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EZU vs. FPXE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EZU vs. FPXE

Last updated Jun 24, 2026

EZU (iShares MSCI Eurozone ETF) and FPXE (First Trust IPOX Europe Equity Opportunities ETF) are both Europe Equities funds - EZU tracks the MSCI EMU while FPXE tracks the IPOX 100 Europe Index. Both are passively managed. Over the past 5 years, EZU returned 9.40%/yr vs 4.98%/yr for FPXE. A 0.72 correlation means they provide meaningful diversification when combined. EZU charges 0.51%/yr vs 0.70%/yr for FPXE.

Performance

EZU vs. FPXE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Eurozone ETF (EZU) and First Trust IPOX Europe Equity Opportunities ETF (FPXE). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EZU achieves a 7.97% return, which is significantly lower than FPXE's 12.36% return.

EZU

1D
-1.96%
1M
1.76%
YTD
7.97%
6M
7.97%
1Y
21.16%
3Y*
18.56%
5Y*
9.40%
10Y*
11.09%

FPXE

1D
-2.62%
1M
-0.37%
YTD
12.36%
6M
11.77%
1Y
17.72%
3Y*
21.43%
5Y*
4.98%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

EZU vs. FPXE - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
EZU
iShares MSCI Eurozone ETF		7.97%40.00%2.23%23.44%-17.25%13.92%7.62%23.27%-12.64%
FPXE
First Trust IPOX Europe Equity Opportunities ETF		12.36%24.46%16.31%14.45%-35.13%9.00%35.00%34.55%-14.89%

Correlation

The correlation between EZU and FPXE is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.84

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

0.80

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

0.82

Correlation (All Time)
Calculated using the full available price history since Oct 5, 2018

0.72

The correlation between EZU and FPXE shifts across timeframes, from 0.72 (all time) to 0.84 (1 year), reflecting how their relationship changes across market environments.

EZU vs. FPXE - Sectors Allocation Comparison

Sectors
EZU
FPXE

Financial Services

23.8%
11.3%

Industrials

20.0%
22.4%

Technology

17.0%
16.9%

Consumer Cyclical

7.8%
13.2%

Utilities

6.3%
2.3%

Healthcare

5.7%
19.0%

Consumer Defensive

5.6%
0.9%

Communication Services

5.0%
2.3%

Basic Materials

3.9%
8.3%

Energy

3.8%
1.7%

Real Estate

0.7%
1.6%

Financial Services

EZU
23.8%
FPXE
11.3%

Industrials

EZU
20.0%
FPXE
22.4%

Technology

EZU
17.0%
FPXE
16.9%

Consumer Cyclical

EZU
7.8%
FPXE
13.2%

Utilities

EZU
6.3%
FPXE
2.3%

Healthcare

EZU
5.7%
FPXE
19.0%

Consumer Defensive

EZU
5.6%
FPXE
0.9%

Communication Services

EZU
5.0%
FPXE
2.3%

Basic Materials

EZU
3.9%
FPXE
8.3%

Energy

EZU
3.8%
FPXE
1.7%

Real Estate

EZU
0.7%
FPXE
1.6%

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 Eurozone ETF

First Trust IPOX Europe Equity Opportunities ETF

Often compared with EZU:
EZU vs. VGKEZU vs. FEZEZU vs. IEUREZU vs. IEVEZU vs. HEZUEZU vs. SPYEZU vs. IEZ
Often compared with FPXE:
FPXE vs. FPXIFPXE vs. SMHFPXE vs. LVHIFPXE vs. SPYFPXE vs. SPOTFPXE vs. VEUR.LFPXE vs. FEP

Return for Risk

EZU vs. FPXE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EZU
EZU Risk / Return Rank: 3636
Overall Rank
EZU Sharpe Ratio Rank: 3636
Sharpe Ratio Rank
EZU Sortino Ratio Rank: 3535
Sortino Ratio Rank
EZU Omega Ratio Rank: 3434
Omega Ratio Rank
EZU Calmar Ratio Rank: 3434
Calmar Ratio Rank
EZU Martin Ratio Rank: 3939
Martin Ratio Rank
FPXE
FPXE Risk / Return Rank: 3030
Overall Rank
FPXE Sharpe Ratio Rank: 2727
Sharpe Ratio Rank
FPXE Sortino Ratio Rank: 2828
Sortino Ratio Rank
FPXE Omega Ratio Rank: 2727
Omega Ratio Rank
FPXE Calmar Ratio Rank: 3333
Calmar Ratio Rank
FPXE Martin Ratio Rank: 3535
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.

