PTF vs. FXL

Last updated Jun 14, 2026

PTF (Invesco DWA Technology Momentum ETF) and FXL (First Trust Technology AlphaDEX Fund) are both exchange-traded funds - PTF is a Momentum fund tracking the DWA Technology Technical Leaders Index, while FXL is a Technology Equities fund tracking the StrataQuant Technology Index. Both are passively managed. Over the past 10 years, PTF returned 26.39%/yr vs 20.76%/yr for FXL. Their correlation of 0.88 suggests significant overlap in exposure. PTF charges 0.60%/yr vs 0.61%/yr for FXL.

Performance

PTF vs. FXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DWA Technology Momentum ETF (PTF) 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, PTF achieves a 69.64% return, which is significantly higher than FXL's 25.90% return. Over the past 10 years, PTF has outperformed FXL with an annualized return of 26.39%, while FXL has yielded a comparatively lower 20.76% annualized return.

PTF

• 1D: 1.49%
• 1M: 4.93%
• YTD: 69.64%
• 6M: 66.68%
• 1Y: 99.51%
• 3Y*: 39.34%
• 5Y*: 21.88%
• 10Y*: 26.39%

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)

PTF vs. FXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PTF Invesco DWA Technology Momentum ETF	69.64%	5.68%	43.65%	33.73%	-31.75%	18.10%	82.06%	46.71%	0.01%	32.07%
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 PTF and FXL is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since May 10, 2007	0.88

The correlation between PTF and FXL has been stable across timeframes, ranging from 0.81 to 0.90 - a consistent structural relationship.

PTF vs. FXL - Sectors Allocation Comparison

Sectors	PTF	FXL
Technology	93.8%	88.5%
Communication Services	4.7%	4.8%
Industrials	1.8%	3.8%
Energy	1.6%	-
Financial Services	1.5%	1.0%
Basic Materials	-	-
Consumer Cyclical	-	1.0%
Consumer Defensive	-	-
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

PTF vs. FXL — Risk / Return Rank

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

PTF

PTF Risk / Return Rank: 83
PTF Sharpe Ratio Rank: 85
PTF Sortino Ratio Rank: 70
PTF Omega Ratio Rank: 74
PTF Calmar Ratio Rank: 92
PTF Martin Ratio Rank: 92

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.

PTF vs. FXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Technology Momentum ETF (PTF) 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.

	PTF	FXL	Difference
Sharpe ratio: Return per unit of total volatility	2.39	1.64	+0.75
Sortino ratio: Return per unit of downside risk	2.74	2.19	+0.55
Omega ratio: Gain probability vs. loss probability	1.38	1.28	+0.10
Calmar ratio: Return relative to maximum drawdown	5.36	2.89	+2.48
Martin ratio: Return relative to average drawdown	20.45	9.33	+11.12

PTF vs. FXL - Sharpe Ratio Comparison

The current PTF Sharpe Ratio is 2.39, which is higher than the FXL Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of PTF 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

PTF vs. FXL - Drawdown Comparison

The maximum PTF drawdown since its inception was -55.38%, smaller than the maximum FXL drawdown of -61.41%. Use the drawdown chart below to compare losses from any high point for PTF and FXL.

Drawdown Indicators

	PTF	FXL	Difference
Max Drawdown Largest peak-to-trough decline	-55.38%	-61.41%	+6.03%
Max Drawdown (1Y) Largest decline over 1 year	-17.99%	-13.56%	-4.43%
Max Drawdown (3Y) Largest decline over 3 years	-36.11%	-28.27%	-7.84%
Max Drawdown (5Y) Largest decline over 5 years	-44.88%	-38.49%	-6.39%
Max Drawdown (10Y) Largest decline over 10 years	-44.88%	-38.49%	-6.39%
Current Drawdown Current decline from peak	-4.47%	-5.44%	+0.97%
Average Drawdown Average peak-to-trough decline	-13.26%	-11.36%	-1.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.71%	4.19%	+0.52%

Volatility

PTF vs. FXL - Volatility Comparison

Invesco DWA Technology Momentum ETF (PTF) has a higher volatility of 16.30% compared to First Trust Technology AlphaDEX Fund (FXL) at 11.12%. This indicates that PTF'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

	PTF	FXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.30%	11.12%	+5.18%
Volatility (6M) Calculated over the trailing 6-month period	31.97%	19.36%	+12.61%
Volatility (1Y) Calculated over the trailing 1-year period	40.36%	23.86%	+16.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.34%	25.37%	+9.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.16%	25.41%	+7.75%

PTF vs. FXL - Expense Ratio Comparison

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

Dividends

PTF vs. FXL - Dividend Comparison

PTF's dividend yield for the trailing twelve months is around 0.01%, 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%
PTF Invesco DWA Technology Momentum ETF	0.01%	0.21%	0.00%	0.07%	0.00%	0.00%	0.00%	0.00%	0.08%	0.04%	0.26%	0.00%

Frequently Asked Questions

Can I hold both PTF and FXL in my portfolio?

PTF and FXL have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PTF or FXL?

PTF has higher volatility (16.30%) compared to FXL (11.12%). In terms of maximum drawdown, PTF dropped -55.38% vs FXL's -61.41%.

Which ETF is better, PTF or FXL?

On 10-year performance, PTF leads with 26.39% vs 20.76% for FXL. On fees, PTF 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, PTF or FXL?

Over the 10-year period, PTF has performed better with a 26.39% return vs 20.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PTF or FXL?

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

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

PTF has the higher dividend yield at 0.01%, compared with 0.00% for FXL.

What is the main difference between PTF and FXL?

PTF is categorized as Momentum, while FXL is Technology Equities. PTF tracks DWA Technology 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 PTF and 0.61% for FXL.

Which has better risk-adjusted returns?

PTF currently has the higher Sharpe Ratio (2.39 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.