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FEM.L vs. ISDE.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FEM.L vs. ISDE.L

Last updated Jun 4, 2026

FEM.L (First Trust Emerging Markets AlphaDEX UCITS ETF Acc) and ISDE.L (iShares MSCI EM Islamic UCITS ETF USD (Dist)) are both Emerging Markets Equities funds - FEM.L tracks the MSCI EM NR USD while ISDE.L tracks the MSCI Emerging Markets Islamic Index. Both are passively managed. Over the past 10 years, FEM.L returned 10.39%/yr vs 14.51%/yr for ISDE.L. A 0.75 correlation means they provide meaningful diversification when combined. FEM.L charges 0.80%/yr vs 0.85%/yr for ISDE.L.

Performance

FEM.L vs. ISDE.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 iShares MSCI EM Islamic UCITS ETF USD (Dist) (ISDE.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

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

Returns By Period

In the year-to-date period, FEM.L achieves a 20.02% return, which is significantly lower than ISDE.L's 65.31% return. Over the past 10 years, FEM.L has underperformed ISDE.L with an annualized return of 10.39%, while ISDE.L has yielded a comparatively higher 14.51% annualized return.

FEM.L

1D
-0.68%
1M
0.07%
YTD
20.02%
6M
21.15%
1Y
42.71%
3Y*
17.72%
5Y*
8.43%
10Y*
10.39%

ISDE.L

1D
-0.66%
1M
23.28%
YTD
65.31%
6M
70.12%
1Y
117.12%
3Y*
29.80%
5Y*
14.68%
10Y*
14.51%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
FEM.L
First Trust Emerging Markets AlphaDEX UCITS ETF Acc		20.02%18.46%5.12%4.21%-3.80%8.72%-3.95%15.10%-11.29%27.59%
ISDE.L
iShares MSCI EM Islamic UCITS ETF USD (Dist)		65.31%30.46%-1.86%8.28%-13.53%3.61%18.62%14.85%-12.37%29.47%

Correlation

The correlation between FEM.L and ISDE.L is 0.62, 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

0.62

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

0.60

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

0.61

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

0.72

Correlation (All Time)
Calculated using the full available price history since Apr 15, 2013

0.75

The correlation between FEM.L and ISDE.L shifts across timeframes, from 0.60 (3 years) to 0.75 (all time), reflecting how their relationship changes across market environments.

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

Sectors
FEM.L
ISDE.L

Technology

27.7%
48.0%

Industrials

20.3%
8.6%

Energy

13.1%
10.1%

Basic Materials

7.9%
12.2%

Financial Services

6.4%
3.7%

Utilities

6.0%
2.3%

Consumer Cyclical

5.7%
5.3%

Communication Services

4.6%
0.9%

Consumer Defensive

2.9%
3.3%

Healthcare

2.8%
4.8%

Real Estate

2.6%
0.9%

Technology

FEM.L
27.7%
ISDE.L
48.0%

Industrials

FEM.L
20.3%
ISDE.L
8.6%

Energy

FEM.L
13.1%
ISDE.L
10.1%

Basic Materials

FEM.L
7.9%
ISDE.L
12.2%

Financial Services

FEM.L
6.4%
ISDE.L
3.7%

Utilities

FEM.L
6.0%
ISDE.L
2.3%

Consumer Cyclical

FEM.L
5.7%
ISDE.L
5.3%

Communication Services

FEM.L
4.6%
ISDE.L
0.9%

Consumer Defensive

FEM.L
2.9%
ISDE.L
3.3%

Healthcare

FEM.L
2.8%
ISDE.L
4.8%

Real Estate

FEM.L
2.6%
ISDE.L
0.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

First Trust Emerging Markets AlphaDEX UCITS ETF Acc

iShares MSCI EM Islamic UCITS ETF USD (Dist)

Often compared with FEM.L:
FEM.L vs. JMRE.LFEM.L vs. SEGM.LFEM.L vs. EMXC.LFEM.L vs. MXFP.LFEM.L vs. AEMU.LFEM.L vs. FEMD.LFEM.L vs. FEMQ.L
Often compared with ISDE.L:
ISDE.L vs. JRDM.LISDE.L vs. VDEM.LISDE.L vs. LEML.LISDE.L vs. VFEG.LISDE.L vs. PRAM.LISDE.L vs. EDG2.LISDE.L vs. IUIT.L

Return for Risk

FEM.L vs. ISDE.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: 8686
Overall Rank
FEM.L Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
FEM.L Sortino Ratio Rank: 8080
Sortino Ratio Rank
FEM.L Omega Ratio Rank: 8383
Omega Ratio Rank
FEM.L Calmar Ratio Rank: 9292
Calmar Ratio Rank
FEM.L Martin Ratio Rank: 8888
Martin Ratio Rank
ISDE.L
ISDE.L Risk / Return Rank: 9696
Overall Rank
ISDE.L Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
ISDE.L Sortino Ratio Rank: 9595
Sortino Ratio Rank
ISDE.L Omega Ratio Rank: 9696
Omega Ratio Rank
ISDE.L Calmar Ratio Rank: 9595
Calmar Ratio Rank
ISDE.L Martin Ratio Rank: 9595
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.

