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FEP vs. EPOL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FEP vs. EPOL

Last updated Jul 14, 2026
Documentation

FEP (First Trust Europe AlphaDEX Fund) and EPOL (iShares MSCI Poland ETF) are both Europe Equities funds - FEP tracks the Defined Europe Index while EPOL tracks the MSCI Poland Investable Market Index. Both are passively managed. Over the past 10 years, FEP returned 10.74%/yr vs 11.99%/yr for EPOL. A 0.63 correlation means they provide meaningful diversification when combined. FEP charges 0.80%/yr vs 0.61%/yr for EPOL.

Performance

FEP vs. EPOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Europe AlphaDEX Fund (FEP) and iShares MSCI Poland ETF (EPOL). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FEP achieves a 7.97% return, which is significantly lower than EPOL's 14.97% return. Over the past 10 years, FEP has underperformed EPOL with an annualized return of 10.74%, while EPOL has yielded a comparatively higher 11.99% annualized return.

FEP

1D
-0.33%
1M
-2.55%
6M
4.57%
YTD
7.97%
1Y
22.11%
3Y*
21.29%
5Y*
9.69%
10Y*
10.74%

EPOL

1D
-0.52%
1M
-1.20%
6M
11.21%
YTD
14.97%
1Y
30.89%
3Y*
31.49%
5Y*
17.18%
10Y*
11.99%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FEP vs. EPOL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FEP
First Trust Europe AlphaDEX Fund		7.97%55.72%3.38%16.85%-22.97%17.03%4.12%24.83%-19.00%36.27%
EPOL
iShares MSCI Poland ETF		14.97%77.34%-2.61%50.70%-24.62%12.21%-8.38%-6.13%-13.76%52.43%

Correlation

The correlation between FEP and EPOL 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 (1Y)
Calculated over the trailing 1-year period

0.72

Correlation (3Y)
Calculated over the trailing 3-year period

0.66

Correlation (5Y)
Calculated over the trailing 5-year period

0.70

Correlation (10Y)
Calculated over the trailing 10-year period

0.69

Correlation (All Time)
Calculated using the full available price history since Apr 26, 2011

0.63

The correlation between FEP and EPOL has been stable across timeframes, ranging from 0.63 to 0.72 - a consistent structural relationship.

FEP vs. EPOL - Sectors Allocation Comparison

Sectors
FEP
EPOL

Industrials

26.0%
1.7%

Basic Materials

11.6%
7.3%

Consumer Cyclical

11.1%
13.1%

Energy

10.2%
14.5%

Financial Services

10.0%
44.6%

Consumer Defensive

7.8%
5.8%

Utilities

6.8%
4.8%

Real Estate

5.0%

-

Healthcare

4.7%
0.6%

Communication Services

3.6%
5.7%

Technology

3.2%
2.0%

Industrials

FEP
26.0%
EPOL
1.7%

Basic Materials

FEP
11.6%
EPOL
7.3%

Consumer Cyclical

FEP
11.1%
EPOL
13.1%

Energy

FEP
10.2%
EPOL
14.5%

Financial Services

FEP
10.0%
EPOL
44.6%

Consumer Defensive

FEP
7.8%
EPOL
5.8%

Utilities

FEP
6.8%
EPOL
4.8%

Real Estate

FEP
5.0%
EPOL

-

Healthcare

FEP
4.7%
EPOL
0.6%

Communication Services

FEP
3.6%
EPOL
5.7%

Technology

FEP
3.2%
EPOL
2.0%

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 Europe AlphaDEX Fund

iShares MSCI Poland ETF

Often compared with FEP:
FEP vs. DFEFEP vs. FEUZFEP vs. HEDJFEP vs. DWMFFEP vs. QYLDFEP vs. DBEUFEP vs. VGK
Often compared with EPOL:
EPOL vs. SPYEPOL vs. EWQEPOL vs. IBCJ.DEEPOL vs. EIRLEPOL vs. EWPEPOL vs. EWWEPOL vs. EWK

Return for Risk

FEP vs. EPOL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FEP
FEP Risk / Return Rank: 4747
Overall Rank
FEP Sharpe Ratio Rank: 4646
Sharpe Ratio Rank
FEP Sortino Ratio Rank: 4545
Sortino Ratio Rank
FEP Omega Ratio Rank: 4545
Omega Ratio Rank
FEP Calmar Ratio Rank: 4646
Calmar Ratio Rank
FEP Martin Ratio Rank: 5151
Martin Ratio Rank
EPOL
EPOL Risk / Return Rank: 5353
Overall Rank
EPOL Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
EPOL Sortino Ratio Rank: 4949
Sortino Ratio Rank
EPOL Omega Ratio Rank: 4343
Omega Ratio Rank
EPOL Calmar Ratio Rank: 7070
Calmar Ratio Rank
EPOL Martin Ratio Rank: 5555
Martin Ratio Rank
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. EPOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Europe AlphaDEX Fund (FEP) and iShares MSCI Poland ETF (EPOL). 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.

