FEM.L vs. FEXU.L

Last updated Jun 25, 2026

FEM.L (First Trust Emerging Markets AlphaDEX UCITS ETF Acc) and FEXU.L (First Trust US Large Cap Core AlphaDEX UCITS ETF) are both exchange-traded funds - FEM.L is a Emerging Markets Equities fund tracking the MSCI EM NR USD, while FEXU.L is a Large Cap Blend Equities fund tracking the Russell 1000 TR USD. Both are passively managed. Over the past 10 years, FEM.L returned 9.52%/yr vs 13.44%/yr for FEXU.L. A 0.53 correlation means they provide meaningful diversification when combined. FEM.L charges 0.80%/yr vs 0.75%/yr for FEXU.L.

Performance

FEM.L vs. FEXU.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in First Trust Emerging Markets AlphaDEX UCITS ETF Acc (FEM.L) and First Trust US Large Cap Core AlphaDEX UCITS ETF (FEXU.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

FEM.L is traded in GBp, while FEXU.L is traded in USD. To make them comparable, the FEXU.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

The year-to-date returns for both stocks are quite close, with FEM.L having a 18.10% return and FEXU.L slightly lower at 17.35%. Over the past 10 years, FEM.L has underperformed FEXU.L with an annualized return of 9.52%, while FEXU.L has yielded a comparatively higher 13.44% annualized return.

FEM.L

• 1D: -0.49%
• 1M: -0.06%
• YTD: 18.10%
• 6M: 18.24%
• 1Y: 37.35%
• 3Y*: 17.38%
• 5Y*: 7.83%
• 10Y*: 9.52%

FEXU.L

• 1D: -0.89%
• 1M: 5.03%
• YTD: 17.35%
• 6M: 17.23%
• 1Y: 31.20%
• 3Y*: 18.61%
• 5Y*: 12.27%
• 10Y*: 13.44%

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

FEM.L vs. FEXU.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FEM.L First Trust Emerging Markets AlphaDEX UCITS ETF Acc	18.10%	18.46%	5.12%	4.21%	-3.80%	8.72%	-3.95%	15.10%	-11.29%	27.59%
FEXU.L First Trust US Large Cap Core AlphaDEX UCITS ETF	17.35%	7.02%	18.72%	8.93%	-1.84%	28.02%	10.19%	21.28%	-5.75%	11.04%

Correlation

The correlation between FEM.L and FEXU.L is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (10Y) Calculated over the trailing 10-year period	0.50
Correlation (All Time) Calculated using the full available price history since Apr 9, 2013	0.53

The correlation between FEM.L and FEXU.L shifts across timeframes, from 0.39 (5 years) to 0.53 (all time), reflecting how their relationship changes across market environments.

FEM.L vs. FEXU.L - Sectors Allocation Comparison

Sectors	FEM.L	FEXU.L
Technology	29.0%	22.2%
Industrials	19.6%	18.8%
Energy	12.3%	5.6%
Basic Materials	7.6%	3.5%
Financial Services	7.0%	13.6%
Utilities	6.0%	7.0%
Consumer Cyclical	5.5%	8.3%
Communication Services	4.8%	3.4%
Consumer Defensive	3.0%	4.3%
Healthcare	2.6%	8.8%
Real Estate	2.5%	4.5%

Return for Risk

FEM.L vs. FEXU.L — Risk / Return Rank

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

FEM.L

FEM.L Risk / Return Rank: 84
FEM.L Sharpe Ratio Rank: 83
FEM.L Sortino Ratio Rank: 77
FEM.L Omega Ratio Rank: 79
FEM.L Calmar Ratio Rank: 92
FEM.L Martin Ratio Rank: 87

FEXU.L

FEXU.L Risk / Return Rank: 86
FEXU.L Sharpe Ratio Rank: 84
FEXU.L Sortino Ratio Rank: 87
FEXU.L Omega Ratio Rank: 79
FEXU.L Calmar Ratio Rank: 91
FEXU.L Martin Ratio Rank: 89

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.

FEM.L vs. FEXU.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Emerging Markets AlphaDEX UCITS ETF Acc (FEM.L) and First Trust US Large Cap Core AlphaDEX UCITS ETF (FEXU.L). 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.

	FEM.L	FEXU.L	Difference
Sharpe ratio: Return per unit of total volatility	2.31	2.59	-0.28
Sortino ratio: Return per unit of downside risk	3.01	3.49	-0.48
Omega ratio: Gain probability vs. loss probability	1.41	1.45	-0.04
Calmar ratio: Return relative to maximum drawdown	5.34	7.16	-1.82
Martin ratio: Return relative to average drawdown	16.23	21.62	-5.39

FEM.L vs. FEXU.L - Sharpe Ratio Comparison

The current FEM.L Sharpe Ratio is 2.31, which is comparable to the FEXU.L Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of FEM.L and FEXU.L, 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

FEM.L vs. FEXU.L - Drawdown Comparison

The maximum FEM.L drawdown since its inception was -54.05%, which is greater than FEXU.L's maximum drawdown of -32.12%. Use the drawdown chart below to compare losses from any high point for FEM.L and FEXU.L.

Drawdown Indicators

	FEM.L	FEXU.L	Difference
Max Drawdown Largest peak-to-trough decline	-54.05%	-32.12%	-21.93%
Max Drawdown (1Y) Largest decline over 1 year	-6.96%	-4.47%	-2.49%
Max Drawdown (3Y) Largest decline over 3 years	-17.83%	-21.55%	+3.72%
Max Drawdown (5Y) Largest decline over 5 years	-17.83%	-21.55%	+3.72%
Max Drawdown (10Y) Largest decline over 10 years	-35.42%	-32.12%	-3.30%
Current Drawdown Current decline from peak	-3.26%	-0.89%	-2.37%
Average Drawdown Average peak-to-trough decline	-17.79%	-4.17%	-13.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.29%	1.48%	+0.81%

Volatility

FEM.L vs. FEXU.L - Volatility Comparison

First Trust Emerging Markets AlphaDEX UCITS ETF Acc (FEM.L) has a higher volatility of 6.08% compared to First Trust US Large Cap Core AlphaDEX UCITS ETF (FEXU.L) at 4.06%. This indicates that FEM.L's price experiences larger fluctuations and is considered to be riskier than FEXU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEM.L	FEXU.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.08%	4.06%	+2.02%
Volatility (6M) Calculated over the trailing 6-month period	12.96%	9.04%	+3.92%
Volatility (1Y) Calculated over the trailing 1-year period	16.11%	12.37%	+3.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.13%	15.70%	+0.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.67%	17.19%	+1.48%

FEM.L vs. FEXU.L - Expense Ratio Comparison

FEM.L has a 0.80% expense ratio, which is higher than FEXU.L's 0.75% expense ratio.

Dividends

FEM.L vs. FEXU.L - Dividend Comparison

Neither FEM.L nor FEXU.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FEM.L and FEXU.L in my portfolio?

FEM.L and FEXU.L have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FEM.L or FEXU.L?

On fees, FEXU.L is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FEM.L or FEXU.L?

FEXU.L is cheaper with a 0.75% expense ratio, compared with 0.80% for FEM.L.

What is the main difference between FEM.L and FEXU.L?

FEM.L is categorized as Emerging Markets Equities, while FEXU.L is Large Cap Blend Equities. FEM.L tracks MSCI EM NR USD, while FEXU.L tracks Russell 1000 TR USD. Their fees differ too: 0.80% for FEM.L and 0.75% for FEXU.L.