LOUP vs. FDTS

Last updated Jun 14, 2026

LOUP (Innovator Deepwater Frontier Tech ETF) and FDTS (First Trust Developed Markets ex-US Small Cap AlphaDEX Fund) are both exchange-traded funds - LOUP is a Technology Equities fund tracking the Deepwater Frontier Tech Index, while FDTS is a Foreign Small & Mid Cap Equities fund tracking the NASDAQ AlphaDEX DM Ex-US Small Cap Index. Both are passively managed. Over the past 5 years, LOUP returned 11.27%/yr vs 10.78%/yr for FDTS. At a 0.49 correlation, their price movements are largely independent. LOUP charges 0.70%/yr vs 0.80%/yr for FDTS.

Performance

LOUP vs. FDTS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Deepwater Frontier Tech ETF (LOUP) and First Trust Developed Markets ex-US Small Cap AlphaDEX Fund (FDTS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LOUP achieves a 20.89% return, which is significantly higher than FDTS's 18.78% return.

LOUP

• 1D: -0.93%
• 1M: 5.80%
• YTD: 20.89%
• 6M: 21.07%
• 1Y: 63.99%
• 3Y*: 32.56%
• 5Y*: 11.27%
• 10Y*: —

FDTS

• 1D: -0.17%
• 1M: -3.79%
• YTD: 18.78%
• 6M: 20.77%
• 1Y: 44.72%
• 3Y*: 24.70%
• 5Y*: 10.78%
• 10Y*: 10.96%

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

LOUP vs. FDTS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
LOUP Innovator Deepwater Frontier Tech ETF	20.89%	43.24%	21.80%	51.31%	-46.00%	7.54%	86.25%	31.76%	-18.86%
FDTS First Trust Developed Markets ex-US Small Cap AlphaDEX Fund	18.78%	51.17%	2.44%	10.96%	-15.34%	11.79%	12.90%	18.71%	-19.39%

Correlation

The correlation between LOUP and FDTS is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (All Time) Calculated using the full available price history since Jul 25, 2018	0.49

The correlation between LOUP and FDTS has been stable across timeframes, ranging from 0.49 to 0.58 - a consistent structural relationship.

LOUP vs. FDTS - Sectors Allocation Comparison

Sectors	LOUP	FDTS
Technology	45.6%	14.1%
Industrials	17.6%	22.2%
Communication Services	17.0%	3.2%
Consumer Cyclical	8.9%	18.9%
Utilities	3.0%	2.7%
Energy	2.7%	4.0%
Financial Services	2.6%	11.9%
Healthcare	2.6%	2.8%
Basic Materials	-	11.3%
Consumer Defensive	-	4.7%
Real Estate	-	4.3%

Return for Risk

LOUP vs. FDTS — Risk / Return Rank

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

LOUP

LOUP Risk / Return Rank: 65
LOUP Sharpe Ratio Rank: 73
LOUP Sortino Ratio Rank: 64
LOUP Omega Ratio Rank: 62
LOUP Calmar Ratio Rank: 66
LOUP Martin Ratio Rank: 61

FDTS

FDTS Risk / Return Rank: 79
FDTS Sharpe Ratio Rank: 84
FDTS Sortino Ratio Rank: 81
FDTS Omega Ratio Rank: 81
FDTS Calmar Ratio Rank: 76
FDTS Martin Ratio Rank: 72

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.

LOUP vs. FDTS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Deepwater Frontier Tech ETF (LOUP) and First Trust Developed Markets ex-US Small Cap AlphaDEX Fund (FDTS). 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.

