EUFN vs. FJP

Last updated Jun 13, 2026

EUFN (iShares MSCI Europe Financials ETF) and FJP (First Trust Japan AlphaDEX Fund) are both exchange-traded funds - EUFN is a Financials Equities fund tracking the MSCI Europe Financials Index, while FJP is a Japan Equities fund tracking the NASDAQ AlphaDEX Japan Index. Both are passively managed. Over the past 10 years, EUFN returned 13.48%/yr vs 7.61%/yr for FJP. A 0.50 correlation means they provide meaningful diversification when combined. EUFN charges 0.48%/yr vs 0.80%/yr for FJP.

Performance

EUFN vs. FJP - Performance Comparison

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

Returns By Period

In the year-to-date period, EUFN achieves a 4.75% return, which is significantly lower than FJP's 12.56% return. Over the past 10 years, EUFN has outperformed FJP with an annualized return of 13.48%, while FJP has yielded a comparatively lower 7.61% annualized return.

EUFN

• 1D: 1.20%
• 1M: 3.43%
• YTD: 4.75%
• 6M: 9.10%
• 1Y: 28.57%
• 3Y*: 32.04%
• 5Y*: 18.43%
• 10Y*: 13.48%

FJP

• 1D: 1.05%
• 1M: -5.42%
• YTD: 12.56%
• 6M: 11.54%
• 1Y: 31.75%
• 3Y*: 19.57%
• 5Y*: 10.59%
• 10Y*: 7.61%

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

EUFN vs. FJP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EUFN iShares MSCI Europe Financials ETF	4.75%	65.73%	17.20%	26.15%	-8.78%	19.13%	-8.55%	20.73%	-23.14%	26.94%
FJP First Trust Japan AlphaDEX Fund	12.56%	33.60%	5.80%	23.00%	-12.83%	-1.13%	3.60%	7.72%	-18.60%	27.63%

Correlation

The correlation between EUFN and FJP is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (10Y) Calculated over the trailing 10-year period	0.53
Correlation (All Time) Calculated using the full available price history since Apr 26, 2011	0.50

The correlation between EUFN and FJP has been stable across timeframes, ranging from 0.50 to 0.54 - a consistent structural relationship.

EUFN vs. FJP - Sectors Allocation Comparison

Sectors	EUFN	FJP
Financial Services	97.1%	5.6%
Technology	1.0%	8.9%
Industrials	0.4%	45.0%
Consumer Cyclical	0.2%	12.0%
Basic Materials	-	9.7%
Communication Services	-	0.7%
Consumer Defensive	-	0.8%
Energy	-	4.2%
Healthcare	-	3.6%
Real Estate	-	3.5%
Utilities	-	6.1%

Return for Risk

EUFN vs. FJP — Risk / Return Rank

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

EUFN

EUFN Risk / Return Rank: 42
EUFN Sharpe Ratio Rank: 42
EUFN Sortino Ratio Rank: 42
EUFN Omega Ratio Rank: 39
EUFN Calmar Ratio Rank: 41
EUFN Martin Ratio Rank: 44

FJP

FJP Risk / Return Rank: 49
FJP Sharpe Ratio Rank: 50
FJP Sortino Ratio Rank: 49
FJP Omega Ratio Rank: 49
FJP Calmar Ratio Rank: 51
FJP Martin Ratio Rank: 45

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.

EUFN vs. FJP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Europe Financials ETF (EUFN) and First Trust Japan AlphaDEX Fund (FJP). 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.

	EUFN	FJP	Difference
Sharpe ratio: Return per unit of total volatility	1.31	1.53	-0.22
Sortino ratio: Return per unit of downside risk	1.92	2.14	-0.23
Omega ratio: Gain probability vs. loss probability	1.23	1.27	-0.04
Calmar ratio: Return relative to maximum drawdown	1.79	2.22	-0.44
Martin ratio: Return relative to average drawdown	6.24	6.55	-0.32

EUFN vs. FJP - Sharpe Ratio Comparison

The current EUFN Sharpe Ratio is 1.31, which is comparable to the FJP Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of EUFN and FJP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EUFN vs. FJP - Drawdown Comparison

The maximum EUFN drawdown since its inception was -53.25%, which is greater than FJP's maximum drawdown of -41.51%. Use the drawdown chart below to compare losses from any high point for EUFN and FJP.

Drawdown Indicators

	EUFN	FJP	Difference
Max Drawdown Largest peak-to-trough decline	-53.25%	-41.51%	-11.74%
Max Drawdown (1Y) Largest decline over 1 year	-14.77%	-14.43%	-0.34%
Max Drawdown (3Y) Largest decline over 3 years	-15.95%	-17.02%	+1.07%
Max Drawdown (5Y) Largest decline over 5 years	-35.15%	-31.88%	-3.27%
Max Drawdown (10Y) Largest decline over 10 years	-53.25%	-41.51%	-11.74%
Current Drawdown Current decline from peak	-0.10%	-7.75%	+7.65%
Average Drawdown Average peak-to-trough decline	-14.53%	-11.45%	-3.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.23%	4.89%	-0.66%

Volatility

EUFN vs. FJP - Volatility Comparison

iShares MSCI Europe Financials ETF (EUFN) and First Trust Japan AlphaDEX Fund (FJP) have volatilities of 6.96% and 7.16%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EUFN	FJP	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.96%	7.16%	-0.20%
Volatility (6M) Calculated over the trailing 6-month period	17.05%	17.43%	-0.38%
Volatility (1Y) Calculated over the trailing 1-year period	20.17%	21.00%	-0.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.88%	20.43%	+1.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.53%	18.91%	+5.62%

EUFN vs. FJP - Expense Ratio Comparison

EUFN has a 0.48% expense ratio, which is lower than FJP's 0.80% expense ratio.

Dividends

EUFN vs. FJP - Dividend Comparison

EUFN's dividend yield for the trailing twelve months is around 3.41%, more than FJP's 2.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EUFN iShares MSCI Europe Financials ETF	3.41%	3.57%	5.36%	5.00%	4.24%	4.15%	1.38%	4.55%	6.48%	3.04%	4.03%	3.65%
FJP First Trust Japan AlphaDEX Fund	2.53%	2.68%	3.18%	3.49%	2.21%	2.43%	0.99%	2.80%	1.54%	1.29%	1.46%	0.85%

Frequently Asked Questions

Can I hold both EUFN and FJP in my portfolio?

EUFN and FJP have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EUFN or FJP?

FJP has higher volatility (7.16%) compared to EUFN (6.96%). In terms of maximum drawdown, EUFN dropped -53.25% vs FJP's -41.51%.

Which ETF is better, EUFN or FJP?

On 10-year performance, EUFN leads with 13.48% vs 7.61% for FJP. On fees, EUFN is cheaper at 0.48% per year. On volatility, EUFN has been the lower-risk option at 6.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EUFN or FJP?

Over the 10-year period, EUFN has performed better with a 13.48% return vs 7.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EUFN or FJP?

EUFN is cheaper with a 0.48% expense ratio, compared with 0.80% for FJP.

Which ETF pays a higher dividend yield, EUFN or FJP?

EUFN has the higher dividend yield at 3.41%, compared with 2.53% for FJP.

What is the main difference between EUFN and FJP?

EUFN is categorized as Financials Equities, while FJP is Japan Equities. EUFN tracks MSCI Europe Financials Index, while FJP tracks NASDAQ AlphaDEX Japan Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.48% for EUFN and 0.80% for FJP.

Which has better risk-adjusted returns?

FJP currently has the higher Sharpe Ratio (1.53 vs 1.31), 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.