SIJ vs. FEX
SIJ (ProShares UltraShort Industrials) and FEX (First Trust Large Cap Core AlphaDEX Fund) are both exchange-traded funds - SIJ is a Leveraged Equities fund tracking the DJ Global United States (All) / Industrials -IND (-200%), while FEX is a Large Cap Blend Equities fund tracking the Nasdaq AlphaDEX Large Cap Core Index. Both are passively managed. Over the past 10 years, SIJ returned -28.55%/yr vs 13.59%/yr for FEX. At a correlation of -0.83, they often move in opposite directions. SIJ charges 0.95%/yr vs 0.57%/yr for FEX.
Performance
SIJ vs. FEX - Performance Comparison
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Returns By Period
In the year-to-date period, SIJ achieves a -27.64% return, which is significantly lower than FEX's 16.46% return. Over the past 10 years, SIJ has underperformed FEX with an annualized return of -28.55%, while FEX has yielded a comparatively higher 13.59% annualized return.
SIJ
- 1D
- -3.10%
- 1M
- -8.30%
- YTD
- -27.64%
- 6M
- -25.32%
- 1Y
- -35.52%
- 3Y*
- -30.38%
- 5Y*
- -20.12%
- 10Y*
- -28.55%
FEX
- 1D
- 0.32%
- 1M
- 3.43%
- YTD
- 16.46%
- 6M
- 14.85%
- 1Y
- 28.12%
- 3Y*
- 20.71%
- 5Y*
- 11.36%
- 10Y*
- 13.59%
SIJ vs. FEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SIJ ProShares UltraShort Industrials | -27.64% | -29.33% | -21.63% | -24.18% | 18.15% | -34.31% | -54.09% | -45.12% | 20.55% | -36.32% |
FEX First Trust Large Cap Core AlphaDEX Fund | 16.46% | 15.05% | 17.07% | 14.31% | -11.86% | 26.83% | 14.28% | 26.93% | -9.89% | 21.41% |
Correlation
The correlation between SIJ and FEX is -0.84, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.86 |
Correlation (All Time) Calculated using the full available price history since May 10, 2007 | -0.83 |
The correlation between SIJ and FEX has been stable across timeframes, ranging from -0.91 to -0.83 - a consistent structural relationship.
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Return for Risk
SIJ vs. FEX — Risk / Return Rank
SIJ
FEX
SIJ vs. FEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Industrials (SIJ) and First Trust Large Cap Core AlphaDEX Fund (FEX). 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.
| SIJ | FEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.22 | ||
| Sortino ratioReturn per unit of downside risk | -4.51 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.38 | -0.55 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 4.53 | -5.49 |
| Martin ratioReturn relative to average drawdown | -1.73 | 16.26 | -17.99 |
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Drawdowns
SIJ vs. FEX - Drawdown Comparison
The maximum SIJ drawdown since its inception was -99.93%, which is greater than FEX's maximum drawdown of -58.81%. Use the drawdown chart below to compare losses from any high point for SIJ and FEX.
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Drawdown Indicators
| SIJ | FEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.93% | -58.81% | -41.12% |
Max Drawdown (1Y)Largest decline over 1 year | -37.24% | -6.23% | -31.01% |
Max Drawdown (3Y)Largest decline over 3 years | -71.47% | -19.58% | -51.89% |
Max Drawdown (5Y)Largest decline over 5 years | -77.76% | -21.27% | -56.49% |
Max Drawdown (10Y)Largest decline over 10 years | -96.73% | -39.51% | -57.22% |
Current DrawdownCurrent decline from peak | -99.93% | -1.03% | -98.90% |
Average DrawdownAverage peak-to-trough decline | -86.76% | -7.86% | -78.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.59% | 1.73% | +18.86% |
Volatility
SIJ vs. FEX - Volatility Comparison
ProShares UltraShort Industrials (SIJ) has a higher volatility of 12.50% compared to First Trust Large Cap Core AlphaDEX Fund (FEX) at 5.03%. This indicates that SIJ's price experiences larger fluctuations and is considered to be riskier than FEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SIJ | FEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.50% | 5.03% | +7.47% |
Volatility (6M)Calculated over the trailing 6-month period | 28.23% | 9.96% | +18.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.41% | 13.18% | +20.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.16% | 16.57% | +19.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.74% | 18.59% | +21.15% |
SIJ vs. FEX - Expense Ratio Comparison
SIJ has a 0.95% expense ratio, which is higher than FEX's 0.57% expense ratio.
Dividends
SIJ vs. FEX - Dividend Comparison
SIJ's dividend yield for the trailing twelve months is around 6.25%, more than FEX's 0.94% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FEX First Trust Large Cap Core AlphaDEX Fund | 0.94% | 1.10% | 1.18% | 1.38% | 1.61% | 0.80% | 1.21% | 1.32% | 1.34% | 1.07% | 1.29% | 1.33% |
SIJ ProShares UltraShort Industrials | 6.25% | 5.38% | 5.99% | 4.90% | 0.00% | 0.00% | 0.00% | 1.49% | 0.39% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SIJ and FEX have a correlation of -0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SIJ has higher volatility (12.50%) compared to FEX (5.03%). In terms of maximum drawdown, SIJ dropped -99.93% vs FEX's -58.81%.
On 10-year performance, FEX leads with 13.59% vs -28.55% for SIJ. On fees, FEX is cheaper at 0.57% per year. On volatility, FEX has been the lower-risk option at 5.03%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FEX has performed better with a 13.59% return vs -28.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FEX is cheaper with a 0.57% expense ratio, compared with 0.95% for SIJ.
SIJ has the higher dividend yield at 6.25%, compared with 0.94% for FEX.
SIJ is categorized as Leveraged Equities, while FEX is Large Cap Blend Equities. SIJ tracks DJ Global United States (All) / Industrials -IND (-200%), while FEX tracks Nasdaq AlphaDEX Large Cap Core Index. They also come from different issuers: ProShares and First Trust. Their fees differ too: 0.95% for SIJ and 0.57% for FEX.
FEX currently has the higher Sharpe Ratio (2.15 vs -1.07), 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.
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