EZU vs. FPXE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Eurozone ETF (EZU) and First Trust IPOX Europe Equity Opportunities ETF (FPXE). 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.

EZUFPXEDifference
Sharpe ratioReturn per unit of total volatility
1.21
0.92

+0.30

Sortino ratioReturn per unit of downside risk
1.79
1.44

+0.36

Omega ratioGain probability vs. loss probability

1.22

1.17

+0.05

Calmar ratioReturn relative to maximum drawdown

1.63

1.57

+0.06

Martin ratioReturn relative to average drawdown

5.90

4.83

+1.06

EZU vs. FPXE - Sharpe Ratio Comparison

The current EZU Sharpe Ratio is 1.21, which is higher than the FPXE Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of EZU and FPXE, 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

EZU vs. FPXE - Drawdown Comparison

The maximum EZU drawdown since its inception was -65.32%, which is greater than FPXE's maximum drawdown of -49.55%. Use the drawdown chart below to compare losses from any high point for EZU and FPXE.

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Drawdown Indicators

EZUFPXEDifference

Max Drawdown

Largest peak-to-trough decline

-65.32%

-49.55%

-15.77%

Max Drawdown (1Y)

Largest decline over 1 year

-13.06%

-11.33%

-1.73%

Max Drawdown (3Y)

Largest decline over 3 years

-15.02%

-19.28%

+4.26%

Max Drawdown (5Y)

Largest decline over 5 years

-36.11%

-49.55%

+13.44%

Max Drawdown (10Y)

Largest decline over 10 years

-41.37%

—

—

Current Drawdown

Current decline from peak

-1.96%

-3.00%

+1.04%

Average Drawdown

Average peak-to-trough decline

-19.20%

-14.60%

-4.60%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.60%

3.68%

-0.08%

Volatility

EZU vs. FPXE - Volatility Comparison

The current volatility for iShares MSCI Eurozone ETF (EZU) is 5.94%, while First Trust IPOX Europe Equity Opportunities ETF (FPXE) has a volatility of 7.44%. This indicates that EZU experiences smaller price fluctuations and is considered to be less risky than FPXE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EZUFPXEDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.94%

7.44%

-1.50%

Volatility (6M)

Calculated over the trailing 6-month period

14.96%

17.09%

-2.13%

Volatility (1Y)

Calculated over the trailing 1-year period

17.52%

19.42%

-1.90%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.96%

21.92%

-1.96%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.14%

22.23%

-2.09%

EZU vs. FPXE - Expense Ratio Comparison

EZU has a 0.51% expense ratio, which is lower than FPXE's 0.70% expense ratio.

Dividends

EZU vs. FPXE - Dividend Comparison

EZU's dividend yield for the trailing twelve months is around 2.71%, more than FPXE's 1.02% yield.

PositionTTM20252024202320222021202020192018201720162015
EZU
iShares MSCI Eurozone ETF		2.71%2.85%2.90%2.56%2.79%2.46%2.13%2.84%3.47%1.91%3.07%2.18%
FPXE
First Trust IPOX Europe Equity Opportunities ETF		1.02%1.15%2.10%2.03%1.81%0.47%1.35%2.06%0.00%0.00%0.00%0.00%

Frequently Asked Questions

EZU and FPXE have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FPXE has higher volatility (7.44%) compared to EZU (5.94%). In terms of maximum drawdown, EZU dropped -65.32% vs FPXE's -49.55%.

On 5-year performance, EZU leads with 9.40% vs 4.98% for FPXE. On fees, EZU is cheaper at 0.51% per year. On volatility, EZU has been the lower-risk option at 5.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, EZU has performed better with a 9.40% return vs 4.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EZU is cheaper with a 0.51% expense ratio, compared with 0.70% for FPXE.

EZU has the higher dividend yield at 2.71%, compared with 1.02% for FPXE.

EZU tracks MSCI EMU, while FPXE tracks IPOX 100 Europe Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.51% for EZU and 0.70% for FPXE.

EZU currently has the higher Sharpe Ratio (1.21 vs 0.92), 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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