IWFG vs. FPX

Last updated Aug 2, 2026

IWFG (NYLI Winslow Focused Large Cap Growth ETF) and FPX (First Trust US Equity Opportunities ETF) are both Large Cap Growth Equities funds. IWFG is actively managed, while FPX is passively managed. Over the past 3 years, IWFG returned 19.56%/yr vs 23.96%/yr for FPX. Their 0.79 correlation means they have sometimes moved together and sometimes differently. IWFG charges 0.46%/yr vs 0.57%/yr for FPX.

Performance

IWFG vs. FPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NYLI Winslow Focused Large Cap Growth ETF (IWFG) and First Trust US Equity Opportunities ETF (FPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWFG achieves a -0.56% return, which is significantly lower than FPX's 8.51% return.

IWFG

• 1D: 2.22%
• 1M: 0.09%
• 6M: 2.87%
• YTD: -0.56%
• 1Y: 3.04%
• 3Y*: 19.56%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.99%

FPX

• 1D: -1.38%
• 1M: -9.10%
• 6M: 8.46%
• YTD: 8.51%
• 1Y: 19.55%
• 3Y*: 23.96%
• 5Y*: 7.39%
• 10Y*: 13.50%
• ALL TIME*: 12.57%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FPX First Trust US Equity Opportunities ETF	$11.19M	$11.53M	$10.30M
IWFG NYLI Winslow Focused Large Cap Growth ETF	$10.80K	$36.95K	$116.85K

IWFG vs. FPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
IWFG NYLI Winslow Focused Large Cap Growth ETF	-0.56%	14.33%	37.56%	38.40%	4.47%
FPX First Trust US Equity Opportunities ETF	8.51%	37.62%	24.75%	22.26%	-3.57%

Correlation

The correlation between IWFG and FPX is 0.75, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.75
Correlation (3Y) Balances recent behavior with more history.	0.76
Correlation (All Time) Calculated using the full available price history since Jun 23, 2022	0.79

The correlation between IWFG and FPX has been stable across timeframes, ranging from 0.75 to 0.79 - a consistent structural relationship.

IWFG vs. FPX - Sectors Allocation Comparison

Sectors	IWFG	FPX
Technology	48.7%	33.7%
Industrials	16.6%	20.9%
Communication Services	15.2%	7.2%
Consumer Cyclical	10.6%	5.6%
Utilities	4.5%	1.4%
Healthcare	4.3%	15.4%
Financial Services	3.2%	4.8%
Basic Materials	1.4%	2.4%
Consumer Defensive	-	2.5%
Energy	-	3.5%
Real Estate	-	2.6%

Return for Risk

IWFG vs. FPX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IWFG

IWFG Risk / Return Rank: 11
IWFG Sharpe Ratio Rank: 12
IWFG Sortino Ratio Rank: 11
IWFG Omega Ratio Rank: 11
IWFG Calmar Ratio Rank: 11
IWFG Martin Ratio Rank: 11

FPX

FPX Risk / Return Rank: 30
FPX Sharpe Ratio Rank: 28
FPX Sortino Ratio Rank: 28
FPX Omega Ratio Rank: 27
FPX Calmar Ratio Rank: 32
FPX Martin Ratio Rank: 36

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IWFG vs. FPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NYLI Winslow Focused Large Cap Growth ETF (IWFG) and First Trust US Equity Opportunities ETF (FPX). 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.

	IWFG	FPX	Difference
Sharpe ratio: Return per unit of total volatility	0.03	0.66	-0.62
Sortino ratio: Return per unit of downside risk	0.18	1.04	-0.86
Omega ratio: Gain probability vs. loss probability	1.02	1.13	-0.11
Calmar ratio: Return relative to maximum drawdown	0.03	1.06	-1.03
Martin ratio: Return relative to average drawdown	0.09	3.58	-3.49

IWFG vs. FPX - Sharpe Ratio Comparison

The current IWFG Sharpe Ratio is 0.03, which is lower than the FPX Sharpe Ratio of 0.66. The chart below compares the historical Sharpe Ratios of IWFG and FPX, 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

IWFG vs. FPX - Drawdown Comparison

The maximum IWFG drawdown since its inception was -21.97%, smaller than the maximum FPX drawdown of -56.29%. Use the drawdown chart below to compare losses from any high point for IWFG and FPX.

Drawdown Indicators

	IWFG	FPX	Difference
Max Drawdown Largest peak-to-trough decline	-21.97%	-56.29%	+34.32%
Max Drawdown (1Y) Largest decline over 1 year	-20.20%	-16.29%	-3.91%
Max Drawdown (3Y) Largest decline over 3 years	-21.97%	-30.88%	+8.91%
Max Drawdown (5Y) Largest decline over 5 years	—	-43.14%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-43.14%	—
Current Drawdown Current decline from peak	-5.31%	-13.94%	+8.63%
Average Drawdown Average peak-to-trough decline	-4.16%	-11.29%	+7.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.20%	4.80%	+2.40%

Volatility

IWFG vs. FPX - Volatility Comparison

The current volatility for NYLI Winslow Focused Large Cap Growth ETF (IWFG) is 6.48%, while First Trust US Equity Opportunities ETF (FPX) has a volatility of 9.65%. This indicates that IWFG experiences smaller price fluctuations and is considered to be less risky than FPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWFG	FPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.48%	9.65%	-3.17%
Volatility (6M) Calculated over the trailing 6-month period	14.71%	20.96%	-6.25%
Volatility (1Y) Calculated over the trailing 1-year period	18.48%	26.29%	-7.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.61%	27.10%	-6.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.61%	24.60%	-3.99%

IWFG vs. FPX - Expense Ratio Comparison

IWFG has a 0.46% expense ratio, which is lower than FPX's 0.57% expense ratio.

Dividends

IWFG vs. FPX - Dividend Comparison

IWFG has not paid dividends to shareholders, while FPX's dividend yield for the trailing twelve months is around 0.48%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPX First Trust US Equity Opportunities ETF	0.48%	0.53%	0.09%	0.27%	1.08%	0.14%	0.28%	0.67%	0.88%	0.68%	0.77%	0.62%
IWFG NYLI Winslow Focused Large Cap Growth ETF	0.00%	0.00%	5.44%	1.01%	0.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IWFG and FPX in my portfolio?

IWFG and FPX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IWFG or FPX?

FPX has higher volatility (9.65%) compared to IWFG (6.48%). In terms of maximum drawdown, IWFG dropped -21.97% vs FPX's -56.29%.

Which ETF is better, IWFG or FPX?

On 3-year performance, FPX leads with 23.96% vs 19.56% for IWFG. On fees, IWFG is cheaper at 0.46% per year. On volatility, IWFG has been the lower-risk option at 6.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWFG or FPX?

Over the 3-year period, FPX has performed better with a 23.96% return vs 19.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWFG or FPX?

IWFG is cheaper with a 0.46% expense ratio, compared with 0.57% for FPX.

Which ETF pays a higher dividend yield, IWFG or FPX?

FPX has the higher dividend yield at 0.48%, compared with 0.00% for IWFG.

What is the main difference between IWFG and FPX?

They also come from different issuers: New York Life and First Trust. Their fees differ too: 0.46% for IWFG and 0.57% for FPX.

Which has better risk-adjusted returns?

FPX currently has the higher Sharpe Ratio (0.66 vs 0.03), 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.