FEM.L vs. ISDE.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 iShares MSCI EM Islamic UCITS ETF USD (Dist) (ISDE.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.

FEM.LISDE.LDifference
Sharpe ratioReturn per unit of total volatility
2.78
4.99

-2.21

Sortino ratioReturn per unit of downside risk
3.58
5.62

-2.03

Omega ratioGain probability vs. loss probability

1.50

1.85

-0.35

Calmar ratioReturn relative to maximum drawdown

6.11

9.26

-3.15

Martin ratioReturn relative to average drawdown

19.55

33.42

-13.87

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current FEM.L Sharpe Ratio is 2.78, which is lower than the ISDE.L Sharpe Ratio of 4.99. The chart below compares the historical Sharpe Ratios of FEM.L and ISDE.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.

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Sharpe Ratios by Period

FEM.LISDE.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.78

4.99

-2.21

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.53

0.83

-0.30

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.56

0.75

-0.20

Sharpe Ratio (All Time)

Calculated using the full available price history

0.35

0.37

-0.02

Drawdowns

FEM.L vs. ISDE.L - Drawdown Comparison

The maximum FEM.L drawdown since its inception was -35.42%, smaller than the maximum ISDE.L drawdown of -46.71%. Use the drawdown chart below to compare losses from any high point for FEM.L and ISDE.L.

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Drawdown Indicators

FEM.LISDE.LDifference

Max Drawdown

Largest peak-to-trough decline

-35.42%

-46.71%

+11.29%

Max Drawdown (1Y)

Largest decline over 1 year

-6.96%

-12.58%

+5.62%

Max Drawdown (3Y)

Largest decline over 3 years

-17.83%

-21.66%

+3.83%

Max Drawdown (5Y)

Largest decline over 5 years

-17.83%

-21.66%

+3.83%

Max Drawdown (10Y)

Largest decline over 10 years

-35.42%

-26.22%

-9.20%

Current Drawdown

Current decline from peak

-0.80%

-0.66%

-0.14%

Average Drawdown

Average peak-to-trough decline

-8.99%

-14.03%

+5.04%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.18%

3.49%

-1.31%

Volatility

FEM.L vs. ISDE.L - Volatility Comparison

The current volatility for First Trust Emerging Markets AlphaDEX UCITS ETF Acc (FEM.L) is 5.18%, while iShares MSCI EM Islamic UCITS ETF USD (Dist) (ISDE.L) has a volatility of 11.47%. This indicates that FEM.L experiences smaller price fluctuations and is considered to be less risky than ISDE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FEM.LISDE.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.18%

11.47%

-6.29%

Volatility (6M)

Calculated over the trailing 6-month period

12.20%

20.71%

-8.51%

Volatility (1Y)

Calculated over the trailing 1-year period

15.31%

23.34%

-8.03%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.96%

17.72%

-1.76%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.69%

19.26%

-0.57%

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

FEM.L has a 0.80% expense ratio, which is lower than ISDE.L's 0.85% expense ratio.

Dividends

FEM.L vs. ISDE.L - Dividend Comparison

FEM.L has not paid dividends to shareholders, while ISDE.L's dividend yield for the trailing twelve months is around 1.05%.

PositionTTM20252024202320222021202020192018201720162015
FEM.L
First Trust Emerging Markets AlphaDEX UCITS ETF Acc		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
ISDE.L
iShares MSCI EM Islamic UCITS ETF USD (Dist)		1.05%1.86%2.51%2.77%2.10%1.79%0.98%1.55%1.64%1.02%1.07%2.32%

Frequently Asked Questions

FEM.L and ISDE.L have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, FEM.L is cheaper at 0.80% per year. The better choice depends on whether you care most about return, fees, risk, or income.

FEM.L is cheaper with a 0.80% expense ratio, compared with 0.85% for ISDE.L.

FEM.L tracks MSCI EM NR USD, while ISDE.L tracks MSCI Emerging Markets Islamic Index. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.80% for FEM.L and 0.85% for ISDE.L.

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