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FEMS vs. EMOP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FEMS vs. EMOP

Last updated Jun 4, 2026

FEMS (First Trust Emerging Markets Small Cap AlphaDEX Fund) and EMOP (AB Emerging Markets Opportunities ETF) are both Emerging Markets Equities funds. FEMS is passively managed, while EMOP is actively managed. A 0.72 correlation means they provide meaningful diversification when combined. FEMS charges 0.80%/yr vs 0.70%/yr for EMOP.

Performance

FEMS vs. EMOP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Emerging Markets Small Cap AlphaDEX Fund (FEMS) and AB Emerging Markets Opportunities ETF (EMOP). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FEMS achieves a 12.16% return, which is significantly lower than EMOP's 32.56% return.

FEMS

1D
-1.87%
1M
-0.95%
YTD
12.16%
6M
11.13%
1Y
24.48%
3Y*
13.68%
5Y*
4.43%
10Y*
9.49%

EMOP

1D
-0.72%
1M
8.86%
YTD
32.56%
6M
34.94%
1Y
—
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

FEMS vs. EMOP - Yearly Performance Comparison

2026 (YTD)2025
FEMS
First Trust Emerging Markets Small Cap AlphaDEX Fund		12.16%9.59%
EMOP
AB Emerging Markets Opportunities ETF		32.56%16.69%

Correlation

The correlation between FEMS and EMOP is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (All Time)
Calculated using the full available price history since Jun 20, 2025

0.72

FEMS vs. EMOP - Sectors Allocation Comparison

Sectors
FEMS
EMOP

Industrials

16.0%
8.1%

Consumer Cyclical

15.4%
7.8%

Technology

13.1%
30.3%

Basic Materials

12.0%
7.0%

Energy

8.7%
2.6%

Real Estate

7.9%
2.3%

Consumer Defensive

7.0%
1.4%

Utilities

6.6%
2.8%

Financial Services

5.5%
24.0%

Communication Services

4.6%
12.3%

Healthcare

3.4%
1.6%

Industrials

FEMS
16.0%
EMOP
8.1%

Consumer Cyclical

FEMS
15.4%
EMOP
7.8%

Technology

FEMS
13.1%
EMOP
30.3%

Basic Materials

FEMS
12.0%
EMOP
7.0%

Energy

FEMS
8.7%
EMOP
2.6%

Real Estate

FEMS
7.9%
EMOP
2.3%

Consumer Defensive

FEMS
7.0%
EMOP
1.4%

Utilities

FEMS
6.6%
EMOP
2.8%

Financial Services

FEMS
5.5%
EMOP
24.0%

Communication Services

FEMS
4.6%
EMOP
12.3%

Healthcare

FEMS
3.4%
EMOP
1.6%

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 Small Cap AlphaDEX Fund

AB Emerging Markets Opportunities ETF

Often compared with FEMS:
FEMS vs. EDIVFEMS vs. EYLDFEMS vs. EWXFEMS vs. AVEEFEMS vs. FNDFFEMS vs. EEMSFEMS vs. SSO
Often compared with EMOP:
EMOP vs. AGEMEMOP vs. BUFCEMOP vs. RNEMEMOP vs. UAEEMOP vs. GEMEMOP vs. PIEEMOP vs. LRGC

Return for Risk

FEMS vs. EMOP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FEMS
FEMS Risk / Return Rank: 4747
Overall Rank
FEMS Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
FEMS Sortino Ratio Rank: 4343
Sortino Ratio Rank
FEMS Omega Ratio Rank: 4343
Omega Ratio Rank
FEMS Calmar Ratio Rank: 5858
Calmar Ratio Rank
FEMS Martin Ratio Rank: 4646
Martin Ratio Rank
EMOP
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.

FEMS vs. EMOP - 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 AB Emerging Markets Opportunities ETF (EMOP). 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.

FEMSEMOPDifference
Sharpe ratioReturn per unit of total volatility
1.55

—

—

Sortino ratioReturn per unit of downside risk
2.17

—

—

Omega ratioGain probability vs. loss probability

1.28

—

—

Calmar ratioReturn relative to maximum drawdown

2.86

—

—

Martin ratioReturn relative to average drawdown

7.50

—

—

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

FEMS vs. EMOP - Sharpe Ratio Comparison

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Sharpe Ratios by Period

FEMSEMOPDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.55

—

—

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.25

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.48

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.27

2.93

-2.66

Drawdowns

FEMS vs. EMOP - Drawdown Comparison

The maximum FEMS drawdown since its inception was -47.85%, which is greater than EMOP's maximum drawdown of -12.88%. Use the drawdown chart below to compare losses from any high point for FEMS and EMOP.

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Drawdown Indicators

FEMSEMOPDifference

Max Drawdown

Largest peak-to-trough decline

-47.85%

-12.88%

-34.97%

Max Drawdown (1Y)

Largest decline over 1 year

-8.59%

—

—

Max Drawdown (3Y)

Largest decline over 3 years

-21.09%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-26.89%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-47.85%

—

—

Current Drawdown

Current decline from peak

-4.88%

-0.72%

-4.16%

Average Drawdown

Average peak-to-trough decline

-17.41%

-1.90%

-15.51%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.27%

—

—

Volatility

FEMS vs. EMOP - Volatility Comparison

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Volatility by Period

FEMSEMOPDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.37%

—

—

Volatility (6M)

Calculated over the trailing 6-month period

12.98%

—

—

Volatility (1Y)

Calculated over the trailing 1-year period

15.84%

19.85%

-4.01%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.79%

19.85%

-2.06%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.97%

19.85%

+0.12%

FEMS vs. EMOP - Expense Ratio Comparison

FEMS has a 0.80% expense ratio, which is higher than EMOP's 0.70% expense ratio.

Dividends

FEMS vs. EMOP - Dividend Comparison

FEMS's dividend yield for the trailing twelve months is around 4.28%, more than EMOP's 0.82% yield.

PositionTTM20252024202320222021202020192018201720162015
EMOP
AB Emerging Markets Opportunities ETF		0.82%0.27%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
FEMS
First Trust Emerging Markets Small Cap AlphaDEX Fund		4.28%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 EMOP have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, EMOP is cheaper at 0.70% per year. The better choice depends on whether you care most about return, fees, risk, or income.

EMOP is cheaper with a 0.70% expense ratio, compared with 0.80% for FEMS.

FEMS has the higher dividend yield at 4.28%, compared with 0.82% for EMOP.

They also come from different issuers: First Trust and AllianceBernstein. Their fees differ too: 0.80% for FEMS and 0.70% for EMOP.

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