AUEG.L vs. FEM.L

Last updated Jun 5, 2026

AUEG.L (Amundi MSCI Emerging Markets UCITS ETF USD) and FEM.L (First Trust Emerging Markets AlphaDEX UCITS ETF Acc) are both Emerging Markets Equities funds tracking the MSCI EM NR USD, from Amundi and First Trust respectively. Both are passively managed. Over the past 10 years, AUEG.L returned 10.92%/yr vs 10.14%/yr for FEM.L. Their correlation of 0.83 suggests significant overlap in exposure. AUEG.L charges 0.20%/yr vs 0.80%/yr for FEM.L.

Performance

AUEG.L vs. FEM.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Amundi MSCI Emerging Markets UCITS ETF USD (AUEG.L) and First Trust Emerging Markets AlphaDEX UCITS ETF Acc (FEM.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AUEG.L achieves a 26.01% return, which is significantly higher than FEM.L's 19.38% return. Over the past 10 years, AUEG.L has outperformed FEM.L with an annualized return of 10.92%, while FEM.L has yielded a comparatively lower 10.14% annualized return.

AUEG.L

• 1D: -1.63%
• 1M: 6.26%
• YTD: 26.01%
• 6M: 28.10%
• 1Y: 53.88%
• 3Y*: 20.95%
• 5Y*: 8.55%
• 10Y*: 10.92%

FEM.L

• 1D: -0.53%
• 1M: -0.64%
• YTD: 19.38%
• 6M: 20.41%
• 1Y: 41.02%
• 3Y*: 17.20%
• 5Y*: 8.32%
• 10Y*: 10.14%

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

AUEG.L vs. FEM.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AUEG.L Amundi MSCI Emerging Markets UCITS ETF USD	26.01%	25.28%	8.99%	3.02%	-10.18%	-2.18%	14.26%	13.31%	-9.74%	25.23%
FEM.L First Trust Emerging Markets AlphaDEX UCITS ETF Acc	19.38%	18.46%	5.12%	4.21%	-3.80%	8.72%	-3.95%	15.10%	-11.29%	27.59%

Correlation

The correlation between AUEG.L and FEM.L is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Dec 9, 2015	0.83

The correlation between AUEG.L and FEM.L has been stable across timeframes, ranging from 0.75 to 0.83 - a consistent structural relationship.

AUEG.L vs. FEM.L - Sectors Allocation Comparison

Sectors	AUEG.L	FEM.L
Technology	36.9%	27.7%
Financial Services	19.5%	6.4%
Consumer Cyclical	9.6%	5.7%
Industrials	7.5%	20.3%
Communication Services	6.9%	4.6%
Basic Materials	6.6%	7.9%
Energy	4.1%	13.1%
Consumer Defensive	3.0%	2.9%
Healthcare	2.9%	2.8%
Utilities	2.1%	6.0%
Real Estate	1.0%	2.6%

Return for Risk

AUEG.L vs. FEM.L — Risk / Return Rank

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

AUEG.L

AUEG.L Risk / Return Rank: 89
AUEG.L Sharpe Ratio Rank: 91
AUEG.L Sortino Ratio Rank: 90
AUEG.L Omega Ratio Rank: 91
AUEG.L Calmar Ratio Rank: 87
AUEG.L Martin Ratio Rank: 85

FEM.L

FEM.L Risk / Return Rank: 84
FEM.L Sharpe Ratio Rank: 83
FEM.L Sortino Ratio Rank: 78
FEM.L Omega Ratio Rank: 81
FEM.L Calmar Ratio Rank: 91
FEM.L Martin Ratio Rank: 88

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.

AUEG.L vs. FEM.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amundi MSCI Emerging Markets UCITS ETF USD (AUEG.L) and First Trust Emerging Markets AlphaDEX UCITS ETF Acc (FEM.L). 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.

	AUEG.L	FEM.L	Difference
Sharpe ratio: Return per unit of total volatility	3.20	2.67	+0.53
Sortino ratio: Return per unit of downside risk	4.11	3.46	+0.65
Omega ratio: Gain probability vs. loss probability	1.59	1.48	+0.11
Calmar ratio: Return relative to maximum drawdown	4.89	5.87	-0.98
Martin ratio: Return relative to average drawdown	17.24	18.76	-1.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AUEG.L vs. FEM.L - Sharpe Ratio Comparison

The current AUEG.L Sharpe Ratio is 3.20, which is comparable to the FEM.L Sharpe Ratio of 2.67. The chart below compares the historical Sharpe Ratios of AUEG.L and FEM.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AUEG.L	FEM.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.20	2.67	+0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.52	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.54	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.35	+0.28

Drawdowns

AUEG.L vs. FEM.L - Drawdown Comparison

The maximum AUEG.L drawdown since its inception was -27.50%, smaller than the maximum FEM.L drawdown of -35.42%. Use the drawdown chart below to compare losses from any high point for AUEG.L and FEM.L.

Drawdown Indicators

	AUEG.L	FEM.L	Difference
Max Drawdown Largest peak-to-trough decline	-27.50%	-35.42%	+7.92%
Max Drawdown (1Y) Largest decline over 1 year	-10.97%	-6.96%	-4.01%
Max Drawdown (3Y) Largest decline over 3 years	-15.37%	-17.83%	+2.46%
Max Drawdown (5Y) Largest decline over 5 years	-23.59%	-17.83%	-5.76%
Max Drawdown (10Y) Largest decline over 10 years	-27.50%	-35.42%	+7.92%
Current Drawdown Current decline from peak	-2.45%	-1.32%	-1.13%
Average Drawdown Average peak-to-trough decline	-9.17%	-8.99%	-0.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.12%	2.18%	+0.94%

Volatility

AUEG.L vs. FEM.L - Volatility Comparison

Amundi MSCI Emerging Markets UCITS ETF USD (AUEG.L) has a higher volatility of 7.40% compared to First Trust Emerging Markets AlphaDEX UCITS ETF Acc (FEM.L) at 5.20%. This indicates that AUEG.L's price experiences larger fluctuations and is considered to be riskier than FEM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AUEG.L	FEM.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.40%	5.20%	+2.20%
Volatility (6M) Calculated over the trailing 6-month period	14.32%	12.21%	+2.11%
Volatility (1Y) Calculated over the trailing 1-year period	16.80%	15.31%	+1.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.19%	15.96%	+0.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.91%	18.68%	-0.77%

AUEG.L vs. FEM.L - Expense Ratio Comparison

AUEG.L has a 0.20% expense ratio, which is lower than FEM.L's 0.80% expense ratio.

Dividends

AUEG.L vs. FEM.L - Dividend Comparison

Neither AUEG.L nor FEM.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both AUEG.L and FEM.L in my portfolio?

AUEG.L and FEM.L have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AUEG.L or FEM.L?

On fees, AUEG.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AUEG.L or FEM.L?

AUEG.L is cheaper with a 0.20% expense ratio, compared with 0.80% for FEM.L.

What is the main difference between AUEG.L and FEM.L?

Both ETFs track MSCI EM NR USD. They also come from different issuers: Amundi and First Trust. Their fees differ too: 0.20% for AUEG.L and 0.80% for FEM.L.