XMMO vs. FXL

Last updated Jun 14, 2026

XMMO (Invesco S&P MidCap Momentum ETF) and FXL (First Trust Technology AlphaDEX Fund) are both exchange-traded funds - XMMO is a Momentum fund tracking the S&P MidCap 400 Momentum Index, while FXL is a Technology Equities fund tracking the StrataQuant Technology Index. Both are passively managed. Over the past 10 years, XMMO returned 19.95%/yr vs 20.76%/yr for FXL. Their correlation of 0.81 suggests significant overlap in exposure. XMMO charges 0.35%/yr vs 0.61%/yr for FXL.

Performance

XMMO vs. FXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P MidCap Momentum ETF (XMMO) 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, XMMO achieves a 22.77% return, which is significantly lower than FXL's 25.90% return. Both investments have delivered pretty close results over the past 10 years, with XMMO having a 19.95% annualized return and FXL not far ahead at 20.76%.

XMMO

• 1D: 0.96%
• 1M: 0.41%
• YTD: 22.77%
• 6M: 22.33%
• 1Y: 37.93%
• 3Y*: 30.62%
• 5Y*: 15.91%
• 10Y*: 19.95%

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)

XMMO vs. FXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XMMO Invesco S&P MidCap Momentum ETF	22.77%	13.04%	38.03%	20.39%	-16.02%	16.69%	29.17%	36.78%	6.12%	37.18%
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 XMMO and FXL is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since May 10, 2007	0.81

The correlation between XMMO and FXL shifts across timeframes, from 0.70 (1 year) to 0.81 (all time), reflecting how their relationship changes across market environments.

XMMO vs. FXL - Sectors Allocation Comparison

Sectors	XMMO	FXL
Industrials	40.8%	3.8%
Technology	19.1%	88.5%
Basic Materials	7.0%	-
Energy	6.8%	-
Healthcare	6.3%	-
Real Estate	5.7%	-
Utilities	5.7%	-
Consumer Cyclical	4.6%	1.0%
Financial Services	2.3%	1.0%
Communication Services	1.4%	4.8%
Consumer Defensive	0.5%	-

Return for Risk

XMMO vs. FXL — Risk / Return Rank

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

XMMO

XMMO Risk / Return Rank: 74
XMMO Sharpe Ratio Rank: 65
XMMO Sortino Ratio Rank: 65
XMMO Omega Ratio Rank: 63
XMMO Calmar Ratio Rank: 88
XMMO Martin Ratio Rank: 89

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.

XMMO vs. FXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap Momentum ETF (XMMO) 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.

	XMMO	FXL	Difference
Sharpe ratio: Return per unit of total volatility	1.86	1.64	+0.22
Sortino ratio: Return per unit of downside risk	2.58	2.19	+0.39
Omega ratio: Gain probability vs. loss probability	1.33	1.28	+0.05
Calmar ratio: Return relative to maximum drawdown	4.41	2.89	+1.53
Martin ratio: Return relative to average drawdown	17.54	9.33	+8.22

XMMO vs. FXL - Sharpe Ratio Comparison

The current XMMO Sharpe Ratio is 1.86, which is comparable to the FXL Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of XMMO 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

XMMO vs. FXL - Drawdown Comparison

The maximum XMMO drawdown since its inception was -55.37%, smaller than the maximum FXL drawdown of -61.41%. Use the drawdown chart below to compare losses from any high point for XMMO and FXL.

Drawdown Indicators

	XMMO	FXL	Difference
Max Drawdown Largest peak-to-trough decline	-55.37%	-61.41%	+6.04%
Max Drawdown (1Y) Largest decline over 1 year	-8.34%	-13.56%	+5.22%
Max Drawdown (3Y) Largest decline over 3 years	-24.93%	-28.27%	+3.34%
Max Drawdown (5Y) Largest decline over 5 years	-27.91%	-38.49%	+10.58%
Max Drawdown (10Y) Largest decline over 10 years	-36.74%	-38.49%	+1.75%
Current Drawdown Current decline from peak	-1.19%	-5.44%	+4.25%
Average Drawdown Average peak-to-trough decline	-9.44%	-11.36%	+1.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	4.19%	-2.10%

Volatility

XMMO vs. FXL - Volatility Comparison

The current volatility for Invesco S&P MidCap Momentum ETF (XMMO) is 9.07%, while First Trust Technology AlphaDEX Fund (FXL) has a volatility of 11.12%. This indicates that XMMO experiences smaller price fluctuations and is considered to be less risky than FXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XMMO	FXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.07%	11.12%	-2.05%
Volatility (6M) Calculated over the trailing 6-month period	16.76%	19.36%	-2.60%
Volatility (1Y) Calculated over the trailing 1-year period	19.74%	23.86%	-4.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.62%	25.37%	-3.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.35%	25.41%	-3.06%

XMMO vs. FXL - Expense Ratio Comparison

XMMO has a 0.35% expense ratio, which is lower than FXL's 0.61% expense ratio.

Dividends

XMMO vs. FXL - Dividend Comparison

XMMO's dividend yield for the trailing twelve months is around 0.61%, 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%
XMMO Invesco S&P MidCap Momentum ETF	0.61%	0.78%	0.34%	0.80%	1.43%	0.41%	0.61%	0.60%	0.19%	0.21%	0.22%	0.64%

Frequently Asked Questions

Can I hold both XMMO and FXL in my portfolio?

XMMO and FXL have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XMMO or FXL?

FXL has higher volatility (11.12%) compared to XMMO (9.07%). In terms of maximum drawdown, XMMO dropped -55.37% vs FXL's -61.41%.

Which ETF is better, XMMO or FXL?

On 10-year performance, FXL leads with 20.76% vs 19.95% for XMMO. On fees, XMMO is cheaper at 0.35% per year. On volatility, XMMO has been the lower-risk option at 9.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XMMO or FXL?

Over the 10-year period, FXL has performed better with a 20.76% return vs 19.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XMMO or FXL?

XMMO is cheaper with a 0.35% expense ratio, compared with 0.61% for FXL.

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

XMMO has the higher dividend yield at 0.61%, compared with 0.00% for FXL.

What is the main difference between XMMO and FXL?

XMMO is categorized as Momentum, while FXL is Technology Equities. XMMO tracks S&P MidCap 400 Momentum Index, while FXL tracks StrataQuant Technology Index. They also come from different issuers: Invesco and First Trust. Their fees differ too: 0.35% for XMMO and 0.61% for FXL.

Which has better risk-adjusted returns?

XMMO currently has the higher Sharpe Ratio (1.86 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.