FDT vs. MCSE

Last updated Aug 2, 2026

FDT (First Trust Developed Markets ex-US AlphaDEX Fund) and MCSE (Franklin Sustainable International Equity ETF) are both Foreign Large Cap Equities funds. FDT is passively managed, while MCSE is actively managed. Over the past 3 years, FDT returned 22.82%/yr vs -0.12%/yr for MCSE. Their 0.60 correlation means they have sometimes moved together and sometimes differently. FDT charges 0.80%/yr vs 0.59%/yr for MCSE.

Performance

FDT vs. MCSE - 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 Franklin Sustainable International Equity ETF (MCSE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FDT achieves a 14.23% return, which is significantly higher than MCSE's 1.12% return.

FDT

• 1D: -0.76%
• 1M: -4.05%
• 6M: 3.93%
• YTD: 14.23%
• 1Y: 33.19%
• 3Y*: 22.82%
• 5Y*: 11.18%
• 10Y*: 9.69%
• ALL TIME*: 6.57%

MCSE

• 1D: 0.00%
• 1M: 0.00%
• 6M: 0.00%
• YTD: 1.12%
• 1Y: 4.30%
• 3Y*: -0.12%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.07%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FDT First Trust Developed Markets ex-US AlphaDEX Fund	$16.56M	$12.50M	$12.04M
MCSE Franklin Sustainable International Equity ETF	$0.00	$0.00	$0.00

FDT vs. MCSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FDT First Trust Developed Markets ex-US AlphaDEX Fund	14.23%	52.21%	6.97%	15.03%	8.07%
MCSE Franklin Sustainable International Equity ETF	1.12%	7.79%	-9.46%	14.86%	10.04%

Correlation

The correlation between FDT and MCSE is 0.38, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.38
Correlation (3Y) Balances recent behavior with more history.	0.56
Correlation (All Time) Calculated using the full available price history since Oct 31, 2022	0.60

Over the past year, the correlation between FDT and MCSE has dropped to 0.38 - well below their long-term average of 0.60, suggesting their price drivers have been diverging.

FDT vs. MCSE - Sectors Allocation Comparison

Sectors	FDT	MCSE
Industrials	33.3%	18.1%
Technology	13.1%	31.1%
Consumer Cyclical	11.1%	13.8%
Financial Services	10.0%	2.1%
Basic Materials	8.6%	5.1%
Energy	7.6%	-
Real Estate	5.1%	-
Utilities	4.7%	-
Consumer Defensive	2.7%	5.0%
Communication Services	2.5%	4.7%
Healthcare	1.3%	20.1%

Return for Risk

FDT vs. MCSE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FDT

FDT Risk / Return Rank: 68
FDT Sharpe Ratio Rank: 70
FDT Sortino Ratio Rank: 66
FDT Omega Ratio Rank: 72
FDT Calmar Ratio Rank: 71
FDT Martin Ratio Rank: 61

MCSE

MCSE Risk / Return Rank: 19
MCSE Sharpe Ratio Rank: 20
MCSE Sortino Ratio Rank: 18
MCSE Omega Ratio Rank: 22
MCSE Calmar Ratio Rank: 17
MCSE Martin Ratio Rank: 17

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FDT vs. MCSE - 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 Franklin Sustainable International Equity ETF (MCSE). 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	MCSE	Difference
Sharpe ratio: Return per unit of total volatility	1.60	0.37	+1.23
Sortino ratio: Return per unit of downside risk	2.17	0.58	+1.60
Omega ratio: Gain probability vs. loss probability	1.30	1.10	+0.20
Calmar ratio: Return relative to maximum drawdown	2.48	0.37	+2.11
Martin ratio: Return relative to average drawdown	7.32	0.92	+6.41

FDT vs. MCSE - Sharpe Ratio Comparison

The current FDT Sharpe Ratio is 1.60, which is higher than the MCSE Sharpe Ratio of 0.37. The chart below compares the historical Sharpe Ratios of FDT and MCSE, 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. MCSE - Drawdown Comparison

The maximum FDT drawdown since its inception was -46.10%, which is greater than MCSE's maximum drawdown of -26.36%. Use the drawdown chart below to compare losses from any high point for FDT and MCSE.

Drawdown Indicators

	FDT	MCSE	Difference
Max Drawdown Largest peak-to-trough decline	-46.10%	-26.36%	-19.74%
Max Drawdown (1Y) Largest decline over 1 year	-13.41%	-10.42%	-2.99%
Max Drawdown (3Y) Largest decline over 3 years	-14.29%	-26.36%	+12.07%
Max Drawdown (5Y) Largest decline over 5 years	-32.80%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-46.10%	—	—
Current Drawdown Current decline from peak	-10.43%	-10.51%	+0.08%
Average Drawdown Average peak-to-trough decline	-10.73%	-8.79%	-1.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.52%	4.36%	+0.16%

Volatility

FDT vs. MCSE - Volatility Comparison

First Trust Developed Markets ex-US AlphaDEX Fund (FDT) has a higher volatility of 6.33% compared to Franklin Sustainable International Equity ETF (MCSE) at 0.00%. This indicates that FDT's price experiences larger fluctuations and is considered to be riskier than MCSE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDT	MCSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.33%	0.00%	+6.33%
Volatility (6M) Calculated over the trailing 6-month period	18.77%	1.91%	+16.86%
Volatility (1Y) Calculated over the trailing 1-year period	20.77%	10.71%	+10.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.67%	19.08%	-0.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.57%	19.08%	-0.51%

FDT vs. MCSE - Expense Ratio Comparison

FDT has a 0.80% expense ratio, which is higher than MCSE's 0.59% expense ratio.

Dividends

FDT vs. MCSE - Dividend Comparison

FDT's dividend yield for the trailing twelve months is around 2.93%, less than MCSE's 3.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDT First Trust Developed Markets ex-US AlphaDEX Fund	2.93%	3.27%	3.89%	4.36%	2.29%	3.80%	2.42%	2.78%	2.13%	1.57%	1.76%	1.83%
MCSE Franklin Sustainable International Equity ETF	3.74%	3.78%	0.63%	0.57%	0.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FDT and MCSE in my portfolio?

FDT and MCSE have a correlation of 0.38, 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 MCSE?

FDT has higher volatility (6.33%) compared to MCSE (0.00%). In terms of maximum drawdown, FDT dropped -46.10% vs MCSE's -26.36%.

Which ETF is better, FDT or MCSE?

On 3-year performance, FDT leads with 22.82% vs -0.12% for MCSE. On fees, MCSE is cheaper at 0.59% per year. On volatility, MCSE has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDT or MCSE?

Over the 3-year period, FDT has performed better with a 22.82% return vs -0.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDT or MCSE?

MCSE is cheaper with a 0.59% expense ratio, compared with 0.80% for FDT.

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

MCSE has the higher dividend yield at 3.74%, compared with 2.93% for FDT.

What is the main difference between FDT and MCSE?

They also come from different issuers: First Trust and Franklin. Their fees differ too: 0.80% for FDT and 0.59% for MCSE.

Which has better risk-adjusted returns?

FDT currently has the higher Sharpe Ratio (1.60 vs 0.37), 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.