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 8.36%/yr vs -1.44%/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 9.99% return, which is significantly higher than BWX's -3.06% return. Over the past 10 years, FEMS has outperformed BWX with an annualized return of 8.36%, while BWX has yielded a comparatively lower -1.44% annualized return.
FEMS
- 1D
- -0.24%
- 1M
- -1.31%
- 6M
- 3.50%
- YTD
- 9.99%
- 1Y
- 15.53%
- 3Y*
- 10.41%
- 5Y*
- 4.50%
- 10Y*
- 8.36%
BWX
- 1D
- -0.32%
- 1M
- -1.93%
- 6M
- -2.15%
- YTD
- -3.06%
- 1Y
- -3.80%
- 3Y*
- -0.23%
- 5Y*
- -4.43%
- 10Y*
- -1.44%
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 | 9.99% | 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 | -3.06% | 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 | 0.36 |
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 | +1.41 | ||
| Sortino ratioReturn per unit of downside risk | +1.98 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 0.92 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 1.74 | -0.62 | +2.36 |
| Martin ratioReturn relative to average drawdown | 3.93 | -1.26 | +5.18 |
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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% | -6.14% | -2.84% |
Max Drawdown (3Y)Largest decline over 3 years | -21.09% | -10.22% | -10.87% |
Max Drawdown (5Y)Largest decline over 5 years | -25.23% | -30.78% | +5.55% |
Max Drawdown (10Y)Largest decline over 10 years | -47.85% | -34.05% | -13.80% |
Current DrawdownCurrent decline from peak | -6.72% | -24.87% | +18.15% |
Average DrawdownAverage peak-to-trough decline | -17.32% | -10.13% | -7.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.97% | 3.03% | +0.94% |
Volatility
FEMS vs. BWX - Volatility Comparison
First Trust Emerging Markets Small Cap AlphaDEX Fund (FEMS) has a higher volatility of 5.97% compared to SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) at 1.76%. 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 | 5.97% | 1.76% | +4.21% |
Volatility (6M)Calculated over the trailing 6-month period | 14.96% | 6.03% | +8.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.17% | 7.62% | +9.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.96% | 9.71% | +8.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.96% | 8.66% | +11.30% |
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 4.24%, more than BWX's 2.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | 2.42% | 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 | 4.24% | 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 (5.97%) compared to BWX (1.76%). In terms of maximum drawdown, FEMS dropped -47.85% vs BWX's -34.05%.
On 10-year performance, FEMS leads with 8.36% vs -1.44% for BWX. On fees, BWX is cheaper at 0.35% per year. On volatility, BWX has been the lower-risk option at 1.76%. 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 8.36% return vs -1.44%. 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 4.24%, compared with 2.42% 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 (0.91 vs -0.50), 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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