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FDT vs. IEFA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FDT vs. IEFA

Last updated Jun 4, 2026

FDT (First Trust Developed Markets ex-US AlphaDEX Fund) and IEFA (iShares Core MSCI EAFE ETF) are both Foreign Large Cap Equities funds - FDT tracks the NASDAQ AlphaDEX DM Ex-US Index while IEFA tracks the MSCI EAFE IMI Index (Net). Both are passively managed. Over the past 10 years, FDT returned 10.91%/yr vs 9.22%/yr for IEFA. Their correlation of 0.91 suggests significant overlap in exposure. FDT charges 0.80%/yr vs 0.07%/yr for IEFA.

Performance

FDT vs. IEFA - 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 Core MSCI EAFE ETF (IEFA). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FDT achieves a 25.50% return, which is significantly higher than IEFA's 8.85% return. Over the past 10 years, FDT has outperformed IEFA with an annualized return of 10.91%, while IEFA has yielded a comparatively lower 9.22% annualized return.

FDT

1D
-0.64%
1M
5.22%
YTD
25.50%
6M
28.63%
1Y
55.05%
3Y*
30.08%
5Y*
12.55%
10Y*
10.91%

IEFA

1D
-0.78%
1M
3.43%
YTD
8.85%
6M
11.45%
1Y
22.00%
3Y*
16.72%
5Y*
8.07%
10Y*
9.22%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FDT vs. IEFA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FDT
First Trust Developed Markets ex-US AlphaDEX Fund		25.50%52.21%6.97%15.03%-19.51%11.43%4.29%16.82%-19.98%34.42%
IEFA
iShares Core MSCI EAFE ETF		8.85%32.08%3.26%17.95%-15.24%11.63%8.18%22.64%-14.14%26.57%

Correlation

The correlation between FDT and IEFA is 0.87, 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

0.87

Correlation (3Y)
Calculated over the trailing 3-year period

0.87

Correlation (5Y)
Calculated over the trailing 5-year period

0.89

Correlation (10Y)
Calculated over the trailing 10-year period

0.91

Correlation (All Time)
Calculated using the full available price history since Oct 25, 2012

0.91

The correlation between FDT and IEFA has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.

FDT vs. IEFA - Sectors Allocation Comparison

Sectors
FDT
IEFA

Industrials

34.0%
20.1%

Consumer Cyclical

11.5%
8.0%

Financial Services

10.2%
22.5%

Basic Materials

9.6%
7.0%

Energy

9.2%
3.8%

Technology

8.1%
10.8%

Real Estate

5.3%
3.0%

Utilities

5.2%
3.6%

Consumer Defensive

2.8%
6.6%

Communication Services

2.7%
4.4%

Healthcare

1.4%
9.5%

Industrials

FDT
34.0%
IEFA
20.1%

Consumer Cyclical

FDT
11.5%
IEFA
8.0%

Financial Services

FDT
10.2%
IEFA
22.5%

Basic Materials

FDT
9.6%
IEFA
7.0%

Energy

FDT
9.2%
IEFA
3.8%

Technology

FDT
8.1%
IEFA
10.8%

Real Estate

FDT
5.3%
IEFA
3.0%

Utilities

FDT
5.2%
IEFA
3.6%

Consumer Defensive

FDT
2.8%
IEFA
6.6%

Communication Services

FDT
2.7%
IEFA
4.4%

Healthcare

FDT
1.4%
IEFA
9.5%

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First Trust Developed Markets ex-US AlphaDEX Fund

iShares Core MSCI EAFE ETF

Often compared with FDT:
FDT vs. FIDZXFDT vs. VEAFDT vs. QQQFDT vs. SCHFFDT vs. VTIFDT vs. VOOFDT vs. SDY
Often compared with IEFA:
IEFA vs. VEAIEFA vs. VXUSIEFA vs. EFAIEFA vs. FSPSXIEFA vs. IEMGIEFA vs. XEF.TOIEFA vs. IXUS

Return for Risk

FDT vs. IEFA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FDT
FDT Risk / Return Rank: 8484
Overall Rank
FDT Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
FDT Sortino Ratio Rank: 8484
Sortino Ratio Rank
FDT Omega Ratio Rank: 8686
Omega Ratio Rank
FDT Calmar Ratio Rank: 7979
Calmar Ratio Rank
FDT Martin Ratio Rank: 8181
Martin Ratio Rank
IEFA
IEFA Risk / Return Rank: 4141
Overall Rank
IEFA Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
IEFA Sortino Ratio Rank: 4141
Sortino Ratio Rank
IEFA Omega Ratio Rank: 4141
Omega Ratio Rank
IEFA Calmar Ratio Rank: 3838
Calmar Ratio Rank
IEFA Martin Ratio Rank: 4444
Martin Ratio Rank
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. IEFA - 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 Core MSCI EAFE ETF (IEFA). 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.

