FXL vs. FEPI

Last updated Jun 4, 2026

FXL (First Trust Technology AlphaDEX Fund) and FEPI (REX FANG & Innovation Equity Premium Income ETF) are both Technology Equities funds. FXL is passively managed, while FEPI is actively managed. Over the past year, FXL returned 48.07% vs 33.15% for FEPI. Their correlation of 0.81 suggests significant overlap in exposure. FXL charges 0.61%/yr vs 0.65%/yr for FEPI.

Performance

FXL vs. FEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Technology AlphaDEX Fund (FXL) and REX FANG & Innovation Equity Premium Income ETF (FEPI). 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 higher than FEPI's 10.42% 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%

FEPI

• 1D: -0.75%
• 1M: 5.91%
• YTD: 10.42%
• 6M: 11.37%
• 1Y: 33.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FXL vs. FEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FXL First Trust Technology AlphaDEX Fund	31.98%	13.29%	16.13%	11.93%
FEPI REX FANG & Innovation Equity Premium Income ETF	10.42%	18.33%	15.69%	11.70%

Correlation

The correlation between FXL and FEPI is 0.74, 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	0.74
Correlation (All Time) Calculated using the full available price history since Oct 12, 2023	0.81

The correlation between FXL and FEPI has been stable across timeframes, ranging from 0.74 to 0.81 - a consistent structural relationship.

FXL vs. FEPI - Sectors Allocation Comparison

Sectors	FXL	FEPI
Technology	88.1%	62.1%
Communication Services	5.9%	24.9%
Industrials	4.5%	-
Consumer Cyclical	1.0%	13.0%
Financial Services	0.6%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

FXL vs. FEPI — 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

FEPI

FEPI Risk / Return Rank: 54
FEPI Sharpe Ratio Rank: 58
FEPI Sortino Ratio Rank: 54
FEPI Omega Ratio Rank: 58
FEPI Calmar Ratio Rank: 51
FEPI Martin Ratio Rank: 51

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. FEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Technology AlphaDEX Fund (FXL) and REX FANG & Innovation Equity Premium Income ETF (FEPI). 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	FEPI	Difference
Sharpe ratio: Return per unit of total volatility	2.16	2.02	+0.14
Sortino ratio: Return per unit of downside risk	2.84	2.67	+0.17
Omega ratio: Gain probability vs. loss probability	1.35	1.36	-0.01
Calmar ratio: Return relative to maximum drawdown	3.56	2.58	+0.98
Martin ratio: Return relative to average drawdown	11.95	8.66	+3.29
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. FEPI - Sharpe Ratio Comparison

The current FXL Sharpe Ratio is 2.16, which is comparable to the FEPI Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of FXL and FEPI, 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	FEPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.16	2.02	+0.14
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	1.16	-0.60

Drawdowns

FXL vs. FEPI - Drawdown Comparison

The maximum FXL drawdown since its inception was -61.41%, which is greater than FEPI's maximum drawdown of -23.56%. Use the drawdown chart below to compare losses from any high point for FXL and FEPI.

Drawdown Indicators

	FXL	FEPI	Difference
Max Drawdown Largest peak-to-trough decline	-61.41%	-23.56%	-37.85%
Max Drawdown (1Y) Largest decline over 1 year	-13.56%	-12.91%	-0.65%
Max Drawdown (3Y) Largest decline over 3 years	-28.27%	—	—
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%	-1.45%	+0.57%
Average Drawdown Average peak-to-trough decline	-11.37%	-3.51%	-7.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.03%	3.84%	+0.19%

Volatility

FXL vs. FEPI - Volatility Comparison

First Trust Technology AlphaDEX Fund (FXL) has a higher volatility of 7.61% compared to REX FANG & Innovation Equity Premium Income ETF (FEPI) at 3.31%. This indicates that FXL's price experiences larger fluctuations and is considered to be riskier than FEPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXL	FEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.61%	3.31%	+4.30%
Volatility (6M) Calculated over the trailing 6-month period	17.47%	12.58%	+4.89%
Volatility (1Y) Calculated over the trailing 1-year period	22.42%	16.54%	+5.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.12%	19.02%	+6.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.28%	19.02%	+6.26%

FXL vs. FEPI - Expense Ratio Comparison

FXL has a 0.61% expense ratio, which is lower than FEPI's 0.65% expense ratio.

Dividends

FXL vs. FEPI - Dividend Comparison

FXL has not paid dividends to shareholders, while FEPI's dividend yield for the trailing twelve months is around 23.92%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEPI REX FANG & Innovation Equity Premium Income ETF	23.92%	25.48%	27.18%	4.21%	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 FEPI in my portfolio?

FXL and FEPI have a correlation of 0.74, 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 FEPI?

FXL has higher volatility (7.61%) compared to FEPI (3.31%). In terms of maximum drawdown, FXL dropped -61.41% vs FEPI's -23.56%.

Which ETF is better, FXL or FEPI?

On 1-year performance, FXL leads with 48.07% vs 33.15% for FEPI. On fees, FXL is cheaper at 0.61% per year. On volatility, FEPI has been the lower-risk option at 3.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FXL or FEPI?

Over the 1-year period, FXL has performed better with a 48.07% return vs 33.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FXL or FEPI?

FXL is cheaper with a 0.61% expense ratio, compared with 0.65% for FEPI.

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

FEPI has the higher dividend yield at 23.92%, compared with 0.00% for FXL.

What is the main difference between FXL and FEPI?

They also come from different issuers: First Trust and REX. Their fees differ too: 0.61% for FXL and 0.65% for FEPI.

Which has better risk-adjusted returns?

FXL currently has the higher Sharpe Ratio (2.16 vs 2.02), 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.