FDTS vs. FPA

Last updated Jun 14, 2026

FDTS (First Trust Developed Markets ex-US Small Cap AlphaDEX Fund) and FPA (First Trust Asia Pacific ex-Japan AlphaDEX Fund) are both exchange-traded funds - FDTS is a Foreign Small & Mid Cap Equities fund tracking the NASDAQ AlphaDEX DM Ex-US Small Cap 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, FDTS returned 10.96%/yr vs 11.11%/yr for FPA. At a 0.47 correlation, their price movements are largely independent. Both charge a 0.80% expense ratio.

Performance

FDTS vs. FPA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Developed Markets ex-US Small Cap AlphaDEX Fund (FDTS) 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, FDTS achieves a 18.78% return, which is significantly lower than FPA's 47.02% return. Both investments have delivered pretty close results over the past 10 years, with FDTS having a 10.96% annualized return and FPA not far ahead at 11.11%.

FDTS

• 1D: -0.17%
• 1M: -2.15%
• YTD: 18.78%
• 6M: 20.77%
• 1Y: 44.72%
• 3Y*: 24.70%
• 5Y*: 10.78%
• 10Y*: 10.96%

FPA

• 1D: -0.27%
• 1M: 3.70%
• YTD: 47.02%
• 6M: 47.32%
• 1Y: 65.35%
• 3Y*: 29.68%
• 5Y*: 12.60%
• 10Y*: 11.11%

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

FDTS vs. FPA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FDTS First Trust Developed Markets ex-US Small Cap AlphaDEX Fund	18.78%	51.17%	2.44%	10.96%	-15.34%	11.79%	12.90%	18.71%	-23.71%	36.01%
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund	47.02%	43.16%	3.95%	9.97%	-14.55%	2.98%	13.43%	8.91%	-21.91%	35.81%

Correlation

The correlation between FDTS and FPA is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (10Y) Calculated over the trailing 10-year period	0.50
Correlation (All Time) Calculated using the full available price history since Feb 16, 2012	0.47

Over the past year, FDTS and FPA have become more correlated (0.76) than their long-term average of 0.47, meaning their price movements have been converging.

FDTS vs. FPA - Sectors Allocation Comparison

Sectors	FDTS	FPA
Industrials	22.2%	32.7%
Consumer Cyclical	18.9%	9.3%
Technology	14.1%	25.2%
Financial Services	11.9%	8.6%
Basic Materials	11.3%	4.2%
Consumer Defensive	4.7%	2.7%
Real Estate	4.3%	6.2%
Energy	4.0%	5.4%
Communication Services	3.2%	2.6%
Healthcare	2.8%	0.8%
Utilities	2.7%	5.1%

Return for Risk

FDTS vs. FPA — Risk / Return Rank

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

FDTS

FDTS Risk / Return Rank: 79
FDTS Sharpe Ratio Rank: 84
FDTS Sortino Ratio Rank: 81
FDTS Omega Ratio Rank: 81
FDTS Calmar Ratio Rank: 76
FDTS Martin Ratio Rank: 72

FPA

FPA Risk / Return Rank: 83
FPA Sharpe Ratio Rank: 85
FPA Sortino Ratio Rank: 78
FPA Omega Ratio Rank: 81
FPA Calmar Ratio Rank: 87
FPA Martin Ratio Rank: 84

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.

FDTS vs. FPA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Developed Markets ex-US Small Cap AlphaDEX Fund (FDTS) 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.

	FDTS	FPA	Difference
Sharpe ratio: Return per unit of total volatility	2.37	2.41	-0.04
Sortino ratio: Return per unit of downside risk	3.15	3.02	+0.13
Omega ratio: Gain probability vs. loss probability	1.42	1.42	0.00
Calmar ratio: Return relative to maximum drawdown	3.43	4.32	-0.90
Martin ratio: Return relative to average drawdown	11.78	14.88	-3.10

FDTS vs. FPA - Sharpe Ratio Comparison

The current FDTS Sharpe Ratio is 2.37, which is comparable to the FPA Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of FDTS 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

FDTS vs. FPA - Drawdown Comparison

The maximum FDTS drawdown since its inception was -51.26%, roughly equal to the maximum FPA drawdown of -52.91%. Use the drawdown chart below to compare losses from any high point for FDTS and FPA.

Drawdown Indicators

	FDTS	FPA	Difference
Max Drawdown Largest peak-to-trough decline	-51.26%	-52.91%	+1.65%
Max Drawdown (1Y) Largest decline over 1 year	-12.61%	-15.37%	+2.76%
Max Drawdown (3Y) Largest decline over 3 years	-13.19%	-20.66%	+7.47%
Max Drawdown (5Y) Largest decline over 5 years	-33.11%	-34.54%	+1.43%
Max Drawdown (10Y) Largest decline over 10 years	-51.26%	-52.91%	+1.65%
Current Drawdown Current decline from peak	-4.77%	-6.94%	+2.17%
Average Drawdown Average peak-to-trough decline	-10.64%	-13.47%	+2.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.66%	4.46%	-0.80%

Volatility

FDTS vs. FPA - Volatility Comparison

The current volatility for First Trust Developed Markets ex-US Small Cap AlphaDEX Fund (FDTS) is 8.44%, while First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA) has a volatility of 14.55%. This indicates that FDTS 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

	FDTS	FPA	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.44%	14.55%	-6.11%
Volatility (6M) Calculated over the trailing 6-month period	15.54%	24.45%	-8.91%
Volatility (1Y) Calculated over the trailing 1-year period	18.27%	27.61%	-9.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.42%	24.43%	+4.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.92%	22.63%	+2.29%

FDTS vs. FPA - Expense Ratio Comparison

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

Dividends

FDTS vs. FPA - Dividend Comparison

FDTS's dividend yield for the trailing twelve months is around 2.53%, less than FPA's 3.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDTS First Trust Developed Markets ex-US Small Cap AlphaDEX Fund	2.53%	2.94%	3.94%	2.90%	3.71%	3.01%	2.02%	2.30%	1.96%	2.08%	1.78%	1.73%
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund	3.63%	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 FDTS and FPA in my portfolio?

FDTS and FPA have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDTS or FPA?

FPA has higher volatility (14.55%) compared to FDTS (8.44%). In terms of maximum drawdown, FDTS dropped -51.26% vs FPA's -52.91%.

Which ETF is better, FDTS or FPA?

On 10-year performance, FPA leads with 11.11% vs 10.96% for FDTS. Both ETFs have the same 0.80% expense ratio. On volatility, FDTS has been the lower-risk option at 8.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDTS or FPA?

Over the 10-year period, FPA has performed better with a 11.11% return vs 10.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDTS or FPA?

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

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

FPA has the higher dividend yield at 3.63%, compared with 2.53% for FDTS.

What is the main difference between FDTS and FPA?

FDTS is categorized as Foreign Small & Mid Cap Equities, while FPA is Asia Pacific Equities. FDTS tracks NASDAQ AlphaDEX DM Ex-US Small Cap Index, while FPA tracks NASDAQ AlphaDEX Asia Pacific Ex-Japan Index.

Which has better risk-adjusted returns?

FPA currently has the higher Sharpe Ratio (2.41 vs 2.37), 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.