FCA vs. ASIA

Last updated Jun 24, 2026

FCA (First Trust China AlphaDEX Fund) and ASIA (Matthews Pacific Tiger Active ETF) are both exchange-traded funds - FCA is a China Equities fund tracking the NASDAQ AlphaDEX China Index, while ASIA is a Asia Pacific Equities fund actively managed by Matthews. FCA is passively managed, while ASIA is actively managed. Over the past year, FCA returned 28.89% vs 58.06% for ASIA. A 0.53 correlation means they provide meaningful diversification when combined. FCA charges 0.80%/yr vs 0.79%/yr for ASIA.

Performance

FCA vs. ASIA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust China AlphaDEX Fund (FCA) and Matthews Pacific Tiger Active ETF (ASIA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCA achieves a 3.82% return, which is significantly lower than ASIA's 29.48% return.

FCA

• 1D: -2.20%
• 1M: -6.29%
• YTD: 3.82%
• 6M: 2.03%
• 1Y: 28.89%
• 3Y*: 19.12%
• 5Y*: 3.23%
• 10Y*: 9.27%

ASIA

• 1D: -6.60%
• 1M: 3.08%
• YTD: 29.48%
• 6M: 31.09%
• 1Y: 58.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FCA vs. ASIA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FCA First Trust China AlphaDEX Fund	3.82%	45.20%	14.07%	-1.65%
ASIA Matthews Pacific Tiger Active ETF	29.48%	32.06%	3.41%	0.01%

Correlation

The correlation between FCA and ASIA is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (All Time) Calculated using the full available price history since Sep 22, 2023	0.53

The correlation between FCA and ASIA has been stable across timeframes, ranging from 0.45 to 0.53 - a consistent structural relationship.

FCA vs. ASIA - Sectors Allocation Comparison

Sectors	FCA	ASIA
Industrials	23.6%	9.2%
Financial Services	20.2%	14.6%
Basic Materials	18.7%	1.4%
Energy	14.4%	3.0%
Technology	12.1%	55.9%
Healthcare	2.9%	2.9%
Communication Services	2.7%	3.9%
Utilities	2.7%	-
Real Estate	1.2%	2.5%
Consumer Cyclical	1.0%	6.6%
Consumer Defensive	0.5%	1.1%

Return for Risk

FCA vs. ASIA — Risk / Return Rank

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

FCA

FCA Risk / Return Rank: 37
FCA Sharpe Ratio Rank: 38
FCA Sortino Ratio Rank: 35
FCA Omega Ratio Rank: 35
FCA Calmar Ratio Rank: 38
FCA Martin Ratio Rank: 40

ASIA

ASIA Risk / Return Rank: 76
ASIA Sharpe Ratio Rank: 78
ASIA Sortino Ratio Rank: 65
ASIA Omega Ratio Rank: 80
ASIA Calmar Ratio Rank: 81
ASIA Martin Ratio Rank: 78

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.

FCA vs. ASIA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust China AlphaDEX Fund (FCA) and Matthews Pacific Tiger Active ETF (ASIA). 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.

	FCA	ASIA	Difference
Sharpe ratio: Return per unit of total volatility	1.26	2.31	-1.04
Sortino ratio: Return per unit of downside risk	1.74	2.80	-1.06
Omega ratio: Gain probability vs. loss probability	1.22	1.44	-0.21
Calmar ratio: Return relative to maximum drawdown	1.81	4.03	-2.23
Martin ratio: Return relative to average drawdown	5.93	14.27	-8.34

FCA vs. ASIA - Sharpe Ratio Comparison

The current FCA Sharpe Ratio is 1.26, which is lower than the ASIA Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of FCA and ASIA, 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

FCA vs. ASIA - Drawdown Comparison

The maximum FCA drawdown since its inception was -45.56%, which is greater than ASIA's maximum drawdown of -23.95%. Use the drawdown chart below to compare losses from any high point for FCA and ASIA.

Drawdown Indicators

	FCA	ASIA	Difference
Max Drawdown Largest peak-to-trough decline	-45.56%	-23.95%	-21.61%
Max Drawdown (1Y) Largest decline over 1 year	-16.07%	-14.47%	-1.60%
Max Drawdown (3Y) Largest decline over 3 years	-26.13%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-42.47%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-42.47%	—	—
Current Drawdown Current decline from peak	-15.17%	-6.60%	-8.57%
Average Drawdown Average peak-to-trough decline	-21.61%	-4.84%	-16.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.88%	4.08%	+0.80%

Volatility

FCA vs. ASIA - Volatility Comparison

The current volatility for First Trust China AlphaDEX Fund (FCA) is 7.95%, while Matthews Pacific Tiger Active ETF (ASIA) has a volatility of 15.17%. This indicates that FCA experiences smaller price fluctuations and is considered to be less risky than ASIA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCA	ASIA	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.95%	15.17%	-7.22%
Volatility (6M) Calculated over the trailing 6-month period	17.58%	22.95%	-5.37%
Volatility (1Y) Calculated over the trailing 1-year period	23.00%	25.30%	-2.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.72%	21.63%	+6.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.69%	21.63%	+5.06%

FCA vs. ASIA - Expense Ratio Comparison

FCA has a 0.80% expense ratio, which is higher than ASIA's 0.79% expense ratio.

Dividends

FCA vs. ASIA - Dividend Comparison

FCA's dividend yield for the trailing twelve months is around 2.48%, more than ASIA's 0.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASIA Matthews Pacific Tiger Active ETF	0.81%	1.05%	0.58%	0.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FCA First Trust China AlphaDEX Fund	2.48%	2.67%	5.17%	5.70%	6.00%	4.91%	4.12%	3.73%	3.10%	2.30%	2.51%	4.13%

Frequently Asked Questions

Can I hold both FCA and ASIA in my portfolio?

FCA and ASIA have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCA or ASIA?

ASIA has higher volatility (15.17%) compared to FCA (7.95%). In terms of maximum drawdown, FCA dropped -45.56% vs ASIA's -23.95%.

Which ETF is better, FCA or ASIA?

On 1-year performance, ASIA leads with 58.06% vs 28.89% for FCA. On fees, ASIA is cheaper at 0.79% per year. On volatility, FCA has been the lower-risk option at 7.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FCA or ASIA?

Over the 1-year period, ASIA has performed better with a 58.06% return vs 28.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FCA or ASIA?

ASIA is cheaper with a 0.79% expense ratio, compared with 0.80% for FCA.

Which ETF pays a higher dividend yield, FCA or ASIA?

FCA has the higher dividend yield at 2.48%, compared with 0.81% for ASIA.

What is the main difference between FCA and ASIA?

FCA is categorized as China Equities, while ASIA is Asia Pacific Equities. They also come from different issuers: First Trust and Matthews. Their fees differ too: 0.80% for FCA and 0.79% for ASIA.

Which has better risk-adjusted returns?

ASIA currently has the higher Sharpe Ratio (2.31 vs 1.26), 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.