FEP vs. FKU
FEP (First Trust Europe AlphaDEX Fund) and FKU (First Trust United Kingdom AlphaDEX Fund) are both Europe Equities funds from First Trust - FEP tracks the Defined Europe Index while FKU tracks the NASDAQ AlphaDEX United Kingdom Index. Both are passively managed. Over the past 10 years, FEP returned 11.34%/yr vs 6.98%/yr for FKU. A 0.75 correlation means they provide meaningful diversification when combined. Both charge a 0.80% expense ratio.
Performance
FEP vs. FKU - Performance Comparison
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Returns By Period
In the year-to-date period, FEP achieves a 8.79% return, which is significantly higher than FKU's 5.86% return. Over the past 10 years, FEP has outperformed FKU with an annualized return of 11.34%, while FKU has yielded a comparatively lower 6.98% annualized return.
FEP
- 1D
- 0.59%
- 1M
- -0.66%
- YTD
- 8.79%
- 6M
- 9.16%
- 1Y
- 30.45%
- 3Y*
- 24.42%
- 5Y*
- 10.01%
- 10Y*
- 11.34%
FKU
- 1D
- -0.51%
- 1M
- 0.37%
- YTD
- 5.86%
- 6M
- 7.40%
- 1Y
- 21.37%
- 3Y*
- 19.86%
- 5Y*
- 8.46%
- 10Y*
- 6.98%
FEP vs. FKU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FEP First Trust Europe AlphaDEX Fund | 8.79% | 55.72% | 3.38% | 16.85% | -22.97% | 17.03% | 4.12% | 24.83% | -19.00% | 36.27% |
FKU First Trust United Kingdom AlphaDEX Fund | 5.86% | 37.97% | 8.06% | 20.59% | -24.12% | 20.55% | -6.01% | 32.90% | -16.21% | 25.81% |
Correlation
The correlation between FEP and FKU is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.85 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.85 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Feb 27, 2012 | 0.75 |
The correlation between FEP and FKU shifts across timeframes, from 0.75 (all time) to 0.85 (1 year), reflecting how their relationship changes across market environments.
FEP vs. FKU - Sectors Allocation Comparison
Sectors
FEP
FKU
Industrials
Basic Materials
Consumer Cyclical
Energy
Financial Services
Consumer Defensive
Utilities
Real Estate
Healthcare
Communication Services
Technology
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Industrials
FEP
FKU
Basic Materials
FEP
FKU
Consumer Cyclical
FEP
FKU
Energy
FEP
FKU
Financial Services
FEP
FKU
Consumer Defensive
FEP
FKU
Utilities
FEP
FKU
Real Estate
FEP
FKU
Healthcare
FEP
FKU
Communication Services
FEP
FKU
Technology
FEP
FKU
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Return for Risk
FEP vs. FKU — Risk / Return Rank
FEP
FKU
FEP vs. FKU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Europe AlphaDEX Fund (FEP) and First Trust United Kingdom AlphaDEX Fund (FKU). 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 | FKU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.63 | ||
| Sortino ratioReturn per unit of downside risk | +0.75 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.21 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.52 | 1.45 | +1.07 |
| Martin ratioReturn relative to average drawdown | 9.69 | 4.72 | +4.97 |
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Drawdowns
FEP vs. FKU - Drawdown Comparison
The maximum FEP drawdown since its inception was -46.05%, smaller than the maximum FKU drawdown of -54.39%. Use the drawdown chart below to compare losses from any high point for FEP and FKU.
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Drawdown Indicators
| FEP | FKU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.05% | -54.39% | +8.34% |
Max Drawdown (1Y)Largest decline over 1 year | -12.13% | -14.25% | +2.12% |
Max Drawdown (3Y)Largest decline over 3 years | -15.83% | -14.25% | -1.58% |
Max Drawdown (5Y)Largest decline over 5 years | -38.99% | -41.54% | +2.55% |
Max Drawdown (10Y)Largest decline over 10 years | -46.05% | -54.39% | +8.34% |
Current DrawdownCurrent decline from peak | -2.54% | -5.00% | +2.46% |
Average DrawdownAverage peak-to-trough decline | -11.99% | -10.79% | -1.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.15% | 4.36% | -1.21% |
Volatility
FEP vs. FKU - Volatility Comparison
The current volatility for First Trust Europe AlphaDEX Fund (FEP) is 5.21%, while First Trust United Kingdom AlphaDEX Fund (FKU) has a volatility of 5.50%. This indicates that FEP experiences smaller price fluctuations and is considered to be less risky than FKU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FEP | FKU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.21% | 5.50% | -0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 14.52% | 15.21% | -0.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.15% | 17.82% | -0.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.72% | 22.92% | -3.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.68% | 24.39% | -3.71% |
FEP vs. FKU - Expense Ratio Comparison
Both FEP and FKU have an expense ratio of 0.80%.
Dividends
FEP vs. FKU - Dividend Comparison
FEP's dividend yield for the trailing twelve months is around 3.01%, more than FKU's 2.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FEP First Trust Europe AlphaDEX Fund | 3.01% | 3.33% | 4.94% | 3.27% | 3.00% | 3.49% | 2.32% | 2.63% | 2.62% | 1.65% | 2.14% | 2.20% |
FKU First Trust United Kingdom AlphaDEX Fund | 2.72% | 2.89% | 4.07% | 3.82% | 5.55% | 2.98% | 1.48% | 3.34% | 5.12% | 2.93% | 2.60% | 2.64% |
Frequently Asked Questions
FEP and FKU have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FKU has higher volatility (5.50%) compared to FEP (5.21%). In terms of maximum drawdown, FEP dropped -46.05% vs FKU's -54.39%.
On 10-year performance, FEP leads with 11.34% vs 6.98% for FKU. Both ETFs have the same 0.80% expense ratio. On volatility, FEP has been the lower-risk option at 5.21%. 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 11.34% return vs 6.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FEP and FKU have the same expense ratio: 0.80% per year.
FEP has the higher dividend yield at 3.01%, compared with 2.72% for FKU.
FEP tracks Defined Europe Index, while FKU tracks NASDAQ AlphaDEX United Kingdom Index.
FEP currently has the higher Sharpe Ratio (1.79 vs 1.16), 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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