First Trust Income Opportunity ETF (FCEF) Performance
FCEF total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +4.3% since Dec 31, 2025
- 1 year
- +6.7% total return
- 5 years
- +4.8% a year
- 10 years
- +7.8% a year
- Since first price
- +7.6% a year since 2016
FCEF trailing returns vs SPY, QQQ, AGG
| Period | FCEF total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −1.3% | −1.8% | −1.0% | −5.0% | +0.9% |
| 3 months | −2.9% | −4.6% | +3.2% | +1.9% | −0.4% |
| 6 months | +0.1% | −3.3% | +7.8% | +8.4% | −1.5% |
| YTD | +4.3% | −1.6% | +12.3% | +15.1% | −1.0% |
| 1 year | +6.7% | −0.6% | +14.4% | +15.9% | −1.1% |
| 3 years | +57.9%+16.5%/yr | +27.1% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +26.5%+4.8%/yr | −11.2% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +111.8%+7.8%/yr | +14.3% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| Since inceptionSep 29, 2016 | +109.5%+7.6%/yr | +12.5% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: FCEF vs SPY
From Sep 29, 2016: FCEF grew to $20,952, SPY to $41,453.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
FCEF returns by calendar year
7 of 9 full years positive. Best 2019 (+28.3%), worst 2022 (−19.5%). 2026 is year to date.
FCEF annual returns table
| Year | FCEF | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +4.3% | −7.0% | +12.3% | +15.1% | −1.0% |
| 2025 | +14.4% | −12.4% | +17.7% | +20.8% | +7.2% |
| 2024 | +17.5% | −5.4% | +24.9% | +25.6% | +1.3% |
| 2023 | +10.3% | −11.3% | +26.2% | +54.9% | +5.7% |
| 2022 | −19.5% | −25.1% | −18.2% | −32.6% | −13.0% |
| 2021 | +19.5% | −5.9% | +28.7% | +27.4% | −1.8% |
| 2020 | +3.8% | −44.8% | +18.3% | +48.6% | +7.5% |
| 2019 | +28.3% | −4.1% | +31.2% | +39.0% | +8.5% |
| 2018 | −9.7% | −17.8% | −4.6% | −0.1% | +0.1% |
| 2017 | +15.7% | −3.6% | +21.7% | +32.7% | +3.6% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
FCEF largest drawdowns
Now 5.8% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Feb 20, 2020 | −44.8% | Mar 18, 2020 | Jan 7, 2021 | 27 days | 11 months |
| Sep 7, 2021 | −25.3% | Oct 14, 2022 | Jul 16, 2024 | 1.1 years | 2.9 years |
| Aug 29, 2018 | −17.8% | Dec 24, 2018 | Apr 5, 2019 | 4 months | 7 months |
| Feb 20, 2025 | −12.4% | Apr 7, 2025 | Jun 3, 2025 | 46 days | 3 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
FCEF risk statistics
| Statistic | 3 years | 5 years | 10 years |
|---|---|---|---|
| Annualized return | +15.0% | +5.5% | +7.7% |
| Volatility (annualized) | 9.6% | 13.5% | 14.7% |
| Sharpe ratio | 1.06 | 0.20 | 0.43 |
| Sortino ratio | 1.78 | 0.29 | 0.59 |
| Best month | +8.0% | +8.9% | +14.2% |
| Worst month | −4.9% | −9.9% | −20.6% |
| Best 12 months | +31.8% | +31.8% | +53.3% |
| Worst 12 months | +6.8% | −20.6% | −20.6% |
| Positive months | 75% | 62% | 68% |
| Beta vs S&P 500 | 0.65 | 0.78 | 0.87 |
| Correlation with S&P 500 | 0.84 | 0.91 | 0.90 |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
FCEF rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 110 | −20.6% | +8.2% | +53.3% | 75% |
| 3-year (a year) | 86 | −2.7% | +6.5% | +16.8% | 94% |
| 5-year (a year) | 62 | +1.9% | +5.9% | +12.8% | 100% |
| 10-year (a year) | 2 | +7.7% | +7.8% | +7.9% | 100% |
Every holding period starting at a month-end since 2016. Returns for 3 years and longer are annualized.
FCEF performance overview
First Trust Income Opportunity ETF (FCEF) returned +6.7% over the past year and +7.8% a year over ten years, with distributions reinvested. Since its first recorded price in 2016 it has returned +7.6% a year, turning $10,000 into about $20,952. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −44.8%, from Feb 20, 2020 to Mar 18, 2020, and it took 10 months to get back to the old high. FCEF finished 7 of its 9 full calendar years with a gain; the best year was 2019 (+28.3%) and the worst 2022 (−19.5%). Volatility has been 14.7% a year.
Related: FCEF chart, FCEF holdings, FCEF dividends. See the FCEF overview for the latest quote and fund facts.
FCEF performance FAQ
What is the FCEF return over the past year?
FCEF returned +6.7% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 0.6%.
What is the average annual return of FCEF?
FCEF has returned +4.8% a year over 5 years, +7.8% a year over 10 years, +7.6% a year since September 29, 2016 (total return, distributions reinvested).
How much would $10,000 invested in FCEF be worth?
$10,000 invested in FCEF at its first recorded close on September 29, 2016 would be worth about $20,952 on October 23, 2026 with distributions reinvested.
What was the worst year for FCEF?
The worst calendar year was 2022, with a total return of −19.5%. The best was 2019 at +28.3%.
What is the biggest drawdown of FCEF?
The largest peak-to-trough decline was −44.8% between February 20, 2020 and March 18, 2020. It recovered to the old high on January 7, 2021, 10 months after the bottom.
How volatile is FCEF?
Over the past 3 years FCEF had an annualized volatility of 9.6% and a Sharpe ratio of 1.06 (excess return over 1–3 month T-bills per unit of risk).