FDTIEFADifference
Sharpe ratioReturn per unit of total volatility
3.00
1.48

+1.52

Sortino ratioReturn per unit of downside risk
3.85
2.14

+1.71

Omega ratioGain probability vs. loss probability

1.54

1.27

+0.27

Calmar ratioReturn relative to maximum drawdown

4.13

1.92

+2.20

Martin ratioReturn relative to average drawdown

16.12

7.34

+8.78

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. IEFA - Sharpe Ratio Comparison

The current FDT Sharpe Ratio is 3.00, which is higher than the IEFA Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of FDT and IEFA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

FDTIEFADifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.00

1.48

+1.52

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.69

0.49

+0.20

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.59

0.53

+0.06

Sharpe Ratio (All Time)

Calculated using the full available price history

0.40

0.51

-0.11

Drawdowns

FDT vs. IEFA - Drawdown Comparison

The maximum FDT drawdown since its inception was -46.10%, which is greater than IEFA's maximum drawdown of -34.78%. Use the drawdown chart below to compare losses from any high point for FDT and IEFA.

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Drawdown Indicators

FDTIEFADifference

Max Drawdown

Largest peak-to-trough decline

-46.10%

-34.78%

-11.32%

Max Drawdown (1Y)

Largest decline over 1 year

-13.41%

-11.50%

-1.91%

Max Drawdown (3Y)

Largest decline over 3 years

-14.29%

-13.76%

-0.53%

Max Drawdown (5Y)

Largest decline over 5 years

-33.18%

-30.41%

-2.77%

Max Drawdown (10Y)

Largest decline over 10 years

-46.10%

-34.78%

-11.32%

Current Drawdown

Current decline from peak

-1.59%

-1.20%

-0.39%

Average Drawdown

Average peak-to-trough decline

-10.78%

-6.69%

-4.09%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.43%

3.01%

+0.42%

Volatility

FDT vs. IEFA - Volatility Comparison

First Trust Developed Markets ex-US AlphaDEX Fund (FDT) has a higher volatility of 7.23% compared to iShares Core MSCI EAFE ETF (IEFA) at 4.86%. This indicates that FDT's price experiences larger fluctuations and is considered to be riskier than IEFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FDTIEFADifference

Volatility (1M)

Calculated over the trailing 1-month period

7.23%

4.86%

+2.37%

Volatility (6M)

Calculated over the trailing 6-month period

15.91%

12.42%

+3.49%

Volatility (1Y)

Calculated over the trailing 1-year period

18.42%

14.96%

+3.46%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.23%

16.51%

+1.72%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.52%

17.30%

+1.22%

FDT vs. IEFA - Expense Ratio Comparison

FDT has a 0.80% expense ratio, which is higher than IEFA's 0.07% expense ratio.

Dividends

FDT vs. IEFA - Dividend Comparison

FDT's dividend yield for the trailing twelve months is around 2.84%, less than IEFA's 3.26% yield.

PositionTTM20252024202320222021202020192018201720162015
FDT
First Trust Developed Markets ex-US AlphaDEX Fund		2.84%3.27%3.89%4.36%2.29%3.80%2.42%2.78%2.13%1.57%1.76%1.83%
IEFA
iShares Core MSCI EAFE ETF		3.26%3.55%3.47%3.20%2.70%3.32%1.90%3.18%3.46%2.57%2.96%2.63%

Frequently Asked Questions

FDT and IEFA have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FDT has higher volatility (7.23%) compared to IEFA (4.86%). In terms of maximum drawdown, FDT dropped -46.10% vs IEFA's -34.78%.

On 10-year performance, FDT leads with 10.91% vs 9.22% for IEFA. On fees, IEFA is cheaper at 0.07% per year. On volatility, IEFA has been the lower-risk option at 4.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, FDT has performed better with a 10.91% return vs 9.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IEFA is cheaper with a 0.07% expense ratio, compared with 0.80% for FDT.

IEFA has the higher dividend yield at 3.26%, compared with 2.84% for FDT.

FDT tracks NASDAQ AlphaDEX DM Ex-US Index, while IEFA tracks MSCI EAFE IMI Index (Net). They also come from different issuers: First Trust and iShares. Their fees differ too: 0.80% for FDT and 0.07% for IEFA.

FDT currently has the higher Sharpe Ratio (3.00 vs 1.48), 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.

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