FEM vs. VEXC

Last updated Jun 26, 2026

FEM (First Trust Emerging Markets AlphaDEX Fund) and VEXC (Vanguard Emerging Markets Ex-China ETF) are both Emerging Markets Equities funds - FEM tracks the NASDAQ AlphaDEX EM Index while VEXC tracks the FTSE Emerging ex China Index. Both are passively managed. Their correlation of 0.82 suggests significant overlap in exposure. FEM charges 0.80%/yr vs 0.07%/yr for VEXC.

Performance

FEM vs. VEXC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Emerging Markets AlphaDEX Fund (FEM) and Vanguard Emerging Markets Ex-China ETF (VEXC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEM achieves a 16.06% return, which is significantly lower than VEXC's 19.61% return.

FEM

• 1D: 0.48%
• 1M: -5.01%
• YTD: 16.06%
• 6M: 15.66%
• 1Y: 34.10%
• 3Y*: 18.80%
• 5Y*: 6.76%
• 10Y*: 9.71%

VEXC

• 1D: -0.14%
• 1M: 0.34%
• YTD: 19.61%
• 6M: 20.32%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FEM vs. VEXC - Yearly Performance Comparison

	2026 (YTD)	2025
FEM First Trust Emerging Markets AlphaDEX Fund	16.06%	1.72%
VEXC Vanguard Emerging Markets Ex-China ETF	19.61%	4.50%

Correlation

The correlation between FEM and VEXC is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 2, 2025	0.82

Return for Risk

FEM vs. VEXC — Risk / Return Rank

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

FEM

FEM Risk / Return Rank: 67
FEM Sharpe Ratio Rank: 64
FEM Sortino Ratio Rank: 55
FEM Omega Ratio Rank: 63
FEM Calmar Ratio Rank: 81
FEM Martin Ratio Rank: 75

VEXC

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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 vs. VEXC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Emerging Markets AlphaDEX Fund (FEM) and Vanguard Emerging Markets Ex-China ETF (VEXC). 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	VEXC	Difference
Sharpe ratio: Return per unit of total volatility	1.82	—	—
Sortino ratio: Return per unit of downside risk	2.33	—	—
Omega ratio: Gain probability vs. loss probability	1.33	—	—
Calmar ratio: Return relative to maximum drawdown	3.68	—	—
Martin ratio: Return relative to average drawdown	12.40	—	—

Drawdowns

FEM vs. VEXC - Drawdown Comparison

The maximum FEM drawdown since its inception was -46.23%, which is greater than VEXC's maximum drawdown of -12.42%. Use the drawdown chart below to compare losses from any high point for FEM and VEXC.

Drawdown Indicators

	FEM	VEXC	Difference
Max Drawdown Largest peak-to-trough decline	-46.23%	-12.42%	-33.81%
Max Drawdown (1Y) Largest decline over 1 year	-9.31%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-18.79%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-31.72%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-46.23%	—	—
Current Drawdown Current decline from peak	-6.00%	-4.18%	-1.82%
Average Drawdown Average peak-to-trough decline	-15.00%	-2.25%	-12.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.76%	—	—

Volatility

Volatility by Period

	FEM	VEXC	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.27%	—	—
Volatility (6M) Calculated over the trailing 6-month period	16.26%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	18.84%	20.19%	-1.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.66%	20.19%	-1.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.96%	20.19%	+0.77%

FEM vs. VEXC - Expense Ratio Comparison

FEM has a 0.80% expense ratio, which is higher than VEXC's 0.07% expense ratio.

Dividends

FEM vs. VEXC - Dividend Comparison

FEM's dividend yield for the trailing twelve months is around 3.30%, more than VEXC's 1.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEM First Trust Emerging Markets AlphaDEX Fund	3.30%	3.13%	3.66%	4.96%	6.15%	4.15%	2.68%	3.31%	3.52%	2.45%	2.25%	3.61%
VEXC Vanguard Emerging Markets Ex-China ETF	1.44%	0.43%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FEM and VEXC in my portfolio?

FEM and VEXC have a correlation of 0.82, 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 or VEXC?

On fees, VEXC is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FEM or VEXC?

VEXC is cheaper with a 0.07% expense ratio, compared with 0.80% for FEM.

Which ETF pays a higher dividend yield, FEM or VEXC?

FEM has the higher dividend yield at 3.30%, compared with 1.44% for VEXC.

What is the main difference between FEM and VEXC?

FEM tracks NASDAQ AlphaDEX EM Index, while VEXC tracks FTSE Emerging ex China Index. They also come from different issuers: First Trust and Vanguard. Their fees differ too: 0.80% for FEM and 0.07% for VEXC.