FEP vs. CNXT

Last updated Jun 24, 2026

FEP (First Trust Europe AlphaDEX Fund) and CNXT (VanEck Vectors ChinaAMC SME-ChiNext ETF) are both exchange-traded funds - FEP is a Europe Equities fund tracking the Defined Europe Index, while CNXT is a China Equities fund tracking the SME-ChiNext 100 Index. Both are passively managed. Over the past 10 years, FEP returned 11.19%/yr vs 7.44%/yr for CNXT. At a 0.35 correlation, their price movements are largely independent. FEP charges 0.80%/yr vs 0.65%/yr for CNXT.

Performance

FEP vs. CNXT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Europe AlphaDEX Fund (FEP) and VanEck Vectors ChinaAMC SME-ChiNext ETF (CNXT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEP achieves a 7.28% return, which is significantly lower than CNXT's 36.42% return. Over the past 10 years, FEP has outperformed CNXT with an annualized return of 11.19%, while CNXT has yielded a comparatively lower 7.44% annualized return.

FEP

• 1D: -1.39%
• 1M: -2.05%
• YTD: 7.28%
• 6M: 7.31%
• 1Y: 27.23%
• 3Y*: 23.84%
• 5Y*: 9.54%
• 10Y*: 11.19%

CNXT

• 1D: -4.05%
• 1M: 7.53%
• YTD: 36.42%
• 6M: 34.79%
• 1Y: 122.39%
• 3Y*: 28.78%
• 5Y*: 4.73%
• 10Y*: 7.44%

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

FEP vs. CNXT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FEP First Trust Europe AlphaDEX Fund	7.28%	55.72%	3.38%	16.85%	-22.97%	17.03%	4.12%	24.83%	-19.00%	36.27%
CNXT VanEck Vectors ChinaAMC SME-ChiNext ETF	36.42%	59.31%	12.42%	-21.47%	-35.58%	8.78%	63.30%	42.66%	-39.48%	20.19%

Correlation

The correlation between FEP and CNXT is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (10Y) Calculated over the trailing 10-year period	0.36
Correlation (All Time) Calculated using the full available price history since Jul 24, 2014	0.35

FEP vs. CNXT - Sectors Allocation Comparison

Sectors	FEP	CNXT
Industrials	26.0%	42.4%
Basic Materials	11.6%	4.7%
Consumer Cyclical	11.1%	0.7%
Energy	10.2%	-
Financial Services	10.0%	3.4%
Consumer Defensive	7.8%	1.4%
Utilities	6.8%	-
Real Estate	5.0%	-
Healthcare	4.7%	3.8%
Communication Services	3.6%	1.0%
Technology	3.2%	39.9%

Return for Risk

FEP vs. CNXT — Risk / Return Rank

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

FEP

FEP Risk / Return Rank: 49
FEP Sharpe Ratio Rank: 49
FEP Sortino Ratio Rank: 48
FEP Omega Ratio Rank: 47
FEP Calmar Ratio Rank: 49
FEP Martin Ratio Rank: 53

CNXT

CNXT Risk / Return Rank: 94
CNXT Sharpe Ratio Rank: 96
CNXT Sortino Ratio Rank: 93
CNXT Omega Ratio Rank: 90
CNXT Calmar Ratio Rank: 97
CNXT Martin Ratio Rank: 95

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.

FEP vs. CNXT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Europe AlphaDEX Fund (FEP) and VanEck Vectors ChinaAMC SME-ChiNext ETF (CNXT). 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.

	FEP	CNXT	Difference
Sharpe ratio: Return per unit of total volatility	1.59	3.81	-2.22
Sortino ratio: Return per unit of downside risk	2.22	4.38	-2.16
Omega ratio: Gain probability vs. loss probability	1.29	1.56	-0.27
Calmar ratio: Return relative to maximum drawdown	2.25	10.08	-7.83
Martin ratio: Return relative to average drawdown	8.64	29.76	-21.11

FEP vs. CNXT - Sharpe Ratio Comparison

The current FEP Sharpe Ratio is 1.59, which is lower than the CNXT Sharpe Ratio of 3.81. The chart below compares the historical Sharpe Ratios of FEP and CNXT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FEP vs. CNXT - Drawdown Comparison

The maximum FEP drawdown since its inception was -46.05%, smaller than the maximum CNXT drawdown of -68.98%. Use the drawdown chart below to compare losses from any high point for FEP and CNXT.

