PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
FEP vs. OPPE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FEP vs. OPPE

Last updated Jun 24, 2026

FEP (First Trust Europe AlphaDEX Fund) and OPPE (WisdomTree European Opportunities Fund) are both Europe Equities funds - FEP tracks the Defined Europe Index while OPPE tracks the WisdomTree European Opportunities Index. Both are passively managed. Over the past 10 years, FEP returned 11.19%/yr vs 13.17%/yr for OPPE. Their correlation of 0.84 suggests significant overlap in exposure. FEP charges 0.80%/yr vs 0.58%/yr for OPPE.

Performance

FEP vs. OPPE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Europe AlphaDEX Fund (FEP) and WisdomTree European Opportunities Fund (OPPE). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, FEP achieves a 7.28% return, which is significantly lower than OPPE's 11.16% return. Over the past 10 years, FEP has underperformed OPPE with an annualized return of 11.19%, while OPPE has yielded a comparatively higher 13.17% 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%

OPPE

1D
-0.52%
1M
-0.94%
YTD
11.16%
6M
11.70%
1Y
26.73%
3Y*
23.44%
5Y*
14.00%
10Y*
13.17%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FEP vs. OPPE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
OPPE
WisdomTree European Opportunities Fund		11.16%38.80%10.42%19.80%-11.14%23.52%-2.92%28.60%-13.34%22.25%

Correlation

The correlation between FEP and OPPE is 0.92, 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

0.92

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

0.87

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

0.87

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

0.85

Correlation (All Time)
Calculated using the full available price history since Mar 4, 2015

0.84

The correlation between FEP and OPPE has been stable across timeframes, ranging from 0.84 to 0.92 - a consistent structural relationship.

FEP vs. OPPE - Sectors Allocation Comparison

Sectors
FEP
OPPE

Industrials

26.0%
28.1%

Basic Materials

11.6%
11.0%

Consumer Cyclical

11.1%
3.3%

Energy

10.2%
8.7%

Financial Services

10.0%
23.3%

Consumer Defensive

7.8%
4.2%

Utilities

6.8%
6.0%

Real Estate

5.0%
1.4%

Healthcare

4.7%
4.6%

Communication Services

3.6%
1.5%

Technology

3.2%
7.8%

Industrials

FEP
26.0%
OPPE
28.1%

Basic Materials

FEP
11.6%
OPPE
11.0%

Consumer Cyclical

FEP
11.1%
OPPE
3.3%

Energy

FEP
10.2%
OPPE
8.7%

Financial Services

FEP
10.0%
OPPE
23.3%

Consumer Defensive

FEP
7.8%
OPPE
4.2%

Utilities

FEP
6.8%
OPPE
6.0%

Real Estate

FEP
5.0%
OPPE
1.4%

Healthcare

FEP
4.7%
OPPE
4.6%

Communication Services

FEP
3.6%
OPPE
1.5%

Technology

FEP
3.2%
OPPE
7.8%

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

WisdomTree European Opportunities Fund

Often compared with FEP:
FEP vs. DFEFEP vs. FEUZFEP vs. HEDJFEP vs. DWMFFEP vs. QYLDFEP vs. VGKFEP vs. DBEU
Often compared with OPPE:
OPPE vs. WLDROPPE vs. HEGDOPPE vs. GRIDOPPE vs. EWJVOPPE vs. SPMOOPPE vs. AVDVOPPE vs. VT

Return for Risk

FEP vs. OPPE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FEP
FEP Risk / Return Rank: 4949
Overall Rank
FEP Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
FEP Sortino Ratio Rank: 4848
Sortino Ratio Rank
FEP Omega Ratio Rank: 4747
Omega Ratio Rank
FEP Calmar Ratio Rank: 4949
Calmar Ratio Rank
FEP Martin Ratio Rank: 5353
Martin Ratio Rank
OPPE
OPPE Risk / Return Rank: 6262
Overall Rank
OPPE Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
OPPE Sortino Ratio Rank: 5959
Sortino Ratio Rank
OPPE Omega Ratio Rank: 5858
Omega Ratio Rank
OPPE Calmar Ratio Rank: 6565
Calmar Ratio Rank
OPPE Martin Ratio Rank: 6666
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. OPPE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Europe AlphaDEX Fund (FEP) and WisdomTree European Opportunities Fund (OPPE). 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.

