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EPOL vs. FGM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EPOL vs. FGM

Last updated Jun 13, 2026

EPOL (iShares MSCI Poland ETF) and FGM (First Trust Germany AlphaDEX Fund) are both Europe Equities funds - EPOL tracks the MSCI Poland Investable Market Index while FGM tracks the NASDAQ AlphaDEX Germany Index. Both are passively managed. Over the past 10 years, EPOL returned 12.21%/yr vs 8.76%/yr for FGM. A 0.57 correlation means they provide meaningful diversification when combined. EPOL charges 0.61%/yr vs 0.80%/yr for FGM.

Performance

EPOL vs. FGM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Poland ETF (EPOL) 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, EPOL achieves a 16.37% return, which is significantly higher than FGM's 3.19% return. Over the past 10 years, EPOL has outperformed FGM with an annualized return of 12.21%, while FGM has yielded a comparatively lower 8.76% annualized return.

EPOL

1D
0.96%
1M
3.49%
YTD
16.37%
6M
20.25%
1Y
40.61%
3Y*
36.58%
5Y*
17.10%
10Y*
12.21%

FGM

1D
1.21%
1M
-2.27%
YTD
3.19%
6M
4.60%
1Y
17.41%
3Y*
20.38%
5Y*
4.13%
10Y*
8.76%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EPOL vs. FGM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EPOL
iShares MSCI Poland ETF		16.37%77.34%-2.61%50.70%-24.62%12.21%-8.38%-6.13%-13.76%52.43%
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 EPOL and FGM is 0.66, 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

0.66

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

0.60

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

0.59

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

0.60

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

0.57

The correlation between EPOL and FGM has been stable across timeframes, ranging from 0.57 to 0.66 - a consistent structural relationship.

EPOL vs. FGM - Sectors Allocation Comparison

Sectors
EPOL
FGM

Financial Services

45.6%
8.2%

Energy

14.6%

-

Consumer Cyclical

12.4%
16.6%

Basic Materials

6.6%
9.0%

Communication Services

6.3%
3.2%

Consumer Defensive

5.5%
2.2%

Utilities

5.1%
3.2%

Technology

1.9%

-

Industrials

1.7%
40.5%

Healthcare

0.3%
6.4%

Real Estate

-

10.8%

Financial Services

EPOL
45.6%
FGM
8.2%

Energy

EPOL
14.6%
FGM

-

Consumer Cyclical

EPOL
12.4%
FGM
16.6%

Basic Materials

EPOL
6.6%
FGM
9.0%

Communication Services

EPOL
6.3%
FGM
3.2%

Consumer Defensive

EPOL
5.5%
FGM
2.2%

Utilities

EPOL
5.1%
FGM
3.2%

Technology

EPOL
1.9%
FGM

-

Industrials

EPOL
1.7%
FGM
40.5%

Healthcare

EPOL
0.3%
FGM
6.4%

Real Estate

EPOL

-

FGM
10.8%

Compare stocks, funds, or ETFs

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iShares MSCI Poland ETF

First Trust Germany AlphaDEX Fund

Often compared with EPOL:
EPOL vs. SPYEPOL vs. EWQEPOL vs. IBCJ.DEEPOL vs. EIRLEPOL vs. EWWEPOL vs. EWPEPOL vs. EWK
Often compared with FGM:
FGM vs. EWGFGM vs. FEUZFGM vs. DAXFGM vs. FLGRFGM vs. EXS1.DEFGM vs. KBWPFGM vs. SHLD

Return for Risk

EPOL vs. FGM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EPOL
EPOL Risk / Return Rank: 6363
Overall Rank
EPOL Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
EPOL Sortino Ratio Rank: 6060
Sortino Ratio Rank
EPOL Omega Ratio Rank: 5353
Omega Ratio Rank
EPOL Calmar Ratio Rank: 8181
Calmar Ratio Rank
EPOL Martin Ratio Rank: 6464
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.

EPOL vs. FGM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Poland ETF (EPOL) 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.

EPOLFGMDifference
Sharpe ratioReturn per unit of total volatility
1.73
0.84

+0.90

Sortino ratioReturn per unit of downside risk
2.43
1.28

+1.15

Omega ratioGain probability vs. loss probability

1.29

1.16

+0.13

Calmar ratioReturn relative to maximum drawdown

3.69

0.98

+2.71

Martin ratioReturn relative to average drawdown

10.10

3.01

+7.10

EPOL vs. FGM - Sharpe Ratio Comparison

The current EPOL Sharpe Ratio is 1.73, which is higher than the FGM Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of EPOL 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

EPOL vs. FGM - Drawdown Comparison

The maximum EPOL drawdown since its inception was -63.72%, which is greater than FGM's maximum drawdown of -51.58%. Use the drawdown chart below to compare losses from any high point for EPOL and FGM.

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Drawdown Indicators

EPOLFGMDifference

Max Drawdown

Largest peak-to-trough decline

-63.72%

-51.58%

-12.14%

Max Drawdown (1Y)

Largest decline over 1 year

-11.04%

-17.76%

+6.72%

Max Drawdown (3Y)

Largest decline over 3 years

-21.81%

-17.93%

-3.88%

Max Drawdown (5Y)

Largest decline over 5 years

-54.21%

-50.45%

-3.76%

Max Drawdown (10Y)

Largest decline over 10 years

-61.41%

-51.58%

-9.83%

Current Drawdown

Current decline from peak

0.00%

-8.26%

+8.26%

Average Drawdown

Average peak-to-trough decline

-26.85%

-14.72%

-12.13%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.04%

5.81%

-1.77%

Volatility

EPOL vs. FGM - Volatility Comparison

iShares MSCI Poland ETF (EPOL) has a higher volatility of 8.08% compared to First Trust Germany AlphaDEX Fund (FGM) at 6.75%. This indicates that EPOL'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

EPOLFGMDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.08%

6.75%

+1.33%

Volatility (6M)

Calculated over the trailing 6-month period

18.16%

17.55%

+0.61%

Volatility (1Y)

Calculated over the trailing 1-year period

23.57%

20.94%

+2.63%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

29.14%

24.54%

+4.60%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

27.66%

23.11%

+4.55%

EPOL vs. FGM - Expense Ratio Comparison

EPOL has a 0.61% expense ratio, which is lower than FGM's 0.80% expense ratio.

Dividends

EPOL vs. FGM - Dividend Comparison

EPOL's dividend yield for the trailing twelve months is around 4.11%, more than FGM's 0.64% yield.

PositionTTM20252024202320222021202020192018201720162015
EPOL
iShares MSCI Poland ETF		4.11%4.78%6.04%2.87%2.65%1.33%1.44%2.51%1.44%1.88%2.14%2.53%
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

EPOL and FGM have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EPOL has higher volatility (8.08%) compared to FGM (6.75%). In terms of maximum drawdown, EPOL dropped -63.72% vs FGM's -51.58%.

On 10-year performance, EPOL leads with 12.21% vs 8.76% for FGM. On fees, EPOL is cheaper at 0.61% 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, EPOL has performed better with a 12.21% return vs 8.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EPOL is cheaper with a 0.61% expense ratio, compared with 0.80% for FGM.

EPOL has the higher dividend yield at 4.11%, compared with 0.64% for FGM.

EPOL tracks MSCI Poland Investable Market Index, while FGM tracks NASDAQ AlphaDEX Germany Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.61% for EPOL and 0.80% for FGM.

EPOL currently has the higher Sharpe Ratio (1.73 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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