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FXL vs. IYW
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FXL vs. IYW

Last updated Jun 4, 2026

FXL (First Trust Technology AlphaDEX Fund) and IYW (iShares U.S. Technology ETF) are both Technology Equities funds - FXL tracks the StrataQuant Technology Index while IYW tracks the Russell 1000 Technology RIC 22.5/45 Capped Index. Both are passively managed. Over the past 10 years, FXL returned 21.15%/yr vs 26.11%/yr for IYW. Their correlation of 0.88 suggests significant overlap in exposure. FXL charges 0.61%/yr vs 0.38%/yr for IYW.

Performance

FXL vs. IYW - Performance Comparison

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

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Returns By Period

In the year-to-date period, FXL achieves a 31.98% return, which is significantly higher than IYW's 29.03% return. Over the past 10 years, FXL has underperformed IYW with an annualized return of 21.15%, while IYW has yielded a comparatively higher 26.11% annualized 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%

IYW

1D
-0.92%
1M
16.53%
YTD
29.03%
6M
28.22%
1Y
59.52%
3Y*
35.24%
5Y*
22.87%
10Y*
26.11%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FXL vs. IYW - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FXL
First Trust Technology AlphaDEX Fund		31.98%13.29%16.13%40.50%-30.44%18.20%54.20%38.66%2.72%35.82%
IYW
iShares U.S. Technology ETF		29.03%25.38%30.25%65.44%-34.83%35.44%47.45%46.64%-0.93%36.60%

Correlation

The correlation between FXL and IYW is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.85

Correlation (3Y)
Calculated over the trailing 3-year period

0.87

Correlation (5Y)
Calculated over the trailing 5-year period

0.91

Correlation (10Y)
Calculated over the trailing 10-year period

0.90

Correlation (All Time)
Calculated using the full available price history since May 11, 2007

0.88

The correlation between FXL and IYW has been stable across timeframes, ranging from 0.85 to 0.91 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

First Trust Technology AlphaDEX Fund

iShares U.S. Technology ETF

Often compared with FXL:
FXL vs. QQQFXL vs. FTECFXL vs. VUGFXL vs. XLKFXL vs. QQQMFXL vs. VOOFXL vs. QTEC
Often compared with IYW:
IYW vs. VGTIYW vs. QQQIYW vs. XLKIYW vs. IGMIYW vs. SMHIYW vs. IWFIYW vs. SOXX

Return for Risk

FXL vs. IYW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FXL
FXL Risk / Return Rank: 6363
Overall Rank
FXL Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
FXL Sortino Ratio Rank: 6060
Sortino Ratio Rank
FXL Omega Ratio Rank: 5757
Omega Ratio Rank
FXL Calmar Ratio Rank: 7171
Calmar Ratio Rank
FXL Martin Ratio Rank: 6565
Martin Ratio Rank
IYW
IYW Risk / Return Rank: 7575
Overall Rank
IYW Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
IYW Sortino Ratio Rank: 8181
Sortino Ratio Rank
IYW Omega Ratio Rank: 8080
Omega Ratio Rank
IYW Calmar Ratio Rank: 6666
Calmar Ratio Rank
IYW Martin Ratio Rank: 6060
Martin Ratio Rank
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. IYW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Technology AlphaDEX Fund (FXL) and iShares U.S. Technology ETF (IYW). 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.

FXLIYWDifference
Sharpe ratioReturn per unit of total volatility
2.16
2.98

-0.82

Sortino ratioReturn per unit of downside risk
2.84
3.70

-0.86

Omega ratioGain probability vs. loss probability

1.35

1.48

-0.13

Calmar ratioReturn relative to maximum drawdown

3.56

3.36

+0.20

Martin ratioReturn relative to average drawdown

11.95

11.00

+0.95

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. IYW - Sharpe Ratio Comparison

The current FXL Sharpe Ratio is 2.16, which is comparable to the IYW Sharpe Ratio of 2.98. The chart below compares the historical Sharpe Ratios of FXL and IYW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

FXLIYWDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.16

2.98

-0.82

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.54

0.89

-0.35

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.84

1.04

-0.20

Sharpe Ratio (All Time)

Calculated using the full available price history

0.56

0.35

+0.20

Drawdowns

FXL vs. IYW - Drawdown Comparison

The maximum FXL drawdown since its inception was -61.41%, smaller than the maximum IYW drawdown of -81.90%. Use the drawdown chart below to compare losses from any high point for FXL and IYW.

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Drawdown Indicators

FXLIYWDifference

Max Drawdown

Largest peak-to-trough decline

-61.41%

-81.90%

+20.49%

Max Drawdown (1Y)

Largest decline over 1 year

-13.56%

-17.81%

+4.25%

Max Drawdown (3Y)

Largest decline over 3 years

-28.27%

-26.47%

-1.80%

Max Drawdown (5Y)

Largest decline over 5 years

-38.49%

-39.44%

+0.95%

Max Drawdown (10Y)

Largest decline over 10 years

-38.49%

-39.44%

+0.95%

Current Drawdown

Current decline from peak

-0.88%

-0.92%

+0.04%

Average Drawdown

Average peak-to-trough decline

-11.37%

-34.66%

+23.29%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.03%

5.43%

-1.40%

Volatility

FXL vs. IYW - Volatility Comparison

First Trust Technology AlphaDEX Fund (FXL) has a higher volatility of 7.61% compared to iShares U.S. Technology ETF (IYW) at 6.30%. This indicates that FXL's price experiences larger fluctuations and is considered to be riskier than IYW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FXLIYWDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.61%

6.30%

+1.31%

Volatility (6M)

Calculated over the trailing 6-month period

17.47%

15.85%

+1.62%

Volatility (1Y)

Calculated over the trailing 1-year period

22.42%

20.09%

+2.33%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

25.12%

25.87%

-0.75%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

25.28%

25.09%

+0.19%

FXL vs. IYW - Expense Ratio Comparison

FXL has a 0.61% expense ratio, which is higher than IYW's 0.38% expense ratio.

Dividends

FXL vs. IYW - Dividend Comparison

FXL has not paid dividends to shareholders, while IYW's dividend yield for the trailing twelve months is around 0.11%.

PositionTTM20252024202320222021202020192018201720162015
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%
IYW
iShares U.S. Technology ETF		0.11%0.14%0.21%0.34%0.50%0.31%0.56%0.72%0.92%0.82%1.14%1.12%

Frequently Asked Questions

FXL and IYW have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FXL has higher volatility (7.61%) compared to IYW (6.30%). In terms of maximum drawdown, FXL dropped -61.41% vs IYW's -81.90%.

On 10-year performance, IYW leads with 26.11% vs 21.15% for FXL. On fees, IYW is cheaper at 0.38% per year. On volatility, IYW has been the lower-risk option at 6.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IYW has performed better with a 26.11% return vs 21.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IYW is cheaper with a 0.38% expense ratio, compared with 0.61% for FXL.

IYW has the higher dividend yield at 0.11%, compared with 0.00% for FXL.

FXL tracks StrataQuant Technology Index, while IYW tracks Russell 1000 Technology RIC 22.5/45 Capped Index. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.61% for FXL and 0.38% for IYW.

IYW currently has the higher Sharpe Ratio (2.98 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.

Portfolio Optimizer

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