Drawdown Indicators

	FEP	CNXT	Difference
Max Drawdown Largest peak-to-trough decline	-46.05%	-68.98%	+22.93%
Max Drawdown (1Y) Largest decline over 1 year	-12.13%	-12.21%	+0.08%
Max Drawdown (3Y) Largest decline over 3 years	-15.83%	-48.60%	+32.77%
Max Drawdown (5Y) Largest decline over 5 years	-38.99%	-61.21%	+22.22%
Max Drawdown (10Y) Largest decline over 10 years	-46.05%	-63.30%	+17.25%
Current Drawdown Current decline from peak	-3.89%	-4.05%	+0.16%
Average Drawdown Average peak-to-trough decline	-11.99%	-42.76%	+30.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.16%	4.13%	-0.97%

Volatility

FEP vs. CNXT - Volatility Comparison

The current volatility for First Trust Europe AlphaDEX Fund (FEP) is 5.32%, while VanEck Vectors ChinaAMC SME-ChiNext ETF (CNXT) has a volatility of 12.58%. This indicates that FEP experiences smaller price fluctuations and is considered to be less risky than CNXT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEP	CNXT	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.32%	12.58%	-7.26%
Volatility (6M) Calculated over the trailing 6-month period	14.58%	22.32%	-7.74%
Volatility (1Y) Calculated over the trailing 1-year period	17.18%	32.27%	-15.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.72%	35.52%	-15.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.33%	31.77%	-11.44%

FEP vs. CNXT - Expense Ratio Comparison

FEP has a 0.80% expense ratio, which is higher than CNXT's 0.65% expense ratio.

Dividends

FEP vs. CNXT - Dividend Comparison

FEP's dividend yield for the trailing twelve months is around 3.05%, more than CNXT's 0.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CNXT VanEck Vectors ChinaAMC SME-ChiNext ETF	0.13%	0.18%	0.15%	0.00%	0.00%	9.22%	0.01%	0.45%	0.00%	0.19%	0.00%	0.00%
FEP First Trust Europe AlphaDEX Fund	3.05%	3.33%	4.94%	3.27%	3.00%	3.49%	2.32%	2.63%	2.62%	1.65%	2.14%	2.20%

Frequently Asked Questions

Can I hold both FEP and CNXT in my portfolio?

FEP and CNXT have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEP or CNXT?

CNXT has higher volatility (12.58%) compared to FEP (5.32%). In terms of maximum drawdown, FEP dropped -46.05% vs CNXT's -68.98%.

Which ETF is better, FEP or CNXT?

On 10-year performance, FEP leads with 11.19% vs 7.44% for CNXT. On fees, CNXT is cheaper at 0.65% per year. On volatility, FEP has been the lower-risk option at 5.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FEP or CNXT?

Over the 10-year period, FEP has performed better with a 11.19% return vs 7.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FEP or CNXT?

CNXT is cheaper with a 0.65% expense ratio, compared with 0.80% for FEP.

Which ETF pays a higher dividend yield, FEP or CNXT?

FEP has the higher dividend yield at 3.05%, compared with 0.13% for CNXT.

What is the main difference between FEP and CNXT?

FEP is categorized as Europe Equities, while CNXT is China Equities. FEP tracks Defined Europe Index, while CNXT tracks SME-ChiNext 100 Index. They also come from different issuers: First Trust and VanEck. Their fees differ too: 0.80% for FEP and 0.65% for CNXT.

Which has better risk-adjusted returns?

CNXT currently has the higher Sharpe Ratio (3.81 vs 1.59), 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.