	LOUP	FDTS	Difference
Sharpe ratio: Return per unit of total volatility	2.06	2.37	-0.31
Sortino ratio: Return per unit of downside risk	2.59	3.15	-0.55
Omega ratio: Gain probability vs. loss probability	1.33	1.42	-0.09
Calmar ratio: Return relative to maximum drawdown	2.91	3.43	-0.52
Martin ratio: Return relative to average drawdown	9.66	11.78	-2.12

LOUP vs. FDTS - Sharpe Ratio Comparison

The current LOUP Sharpe Ratio is 2.06, which is comparable to the FDTS Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of LOUP and FDTS, 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

LOUP vs. FDTS - Drawdown Comparison

The maximum LOUP drawdown since its inception was -58.68%, which is greater than FDTS's maximum drawdown of -51.26%. Use the drawdown chart below to compare losses from any high point for LOUP and FDTS.

Drawdown Indicators

	LOUP	FDTS	Difference
Max Drawdown Largest peak-to-trough decline	-58.68%	-51.26%	-7.42%
Max Drawdown (1Y) Largest decline over 1 year	-21.00%	-12.61%	-8.39%
Max Drawdown (3Y) Largest decline over 3 years	-35.23%	-13.19%	-22.04%
Max Drawdown (5Y) Largest decline over 5 years	-55.63%	-33.11%	-22.52%
Max Drawdown (10Y) Largest decline over 10 years	—	-51.26%	—
Current Drawdown Current decline from peak	-7.47%	-4.77%	-2.70%
Average Drawdown Average peak-to-trough decline	-19.99%	-10.64%	-9.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.31%	3.66%	+2.65%

Volatility

LOUP vs. FDTS - Volatility Comparison

Innovator Deepwater Frontier Tech ETF (LOUP) has a higher volatility of 11.16% compared to First Trust Developed Markets ex-US Small Cap AlphaDEX Fund (FDTS) at 8.44%. This indicates that LOUP's price experiences larger fluctuations and is considered to be riskier than FDTS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LOUP	FDTS	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.16%	8.44%	+2.72%
Volatility (6M) Calculated over the trailing 6-month period	23.42%	15.54%	+7.88%
Volatility (1Y) Calculated over the trailing 1-year period	29.60%	18.27%	+11.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.56%	29.42%	+3.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.03%	24.92%	+7.11%

LOUP vs. FDTS - Expense Ratio Comparison

LOUP has a 0.70% expense ratio, which is lower than FDTS's 0.80% expense ratio.

Dividends

LOUP vs. FDTS - Dividend Comparison

LOUP has not paid dividends to shareholders, while FDTS's dividend yield for the trailing twelve months is around 2.53%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDTS First Trust Developed Markets ex-US Small Cap AlphaDEX Fund	2.53%	2.94%	3.94%	2.90%	3.71%	3.01%	2.02%	2.30%	1.96%	2.08%	1.78%	1.73%
LOUP Innovator Deepwater Frontier Tech ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both LOUP and FDTS in my portfolio?

LOUP and FDTS have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LOUP or FDTS?

LOUP has higher volatility (11.16%) compared to FDTS (8.44%). In terms of maximum drawdown, LOUP dropped -58.68% vs FDTS's -51.26%.

Which ETF is better, LOUP or FDTS?

On 5-year performance, LOUP leads with 11.27% vs 10.78% for FDTS. On fees, LOUP is cheaper at 0.70% per year. On volatility, FDTS has been the lower-risk option at 8.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LOUP or FDTS?

Over the 5-year period, LOUP has performed better with a 11.27% return vs 10.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LOUP or FDTS?

LOUP is cheaper with a 0.70% expense ratio, compared with 0.80% for FDTS.

Which ETF pays a higher dividend yield, LOUP or FDTS?

FDTS has the higher dividend yield at 2.53%, compared with 0.00% for LOUP.

What is the main difference between LOUP and FDTS?

LOUP is categorized as Technology Equities, while FDTS is Foreign Small & Mid Cap Equities. LOUP tracks Deepwater Frontier Tech Index, while FDTS tracks NASDAQ AlphaDEX DM Ex-US Small Cap Index. They also come from different issuers: Innovator and First Trust. Their fees differ too: 0.70% for LOUP and 0.80% for FDTS.

Which has better risk-adjusted returns?

FDTS currently has the higher Sharpe Ratio (2.37 vs 2.06), 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.