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EIS vs. FGM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EIS vs. FGM

Last updated Jun 13, 2026

EIS (iShares MSCI Israel ETF) and FGM (First Trust Germany AlphaDEX Fund) are both exchange-traded funds - EIS is a Foreign Large Cap Equities fund tracking the MSCI Israel Capped Investable Market Index (Net), while FGM is a Europe Equities fund tracking the NASDAQ AlphaDEX Germany Index. Both are passively managed. Over the past 10 years, EIS returned 12.35%/yr vs 8.76%/yr for FGM. At a 0.50 correlation, their price movements are largely independent. EIS charges 0.59%/yr vs 0.80%/yr for FGM.

Performance

EIS vs. FGM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Israel ETF (EIS) and First Trust Germany AlphaDEX Fund (FGM). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EIS achieves a 18.11% return, which is significantly higher than FGM's 3.19% return. Over the past 10 years, EIS has outperformed FGM with an annualized return of 12.35%, while FGM has yielded a comparatively lower 8.76% annualized return.

EIS

1D
1.32%
1M
-2.92%
YTD
18.11%
6M
18.71%
1Y
61.04%
3Y*
33.86%
5Y*
15.01%
10Y*
12.35%

FGM

1D
1.21%
1M
-2.19%
YTD
3.19%
6M
4.60%
1Y
18.86%
3Y*
20.38%
5Y*
4.13%
10Y*
8.76%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EIS vs. FGM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EIS
iShares MSCI Israel ETF		18.11%45.11%34.50%5.48%-27.05%22.83%12.01%20.93%-4.84%12.77%
FGM
First Trust Germany AlphaDEX Fund		3.19%63.60%1.36%13.28%-30.46%6.10%17.26%20.77%-25.14%44.28%

Correlation

The correlation between EIS and FGM is 0.55, 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

0.55

Correlation (3Y)
Calculated over the trailing 3-year period

0.49

Correlation (5Y)
Calculated over the trailing 5-year period

0.49

Correlation (10Y)
Calculated over the trailing 10-year period

0.51

Correlation (All Time)
Calculated using the full available price history since Feb 17, 2012

0.50

The correlation between EIS and FGM has been stable across timeframes, ranging from 0.49 to 0.55 - a consistent structural relationship.

EIS vs. FGM - Sectors Allocation Comparison

Sectors
EIS
FGM

Financial Services

34.6%
8.2%

Technology

17.8%

-

Industrials

10.9%
40.5%

Healthcare

9.8%
6.4%

Real Estate

9.1%
10.8%

Utilities

6.6%
3.2%

Communication Services

2.7%
3.2%

Consumer Cyclical

2.5%
16.6%

Consumer Defensive

2.3%
2.2%

Energy

2.0%

-

Basic Materials

1.8%
9.0%

Financial Services

EIS
34.6%
FGM
8.2%

Technology

EIS
17.8%
FGM

-

Industrials

EIS
10.9%
FGM
40.5%

Healthcare

EIS
9.8%
FGM
6.4%

Real Estate

EIS
9.1%
FGM
10.8%

Utilities

EIS
6.6%
FGM
3.2%

Communication Services

EIS
2.7%
FGM
3.2%

Consumer Cyclical

EIS
2.5%
FGM
16.6%

Consumer Defensive

EIS
2.3%
FGM
2.2%

Energy

EIS
2.0%
FGM

-

Basic Materials

EIS
1.8%
FGM
9.0%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Israel ETF

First Trust Germany AlphaDEX Fund

Often compared with EIS:
EIS vs. ISRAEIS vs. IZRLEIS vs. SPYEIS vs. VOOEIS vs. ITEQEIS vs. QQQEIS vs. EGPT
Often compared with FGM:
FGM vs. EWGFGM vs. FEUZFGM vs. DAXFGM vs. FLGRFGM vs. EXS1.DEFGM vs. KBWPFGM vs. SHLD

Return for Risk

EIS vs. FGM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EIS
EIS Risk / Return Rank: 8585
Overall Rank
EIS Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
EIS Sortino Ratio Rank: 8585
Sortino Ratio Rank
EIS Omega Ratio Rank: 8080
Omega Ratio Rank
EIS Calmar Ratio Rank: 8989
Calmar Ratio Rank
EIS Martin Ratio Rank: 8686
Martin Ratio Rank
FGM
FGM Risk / Return Rank: 2525
Overall Rank
FGM Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
FGM Sortino Ratio Rank: 2626
Sortino Ratio Rank
FGM Omega Ratio Rank: 2525
Omega Ratio Rank
FGM Calmar Ratio Rank: 2424
Calmar Ratio Rank
FGM Martin Ratio Rank: 2525
Martin Ratio Rank
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.

