FXL vs. CHAT

Last updated Jun 4, 2026

FXL (First Trust Technology AlphaDEX Fund) and CHAT (Roundhill Generative AI & Technology ETF) are both Technology Equities funds. FXL is passively managed, while CHAT is actively managed. Over the past 3 years, FXL returned 26.93%/yr vs 55.51%/yr for CHAT. Their correlation of 0.84 suggests significant overlap in exposure. FXL charges 0.61%/yr vs 0.75%/yr for CHAT.

Performance

FXL vs. CHAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Technology AlphaDEX Fund (FXL) and Roundhill Generative AI & Technology ETF (CHAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FXL achieves a 31.98% return, which is significantly lower than CHAT's 74.30% return.

FXL

• 1D: -0.88%
• 1M: 17.50%
• YTD: 31.98%
• 6M: 30.18%
• 1Y: 48.07%
• 3Y*: 26.93%
• 5Y*: 13.48%
• 10Y*: 21.15%

CHAT

• 1D: -0.66%
• 1M: 27.78%
• YTD: 74.30%
• 6M: 73.13%
• 1Y: 144.01%
• 3Y*: 55.51%
• 5Y*: —
• 10Y*: —

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

FXL vs. CHAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FXL First Trust Technology AlphaDEX Fund	31.98%	13.29%	16.13%	23.83%
CHAT Roundhill Generative AI & Technology ETF	74.30%	49.85%	30.98%	19.23%

Correlation

The correlation between FXL and CHAT is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (All Time) Calculated using the full available price history since May 19, 2023	0.84

The correlation between FXL and CHAT has been stable across timeframes, ranging from 0.78 to 0.84 - a consistent structural relationship.

FXL vs. CHAT - Sectors Allocation Comparison

Sectors	FXL	CHAT
Technology	88.1%	76.5%
Communication Services	5.9%	16.6%
Industrials	4.5%	0.8%
Consumer Cyclical	1.0%	5.6%
Financial Services	0.6%	0.0%
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

FXL vs. CHAT — Risk / Return Rank

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

FXL

FXL Risk / Return Rank: 63
FXL Sharpe Ratio Rank: 64
FXL Sortino Ratio Rank: 60
FXL Omega Ratio Rank: 57
FXL Calmar Ratio Rank: 71
FXL Martin Ratio Rank: 65

CHAT

CHAT Risk / Return Rank: 94
CHAT Sharpe Ratio Rank: 97
CHAT Sortino Ratio Rank: 94
CHAT Omega Ratio Rank: 93
CHAT Calmar Ratio Rank: 96
CHAT Martin Ratio Rank: 94

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.

FXL vs. CHAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Technology AlphaDEX Fund (FXL) and Roundhill Generative AI & Technology ETF (CHAT). 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.

	FXL	CHAT	Difference
Sharpe ratio: Return per unit of total volatility	2.16	4.72	-2.56
Sortino ratio: Return per unit of downside risk	2.84	4.86	-2.02
Omega ratio: Gain probability vs. loss probability	1.35	1.65	-0.30
Calmar ratio: Return relative to maximum drawdown	3.56	8.90	-5.34
Martin ratio: Return relative to average drawdown	11.95	26.26	-14.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FXL vs. CHAT - Sharpe Ratio Comparison

The current FXL Sharpe Ratio is 2.16, which is lower than the CHAT Sharpe Ratio of 4.72. The chart below compares the historical Sharpe Ratios of FXL and CHAT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FXL	CHAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.16	4.72	-2.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	1.98	-1.42

Drawdowns

FXL vs. CHAT - Drawdown Comparison

The maximum FXL drawdown since its inception was -61.41%, which is greater than CHAT's maximum drawdown of -31.34%. Use the drawdown chart below to compare losses from any high point for FXL and CHAT.

Drawdown Indicators

	FXL	CHAT	Difference
Max Drawdown Largest peak-to-trough decline	-61.41%	-31.34%	-30.07%
Max Drawdown (1Y) Largest decline over 1 year	-13.56%	-16.28%	+2.72%
Max Drawdown (3Y) Largest decline over 3 years	-28.27%	-31.34%	+3.07%
Max Drawdown (5Y) Largest decline over 5 years	-38.49%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-38.49%	—	—
Current Drawdown Current decline from peak	-0.88%	-0.66%	-0.22%
Average Drawdown Average peak-to-trough decline	-11.37%	-5.35%	-6.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.03%	5.51%	-1.48%

Volatility

FXL vs. CHAT - Volatility Comparison

The current volatility for First Trust Technology AlphaDEX Fund (FXL) is 7.61%, while Roundhill Generative AI & Technology ETF (CHAT) has a volatility of 11.70%. This indicates that FXL experiences smaller price fluctuations and is considered to be less risky than CHAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXL	CHAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.61%	11.70%	-4.09%
Volatility (6M) Calculated over the trailing 6-month period	17.47%	24.62%	-7.15%
Volatility (1Y) Calculated over the trailing 1-year period	22.42%	30.74%	-8.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.12%	29.90%	-4.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.28%	29.90%	-4.62%

FXL vs. CHAT - Expense Ratio Comparison

FXL has a 0.61% expense ratio, which is lower than CHAT's 0.75% expense ratio.

Dividends

FXL vs. CHAT - Dividend Comparison

FXL has not paid dividends to shareholders, while CHAT's dividend yield for the trailing twelve months is around 1.64%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CHAT Roundhill Generative AI & Technology ETF	1.64%	2.85%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FXL First Trust Technology AlphaDEX Fund	0.00%	0.01%	0.11%	0.41%	0.34%	0.11%	0.04%	0.37%	0.32%	0.27%	1.12%	0.36%

Frequently Asked Questions

Can I hold both FXL and CHAT in my portfolio?

FXL and CHAT have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FXL or CHAT?

CHAT has higher volatility (11.70%) compared to FXL (7.61%). In terms of maximum drawdown, FXL dropped -61.41% vs CHAT's -31.34%.

Which ETF is better, FXL or CHAT?

On 3-year performance, CHAT leads with 55.51% vs 26.93% for FXL. On fees, FXL is cheaper at 0.61% per year. On volatility, FXL has been the lower-risk option at 7.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FXL or CHAT?

Over the 3-year period, CHAT has performed better with a 55.51% return vs 26.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FXL or CHAT?

FXL is cheaper with a 0.61% expense ratio, compared with 0.75% for CHAT.

Which ETF pays a higher dividend yield, FXL or CHAT?

CHAT has the higher dividend yield at 1.64%, compared with 0.00% for FXL.

What is the main difference between FXL and CHAT?

They also come from different issuers: First Trust and Roundhill. Their fees differ too: 0.61% for FXL and 0.75% for CHAT.

Which has better risk-adjusted returns?

CHAT currently has the higher Sharpe Ratio (4.72 vs 2.16), 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.