FEPEPOLDifference
Sharpe ratioReturn per unit of total volatility
1.29
1.34

-0.04

Sortino ratioReturn per unit of downside risk
1.85
1.95

-0.10

Omega ratioGain probability vs. loss probability

1.23

1.23

+0.01

Calmar ratioReturn relative to maximum drawdown

1.83

2.81

-0.98

Martin ratioReturn relative to average drawdown

6.83

7.48

-0.65

FEP vs. EPOL - Sharpe Ratio Comparison

The current FEP Sharpe Ratio is 1.29, which is comparable to the EPOL Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of FEP and EPOL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

FEP vs. EPOL - Drawdown Comparison

The maximum FEP drawdown since its inception was -46.05%, smaller than the maximum EPOL drawdown of -63.72%. Use the drawdown chart below to compare losses from any high point for FEP and EPOL.

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Drawdown Indicators

FEPEPOLDifference

Max Drawdown

Largest peak-to-trough decline

-46.05%

-63.72%

+17.67%

Max Drawdown (1Y)

Largest decline over 1 year

-12.13%

-11.04%

-1.09%

Max Drawdown (3Y)

Largest decline over 3 years

-15.83%

-21.81%

+5.98%

Max Drawdown (5Y)

Largest decline over 5 years

-38.99%

-54.21%

+15.22%

Max Drawdown (10Y)

Largest decline over 10 years

-46.05%

-61.41%

+15.36%

Current Drawdown

Current decline from peak

-3.28%

-1.30%

-1.98%

Average Drawdown

Average peak-to-trough decline

-11.96%

-26.73%

+14.77%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.24%

4.14%

-0.90%

Volatility

FEP vs. EPOL - Volatility Comparison

The current volatility for First Trust Europe AlphaDEX Fund (FEP) is 4.90%, while iShares MSCI Poland ETF (EPOL) has a volatility of 7.18%. This indicates that FEP experiences smaller price fluctuations and is considered to be less risky than EPOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FEPEPOLDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.90%

7.18%

-2.28%

Volatility (6M)

Calculated over the trailing 6-month period

14.75%

18.40%

-3.65%

Volatility (1Y)

Calculated over the trailing 1-year period

17.22%

23.27%

-6.05%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.72%

29.14%

-9.42%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.19%

27.41%

-7.22%

FEP vs. EPOL - Expense Ratio Comparison

FEP has a 0.80% expense ratio, which is higher than EPOL's 0.61% expense ratio.

Dividends

FEP vs. EPOL - Dividend Comparison

FEP's dividend yield for the trailing twelve months is around 2.80%, less than EPOL's 3.66% yield.

PositionTTM20252024202320222021202020192018201720162015
EPOL
iShares MSCI Poland ETF		3.66%4.78%6.04%2.87%2.65%1.33%1.44%2.51%1.44%1.88%2.14%2.53%
FEP
First Trust Europe AlphaDEX Fund		2.80%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

FEP and EPOL 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.

EPOL has higher volatility (7.18%) compared to FEP (4.90%). In terms of maximum drawdown, FEP dropped -46.05% vs EPOL's -63.72%.

On 10-year performance, EPOL leads with 11.99% vs 10.74% for FEP. On fees, EPOL is cheaper at 0.61% per year. On volatility, FEP has been the lower-risk option at 4.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EPOL has performed better with a 11.99% return vs 10.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EPOL is cheaper with a 0.61% expense ratio, compared with 0.80% for FEP.

EPOL has the higher dividend yield at 3.66%, compared with 2.80% for FEP.

FEP tracks Defined Europe Index, while EPOL tracks MSCI Poland Investable Market Index. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.80% for FEP and 0.61% for EPOL.

EPOL currently has the higher Sharpe Ratio (1.34 vs 1.29), 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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