FDT vs. ACWX

Last updated Jun 9, 2026

FDT (First Trust Developed Markets ex-US AlphaDEX Fund) and ACWX (iShares MSCI ACWI ex U.S. ETF) are both Foreign Large Cap Equities funds - FDT tracks the NASDAQ AlphaDEX DM Ex-US Index while ACWX tracks the MSCI All Country World ex-U.S. Index. Both are passively managed. Over the past 10 years, FDT returned 10.61%/yr vs 9.49%/yr for ACWX. Their correlation of 0.91 suggests significant overlap in exposure. FDT charges 0.80%/yr vs 0.32%/yr for ACWX.

Performance

FDT vs. ACWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Developed Markets ex-US AlphaDEX Fund (FDT) and iShares MSCI ACWI ex U.S. ETF (ACWX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FDT achieves a 20.41% return, which is significantly higher than ACWX's 11.20% return. Over the past 10 years, FDT has outperformed ACWX with an annualized return of 10.61%, while ACWX has yielded a comparatively lower 9.49% annualized return.

FDT

• 1D: 1.18%
• 1M: -3.96%
• YTD: 20.41%
• 6M: 22.67%
• 1Y: 47.32%
• 3Y*: 27.66%
• 5Y*: 11.81%
• 10Y*: 10.61%

ACWX

• 1D: 0.99%
• 1M: -1.50%
• YTD: 11.20%
• 6M: 13.60%
• 1Y: 27.04%
• 3Y*: 18.01%
• 5Y*: 7.87%
• 10Y*: 9.49%

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

FDT vs. ACWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FDT First Trust Developed Markets ex-US AlphaDEX Fund	20.41%	52.21%	6.97%	15.03%	-19.51%	11.43%	4.29%	16.82%	-19.98%	34.42%
ACWX iShares MSCI ACWI ex U.S. ETF	11.20%	32.59%	5.17%	15.63%	-16.07%	7.67%	10.29%	21.05%	-13.99%	27.20%

Correlation

The correlation between FDT and ACWX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Apr 20, 2011	0.91

The correlation between FDT and ACWX has been stable across timeframes, ranging from 0.88 to 0.92 - a consistent structural relationship.

FDT vs. ACWX - Sectors Allocation Comparison

Sectors	FDT	ACWX
Industrials	34.0%	14.0%
Consumer Cyclical	11.5%	7.3%
Financial Services	10.2%	23.3%
Basic Materials	9.6%	6.7%
Energy	9.2%	4.8%
Technology	8.1%	22.4%
Real Estate	5.3%	1.2%
Utilities	5.2%	2.8%
Consumer Defensive	2.8%	5.0%
Communication Services	2.7%	4.7%
Healthcare	1.4%	6.7%

Return for Risk

FDT vs. ACWX — Risk / Return Rank

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

FDT

FDT Risk / Return Rank: 80
FDT Sharpe Ratio Rank: 85
FDT Sortino Ratio Rank: 80
FDT Omega Ratio Rank: 83
FDT Calmar Ratio Rank: 77
FDT Martin Ratio Rank: 78

ACWX

ACWX Risk / Return Rank: 55
ACWX Sharpe Ratio Rank: 55
ACWX Sortino Ratio Rank: 53
ACWX Omega Ratio Rank: 56
ACWX Calmar Ratio Rank: 53
ACWX Martin Ratio Rank: 57

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.

FDT vs. ACWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Developed Markets ex-US AlphaDEX Fund (FDT) and iShares MSCI ACWI ex U.S. ETF (ACWX). 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.

