ONEY vs. FAB

Last updated Jun 4, 2026

ONEY (SPDR Russell 1000 Yield Focus ETF) and FAB (First Trust Multi Cap Value AlphaDEX Fund) are both Mid Cap Value Equities funds - ONEY tracks the Russell 1000 Yield Focused Factor Index while FAB tracks the NASDAQ AlphaDEX Multi Cap Value Index. Both are passively managed. Over the past 10 years, ONEY returned 12.04%/yr vs 10.39%/yr for FAB. Their correlation of 0.86 suggests significant overlap in exposure. ONEY charges 0.20%/yr vs 0.64%/yr for FAB.

Performance

ONEY vs. FAB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Russell 1000 Yield Focus ETF (ONEY) and First Trust Multi Cap Value AlphaDEX Fund (FAB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ONEY achieves a 14.26% return, which is significantly higher than FAB's 10.72% return. Over the past 10 years, ONEY has outperformed FAB with an annualized return of 12.04%, while FAB has yielded a comparatively lower 10.39% annualized return.

ONEY

• 1D: -0.18%
• 1M: 3.52%
• YTD: 14.26%
• 6M: 14.38%
• 1Y: 23.42%
• 3Y*: 15.65%
• 5Y*: 8.74%
• 10Y*: 12.04%

FAB

• 1D: -0.79%
• 1M: 0.77%
• YTD: 10.72%
• 6M: 11.08%
• 1Y: 26.09%
• 3Y*: 15.20%
• 5Y*: 7.87%
• 10Y*: 10.39%

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

ONEY vs. FAB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ONEY SPDR Russell 1000 Yield Focus ETF	14.26%	7.74%	11.63%	11.12%	-3.60%	37.11%	2.17%	27.45%	-8.71%	15.46%
FAB First Trust Multi Cap Value AlphaDEX Fund	10.72%	9.86%	7.82%	15.81%	-6.79%	30.83%	2.40%	23.73%	-14.62%	14.62%

Correlation

The correlation between ONEY and FAB is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Dec 4, 2015	0.86

The correlation between ONEY and FAB shifts across timeframes, from 0.86 (all time) to 0.96 (5 years), reflecting how their relationship changes across market environments.

ONEY vs. FAB - Sectors Allocation Comparison

Sectors	ONEY	FAB
Industrials	13.9%	12.0%
Energy	13.2%	8.3%
Consumer Defensive	12.2%	5.9%
Consumer Cyclical	11.8%	13.9%
Utilities	10.6%	6.2%
Financial Services	10.2%	23.9%
Real Estate	9.7%	7.7%
Basic Materials	8.2%	3.9%
Technology	4.8%	7.9%
Healthcare	3.8%	7.1%
Communication Services	1.6%	2.7%

Return for Risk

ONEY vs. FAB — Risk / Return Rank

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

ONEY

ONEY Risk / Return Rank: 58
ONEY Sharpe Ratio Rank: 55
ONEY Sortino Ratio Rank: 60
ONEY Omega Ratio Rank: 54
ONEY Calmar Ratio Rank: 62
ONEY Martin Ratio Rank: 62

FAB

FAB Risk / Return Rank: 63
FAB Sharpe Ratio Rank: 56
FAB Sortino Ratio Rank: 62
FAB Omega Ratio Rank: 54
FAB Calmar Ratio Rank: 78
FAB Martin Ratio Rank: 67

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.

ONEY vs. FAB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Russell 1000 Yield Focus ETF (ONEY) and First Trust Multi Cap Value AlphaDEX Fund (FAB). 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.

	ONEY	FAB	Difference
Sharpe ratio: Return per unit of total volatility	1.90	1.91	-0.01
Sortino ratio: Return per unit of downside risk	2.86	2.92	-0.06
Omega ratio: Gain probability vs. loss probability	1.34	1.34	0.00
Calmar ratio: Return relative to maximum drawdown	3.09	3.94	-0.85
Martin ratio: Return relative to average drawdown	11.15	12.25	-1.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ONEY vs. FAB - Sharpe Ratio Comparison

The current ONEY Sharpe Ratio is 1.90, which is comparable to the FAB Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of ONEY and FAB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ONEY	FAB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.90	1.91	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.42	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.47	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.34	+0.27

Drawdowns

ONEY vs. FAB - Drawdown Comparison

The maximum ONEY drawdown since its inception was -46.80%, smaller than the maximum FAB drawdown of -63.29%. Use the drawdown chart below to compare losses from any high point for ONEY and FAB.

