FCA vs. ISVBF

Last updated Jun 3, 2026

FCA (First Trust China AlphaDEX Fund) and ISVBF (iShares MSCI China A UCITS ETF) are both China Equities funds - FCA tracks the NASDAQ AlphaDEX China Index while ISVBF tracks the MSCI China A Inclusion Index. Both are passively managed. Over the past 5 years, FCA returned 5.02%/yr vs -5.00%/yr for ISVBF. At a 0.23 correlation, their price movements are largely independent. FCA charges 0.80%/yr vs 0.40%/yr for ISVBF.

Performance

FCA vs. ISVBF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust China AlphaDEX Fund (FCA) and iShares MSCI China A UCITS ETF (ISVBF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCA achieves a 11.53% return, which is significantly higher than ISVBF's -4.52% return.

FCA

• 1D: 2.01%
• 1M: -4.08%
• YTD: 11.53%
• 6M: 9.85%
• 1Y: 44.90%
• 3Y*: 20.06%
• 5Y*: 5.02%
• 10Y*: 9.89%

ISVBF

• 1D: 3.77%
• 1M: -0.15%
• YTD: -4.52%
• 6M: -6.41%
• 1Y: 9.14%
• 3Y*: 10.70%
• 5Y*: -5.00%
• 10Y*: —

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

FCA vs. ISVBF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FCA First Trust China AlphaDEX Fund	11.53%	45.20%	14.07%	-8.28%	-17.61%	-8.24%
ISVBF iShares MSCI China A UCITS ETF	-4.52%	30.64%	18.96%	-9.28%	-23.01%	-22.12%

Correlation

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

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (All Time) Calculated using the full available price history since May 6, 2021	0.23

The correlation between FCA and ISVBF shifts across timeframes, from 0.23 (5 years) to 0.40 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FCA vs. ISVBF — 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: 80
FCA Martin Ratio Rank: 65

ISVBF

ISVBF Risk / Return Rank: 14
ISVBF Sharpe Ratio Rank: 13
ISVBF Sortino Ratio Rank: 14
ISVBF Omega Ratio Rank: 14
ISVBF Calmar Ratio Rank: 14
ISVBF Martin Ratio Rank: 14

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. ISVBF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust China AlphaDEX Fund (FCA) and iShares MSCI China A UCITS ETF (ISVBF). 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	ISVBF	Difference
Sharpe ratio Return per unit of total volatility	2.02	0.30	+1.72
Sortino ratio Return per unit of downside risk	2.58	0.62	+1.96
Omega ratio Gain probability vs. loss probability	1.34	1.08	+0.26
Calmar ratio Return relative to maximum drawdown	4.19	0.48	+3.72
Martin ratio Return relative to average drawdown	12.06	1.12	+10.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCA vs. ISVBF - Sharpe Ratio Comparison

The current FCA Sharpe Ratio is 2.02, which is higher than the ISVBF Sharpe Ratio of 0.30. The chart below compares the historical Sharpe Ratios of FCA and ISVBF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FCA	ISVBF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.02	0.30	+1.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.18	-0.17	+0.35
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	-0.14	+0.27

Drawdowns

FCA vs. ISVBF - Drawdown Comparison

The maximum FCA drawdown since its inception was -45.56%, smaller than the maximum ISVBF drawdown of -53.78%. Use the drawdown chart below to compare losses from any high point for FCA and ISVBF.

Drawdown Indicators

	FCA	ISVBF	Difference
Max Drawdown Largest peak-to-trough decline	-45.56%	-53.78%	+8.22%
Max Drawdown (1Y) Largest decline over 1 year	-11.13%	-19.18%	+8.05%
Max Drawdown (3Y) Largest decline over 3 years	-26.13%	-23.77%	-2.36%
Max Drawdown (5Y) Largest decline over 5 years	-42.47%	-53.22%	+10.75%
Max Drawdown (10Y) Largest decline over 10 years	-42.47%	—	—
Current Drawdown Current decline from peak	-8.87%	-22.61%	+13.74%
Average Drawdown Average peak-to-trough decline	-21.62%	-32.77%	+11.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.87%	8.15%	-4.28%

Volatility

FCA vs. ISVBF - Volatility Comparison

The current volatility for First Trust China AlphaDEX Fund (FCA) is 8.36%, while iShares MSCI China A UCITS ETF (ISVBF) has a volatility of 10.63%. This indicates that FCA experiences smaller price fluctuations and is considered to be less risky than ISVBF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCA	ISVBF	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.36%	10.63%	-2.27%
Volatility (6M) Calculated over the trailing 6-month period	16.57%	26.50%	-9.93%
Volatility (1Y) Calculated over the trailing 1-year period	22.31%	30.50%	-8.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.59%	30.18%	-2.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.63%	30.20%	-3.57%

FCA vs. ISVBF - Expense Ratio Comparison

FCA has a 0.80% expense ratio, which is higher than ISVBF's 0.40% expense ratio.

Dividends

FCA vs. ISVBF - Dividend Comparison

FCA's dividend yield for the trailing twelve months is around 2.31%, while ISVBF has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCA First Trust China AlphaDEX Fund	2.31%	2.67%	5.17%	5.70%	6.00%	4.91%	4.12%	3.73%	3.10%	2.30%	2.51%	4.13%
ISVBF iShares MSCI China A UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FCA and ISVBF in my portfolio?

FCA and ISVBF 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 is riskier, FCA or ISVBF?

ISVBF has higher volatility (10.63%) compared to FCA (8.36%). In terms of maximum drawdown, FCA dropped -45.56% vs ISVBF's -53.78%.

Which ETF is better, FCA or ISVBF?

On 5-year performance, FCA leads with 5.02% vs -5.00% for ISVBF. On fees, ISVBF is cheaper at 0.40% per year. On volatility, FCA has been the lower-risk option at 8.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FCA or ISVBF?

Over the 5-year period, FCA has performed better with a 5.02% return vs -5.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FCA or ISVBF?

ISVBF is cheaper with a 0.40% expense ratio, compared with 0.80% for FCA.

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

FCA has the higher dividend yield at 2.31%, compared with 0.00% for ISVBF.

What is the main difference between FCA and ISVBF?

FCA tracks NASDAQ AlphaDEX China Index, while ISVBF tracks MSCI China A Inclusion Index. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.80% for FCA and 0.40% for ISVBF.

Which has better risk-adjusted returns?

FCA currently has the higher Sharpe Ratio (2.02 vs 0.30), 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.