IBD50 (FFTY) vs. S&P 500 (SPY)

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The Investor's Business Daily IBD 50 is a popular watchlist used by many to pick stocks with bullish momentum. It has been made into an actively managed ETF by Innovator Funds as AMEX:FFTY . This chart compares how the ETF is performing vs. AMEX:SPY YTD. On a quick visual glance, it seems to basically track S&P with higher beta, eyeballing this at maybe 1.25 Beta, slightly higher highs and lower lows, as would be expected by momentum plays. Qualitatively speaking, it seems not to definitively exhibit alpha - at least in 2018 YTD - only higher beta.
Comment: Notice the comparative move in the last 3 days on market weakness, SPY down about 1.5% from 2925 to 2884, while FFTY at about 2x this move from 37.36 to 35.23. Would expect this to be equally dramatic to the upside should we see a snap back bounce from here, or a faster decline if weakness continues
Comment: Today's price action puts FFTY at 34.96, now up just 5.3% for the year while S&P at 2880 makes for a 7.7% gain in 2018 YTD.
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