared with 0.80% 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.

Which has better risk-adjusted returns?

XLVI currently has the higher Sharpe Ratio (2.15 vs 1.92), 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.