ENZL vs. FPA

Last updated Apr 1, 2026

Compare and contrast key facts about iShares MSCI New Zealand ETF (ENZL) and First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA).

ENZL and FPA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ENZL is a passively managed fund by iShares that tracks the performance of the MSCI New Zealand Investable Market Index. It was launched on Sep 1, 2010. FPA is a passively managed fund by First Trust that tracks the performance of the NASDAQ AlphaDEX Asia Pacific Ex-Japan Index. It was launched on Apr 18, 2011. Both ENZL and FPA are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

ENZL vs. FPA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI New Zealand ETF (ENZL) and First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA). The values are adjusted to include any dividend payments, if applicable.

ENZL vs. FPA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ENZL iShares MSCI New Zealand ETF	-5.80%	2.47%	-4.86%	2.95%	-16.18%	-11.39%	20.04%	30.09%	0.35%	24.04%
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund	17.42%	43.16%	3.95%	9.97%	-14.55%	2.98%	13.43%	8.91%	-21.91%	35.81%

Returns By Period

In the year-to-date period, ENZL achieves a -5.80% return, which is significantly lower than FPA's 17.42% return. Over the past 10 years, ENZL has underperformed FPA with an annualized return of 3.33%, while FPA has yielded a comparatively higher 8.13% annualized return.

ENZL

• 1D: 2.02%
• 1M: -10.18%
• YTD: -5.80%
• 6M: -5.97%
• 1Y: 3.63%
• 3Y*: -2.77%
• 5Y*: -5.18%
• 10Y*: 3.33%

FPA

• 1D: 3.37%
• 1M: -12.20%
• YTD: 17.42%
• 6M: 20.56%
• 1Y: 61.12%
• 3Y*: 21.98%
• 5Y*: 9.33%
• 10Y*: 8.13%

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

ENZL vs. FPA - Expense Ratio Comparison

ENZL has a 0.50% expense ratio, which is lower than FPA's 0.80% expense ratio.

FPA

First Trust Asia Pacific ex-Japan AlphaDEX Fund

ENZL

iShares MSCI New Zealand ETF

Return for Risk

ENZL vs. FPA — Risk / Return Rank

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

ENZL

ENZL Risk / Return Rank: 18
ENZL Sharpe Ratio Rank: 18
ENZL Sortino Ratio Rank: 17
ENZL Omega Ratio Rank: 17
ENZL Calmar Ratio Rank: 18
ENZL Martin Ratio Rank: 20

FPA

FPA Risk / Return Rank: 95
FPA Sharpe Ratio Rank: 95
FPA Sortino Ratio Rank: 95
FPA Omega Ratio Rank: 94
FPA Calmar Ratio Rank: 95
FPA Martin Ratio Rank: 95

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.

ENZL vs. FPA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI New Zealand ETF (ENZL) and First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA). 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.

	ENZL	FPA	Difference
Sharpe ratio Return per unit of total volatility	0.21	2.40	-2.19
Sortino ratio Return per unit of downside risk	0.41	3.14	-2.74
Omega ratio Gain probability vs. loss probability	1.05	1.44	-0.38
Calmar ratio Return relative to maximum drawdown	0.29	3.96	-3.68
Martin ratio Return relative to average drawdown	1.07	16.04	-14.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ENZL vs. FPA - Sharpe Ratio Comparison

The current ENZL Sharpe Ratio is 0.21, which is lower than the FPA Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of ENZL and FPA, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ENZL	FPA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.21	2.40	-2.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.28	0.41	-0.69
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.16	0.37	-0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.26	+0.10

Correlation

The correlation between ENZL and FPA is 0.45, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

ENZL vs. FPA - Dividend Comparison

ENZL's dividend yield for the trailing twelve months is around 2.37%, less than FPA's 4.54% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ENZL iShares MSCI New Zealand ETF	2.37%	2.23%	2.13%	3.00%	1.62%	2.46%	1.66%	3.35%	3.60%	3.69%	4.79%	4.29%
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund	4.54%	4.71%	3.40%	3.02%	4.22%	5.12%	1.59%	3.90%	2.81%	3.15%	2.42%	1.74%

Drawdowns

ENZL vs. FPA - Drawdown Comparison

The maximum ENZL drawdown since its inception was -42.44%, smaller than the maximum FPA drawdown of -52.91%. Use the drawdown chart below to compare losses from any high point for ENZL and FPA.

Drawdown Indicators

	ENZL	FPA	Difference
Max Drawdown Largest peak-to-trough decline	-42.44%	-52.91%	+10.47%
Max Drawdown (1Y) Largest decline over 1 year	-12.90%	-15.37%	+2.47%
Max Drawdown (5Y) Largest decline over 5 years	-37.18%	-35.36%	-1.82%
Max Drawdown (10Y) Largest decline over 10 years	-42.44%	-52.91%	+10.47%
Current Drawdown Current decline from peak	-33.33%	-12.52%	-20.81%
Average Drawdown Average peak-to-trough decline	-12.58%	-13.60%	+1.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.46%	3.80%	-0.34%

Volatility

ENZL vs. FPA - Volatility Comparison

The current volatility for iShares MSCI New Zealand ETF (ENZL) is 7.12%, while First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA) has a volatility of 12.28%. This indicates that ENZL experiences smaller price fluctuations and is considered to be less risky than FPA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ENZL	FPA	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.12%	12.28%	-5.16%
Volatility (6M) Calculated over the trailing 6-month period	11.45%	17.57%	-6.12%
Volatility (1Y) Calculated over the trailing 1-year period	17.39%	25.56%	-8.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.45%	23.12%	-4.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.39%	21.91%	-1.52%