FEPOPPEDifference
Sharpe ratioReturn per unit of total volatility
1.59
1.86

-0.27

Sortino ratioReturn per unit of downside risk
2.22
2.60

-0.38

Omega ratioGain probability vs. loss probability

1.29

1.33

-0.05

Calmar ratioReturn relative to maximum drawdown

2.25

3.04

-0.78

Martin ratioReturn relative to average drawdown

8.64

11.44

-2.80

FEP vs. OPPE - Sharpe Ratio Comparison

The current FEP Sharpe Ratio is 1.59, which is comparable to the OPPE Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of FEP and OPPE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

FEP vs. OPPE - Drawdown Comparison

The maximum FEP drawdown since its inception was -46.05%, which is greater than OPPE's maximum drawdown of -39.28%. Use the drawdown chart below to compare losses from any high point for FEP and OPPE.

Loading charts...

Drawdown Indicators

FEPOPPEDifference

Max Drawdown

Largest peak-to-trough decline

-46.05%

-39.28%

-6.77%

Max Drawdown (1Y)

Largest decline over 1 year

-12.13%

-8.83%

-3.30%

Max Drawdown (3Y)

Largest decline over 3 years

-15.83%

-15.04%

-0.79%

Max Drawdown (5Y)

Largest decline over 5 years

-38.99%

-24.49%

-14.50%

Max Drawdown (10Y)

Largest decline over 10 years

-46.05%

-39.28%

-6.77%

Current Drawdown

Current decline from peak

-3.89%

-2.21%

-1.68%

Average Drawdown

Average peak-to-trough decline

-11.99%

-5.45%

-6.54%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.16%

2.34%

+0.82%

Volatility

FEP vs. OPPE - Volatility Comparison

First Trust Europe AlphaDEX Fund (FEP) has a higher volatility of 5.32% compared to WisdomTree European Opportunities Fund (OPPE) at 4.89%. This indicates that FEP's price experiences larger fluctuations and is considered to be riskier than OPPE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

FEPOPPEDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.32%

4.89%

+0.43%

Volatility (6M)

Calculated over the trailing 6-month period

14.58%

12.39%

+2.19%

Volatility (1Y)

Calculated over the trailing 1-year period

17.18%

14.41%

+2.77%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.72%

15.66%

+4.06%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.33%

16.98%

+3.35%

FEP vs. OPPE - Expense Ratio Comparison

FEP has a 0.80% expense ratio, which is higher than OPPE's 0.58% expense ratio.

Dividends

FEP vs. OPPE - Dividend Comparison

FEP's dividend yield for the trailing twelve months is around 3.05%, more than OPPE's 2.76% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
OPPE
WisdomTree European Opportunities Fund		2.76%2.95%3.99%3.53%5.13%2.39%3.42%3.08%2.34%1.46%2.60%4.39%

Frequently Asked Questions

With a correlation of 0.92, FEP and OPPE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

FEP has higher volatility (5.32%) compared to OPPE (4.89%). In terms of maximum drawdown, FEP dropped -46.05% vs OPPE's -39.28%.

On 10-year performance, OPPE leads with 13.17% vs 11.19% for FEP. On fees, OPPE is cheaper at 0.58% per year. On volatility, OPPE has been the lower-risk option at 4.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, OPPE has performed better with a 13.17% return vs 11.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

OPPE is cheaper with a 0.58% expense ratio, compared with 0.80% for FEP.

FEP has the higher dividend yield at 3.05%, compared with 2.76% for OPPE.

FEP tracks Defined Europe Index, while OPPE tracks WisdomTree European Opportunities Index. They also come from different issuers: First Trust and WisdomTree. Their fees differ too: 0.80% for FEP and 0.58% for OPPE.

OPPE currently has the higher Sharpe Ratio (1.86 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.

Portfolio Optimizer

Find the right allocation for FEP and OPPE

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer