FXL vs. CIBR

Last updated Jun 24, 2026

FXL (First Trust Technology AlphaDEX Fund) and CIBR (First Trust NASDAQ Cybersecurity ETF) are both exchange-traded funds - FXL is a Technology Equities fund tracking the StrataQuant Technology Index, while CIBR is a Cybersecurity fund tracking the Nasdaq CTA Cybersecurity Index. Both are passively managed. Over the past 10 years, FXL returned 20.80%/yr vs 17.93%/yr for CIBR. Their correlation of 0.86 suggests significant overlap in exposure. FXL charges 0.61%/yr vs 0.60%/yr for CIBR.

Performance

FXL vs. CIBR - Performance Comparison

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

Returns By Period

In the year-to-date period, FXL achieves a 23.89% return, which is significantly higher than CIBR's 18.06% return. Over the past 10 years, FXL has outperformed CIBR with an annualized return of 20.80%, while CIBR has yielded a comparatively lower 17.93% annualized return.

FXL

• 1D: -3.19%
• 1M: 3.12%
• YTD: 23.89%
• 6M: 21.72%
• 1Y: 37.39%
• 3Y*: 23.75%
• 5Y*: 11.32%
• 10Y*: 20.80%

CIBR

• 1D: 0.75%
• 1M: -0.08%
• YTD: 18.06%
• 6M: 15.86%
• 1Y: 15.20%
• 3Y*: 24.74%
• 5Y*: 12.80%
• 10Y*: 17.93%

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

FXL vs. CIBR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FXL First Trust Technology AlphaDEX Fund	23.89%	13.29%	16.13%	40.50%	-30.44%	18.20%	54.20%	38.66%	2.72%	35.82%
CIBR First Trust NASDAQ Cybersecurity ETF	18.06%	13.06%	18.21%	39.71%	-26.46%	19.67%	50.53%	28.52%	1.47%	18.61%

Correlation

The correlation between FXL and CIBR is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jul 7, 2015	0.86

The correlation between FXL and CIBR shifts across timeframes, from 0.73 (1 year) to 0.86 (all time), reflecting how their relationship changes across market environments.

FXL vs. CIBR - Sectors Allocation Comparison

Sectors	FXL	CIBR
Technology	88.5%	95.4%
Communication Services	4.8%	1.9%
Industrials	3.8%	2.7%
Consumer Cyclical	1.0%	-
Financial Services	1.0%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

FXL vs. CIBR — Risk / Return Rank

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

FXL

FXL Risk / Return Rank: 49
FXL Sharpe Ratio Rank: 47
FXL Sortino Ratio Rank: 43
FXL Omega Ratio Rank: 42
FXL Calmar Ratio Rank: 60
FXL Martin Ratio Rank: 54

CIBR

CIBR Risk / Return Rank: 18
CIBR Sharpe Ratio Rank: 19
CIBR Sortino Ratio Rank: 18
CIBR Omega Ratio Rank: 19
CIBR Calmar Ratio Rank: 17
CIBR Martin Ratio Rank: 16

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. CIBR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Technology AlphaDEX Fund (FXL) and First Trust NASDAQ Cybersecurity ETF (CIBR). 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.

	FXL	CIBR	Difference
Sharpe ratio: Return per unit of total volatility	1.55	0.61	+0.94
Sortino ratio: Return per unit of downside risk	2.08	0.99	+1.08
Omega ratio: Gain probability vs. loss probability	1.26	1.12	+0.14
Calmar ratio: Return relative to maximum drawdown	2.77	0.69	+2.08
Martin ratio: Return relative to average drawdown	8.79	1.60	+7.19

FXL vs. CIBR - Sharpe Ratio Comparison

The current FXL Sharpe Ratio is 1.55, which is higher than the CIBR Sharpe Ratio of 0.61. The chart below compares the historical Sharpe Ratios of FXL and CIBR, 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

FXL vs. CIBR - Drawdown Comparison

The maximum FXL drawdown since its inception was -61.41%, which is greater than CIBR's maximum drawdown of -33.89%. Use the drawdown chart below to compare losses from any high point for FXL and CIBR.

Drawdown Indicators

	FXL	CIBR	Difference
Max Drawdown Largest peak-to-trough decline	-61.41%	-33.89%	-27.52%
Max Drawdown (1Y) Largest decline over 1 year	-13.56%	-21.99%	+8.43%
Max Drawdown (3Y) Largest decline over 3 years	-28.27%	-21.99%	-6.28%
Max Drawdown (5Y) Largest decline over 5 years	-38.49%	-33.89%	-4.60%
Max Drawdown (10Y) Largest decline over 10 years	-38.49%	-33.89%	-4.60%
Current Drawdown Current decline from peak	-6.95%	-10.72%	+3.77%
Average Drawdown Average peak-to-trough decline	-11.35%	-8.66%	-2.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.26%	9.51%	-5.25%

Volatility

FXL vs. CIBR - Volatility Comparison

First Trust Technology AlphaDEX Fund (FXL) and First Trust NASDAQ Cybersecurity ETF (CIBR) have volatilities of 12.05% and 12.03%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXL	CIBR	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.05%	12.03%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	19.61%	21.54%	-1.93%
Volatility (1Y) Calculated over the trailing 1-year period	24.24%	25.21%	-0.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.48%	25.07%	+0.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.43%	23.60%	+1.83%

FXL vs. CIBR - Expense Ratio Comparison

FXL has a 0.61% expense ratio, which is higher than CIBR's 0.60% expense ratio.

Dividends

FXL vs. CIBR - Dividend Comparison

FXL has not paid dividends to shareholders, while CIBR's dividend yield for the trailing twelve months is around 0.49%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CIBR First Trust NASDAQ Cybersecurity ETF	0.49%	0.42%	0.29%	0.42%	0.31%	0.59%	1.10%	0.23%	0.23%	0.10%	0.77%	0.58%
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 CIBR in my portfolio?

FXL and CIBR have a correlation of 0.73, 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 CIBR?

FXL has higher volatility (12.05%) compared to CIBR (12.03%). In terms of maximum drawdown, FXL dropped -61.41% vs CIBR's -33.89%.

Which ETF is better, FXL or CIBR?

On 10-year performance, FXL leads with 20.80% vs 17.93% for CIBR. On fees, CIBR is cheaper at 0.60% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FXL or CIBR?

Over the 10-year period, FXL has performed better with a 20.80% return vs 17.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FXL or CIBR?

CIBR is cheaper with a 0.60% expense ratio, compared with 0.61% for FXL.

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

CIBR has the higher dividend yield at 0.49%, compared with 0.00% for FXL.

What is the main difference between FXL and CIBR?

FXL is categorized as Technology Equities, while CIBR is Cybersecurity. FXL tracks StrataQuant Technology Index, while CIBR tracks Nasdaq CTA Cybersecurity Index. Their fees differ too: 0.61% for FXL and 0.60% for CIBR.

Which has better risk-adjusted returns?

FXL currently has the higher Sharpe Ratio (1.55 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.