SKYY vs. FEPI

Last updated Apr 2, 2026

Compare and contrast key facts about First Trust ISE Cloud Computing Index Fund (SKYY) and REX FANG & Innovation Equity Premium Income ETF (FEPI).

SKYY and FEPI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SKYY is a passively managed fund by First Trust that tracks the performance of the ISE Cloud Computing Index. It was launched on Jul 5, 2011. FEPI is an actively managed fund by REX. It was launched on Oct 11, 2023.

Performance

SKYY vs. FEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust ISE Cloud Computing Index Fund (SKYY) and REX FANG & Innovation Equity Premium Income ETF (FEPI). The values are adjusted to include any dividend payments, if applicable.

SKYY vs. FEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SKYY First Trust ISE Cloud Computing Index Fund	-15.18%	9.20%	35.87%	12.63%
FEPI REX FANG & Innovation Equity Premium Income ETF	-5.90%	18.33%	15.69%	11.70%

Returns By Period

In the year-to-date period, SKYY achieves a -15.18% return, which is significantly lower than FEPI's -5.90% return.

SKYY

• 1D: 0.89%
• 1M: -0.08%
• YTD: -15.18%
• 6M: -17.96%
• 1Y: 6.70%
• 3Y*: 18.15%
• 5Y*: 2.52%
• 10Y*: 14.33%

FEPI

• 1D: 1.39%
• 1M: -1.29%
• YTD: -5.90%
• 6M: -3.02%
• 1Y: 23.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SKYY vs. FEPI - Expense Ratio Comparison

SKYY has a 0.60% expense ratio, which is lower than FEPI's 0.65% expense ratio.

FEPI

REX FANG & Innovation Equity Premium Income ETF

SKYY

First Trust ISE Cloud Computing Index Fund

Return for Risk

SKYY vs. FEPI — Risk / Return Rank

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

SKYY

SKYY Risk / Return Rank: 18
SKYY Sharpe Ratio Rank: 17
SKYY Sortino Ratio Rank: 19
SKYY Omega Ratio Rank: 18
SKYY Calmar Ratio Rank: 18
SKYY Martin Ratio Rank: 17

FEPI

FEPI Risk / Return Rank: 63
FEPI Sharpe Ratio Rank: 59
FEPI Sortino Ratio Rank: 61
FEPI Omega Ratio Rank: 62
FEPI Calmar Ratio Rank: 71
FEPI 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.

SKYY vs. FEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust ISE Cloud Computing Index Fund (SKYY) and REX FANG & Innovation Equity Premium Income ETF (FEPI). 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.

	SKYY	FEPI	Difference
Sharpe ratio Return per unit of total volatility	0.23	1.09	-0.86
Sortino ratio Return per unit of downside risk	0.53	1.61	-1.08
Omega ratio Gain probability vs. loss probability	1.07	1.23	-0.17
Calmar ratio Return relative to maximum drawdown	0.30	1.91	-1.61
Martin ratio Return relative to average drawdown	0.74	6.04	-5.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SKYY vs. FEPI - Sharpe Ratio Comparison

The current SKYY Sharpe Ratio is 0.23, which is lower than the FEPI Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of SKYY and FEPI, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SKYY	FEPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.23	1.09	-0.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.08	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.82	-0.32

Correlation

The correlation between SKYY and FEPI is 0.77, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

SKYY vs. FEPI - Dividend Comparison

SKYY has not paid dividends to shareholders, while FEPI's dividend yield for the trailing twelve months is around 28.20%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SKYY First Trust ISE Cloud Computing Index Fund	0.00%	0.00%	0.00%	0.00%	0.23%	0.78%	0.17%	0.54%	0.37%	0.27%	0.35%	0.41%
FEPI REX FANG & Innovation Equity Premium Income ETF	28.20%	25.48%	27.18%	4.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

SKYY vs. FEPI - Drawdown Comparison

The maximum SKYY drawdown since its inception was -53.20%, which is greater than FEPI's maximum drawdown of -23.56%. Use the drawdown chart below to compare losses from any high point for SKYY and FEPI.

Drawdown Indicators

	SKYY	FEPI	Difference
Max Drawdown Largest peak-to-trough decline	-53.20%	-23.56%	-29.64%
Max Drawdown (1Y) Largest decline over 1 year	-26.68%	-12.91%	-13.77%
Max Drawdown (5Y) Largest decline over 5 years	-53.20%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-53.20%	—	—
Current Drawdown Current decline from peak	-23.09%	-8.14%	-14.95%
Average Drawdown Average peak-to-trough decline	-10.87%	-3.64%	-7.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.69%	4.07%	+6.62%

Volatility

SKYY vs. FEPI - Volatility Comparison

First Trust ISE Cloud Computing Index Fund (SKYY) and REX FANG & Innovation Equity Premium Income ETF (FEPI) have volatilities of 7.95% and 7.58%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SKYY	FEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.95%	7.58%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	19.11%	14.37%	+4.74%
Volatility (1Y) Calculated over the trailing 1-year period	29.65%	21.95%	+7.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.84%	19.40%	+10.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.39%	19.40%	+6.99%