Drawdown Indicators

	ONEY	FAB	Difference
Max Drawdown Largest peak-to-trough decline	-46.80%	-63.29%	+16.49%
Max Drawdown (1Y) Largest decline over 1 year	-7.61%	-6.65%	-0.96%
Max Drawdown (3Y) Largest decline over 3 years	-17.50%	-22.91%	+5.41%
Max Drawdown (5Y) Largest decline over 5 years	-18.93%	-22.91%	+3.98%
Max Drawdown (10Y) Largest decline over 10 years	-46.80%	-47.08%	+0.28%
Current Drawdown Current decline from peak	-0.18%	-0.98%	+0.80%
Average Drawdown Average peak-to-trough decline	-4.98%	-9.25%	+4.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.11%	2.14%	-0.03%

Volatility

ONEY vs. FAB - Volatility Comparison

The current volatility for SPDR Russell 1000 Yield Focus ETF (ONEY) is 2.78%, while First Trust Multi Cap Value AlphaDEX Fund (FAB) has a volatility of 3.15%. This indicates that ONEY experiences smaller price fluctuations and is considered to be less risky than FAB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ONEY	FAB	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.78%	3.15%	-0.37%
Volatility (6M) Calculated over the trailing 6-month period	8.42%	8.64%	-0.22%
Volatility (1Y) Calculated over the trailing 1-year period	12.39%	13.81%	-1.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.15%	18.72%	-2.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.87%	22.06%	-2.19%

ONEY vs. FAB - Expense Ratio Comparison

ONEY has a 0.20% expense ratio, which is lower than FAB's 0.64% expense ratio.

Dividends

ONEY vs. FAB - Dividend Comparison

ONEY's dividend yield for the trailing twelve months is around 2.81%, more than FAB's 1.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FAB First Trust Multi Cap Value AlphaDEX Fund	1.59%	1.57%	2.00%	1.94%	1.80%	1.32%	1.59%	1.75%	1.96%	1.42%	1.40%	1.62%
ONEY SPDR Russell 1000 Yield Focus ETF	2.81%	3.15%	3.18%	3.14%	3.17%	2.46%	2.74%	3.17%	3.72%	10.73%	6.31%	0.29%

Frequently Asked Questions

Can I hold both ONEY and FAB in my portfolio?

With a correlation of 0.95, ONEY and FAB move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, ONEY or FAB?

FAB has higher volatility (3.15%) compared to ONEY (2.78%). In terms of maximum drawdown, ONEY dropped -46.80% vs FAB's -63.29%.

Which ETF is better, ONEY or FAB?

On 10-year performance, ONEY leads with 12.04% vs 10.39% for FAB. On fees, ONEY is cheaper at 0.20% per year. On volatility, ONEY has been the lower-risk option at 2.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ONEY or FAB?

Over the 10-year period, ONEY has performed better with a 12.04% return vs 10.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ONEY or FAB?

ONEY is cheaper with a 0.20% expense ratio, compared with 0.64% for FAB.

Which ETF pays a higher dividend yield, ONEY or FAB?

ONEY has the higher dividend yield at 2.81%, compared with 1.59% for FAB.

What is the main difference between ONEY and FAB?

ONEY tracks Russell 1000 Yield Focused Factor Index, while FAB tracks NASDAQ AlphaDEX Multi Cap Value Index. They also come from different issuers: State Street and First Trust. Their fees differ too: 0.20% for ONEY and 0.64% for FAB.

Which has better risk-adjusted returns?

FAB currently has the higher Sharpe Ratio (1.91 vs 1.90), 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.