FDT vs. FPA

Last updated Jun 16, 2026

FDT (First Trust Developed Markets ex-US AlphaDEX Fund) and FPA (First Trust Asia Pacific ex-Japan AlphaDEX Fund) are both exchange-traded funds - FDT is a Foreign Large Cap Equities fund tracking the NASDAQ AlphaDEX DM Ex-US Index, while FPA is a Asia Pacific Equities fund tracking the NASDAQ AlphaDEX Asia Pacific Ex-Japan Index. Both are passively managed. Over the past 10 years, FDT returned 11.35%/yr vs 11.77%/yr for FPA. A 0.68 correlation means they provide meaningful diversification when combined. Both charge a 0.80% expense ratio.

Performance

FDT vs. FPA - 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 First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FDT achieves a 26.48% return, which is significantly lower than FPA's 56.23% return. Both investments have delivered pretty close results over the past 10 years, with FDT having a 11.35% annualized return and FPA not far ahead at 11.77%.

FDT

• 1D: 2.64%
• 1M: 3.53%
• YTD: 26.48%
• 6M: 26.98%
• 1Y: 53.96%
• 3Y*: 28.59%
• 5Y*: 13.14%
• 10Y*: 11.35%

FPA

• 1D: 6.26%
• 1M: 10.19%
• YTD: 56.23%
• 6M: 56.82%
• 1Y: 75.71%
• 3Y*: 31.91%
• 5Y*: 14.02%
• 10Y*: 11.77%

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

FDT vs. FPA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FDT First Trust Developed Markets ex-US AlphaDEX Fund	26.48%	52.21%	6.97%	15.03%	-19.51%	11.43%	4.29%	16.82%	-19.98%	34.42%
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund	56.23%	43.16%	3.95%	9.97%	-14.55%	2.98%	13.43%	8.91%	-21.91%	35.81%

Correlation

The correlation between FDT and FPA is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Apr 20, 2011	0.68

The correlation between FDT and FPA shifts across timeframes, from 0.66 (5 years) to 0.81 (1 year), reflecting how their relationship changes across market environments.

FDT vs. FPA - Sectors Allocation Comparison

Sectors	FDT	FPA
Industrials	32.4%	32.7%
Technology	12.1%	25.2%
Consumer Cyclical	11.9%	9.3%
Financial Services	9.9%	8.6%
Basic Materials	9.4%	4.2%
Energy	7.9%	5.4%
Real Estate	5.0%	6.2%
Utilities	4.8%	5.1%
Communication Services	2.8%	2.6%
Consumer Defensive	2.5%	2.7%
Healthcare	1.3%	0.8%

Return for Risk

FDT vs. FPA — Risk / Return Rank

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

FDT

FDT Risk / Return Rank: 86
FDT Sharpe Ratio Rank: 90
FDT Sortino Ratio Rank: 86
FDT Omega Ratio Rank: 88
FDT Calmar Ratio Rank: 83
FDT Martin Ratio Rank: 83

FPA

FPA Risk / Return Rank: 86
FPA Sharpe Ratio Rank: 89
FPA Sortino Ratio Rank: 82
FPA Omega Ratio Rank: 84
FPA Calmar Ratio Rank: 89
FPA Martin Ratio Rank: 87

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. FPA - 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 First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA). 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.

	FDT	FPA	Difference
Sharpe ratio: Return per unit of total volatility	2.75	2.69	+0.06
Sortino ratio: Return per unit of downside risk	3.51	3.34	+0.17
Omega ratio: Gain probability vs. loss probability	1.49	1.47	+0.03
Calmar ratio: Return relative to maximum drawdown	4.04	4.95	-0.91
Martin ratio: Return relative to average drawdown	15.31	17.04	-1.73

FDT vs. FPA - Sharpe Ratio Comparison

The current FDT Sharpe Ratio is 2.75, which is comparable to the FPA Sharpe Ratio of 2.69. The chart below compares the historical Sharpe Ratios of FDT and FPA, 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

FDT vs. FPA - Drawdown Comparison

The maximum FDT drawdown since its inception was -46.10%, smaller than the maximum FPA drawdown of -52.91%. Use the drawdown chart below to compare losses from any high point for FDT and FPA.

Drawdown Indicators

	FDT	FPA	Difference
Max Drawdown Largest peak-to-trough decline	-46.10%	-52.91%	+6.81%
Max Drawdown (1Y) Largest decline over 1 year	-13.41%	-15.37%	+1.96%
Max Drawdown (3Y) Largest decline over 3 years	-14.29%	-20.66%	+6.37%
Max Drawdown (5Y) Largest decline over 5 years	-32.80%	-34.54%	+1.74%
Max Drawdown (10Y) Largest decline over 10 years	-46.10%	-52.91%	+6.81%
Current Drawdown Current decline from peak	-0.82%	-1.11%	+0.29%
Average Drawdown Average peak-to-trough decline	-10.76%	-13.47%	+2.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.54%	4.46%	-0.92%

Volatility

FDT vs. FPA - Volatility Comparison

The current volatility for First Trust Developed Markets ex-US AlphaDEX Fund (FDT) is 9.32%, while First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA) has a volatility of 15.75%. This indicates that FDT experiences smaller price fluctuations and is considered to be less risky than FPA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDT	FPA	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.32%	15.75%	-6.43%
Volatility (6M) Calculated over the trailing 6-month period	17.44%	25.06%	-7.62%
Volatility (1Y) Calculated over the trailing 1-year period	19.76%	28.31%	-8.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.50%	24.59%	-6.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.63%	22.72%	-4.09%

FDT vs. FPA - Expense Ratio Comparison

Both FDT and FPA have an expense ratio of 0.80%.

Dividends

FDT vs. FPA - Dividend Comparison

FDT's dividend yield for the trailing twelve months is around 2.82%, less than FPA's 3.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDT First Trust Developed Markets ex-US AlphaDEX Fund	2.82%	3.27%	3.89%	4.36%	2.29%	3.80%	2.42%	2.78%	2.13%	1.57%	1.76%	1.83%
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund	3.42%	4.71%	3.40%	3.02%	4.22%	5.12%	1.59%	3.90%	2.81%	3.15%	2.42%	1.74%

Frequently Asked Questions

Can I hold both FDT and FPA in my portfolio?

FDT and FPA have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDT or FPA?

FPA has higher volatility (15.75%) compared to FDT (9.32%). In terms of maximum drawdown, FDT dropped -46.10% vs FPA's -52.91%.

Which ETF is better, FDT or FPA?

On 10-year performance, FPA leads with 11.77% vs 11.35% for FDT. Both ETFs have the same 0.80% expense ratio. On volatility, FDT has been the lower-risk option at 9.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDT or FPA?

Over the 10-year period, FPA has performed better with a 11.77% return vs 11.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDT or FPA?

FDT and FPA have the same expense ratio: 0.80% per year.

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

FPA has the higher dividend yield at 3.42%, compared with 2.82% for FDT.

What is the main difference between FDT and FPA?

FDT is categorized as Foreign Large Cap Equities, while FPA is Asia Pacific Equities. FDT tracks NASDAQ AlphaDEX DM Ex-US Index, while FPA tracks NASDAQ AlphaDEX Asia Pacific Ex-Japan Index.

Which has better risk-adjusted returns?

FDT currently has the higher Sharpe Ratio (2.75 vs 2.69), 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.