PRN vs. FXL

Last updated Jun 14, 2026

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

Performance

PRN vs. FXL - Performance Comparison

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

Returns By Period

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

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%

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%

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

PRN vs. FXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
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%

Correlation

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

PRN vs. FXL - Sectors Allocation Comparison

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

Return for Risk

PRN vs. FXL — Risk / Return Rank

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

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

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

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.

PRN vs. FXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Industrials Momentum ETF (PRN) and First Trust Technology AlphaDEX Fund (FXL). 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.

	PRN	FXL	Difference
Sharpe ratio: Return per unit of total volatility	2.04	1.64	+0.40
Sortino ratio: Return per unit of downside risk	2.60	2.19	+0.41
Omega ratio: Gain probability vs. loss probability	1.34	1.28	+0.06
Calmar ratio: Return relative to maximum drawdown	4.33	2.89	+1.44
Martin ratio: Return relative to average drawdown	14.20	9.33	+4.87

PRN vs. FXL - Sharpe Ratio Comparison

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

PRN vs. FXL - Drawdown Comparison

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

Drawdown Indicators

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

Volatility

PRN vs. FXL - Volatility Comparison

Invesco DWA Industrials Momentum ETF (PRN) has a higher volatility of 12.21% compared to First Trust Technology AlphaDEX Fund (FXL) at 11.12%. This indicates that PRN's price experiences larger fluctuations and is considered to be riskier than FXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

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

PRN vs. FXL - Expense Ratio Comparison

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

Dividends

PRN vs. FXL - Dividend Comparison

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

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 PRN and FXL in my portfolio?

PRN and FXL 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, PRN or FXL?

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

Which ETF is better, PRN or FXL?

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, PRN or FXL?

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, PRN or FXL?

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

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

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

What is the main difference between PRN and FXL?

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

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.