XTL vs. FPA

Last updated Jun 16, 2026

XTL (SPDR S&P Telecom ETF) and FPA (First Trust Asia Pacific ex-Japan AlphaDEX Fund) are both exchange-traded funds - XTL is a Communications Equities fund tracking the S&P Telecom Select Industry Index, while FPA is a Asia Pacific Equities fund tracking the NASDAQ AlphaDEX Asia Pacific Ex-Japan Index. Both are passively managed. Over the past 10 years, XTL returned 16.10%/yr vs 11.77%/yr for FPA. At a 0.44 correlation, their price movements are largely independent. XTL charges 0.35%/yr vs 0.80%/yr for FPA.

Performance

XTL vs. FPA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Telecom ETF (XTL) and First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XTL achieves a 51.46% return, which is significantly lower than FPA's 56.23% return. Over the past 10 years, XTL has outperformed FPA with an annualized return of 16.10%, while FPA has yielded a comparatively lower 11.77% annualized return.

XTL

• 1D: 0.12%
• 1M: 2.37%
• YTD: 51.46%
• 6M: 55.42%
• 1Y: 120.69%
• 3Y*: 45.66%
• 5Y*: 19.06%
• 10Y*: 16.10%

FPA

• 1D: 6.26%
• 1M: 10.19%
• YTD: 56.23%
• 6M: 56.82%
• 1Y: 75.71%
• 3Y*: 31.91%
• 5Y*: 14.02%
• 10Y*: 11.77%

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

XTL vs. FPA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XTL SPDR S&P Telecom ETF	51.46%	44.95%	34.89%	-1.17%	-19.18%	21.58%	22.46%	12.51%	-6.60%	0.56%
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund	56.23%	43.16%	3.95%	9.97%	-14.55%	2.98%	13.43%	8.91%	-21.91%	35.81%

Correlation

The correlation between XTL and FPA is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since Apr 20, 2011	0.44

XTL vs. FPA - Sectors Allocation Comparison

Sectors	XTL	FPA
Technology	62.7%	25.2%
Communication Services	35.0%	2.6%
Real Estate	2.3%	6.2%
Basic Materials	-	4.2%
Consumer Cyclical	-	9.3%
Consumer Defensive	-	2.7%
Energy	-	5.4%
Financial Services	-	8.6%
Healthcare	-	0.8%
Industrials	-	32.7%
Utilities	-	5.1%

Return for Risk

XTL vs. FPA — Risk / Return Rank

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

XTL

XTL Risk / Return Rank: 95
XTL Sharpe Ratio Rank: 97
XTL Sortino Ratio Rank: 94
XTL Omega Ratio Rank: 93
XTL Calmar Ratio Rank: 96
XTL Martin Ratio Rank: 96

FPA

FPA Risk / Return Rank: 86
FPA Sharpe Ratio Rank: 89
FPA Sortino Ratio Rank: 82
FPA Omega Ratio Rank: 84
FPA Calmar Ratio Rank: 89
FPA Martin Ratio Rank: 87

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.

XTL vs. FPA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Telecom ETF (XTL) and First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA). 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.

	XTL	FPA	Difference
Sharpe ratio: Return per unit of total volatility	4.04	2.69	+1.35
Sortino ratio: Return per unit of downside risk	4.39	3.34	+1.05
Omega ratio: Gain probability vs. loss probability	1.58	1.47	+0.12
Calmar ratio: Return relative to maximum drawdown	8.26	4.95	+3.31
Martin ratio: Return relative to average drawdown	34.62	17.04	+17.58

XTL vs. FPA - Sharpe Ratio Comparison

The current XTL Sharpe Ratio is 4.04, which is higher than the FPA Sharpe Ratio of 2.69. The chart below compares the historical Sharpe Ratios of XTL and FPA, 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

XTL vs. FPA - Drawdown Comparison

The maximum XTL drawdown since its inception was -37.01%, smaller than the maximum FPA drawdown of -52.91%. Use the drawdown chart below to compare losses from any high point for XTL and FPA.

Drawdown Indicators

	XTL	FPA	Difference
Max Drawdown Largest peak-to-trough decline	-37.01%	-52.91%	+15.90%
Max Drawdown (1Y) Largest decline over 1 year	-14.70%	-15.37%	+0.67%
Max Drawdown (3Y) Largest decline over 3 years	-22.79%	-20.66%	-2.13%
Max Drawdown (5Y) Largest decline over 5 years	-37.01%	-34.54%	-2.47%
Max Drawdown (10Y) Largest decline over 10 years	-37.01%	-52.91%	+15.90%
Current Drawdown Current decline from peak	-6.61%	-1.11%	-5.50%
Average Drawdown Average peak-to-trough decline	-9.76%	-13.47%	+3.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.50%	4.46%	-0.96%

Volatility

XTL vs. FPA - Volatility Comparison

The current volatility for SPDR S&P Telecom ETF (XTL) is 11.24%, while First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA) has a volatility of 15.75%. This indicates that XTL experiences smaller price fluctuations and is considered to be less risky than FPA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XTL	FPA	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.24%	15.75%	-4.51%
Volatility (6M) Calculated over the trailing 6-month period	24.21%	25.06%	-0.85%
Volatility (1Y) Calculated over the trailing 1-year period	30.10%	28.31%	+1.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.35%	24.59%	+0.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.67%	22.72%	+0.95%

XTL vs. FPA - Expense Ratio Comparison

XTL has a 0.35% expense ratio, which is lower than FPA's 0.80% expense ratio.

Dividends

XTL vs. FPA - Dividend Comparison

XTL's dividend yield for the trailing twelve months is around 0.86%, less than FPA's 3.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund	3.42%	4.71%	3.40%	3.02%	4.22%	5.12%	1.59%	3.90%	2.81%	3.15%	2.42%	1.74%
XTL SPDR S&P Telecom ETF	0.86%	1.05%	0.62%	0.80%	0.74%	1.25%	0.88%	0.92%	1.90%	2.08%	1.11%	1.38%

Frequently Asked Questions

Can I hold both XTL and FPA in my portfolio?

XTL and FPA have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XTL or FPA?

FPA has higher volatility (15.75%) compared to XTL (11.24%). In terms of maximum drawdown, XTL dropped -37.01% vs FPA's -52.91%.

Which ETF is better, XTL or FPA?

On 10-year performance, XTL leads with 16.10% vs 11.77% for FPA. On fees, XTL is cheaper at 0.35% per year. On volatility, XTL has been the lower-risk option at 11.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XTL or FPA?

Over the 10-year period, XTL has performed better with a 16.10% return vs 11.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XTL or FPA?

XTL is cheaper with a 0.35% expense ratio, compared with 0.80% for FPA.

Which ETF pays a higher dividend yield, XTL or FPA?

FPA has the higher dividend yield at 3.42%, compared with 0.86% for XTL.

What is the main difference between XTL and FPA?

XTL is categorized as Communications Equities, while FPA is Asia Pacific Equities. XTL tracks S&P Telecom Select Industry Index, while FPA tracks NASDAQ AlphaDEX Asia Pacific Ex-Japan Index. They also come from different issuers: State Street and First Trust. Their fees differ too: 0.35% for XTL and 0.80% for FPA.

Which has better risk-adjusted returns?

XTL currently has the higher Sharpe Ratio (4.04 vs 2.69), 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.