EIS vs. FGM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Israel ETF (EIS) and First Trust Germany AlphaDEX Fund (FGM). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

EISFGMDifference
Sharpe ratioReturn per unit of total volatility
2.41
0.84

+1.57

Sortino ratioReturn per unit of downside risk
3.29
1.28

+2.01

Omega ratioGain probability vs. loss probability

1.41

1.16

+0.25

Calmar ratioReturn relative to maximum drawdown

4.62

0.98

+3.63

Martin ratioReturn relative to average drawdown

15.86

3.01

+12.85

EIS vs. FGM - Sharpe Ratio Comparison

The current EIS Sharpe Ratio is 2.41, which is higher than the FGM Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of EIS and FGM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

EIS vs. FGM - Drawdown Comparison

The maximum EIS drawdown since its inception was -51.94%, roughly equal to the maximum FGM drawdown of -51.58%. Use the drawdown chart below to compare losses from any high point for EIS and FGM.

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Drawdown Indicators

EISFGMDifference

Max Drawdown

Largest peak-to-trough decline

-51.94%

-51.58%

-0.36%

Max Drawdown (1Y)

Largest decline over 1 year

-12.40%

-17.76%

+5.36%

Max Drawdown (3Y)

Largest decline over 3 years

-24.10%

-17.93%

-6.17%

Max Drawdown (5Y)

Largest decline over 5 years

-41.88%

-50.22%

+8.34%

Max Drawdown (10Y)

Largest decline over 10 years

-41.88%

-51.58%

+9.70%

Current Drawdown

Current decline from peak

-5.61%

-8.26%

+2.65%

Average Drawdown

Average peak-to-trough decline

-13.89%

-14.72%

+0.83%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.61%

5.81%

-2.20%

Volatility

EIS vs. FGM - Volatility Comparison

iShares MSCI Israel ETF (EIS) has a higher volatility of 9.80% compared to First Trust Germany AlphaDEX Fund (FGM) at 6.75%. This indicates that EIS's price experiences larger fluctuations and is considered to be riskier than FGM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EISFGMDifference

Volatility (1M)

Calculated over the trailing 1-month period

9.80%

6.75%

+3.05%

Volatility (6M)

Calculated over the trailing 6-month period

17.62%

17.55%

+0.07%

Volatility (1Y)

Calculated over the trailing 1-year period

23.81%

20.94%

+2.87%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.06%

24.54%

-2.48%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.21%

23.11%

-1.90%

EIS vs. FGM - Expense Ratio Comparison

EIS has a 0.59% expense ratio, which is lower than FGM's 0.80% expense ratio.

Dividends

EIS vs. FGM - Dividend Comparison

EIS's dividend yield for the trailing twelve months is around 1.22%, more than FGM's 0.64% yield.

PositionTTM20252024202320222021202020192018201720162015
EIS
iShares MSCI Israel ETF		1.22%1.44%1.38%1.39%1.66%1.04%0.16%2.06%0.87%2.02%1.78%2.55%
FGM
First Trust Germany AlphaDEX Fund		0.64%0.66%2.56%2.82%5.44%1.43%1.33%2.30%2.18%2.11%1.33%1.13%

Frequently Asked Questions

EIS and FGM have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EIS has higher volatility (9.80%) compared to FGM (6.75%). In terms of maximum drawdown, EIS dropped -51.94% vs FGM's -51.58%.

On 10-year performance, EIS leads with 12.35% vs 8.76% for FGM. On fees, EIS is cheaper at 0.59% per year. On volatility, FGM has been the lower-risk option at 6.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EIS has performed better with a 12.35% return vs 8.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EIS is cheaper with a 0.59% expense ratio, compared with 0.80% for FGM.

EIS has the higher dividend yield at 1.22%, compared with 0.64% for FGM.

EIS is categorized as Foreign Large Cap Equities, while FGM is Europe Equities. EIS tracks MSCI Israel Capped Investable Market Index (Net), while FGM tracks NASDAQ AlphaDEX Germany Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.59% for EIS and 0.80% for FGM.

EIS currently has the higher Sharpe Ratio (2.41 vs 0.84), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

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