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FEP vs. EWU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FEP vs. EWU

Last updated Aug 2, 2026
Documentation

FEP (First Trust Europe AlphaDEX Fund) and EWU (iShares MSCI United Kingdom ETF) are both Europe Equities funds - FEP tracks the Defined Europe Index while EWU tracks the MSCI United Kingdom Index. Both are passively managed. Over the past 10 years, FEP returned 10.76%/yr vs 8.57%/yr for EWU. Their 0.79 correlation means they have sometimes moved together and sometimes differently. FEP charges 0.80%/yr vs 0.50%/yr for EWU.

Performance

FEP vs. EWU - Performance Comparison

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

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Returns By Period

The year-to-date returns for both investments are quite close, with FEP having a 11.59% return and EWU slightly higher at 11.65%. Over the past 10 years, FEP has outperformed EWU with an annualized return of 10.76%, while EWU has yielded a comparatively lower 8.57% annualized return.

FEP

1D
-0.14%
1M
2.41%
6M
5.11%
YTD
11.59%
1Y
28.08%
3Y*
22.63%
5Y*
10.19%
10Y*
10.76%
ALL TIME*
7.19%

EWU

1D
-0.55%
1M
2.65%
6M
6.38%
YTD
11.65%
1Y
25.32%
3Y*
18.10%
5Y*
12.40%
10Y*
8.57%
ALL TIME*
6.09%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EWU

iShares MSCI United Kingdom ETF
$39.99M$65.00M$64.94M

FEP

First Trust Europe AlphaDEX Fund
$974.88K$1.10M$1.43M

FEP vs. EWU - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FEP
First Trust Europe AlphaDEX Fund		11.59%55.72%3.38%16.85%-22.97%17.03%4.12%24.83%-19.00%36.27%
EWU
iShares MSCI United Kingdom ETF		11.65%34.95%6.74%12.40%-4.39%18.19%-11.80%21.29%-14.30%21.54%

Correlation

The correlation between FEP and EWU is 0.84, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.84

Correlation (3Y)
Balances recent behavior with more history.

0.83

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.86

Correlation (10Y)
Provides a long-term view across more market conditions.

0.86

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

0.79

The correlation between FEP and EWU has been stable across timeframes, ranging from 0.79 to 0.86 - a consistent structural relationship.

FEP vs. EWU - Sectors Allocation Comparison

Sectors
FEP
EWU

Industrials

26.5%
14.0%

Consumer Cyclical

10.5%
3.9%

Basic Materials

10.5%
7.7%

Financial Services

10.4%
27.5%

Energy

9.8%
11.2%

Consumer Defensive

8.3%
13.9%

Utilities

7.0%
4.5%

Healthcare

5.1%
13.2%

Real Estate

5.1%
0.7%

Communication Services

3.6%
2.2%

Technology

3.2%
0.6%

Industrials

FEP
26.5%
EWU
14.0%

Consumer Cyclical

FEP
10.5%
EWU
3.9%

Basic Materials

FEP
10.5%
EWU
7.7%

Financial Services

FEP
10.4%
EWU
27.5%

Energy

FEP
9.8%
EWU
11.2%

Consumer Defensive

FEP
8.3%
EWU
13.9%

Utilities

FEP
7.0%
EWU
4.5%

Healthcare

FEP
5.1%
EWU
13.2%

Real Estate

FEP
5.1%
EWU
0.7%

Communication Services

FEP
3.6%
EWU
2.2%

Technology

FEP
3.2%
EWU
0.6%

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 Europe AlphaDEX Fund

iShares MSCI United Kingdom ETF

Often compared with FEP:
FEP vs. DFEFEP vs. FEUZFEP vs. HEDJFEP vs. DWMFFEP vs. QYLDFEP vs. DBEUFEP vs. VGK
Often compared with EWU:
EWU vs. FLGBEWU vs. EWUSEWU vs. SPYEWU vs. FEZEWU vs. FKUEWU vs. BNDWEWU vs. VOO

