FCA vs. DRGN

Last updated Jun 4, 2026

FCA (First Trust China AlphaDEX Fund) and DRGN (Themes China Generative Artificial Intelligence ETF) are both exchange-traded funds - FCA is a China Equities fund tracking the NASDAQ AlphaDEX China Index, while DRGN is a Technology Equities fund tracking the BITA China Generative AI Select Index. Both are passively managed. At a 0.40 correlation, their price movements are largely independent. FCA charges 0.80%/yr vs 0.39%/yr for DRGN.

Performance

FCA vs. DRGN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust China AlphaDEX Fund (FCA) and Themes China Generative Artificial Intelligence ETF (DRGN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCA achieves a 11.99% return, which is significantly lower than DRGN's 16.56% return.

FCA

• 1D: 0.41%
• 1M: -2.70%
• YTD: 11.99%
• 6M: 10.11%
• 1Y: 44.72%
• 3Y*: 20.23%
• 5Y*: 5.03%
• 10Y*: 9.93%

DRGN

• 1D: 0.42%
• 1M: 5.53%
• YTD: 16.56%
• 6M: 18.46%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FCA vs. DRGN - Yearly Performance Comparison

	2026 (YTD)	2025
FCA First Trust China AlphaDEX Fund	11.99%	14.78%
DRGN Themes China Generative Artificial Intelligence ETF	16.56%	26.41%

Correlation

The correlation between FCA and DRGN is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 16, 2025	0.40

Return for Risk

FCA vs. DRGN — Risk / Return Rank

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

FCA

FCA Risk / Return Rank: 62
FCA Sharpe Ratio Rank: 59
FCA Sortino Ratio Rank: 53
FCA Omega Ratio Rank: 55
FCA Calmar Ratio Rank: 79
FCA Martin Ratio Rank: 64

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. DRGN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust China AlphaDEX Fund (FCA) and Themes China Generative Artificial Intelligence ETF (DRGN). 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.

	FCA	DRGN	Difference
Sharpe ratio Return per unit of total volatility	2.02	—	—
Sortino ratio Return per unit of downside risk	2.58	—	—
Omega ratio Gain probability vs. loss probability	1.34	—	—
Calmar ratio Return relative to maximum drawdown	4.04	—	—
Martin ratio Return relative to average drawdown	11.48	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	FCA	DRGN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.02	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.18	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.13	1.58	-1.45

Drawdowns

FCA vs. DRGN - Drawdown Comparison

The maximum FCA drawdown since its inception was -45.56%, which is greater than DRGN's maximum drawdown of -20.86%. Use the drawdown chart below to compare losses from any high point for FCA and DRGN.

Drawdown Indicators

	FCA	DRGN	Difference
Max Drawdown Largest peak-to-trough decline	-45.56%	-20.86%	-24.70%
Max Drawdown (1Y) Largest decline over 1 year	-11.13%	—	—
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	-8.50%	-7.05%	-1.45%
Average Drawdown Average peak-to-trough decline	-21.62%	-7.93%	-13.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.91%	—	—

Volatility

Volatility by Period

	FCA	DRGN	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.33%	—	—
Volatility (6M) Calculated over the trailing 6-month period	16.57%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	22.29%	34.85%	-12.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.59%	34.85%	-7.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.63%	34.85%	-8.22%

FCA vs. DRGN - Expense Ratio Comparison

FCA has a 0.80% expense ratio, which is higher than DRGN's 0.39% expense ratio.

Dividends

FCA vs. DRGN - Dividend Comparison

FCA's dividend yield for the trailing twelve months is around 2.30%, more than DRGN's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DRGN Themes China Generative Artificial Intelligence ETF	1.04%	1.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FCA First Trust China AlphaDEX Fund	2.30%	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 DRGN in my portfolio?

FCA and DRGN have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FCA or DRGN?

On fees, DRGN is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FCA or DRGN?

DRGN is cheaper with a 0.39% expense ratio, compared with 0.80% for FCA.

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

FCA has the higher dividend yield at 2.30%, compared with 1.04% for DRGN.

What is the main difference between FCA and DRGN?

FCA is categorized as China Equities, while DRGN is Technology Equities. FCA tracks NASDAQ AlphaDEX China Index, while DRGN tracks BITA China Generative AI Select Index. They also come from different issuers: First Trust and Themes. Their fees differ too: 0.80% for FCA and 0.39% for DRGN.