	FDT	ACWX	Difference
Sharpe ratio: Return per unit of total volatility	2.49	1.70	+0.80
Sortino ratio: Return per unit of downside risk	3.18	2.32	+0.87
Omega ratio: Gain probability vs. loss probability	1.45	1.31	+0.14
Calmar ratio: Return relative to maximum drawdown	3.55	2.38	+1.17
Martin ratio: Return relative to average drawdown	13.67	9.17	+4.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FDT vs. ACWX - Sharpe Ratio Comparison

The current FDT Sharpe Ratio is 2.49, which is higher than the ACWX Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of FDT and ACWX, 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

	FDT	ACWX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.49	1.70	+0.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	0.48	+0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	0.55	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.22	+0.15

Drawdowns

FDT vs. ACWX - Drawdown Comparison

The maximum FDT drawdown since its inception was -46.10%, smaller than the maximum ACWX drawdown of -60.40%. Use the drawdown chart below to compare losses from any high point for FDT and ACWX.

Drawdown Indicators

	FDT	ACWX	Difference
Max Drawdown Largest peak-to-trough decline	-46.10%	-60.40%	+14.30%
Max Drawdown (1Y) Largest decline over 1 year	-13.41%	-11.42%	-1.99%
Max Drawdown (3Y) Largest decline over 3 years	-14.29%	-13.84%	-0.45%
Max Drawdown (5Y) Largest decline over 5 years	-33.04%	-30.07%	-2.97%
Max Drawdown (10Y) Largest decline over 10 years	-46.10%	-35.38%	-10.72%
Current Drawdown Current decline from peak	-5.58%	-3.74%	-1.84%
Average Drawdown Average peak-to-trough decline	-10.77%	-13.33%	+2.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.47%	2.95%	+0.52%

Volatility

FDT vs. ACWX - Volatility Comparison

First Trust Developed Markets ex-US AlphaDEX Fund (FDT) has a higher volatility of 8.24% compared to iShares MSCI ACWI ex U.S. ETF (ACWX) at 6.26%. This indicates that FDT's price experiences larger fluctuations and is considered to be riskier than ACWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDT	ACWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.24%	6.26%	+1.98%
Volatility (6M) Calculated over the trailing 6-month period	16.73%	13.90%	+2.83%
Volatility (1Y) Calculated over the trailing 1-year period	19.12%	16.05%	+3.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.36%	16.38%	+1.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.59%	17.42%	+1.17%

FDT vs. ACWX - Expense Ratio Comparison

FDT has a 0.80% expense ratio, which is higher than ACWX's 0.32% expense ratio.

Dividends

FDT vs. ACWX - Dividend Comparison

FDT's dividend yield for the trailing twelve months is around 2.96%, more than ACWX's 2.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACWX iShares MSCI ACWI ex U.S. ETF	2.54%	2.82%	2.97%	2.96%	2.68%	2.74%	1.88%	3.22%	2.60%	2.40%	2.77%	2.51%
FDT First Trust Developed Markets ex-US AlphaDEX Fund	2.96%	3.27%	3.89%	4.36%	2.29%	3.80%	2.42%	2.78%	2.13%	1.57%	1.76%	1.83%

Frequently Asked Questions

Can I hold both FDT and ACWX in my portfolio?

With a correlation of 0.90, FDT and ACWX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FDT or ACWX?

FDT has higher volatility (8.24%) compared to ACWX (6.26%). In terms of maximum drawdown, FDT dropped -46.10% vs ACWX's -60.40%.

Which ETF is better, FDT or ACWX?

On 10-year performance, FDT leads with 10.61% vs 9.49% for ACWX. On fees, ACWX is cheaper at 0.32% per year. On volatility, ACWX has been the lower-risk option at 6.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDT or ACWX?

Over the 10-year period, FDT has performed better with a 10.61% return vs 9.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDT or ACWX?

ACWX is cheaper with a 0.32% expense ratio, compared with 0.80% for FDT.

Which ETF pays a higher dividend yield, FDT or ACWX?

FDT has the higher dividend yield at 2.96%, compared with 2.54% for ACWX.

What is the main difference between FDT and ACWX?

FDT tracks NASDAQ AlphaDEX DM Ex-US Index, while ACWX tracks MSCI All Country World ex-U.S. Index. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.80% for FDT and 0.32% for ACWX.

Which has better risk-adjusted returns?

FDT currently has the higher Sharpe Ratio (2.49 vs 1.70), 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.