Return for Risk

FEP vs. EWU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
FEP
FEP Risk / Return Rank: 7070
Overall Rank
FEP Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
FEP Sortino Ratio Rank: 7171
Sortino Ratio Rank
FEP Omega Ratio Rank: 7070
Omega Ratio Rank
FEP Calmar Ratio Rank: 6666
Calmar Ratio Rank
FEP Martin Ratio Rank: 7070
Martin Ratio Rank
EWU
EWU Risk / Return Rank: 7474
Overall Rank
EWU Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
EWU Sortino Ratio Rank: 7777
Sortino Ratio Rank
EWU Omega Ratio Rank: 7373
Omega Ratio Rank
EWU Calmar Ratio Rank: 7575
Calmar Ratio Rank
EWU Martin Ratio Rank: 7070
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FEP vs. EWU - Risk-Adjusted Trends Comparison

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

FEPEWUDifference
Sharpe ratioReturn per unit of total volatility
1.63
1.73

-0.10

Sortino ratioReturn per unit of downside risk
2.29
2.47

-0.18

Omega ratioGain probability vs. loss probability

1.29

1.30

-0.01

Calmar ratioReturn relative to maximum drawdown

2.28

2.60

-0.32

Martin ratioReturn relative to average drawdown

8.53

8.55

-0.01

FEP vs. EWU - Sharpe Ratio Comparison

The current FEP Sharpe Ratio is 1.63, which is comparable to the EWU Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of FEP and EWU, 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. EWU - Drawdown Comparison

The maximum FEP drawdown since its inception was -46.05%, smaller than the maximum EWU drawdown of -63.99%. Use the drawdown chart below to compare losses from any high point for FEP and EWU.

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Drawdown Indicators

FEPEWUDifference

Max Drawdown

Largest peak-to-trough decline

-46.05%

-63.99%

+17.94%

Max Drawdown (1Y)

Largest decline over 1 year

-12.13%

-9.92%

-2.21%

Max Drawdown (3Y)

Largest decline over 3 years

-15.83%

-12.63%

-3.20%

Max Drawdown (5Y)

Largest decline over 5 years

-38.99%

-24.91%

-14.08%

Max Drawdown (10Y)

Largest decline over 10 years

-46.05%

-43.33%

-2.72%

Current Drawdown

Current decline from peak

-0.14%

-0.55%

+0.41%

Average Drawdown

Average peak-to-trough decline

-11.92%

-14.10%

+2.18%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.24%

3.02%

+0.22%

Volatility

FEP vs. EWU - Volatility Comparison

The current volatility for First Trust Europe AlphaDEX Fund (FEP) is 3.97%, while iShares MSCI United Kingdom ETF (EWU) has a volatility of 4.43%. This indicates that FEP experiences smaller price fluctuations and is considered to be less risky than EWU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FEPEWUDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.97%

4.43%

-0.46%

Volatility (6M)

Calculated over the trailing 6-month period

14.75%

12.91%

+1.84%

Volatility (1Y)

Calculated over the trailing 1-year period

16.97%

14.96%

+2.01%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.67%

16.39%

+3.28%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.19%

18.23%

+1.96%

FEP vs. EWU - Expense Ratio Comparison

FEP has a 0.80% expense ratio, which is higher than EWU's 0.50% expense ratio.

Dividends

FEP vs. EWU - Dividend Comparison

FEP's dividend yield for the trailing twelve months is around 2.71%, less than EWU's 3.09% yield.

PositionTTM20252024202320222021202020192018201720162015
EWU
iShares MSCI United Kingdom ETF		3.09%3.73%4.16%4.14%3.43%4.35%2.48%4.13%4.98%3.91%3.97%4.11%
FEP
First Trust Europe AlphaDEX Fund		2.71%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 EWU have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWU has higher volatility (4.43%) compared to FEP (3.97%). In terms of maximum drawdown, FEP dropped -46.05% vs EWU's -63.99%.

On 10-year performance, FEP leads with 10.76% vs 8.57% for EWU. On fees, EWU is cheaper at 0.50% per year. On volatility, FEP has been the lower-risk option at 3.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, FEP has performed better with a 10.76% return vs 8.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWU is cheaper with a 0.50% expense ratio, compared with 0.80% for FEP.

EWU has the higher dividend yield at 3.09%, compared with 2.71% for FEP.

FEP tracks Defined Europe Index, while EWU tracks MSCI United Kingdom Index. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.80% for FEP and 0.50% for EWU.

EWU currently has the higher Sharpe Ratio (1.73 vs 1.63), 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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