FEMS vs. BWX
FEMS (First Trust Emerging Markets Small Cap AlphaDEX Fund) and BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) are both exchange-traded funds - FEMS is a Emerging Markets Equities fund tracking the NASDAQ AlphaDEX EM Small Cap Index, while BWX is a International Government Bonds fund tracking the Bloomberg Global Treasury x US Capped (Inception 8/31/2007). Both are passively managed. Over the past 10 years, FEMS returned 9.42%/yr vs -1.41%/yr for BWX. At a 0.22 correlation, their price movements are largely independent. FEMS charges 0.80%/yr vs 0.35%/yr for BWX.
Performance
FEMS vs. BWX - Performance Comparison
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Returns By Period
In the year-to-date period, FEMS achieves a 8.92% return, which is significantly higher than BWX's -2.85% return. Over the past 10 years, FEMS has outperformed BWX with an annualized return of 9.42%, while BWX has yielded a comparatively lower -1.41% annualized return.
FEMS
- 1D
- -0.48%
- 1M
- -3.69%
- YTD
- 8.92%
- 6M
- 8.47%
- 1Y
- 19.24%
- 3Y*
- 12.32%
- 5Y*
- 4.09%
- 10Y*
- 9.42%
BWX
- 1D
- 0.09%
- 1M
- -1.43%
- YTD
- -2.85%
- 6M
- -3.24%
- 1Y
- -4.79%
- 3Y*
- 0.59%
- 5Y*
- -4.33%
- 10Y*
- -1.41%
FEMS vs. BWX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund | 8.92% | 16.48% | 1.88% | 3.55% | 1.85% | 3.76% | 7.85% | 28.88% | -22.63% | 49.02% |
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | -2.85% | 7.67% | -5.93% | 5.10% | -19.72% | -8.67% | 9.50% | 5.58% | -1.85% | 9.93% |
Correlation
The correlation between FEMS and BWX is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.35 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since Feb 17, 2012 | 0.22 |
Over the past year, FEMS and BWX have become more correlated (0.45) than their long-term average of 0.22, meaning their price movements have been converging.
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Return for Risk
FEMS vs. BWX — Risk / Return Rank
FEMS
BWX
FEMS vs. BWX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Emerging Markets Small Cap AlphaDEX Fund (FEMS) and SPDR Bloomberg Barclays International Treasury Bond ETF (BWX). 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.
| FEMS | BWX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.79 | ||
| Sortino ratioReturn per unit of downside risk | +2.49 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 0.91 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 2.15 | -0.78 | +2.93 |
| Martin ratioReturn relative to average drawdown | 5.32 | -1.47 | +6.79 |
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Drawdowns
FEMS vs. BWX - Drawdown Comparison
The maximum FEMS drawdown since its inception was -47.85%, which is greater than BWX's maximum drawdown of -34.05%. Use the drawdown chart below to compare losses from any high point for FEMS and BWX.
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Drawdown Indicators
| FEMS | BWX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.85% | -34.05% | -13.80% |
Max Drawdown (1Y)Largest decline over 1 year | -8.98% | -6.16% | -2.82% |
Max Drawdown (3Y)Largest decline over 3 years | -21.09% | -10.22% | -10.87% |
Max Drawdown (5Y)Largest decline over 5 years | -26.43% | -30.78% | +4.35% |
Max Drawdown (10Y)Largest decline over 10 years | -47.85% | -34.05% | -13.80% |
Current DrawdownCurrent decline from peak | -7.63% | -24.71% | +17.08% |
Average DrawdownAverage peak-to-trough decline | -17.36% | -10.09% | -7.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.63% | 3.26% | +0.37% |
Volatility
FEMS vs. BWX - Volatility Comparison
First Trust Emerging Markets Small Cap AlphaDEX Fund (FEMS) has a higher volatility of 7.14% compared to SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) at 2.02%. This indicates that FEMS's price experiences larger fluctuations and is considered to be riskier than BWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FEMS | BWX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.14% | 2.02% | +5.12% |
Volatility (6M)Calculated over the trailing 6-month period | 14.40% | 5.95% | +8.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.67% | 7.64% | +9.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.87% | 9.70% | +8.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.98% | 8.66% | +11.32% |
FEMS vs. BWX - Expense Ratio Comparison
FEMS has a 0.80% expense ratio, which is higher than BWX's 0.35% expense ratio.
Dividends
FEMS vs. BWX - Dividend Comparison
FEMS's dividend yield for the trailing twelve months is around 5.44%, more than BWX's 2.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | 2.40% | 2.19% | 1.99% | 1.63% | 1.23% | 0.93% | 0.95% | 1.16% | 1.07% | 0.46% | 0.00% | 0.00% |
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund | 5.44% | 4.27% | 3.97% | 4.65% | 4.55% | 6.25% | 2.90% | 4.37% | 4.68% | 3.39% | 2.42% | 3.28% |
Frequently Asked Questions
FEMS and BWX have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FEMS has higher volatility (7.14%) compared to BWX (2.02%). In terms of maximum drawdown, FEMS dropped -47.85% vs BWX's -34.05%.
On 10-year performance, FEMS leads with 9.42% vs -1.41% for BWX. On fees, BWX is cheaper at 0.35% per year. On volatility, BWX has been the lower-risk option at 2.02%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FEMS has performed better with a 9.42% return vs -1.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BWX is cheaper with a 0.35% expense ratio, compared with 0.80% for FEMS.
FEMS has the higher dividend yield at 5.44%, compared with 2.40% for BWX.
FEMS is categorized as Emerging Markets Equities, while BWX is International Government Bonds. FEMS tracks NASDAQ AlphaDEX EM Small Cap Index, while BWX tracks Bloomberg Global Treasury x US Capped (Inception 8/31/2007). They also come from different issuers: First Trust and State Street. Their fees differ too: 0.80% for FEMS and 0.35% for BWX.
FEMS currently has the higher Sharpe Ratio (1.16 vs -0.63), 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.
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