First Trust Long/Short Equity ETF (FTLS) is a ETF from First Trust Portfolios (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year FTLS returned +14.10% while SPY returned +22.80%. Year to date, FTLS is up 6.87% versus a gain of 13.10% for SPY.

Over three years, FTLS compounded at +13.13% per year against +20.98% for SPY; over five years the annualized figures are +10.17% and +13.20% respectively. Across the full 12-year window we track, SPY has the edge at +8.83% annualized vs +8.60%. Past performance does not guarantee future results.

SPY has been the more volatile fund, with annualized monthly volatility of 15.3% 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 -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.

The two funds' monthly returns correlate at 0.90. They move almost in lockstep, so holding both mostly duplicates the same exposure.

FTLS charges 1.38% per year while SPY charges 0.09%. On a $10,000 position that is $138 vs $9 annually, a gap of $129 per year that compounds over a long holding period. On income, FTLS currently yields 0.90% against 1.01% for SPY.