FXL vs. PRN

Last updated Jun 14, 2026

FXL (First Trust Technology AlphaDEX Fund) and PRN (Invesco DWA Industrials Momentum ETF) are both exchange-traded funds - FXL is a Technology Equities fund tracking the StrataQuant Technology Index, while PRN is a Momentum fund tracking the DWA Industrials Technical Leaders Index. Both are passively managed. Over the past 10 years, FXL returned 20.76%/yr vs 18.49%/yr for PRN. A 0.76 correlation means they provide meaningful diversification when combined. FXL charges 0.61%/yr vs 0.60%/yr for PRN.

Performance

FXL vs. PRN - Performance Comparison

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

Returns By Period

In the year-to-date period, FXL achieves a 25.90% return, which is significantly lower than PRN's 40.09% return. Over the past 10 years, FXL has outperformed PRN with an annualized return of 20.76%, while PRN has yielded a comparatively lower 18.49% annualized return.

FXL

• 1D: 1.27%
• 1M: 9.18%
• YTD: 25.90%
• 6M: 24.57%
• 1Y: 41.44%
• 3Y*: 23.41%
• 5Y*: 11.96%
• 10Y*: 20.76%

PRN

• 1D: 1.02%
• 1M: -1.28%
• YTD: 40.09%
• 6M: 38.91%
• 1Y: 62.65%
• 3Y*: 34.70%
• 5Y*: 20.00%
• 10Y*: 18.49%

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

FXL vs. PRN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FXL First Trust Technology AlphaDEX Fund	25.90%	13.29%	16.13%	40.50%	-30.44%	18.20%	54.20%	38.66%	2.72%	35.82%
PRN Invesco DWA Industrials Momentum ETF	40.09%	13.74%	30.35%	37.96%	-25.09%	25.21%	36.39%	34.52%	-16.19%	22.82%

Correlation

The correlation between FXL and PRN is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since May 10, 2007	0.76

The correlation between FXL and PRN shifts across timeframes, from 0.64 (1 year) to 0.76 (5 years), reflecting how their relationship changes across market environments.

FXL vs. PRN - Sectors Allocation Comparison

Sectors	FXL	PRN
Technology	88.5%	18.6%
Communication Services	4.8%	-
Industrials	3.8%	80.0%
Consumer Cyclical	1.0%	1.2%
Financial Services	1.0%	0.2%
Basic Materials	-	1.8%
Consumer Defensive	-	-
Energy	-	1.6%
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

FXL vs. PRN — Risk / Return Rank

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

FXL

FXL Risk / Return Rank: 56
FXL Sharpe Ratio Rank: 55
FXL Sortino Ratio Rank: 50
FXL Omega Ratio Rank: 50
FXL Calmar Ratio Rank: 66
FXL Martin Ratio Rank: 59

PRN

PRN Risk / Return Rank: 74
PRN Sharpe Ratio Rank: 73
PRN Sortino Ratio Rank: 64
PRN Omega Ratio Rank: 65
PRN Calmar Ratio Rank: 87
PRN Martin Ratio Rank: 82

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. PRN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Technology AlphaDEX Fund (FXL) and Invesco DWA Industrials Momentum ETF (PRN). 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	PRN	Difference
Sharpe ratio: Return per unit of total volatility	1.64	2.04	-0.40
Sortino ratio: Return per unit of downside risk	2.19	2.60	-0.41
Omega ratio: Gain probability vs. loss probability	1.28	1.34	-0.06
Calmar ratio: Return relative to maximum drawdown	2.89	4.33	-1.44
Martin ratio: Return relative to average drawdown	9.33	14.20	-4.87

FXL vs. PRN - Sharpe Ratio Comparison

The current FXL Sharpe Ratio is 1.64, which is comparable to the PRN Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of FXL and PRN, 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. PRN - Drawdown Comparison

The maximum FXL drawdown since its inception was -61.41%, roughly equal to the maximum PRN drawdown of -59.88%. Use the drawdown chart below to compare losses from any high point for FXL and PRN.

Drawdown Indicators

	FXL	PRN	Difference
Max Drawdown Largest peak-to-trough decline	-61.41%	-59.88%	-1.53%
Max Drawdown (1Y) Largest decline over 1 year	-13.56%	-14.15%	+0.59%
Max Drawdown (3Y) Largest decline over 3 years	-28.27%	-30.78%	+2.51%
Max Drawdown (5Y) Largest decline over 5 years	-38.49%	-34.84%	-3.65%
Max Drawdown (10Y) Largest decline over 10 years	-38.49%	-36.27%	-2.22%
Current Drawdown Current decline from peak	-5.44%	-1.81%	-3.63%
Average Drawdown Average peak-to-trough decline	-11.36%	-10.83%	-0.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.19%	4.30%	-0.11%

Volatility

FXL vs. PRN - Volatility Comparison

The current volatility for First Trust Technology AlphaDEX Fund (FXL) is 11.12%, while Invesco DWA Industrials Momentum ETF (PRN) has a volatility of 12.21%. This indicates that FXL experiences smaller price fluctuations and is considered to be less risky than PRN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXL	PRN	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.12%	12.21%	-1.09%
Volatility (6M) Calculated over the trailing 6-month period	19.36%	24.73%	-5.37%
Volatility (1Y) Calculated over the trailing 1-year period	23.86%	30.02%	-6.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.37%	25.33%	+0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.41%	24.33%	+1.08%

FXL vs. PRN - Expense Ratio Comparison

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

Dividends

FXL vs. PRN - Dividend Comparison

FXL has not paid dividends to shareholders, while PRN's dividend yield for the trailing twelve months is around 0.12%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
PRN Invesco DWA Industrials Momentum ETF	0.12%	0.17%	0.39%	0.52%	0.82%	0.11%	0.10%	0.42%	0.29%	0.60%	0.57%	0.44%

Frequently Asked Questions

Can I hold both FXL and PRN in my portfolio?

FXL and PRN have a correlation of 0.64, 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 PRN?

PRN has higher volatility (12.21%) compared to FXL (11.12%). In terms of maximum drawdown, FXL dropped -61.41% vs PRN's -59.88%.

Which ETF is better, FXL or PRN?

On 10-year performance, FXL leads with 20.76% vs 18.49% for PRN. On fees, PRN is cheaper at 0.60% per year. On volatility, FXL has been the lower-risk option at 11.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FXL or PRN?

Over the 10-year period, FXL has performed better with a 20.76% return vs 18.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FXL or PRN?

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

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

PRN has the higher dividend yield at 0.12%, compared with 0.00% for FXL.

What is the main difference between FXL and PRN?

FXL is categorized as Technology Equities, while PRN is Momentum. FXL tracks StrataQuant Technology Index, while PRN tracks DWA Industrials Technical Leaders Index. They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.61% for FXL and 0.60% for PRN.

Which has better risk-adjusted returns?

PRN currently has the higher Sharpe Ratio (2.04 vs 1.64), 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.