FEMS vs. VEXC
FEMS (First Trust Emerging Markets Small Cap AlphaDEX Fund) and VEXC (Vanguard Emerging Markets Ex-China ETF) are both Emerging Markets Equities funds - FEMS tracks the NASDAQ AlphaDEX EM Small Cap Index while VEXC tracks the FTSE Emerging ex China Index. Both are passively managed. A 0.77 correlation means they provide meaningful diversification when combined. FEMS charges 0.80%/yr vs 0.07%/yr for VEXC.
Performance
FEMS vs. VEXC - Performance Comparison
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Returns By Period
In the year-to-date period, FEMS achieves a 12.25% return, which is significantly lower than VEXC's 20.48% return.
FEMS
- 1D
- 0.08%
- 1M
- -2.76%
- YTD
- 12.25%
- 6M
- 11.00%
- 1Y
- 24.04%
- 3Y*
- 13.24%
- 5Y*
- 4.45%
- 10Y*
- 9.39%
VEXC
- 1D
- 0.23%
- 1M
- 3.69%
- YTD
- 20.48%
- 6M
- 23.73%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FEMS vs. VEXC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund | 12.25% | -2.79% |
VEXC Vanguard Emerging Markets Ex-China ETF | 20.48% | 4.80% |
Correlation
The correlation between FEMS and VEXC is 0.77, 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 Oct 3, 2025 | 0.77 |
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Return for Risk
FEMS vs. VEXC — Risk / Return Rank
FEMS
VEXC
FEMS vs. VEXC - 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 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.
| FEMS | VEXC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.27 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.81 | — | — |
| Martin ratioReturn relative to average drawdown | 7.34 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FEMS | VEXC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.53 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.25 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.47 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.27 | 2.23 | -1.96 |
Drawdowns
FEMS vs. VEXC - Drawdown Comparison
The maximum FEMS drawdown since its inception was -47.85%, which is greater than VEXC's maximum drawdown of -12.42%. Use the drawdown chart below to compare losses from any high point for FEMS and VEXC.
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Drawdown Indicators
| FEMS | VEXC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.85% | -12.42% | -35.43% |
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 DrawdownCurrent decline from peak | -4.80% | -0.97% | -3.83% |
Average DrawdownAverage peak-to-trough decline | -17.40% | -2.22% | -15.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.29% | — | — |
Volatility
FEMS vs. VEXC - Volatility Comparison
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Volatility by Period
| FEMS | VEXC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.03% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 12.98% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 15.83% | 18.84% | -3.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.66% | 18.84% | -1.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.96% | 18.84% | +1.12% |
FEMS vs. VEXC - Expense Ratio Comparison
FEMS has a 0.80% expense ratio, which is higher than VEXC's 0.07% expense ratio.
Dividends
FEMS vs. VEXC - Dividend Comparison
FEMS's dividend yield for the trailing twelve months is around 4.27%, more than VEXC's 0.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund | 4.27% | 4.27% | 3.97% | 4.65% | 4.55% | 6.25% | 2.90% | 4.37% | 4.68% | 3.39% | 2.42% | 3.28% |
VEXC Vanguard Emerging Markets Ex-China ETF | 0.74% | 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
FEMS and VEXC have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
VEXC is cheaper with a 0.07% expense ratio, compared with 0.80% for FEMS.
FEMS has the higher dividend yield at 4.27%, compared with 0.74% for VEXC.
FEMS tracks NASDAQ AlphaDEX EM Small Cap 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 FEMS and 0.07% for VEXC.
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