FTLS vs SPXX
First Trust Long/Short Equity ETF vs Nuveen S&P 500 Dynamic Overwrite Fund
Which is better, FTLS or SPXX?
Each has led over a different period.
SPXX has a lower expense ratio. FTLS led over 5Y and the full window, SPXX over 1Y and 3Y.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | FTLS | SPXX |
|---|---|---|
| Expense Ratio | 1.38% | 0.91%Best |
| AUM | $2.7B | $2.8B |
| Dividend Yield | 0.87% | 7.40% |
| Holdings | 363 | 553 |
| YTD Return | +9.83% | +10.40%Best |
| 1Y Return | +13.43% | +18.86%Best |
| 3Y Return (annualized) | +14.42% | +17.05%Best |
| 5Y Return (annualized) | +10.59%Best | +9.18% |
| Volatility (annualized) | 8.7%Best | 16.5% |
| Max Drawdown | -20.5%Best | -51.1% |
| $10,000 over 5 years | $16,542Best | $15,514 |
| Fund Family | First Trust Portfolios (US) | Nuveen |
| Category | Alternative | Alternative |
| Style | Multi Alternative | Multi Alternative |
| Inception | Sep 8, 2014 | Nov 22, 2005 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Sep 9, 2014 to Oct 14, 2026 (12.1 years).
FTLS vs SPXX growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 12.1 years both funds cover.
FTLS vs SPXX Performance
First Trust Long/Short Equity ETF (FTLS) is an ETF from First Trust Portfolios (US) and Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) is an ETF from Nuveen. Over the past year FTLS returned +13.43% while SPXX returned +18.86%. Year to date, FTLS is up 9.83% versus a gain of 10.40% for SPXX.
Over three years, FTLS compounded at +14.42% per year against +17.05% for SPXX; over five years the annualized figures are +10.59% and +9.18% respectively. Across the full 12-year window we track, FTLS has the edge at +8.71% annualized vs +5.70%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPXX has been the more volatile fund, with annualized monthly volatility of 16.5% compared with 8.7% for FTLS. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -20.5% for FTLS and -51.1% for SPXX. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.76. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
FTLS charges 1.38% per year while SPXX charges 0.91%. On a $10,000 position that is $138 vs $91 annually, a gap of $47 per year that compounds over a long holding period. On income, FTLS currently yields 0.87% against 7.40% for SPXX.
Holdings Overlap
At least 63.8% of SPXX's money is in holdings FTLS also owns.
Stated as a floor: for FTLS, our book for it covers 94.2% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
The two portfolios partly overlap.
The two holdings books were reported 63 days apart, FTLS as of Oct 2, 2026 and SPXX as of Jul 31, 2026, so some of the difference between them is the time between the two reports rather than the funds.
172 positions in common, counted across the 507 positions we hold weights for in FTLS and 546 in SPXX, against full books of 363 and 553.
Top Shared Holdings
| Stock | Weight in FTLS | Weight in SPXX | Difference |
|---|---|---|---|
| NVDANVIDIA Corporation | 6.67% | 7.65% | 0.98% |
| AAPLApple, Inc | 5.55% | 7.01% | 1.46% |
| MSFTMicrosoft Corp | 4.13% | 5.49% | 1.36% |
| GOOGLAlphabet Inc Cl A | 4.15% | 3.13% | 1.02% |
| AMZNAmazon.Com Inc | 2.60% | 4.25% | 1.65% |
| AVGOBroadcom Inc | 1.08% | 2.84% | 1.76% |
| METAMeta Platforms Inc Class A | 1.16% | 1.75% | 0.59% |
| VVisa Inc. Cl A | 1.11% | 1.45% | 0.34% |
| MUMicron Technology Inc . | 0.79% | 1.53% | 0.74% |
| JPMJpmorgan Chase & Co | 0.34% | 1.93% | 1.59% |
63.8% of SPXX is already inside FTLS.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, FTLS or SPXX?
FTLS has an expense ratio of 1.38% while SPXX charges 0.91%. SPXX is the cheaper option, by $47 a year on a $10,000 investment.
Which performed better, FTLS or SPXX?
Over the past year FTLS returned +13.43% vs +18.86% for SPXX, so SPXX leads on 1-year performance. Over the longest common window we track (12 years), FTLS annualized +8.71% vs +5.70% for SPXX. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FTLS or SPXX?
SPXX has been the more volatile fund at 16.5% annualized versus 8.7% for FTLS. Worst drawdown: FTLS -20.5% vs SPXX -51.1%.
Should I hold both FTLS and SPXX?
FTLS and SPXX have a monthly-return correlation of 0.76, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between FTLS and SPXX?
At least 63.8% of SPXX's money is in holdings FTLS also owns. Our book for FTLS is partial, so the real figure is this or higher. They hold 172 positions in common, counted across the 507 positions we hold weights for in FTLS and 546 in SPXX.
Which pays a higher dividend, FTLS or SPXX?
FTLS yields 0.87% while SPXX yields 7.40%, so SPXX currently pays the higher dividend yield.
Is SPXX better than FTLS?
SPXX has a lower expense ratio. FTLS led over 5Y and the full window, SPXX over 1Y and 3Y. Which one suits a particular account depends on what it is for. This is information, not a recommendation.