FXL vs. UMI

Last updated Jun 14, 2026

FXL (First Trust Technology AlphaDEX Fund) and UMI (USCF Midstream Energy Income Fund ETF) are both exchange-traded funds - FXL is a Technology Equities fund tracking the StrataQuant Technology Index, while UMI is a Energy Equities fund actively managed by Wainwright, Inc.. FXL is passively managed, while UMI is actively managed. Over the past 5 years, FXL returned 11.96%/yr vs 19.88%/yr for UMI. At a 0.34 correlation, their price movements are largely independent. FXL charges 0.61%/yr vs 0.85%/yr for UMI.

Performance

FXL vs. UMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Technology AlphaDEX Fund (FXL) and USCF Midstream Energy Income Fund ETF (UMI). 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 higher than UMI's 24.00% 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%

UMI

• 1D: 0.77%
• 1M: -1.25%
• YTD: 24.00%
• 6M: 23.82%
• 1Y: 25.24%
• 3Y*: 27.76%
• 5Y*: 19.88%
• 10Y*: —

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

FXL vs. UMI - 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%	-0.58%
UMI USCF Midstream Energy Income Fund ETF	24.00%	5.11%	42.97%	14.60%	20.78%	20.97%	-8.25%	21.06%	-10.64%	2.76%

Correlation

The correlation between FXL and UMI is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (All Time) Calculated using the full available price history since Nov 30, 2017	0.34

The correlation between FXL and UMI shifts across timeframes, from -0.05 (1 year) to 0.35 (5 years), reflecting how their relationship changes across market environments.

FXL vs. UMI - Sectors Allocation Comparison

Sectors	FXL	UMI
Technology	88.5%	-
Communication Services	4.8%	-
Industrials	3.8%	-
Consumer Cyclical	1.0%	-
Financial Services	1.0%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	99.0%
Healthcare	-	-
Real Estate	-	-
Utilities	-	1.0%

Return for Risk

FXL vs. UMI — 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

UMI

UMI Risk / Return Rank: 64
UMI Sharpe Ratio Rank: 64
UMI Sortino Ratio Rank: 63
UMI Omega Ratio Rank: 59
UMI Calmar Ratio Rank: 76
UMI Martin Ratio Rank: 59

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. UMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Technology AlphaDEX Fund (FXL) and USCF Midstream Energy Income Fund ETF (UMI). 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	UMI	Difference
Sharpe ratio: Return per unit of total volatility	1.64	1.83	-0.19
Sortino ratio: Return per unit of downside risk	2.19	2.53	-0.34
Omega ratio: Gain probability vs. loss probability	1.28	1.32	-0.04
Calmar ratio: Return relative to maximum drawdown	2.89	3.43	-0.55
Martin ratio: Return relative to average drawdown	9.33	9.22	+0.10

FXL vs. UMI - Sharpe Ratio Comparison

The current FXL Sharpe Ratio is 1.64, which is comparable to the UMI Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of FXL and UMI, 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. UMI - Drawdown Comparison

The maximum FXL drawdown since its inception was -61.41%, which is greater than UMI's maximum drawdown of -48.08%. Use the drawdown chart below to compare losses from any high point for FXL and UMI.

Drawdown Indicators

	FXL	UMI	Difference
Max Drawdown Largest peak-to-trough decline	-61.41%	-48.08%	-13.33%
Max Drawdown (1Y) Largest decline over 1 year	-13.56%	-7.50%	-6.06%
Max Drawdown (3Y) Largest decline over 3 years	-28.27%	-17.08%	-11.19%
Max Drawdown (5Y) Largest decline over 5 years	-38.49%	-20.05%	-18.44%
Max Drawdown (10Y) Largest decline over 10 years	-38.49%	—	—
Current Drawdown Current decline from peak	-5.44%	-3.61%	-1.83%
Average Drawdown Average peak-to-trough decline	-11.36%	-6.59%	-4.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.19%	2.79%	+1.40%

Volatility

FXL vs. UMI - Volatility Comparison

First Trust Technology AlphaDEX Fund (FXL) has a higher volatility of 11.12% compared to USCF Midstream Energy Income Fund ETF (UMI) at 5.61%. This indicates that FXL's price experiences larger fluctuations and is considered to be riskier than UMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXL	UMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.12%	5.61%	+5.51%
Volatility (6M) Calculated over the trailing 6-month period	19.36%	11.01%	+8.35%
Volatility (1Y) Calculated over the trailing 1-year period	23.86%	14.09%	+9.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.37%	19.54%	+5.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.41%	23.17%	+2.24%

FXL vs. UMI - Expense Ratio Comparison

FXL has a 0.61% expense ratio, which is lower than UMI's 0.85% expense ratio.

Dividends

FXL vs. UMI - Dividend Comparison

FXL has not paid dividends to shareholders, while UMI's dividend yield for the trailing twelve months is around 5.91%.

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%
UMI USCF Midstream Energy Income Fund ETF	5.91%	6.23%	4.39%	4.67%	4.36%	3.00%	2.18%	2.47%	2.48%	0.15%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FXL and UMI in my portfolio?

FXL and UMI have a correlation of -0.05, 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 UMI?

FXL has higher volatility (11.12%) compared to UMI (5.61%). In terms of maximum drawdown, FXL dropped -61.41% vs UMI's -48.08%.

Which ETF is better, FXL or UMI?

On 5-year performance, UMI leads with 19.88% vs 11.96% for FXL. On fees, FXL is cheaper at 0.61% per year. On volatility, UMI has been the lower-risk option at 5.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FXL or UMI?

Over the 5-year period, UMI has performed better with a 19.88% return vs 11.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FXL or UMI?

FXL is cheaper with a 0.61% expense ratio, compared with 0.85% for UMI.

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

UMI has the higher dividend yield at 5.91%, compared with 0.00% for FXL.

What is the main difference between FXL and UMI?

FXL is categorized as Technology Equities, while UMI is Energy Equities. They also come from different issuers: First Trust and Wainwright, Inc.. Their fees differ too: 0.61% for FXL and 0.85% for UMI.

Which has better risk-adjusted returns?

UMI currently has the higher Sharpe Ratio (1.83 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.