FEGE vs. KEAT

Last updated Jun 3, 2026

FEGE (First Eagle Global Equity ETF) and KEAT (Keating Active ETF) are both exchange-traded funds - FEGE is a Large Cap Value Equities fund actively managed by First Eagle, while KEAT is a Global Allocation fund actively managed by Keating. Both are actively managed. Over the past year, FEGE returned 30.32% vs 25.85% for KEAT. A 0.64 correlation means they provide meaningful diversification when combined. FEGE charges 0.50%/yr vs 0.85%/yr for KEAT.

Performance

FEGE vs. KEAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Eagle Global Equity ETF (FEGE) and Keating Active ETF (KEAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with FEGE having a 9.57% return and KEAT slightly higher at 9.85%.

FEGE

• 1D: 0.14%
• 1M: 2.94%
• YTD: 9.57%
• 6M: 12.09%
• 1Y: 30.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

KEAT

• 1D: 0.47%
• 1M: -1.07%
• YTD: 9.85%
• 6M: 11.35%
• 1Y: 25.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FEGE vs. KEAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FEGE First Eagle Global Equity ETF	9.57%	34.19%	-1.12%
KEAT Keating Active ETF	9.85%	22.76%	0.72%

Correlation

The correlation between FEGE and KEAT is 0.64, 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	0.64
Correlation (All Time) Calculated using the full available price history since Dec 23, 2024	0.64

The correlation between FEGE and KEAT has been stable across timeframes, ranging from 0.64 to 0.64 - a consistent structural relationship.

FEGE vs. KEAT - Sectors Allocation Comparison

Sectors	FEGE	KEAT
Consumer Defensive	14.7%	22.2%
Technology	14.1%	-
Financial Services	12.0%	1.0%
Healthcare	11.8%	5.3%
Industrials	10.2%	4.3%
Energy	9.1%	30.9%
Communication Services	8.9%	15.0%
Basic Materials	8.8%	21.7%
Consumer Cyclical	6.5%	-
Real Estate	4.0%	0.6%
Utilities	-	-

Return for Risk

FEGE vs. KEAT — Risk / Return Rank

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

FEGE

FEGE Risk / Return Rank: 67
FEGE Sharpe Ratio Rank: 75
FEGE Sortino Ratio Rank: 73
FEGE Omega Ratio Rank: 71
FEGE Calmar Ratio Rank: 57
FEGE Martin Ratio Rank: 57

KEAT

KEAT Risk / Return Rank: 75
KEAT Sharpe Ratio Rank: 77
KEAT Sortino Ratio Rank: 75
KEAT Omega Ratio Rank: 75
KEAT Calmar Ratio Rank: 83
KEAT Martin Ratio Rank: 67

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.

FEGE vs. KEAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Eagle Global Equity ETF (FEGE) and Keating Active ETF (KEAT). 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.

	FEGE	KEAT	Difference
Sharpe ratio Return per unit of total volatility	2.49	2.54	-0.05
Sortino ratio Return per unit of downside risk	3.33	3.45	-0.12
Omega ratio Gain probability vs. loss probability	1.43	1.46	-0.03
Calmar ratio Return relative to maximum drawdown	2.88	4.48	-1.60
Martin ratio Return relative to average drawdown	10.13	12.50	-2.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FEGE vs. KEAT - Sharpe Ratio Comparison

The current FEGE Sharpe Ratio is 2.49, which is comparable to the KEAT Sharpe Ratio of 2.54. The chart below compares the historical Sharpe Ratios of FEGE and KEAT, 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

	FEGE	KEAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.49	2.54	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	2.05	1.57	+0.48

Drawdowns

FEGE vs. KEAT - Drawdown Comparison

The maximum FEGE drawdown since its inception was -11.13%, which is greater than KEAT's maximum drawdown of -7.45%. Use the drawdown chart below to compare losses from any high point for FEGE and KEAT.

Drawdown Indicators

	FEGE	KEAT	Difference
Max Drawdown Largest peak-to-trough decline	-11.13%	-7.45%	-3.68%
Max Drawdown (1Y) Largest decline over 1 year	-10.96%	-6.04%	-4.92%
Current Drawdown Current decline from peak	-2.02%	-5.23%	+3.21%
Average Drawdown Average peak-to-trough decline	-1.71%	-1.57%	-0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.11%	2.16%	+0.95%

Volatility

FEGE vs. KEAT - Volatility Comparison

First Eagle Global Equity ETF (FEGE) has a higher volatility of 3.39% compared to Keating Active ETF (KEAT) at 2.47%. This indicates that FEGE's price experiences larger fluctuations and is considered to be riskier than KEAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEGE	KEAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.39%	2.47%	+0.92%
Volatility (6M) Calculated over the trailing 6-month period	10.05%	8.28%	+1.77%
Volatility (1Y) Calculated over the trailing 1-year period	12.25%	10.25%	+2.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.62%	10.27%	+4.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.62%	10.27%	+4.35%

FEGE vs. KEAT - Expense Ratio Comparison

FEGE has a 0.50% expense ratio, which is lower than KEAT's 0.85% expense ratio.

Dividends

FEGE vs. KEAT - Dividend Comparison

FEGE's dividend yield for the trailing twelve months is around 1.17%, less than KEAT's 2.24% yield.

Position	TTM	2025	2024
FEGE First Eagle Global Equity ETF	1.17%	1.28%	0.00%
KEAT Keating Active ETF	2.24%	2.48%	1.72%

Frequently Asked Questions

Can I hold both FEGE and KEAT in my portfolio?

FEGE and KEAT have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEGE or KEAT?

FEGE has higher volatility (3.39%) compared to KEAT (2.47%). In terms of maximum drawdown, FEGE dropped -11.13% vs KEAT's -7.45%.

Which ETF is better, FEGE or KEAT?

On 1-year performance, FEGE leads with 30.32% vs 25.85% for KEAT. On fees, FEGE is cheaper at 0.50% per year. On volatility, KEAT has been the lower-risk option at 2.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FEGE or KEAT?

Over the 1-year period, FEGE has performed better with a 30.32% return vs 25.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FEGE or KEAT?

FEGE is cheaper with a 0.50% expense ratio, compared with 0.85% for KEAT.

Which ETF pays a higher dividend yield, FEGE or KEAT?

KEAT has the higher dividend yield at 2.24%, compared with 1.17% for FEGE.

What is the main difference between FEGE and KEAT?

FEGE is categorized as Large Cap Value Equities, while KEAT is Global Allocation. They also come from different issuers: First Eagle and Keating. Their fees differ too: 0.50% for FEGE and 0.85% for KEAT.

Which has better risk-adjusted returns?

KEAT currently has the higher Sharpe Ratio (2.54 vs 2.49), 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.