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FEUZ.L vs. EMID.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FEUZ.L vs. EMID.L

Last updated Jun 5, 2026

FEUZ.L (First Trust Eurozone AlphaDEX® UCITS ETF Class A Shares) and EMID.L (iShares MSCI Europe Mid Cap UCITS ETF) are both Europe Equities funds - FEUZ.L tracks the MSCI EMU NR EUR while EMID.L tracks the MSCI Europe SMID NR EUR. Both are passively managed. Over the past 5 years, FEUZ.L returned 11.74%/yr vs 7.67%/yr for EMID.L. A 0.71 correlation means they provide meaningful diversification when combined. FEUZ.L charges 0.80%/yr vs 0.15%/yr for EMID.L.

Performance

FEUZ.L vs. EMID.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in First Trust Eurozone AlphaDEX® UCITS ETF Class A Shares (FEUZ.L) and iShares MSCI Europe Mid Cap UCITS ETF (EMID.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

FEUZ.L is traded in GBp, while EMID.L is traded in EUR. To make them comparable, the EMID.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, FEUZ.L achieves a 12.51% return, which is significantly higher than EMID.L's 7.17% return.

FEUZ.L

1D
0.40%
1M
3.03%
YTD
12.51%
6M
15.50%
1Y
34.11%
3Y*
22.57%
5Y*
11.74%
10Y*
11.52%

EMID.L

1D
0.41%
1M
1.77%
YTD
7.17%
6M
9.68%
1Y
19.05%
3Y*
15.43%
5Y*
7.67%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

FEUZ.L vs. EMID.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FEUZ.L
First Trust Eurozone AlphaDEX® UCITS ETF Class A Shares		12.51%48.45%3.89%9.28%-9.28%13.80%1.55%16.96%-15.00%7.13%
EMID.L
iShares MSCI Europe Mid Cap UCITS ETF		7.17%29.35%4.34%11.78%-14.12%14.17%9.99%22.21%-12.05%4.65%

Correlation

The correlation between FEUZ.L and EMID.L is 0.80, 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

0.80

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

0.65

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

0.66

Correlation (All Time)
Calculated using the full available price history since Jun 7, 2017

0.71

The correlation between FEUZ.L and EMID.L shifts across timeframes, from 0.65 (3 years) to 0.80 (1 year), reflecting how their relationship changes across market environments.

FEUZ.L vs. EMID.L - Sectors Allocation Comparison

Sectors
FEUZ.L
EMID.L

Industrials

27.4%
26.4%

Energy

10.8%
3.7%

Financial Services

10.6%
21.4%

Consumer Cyclical

9.2%
7.2%

Utilities

8.3%
6.0%

Basic Materials

7.5%
6.2%

Real Estate

6.0%
3.9%

Technology

6.0%
3.1%

Consumer Defensive

5.3%
7.3%

Healthcare

5.2%
8.0%

Communication Services

3.7%
6.7%

Industrials

FEUZ.L
27.4%
EMID.L
26.4%

Energy

FEUZ.L
10.8%
EMID.L
3.7%

Financial Services

FEUZ.L
10.6%
EMID.L
21.4%

Consumer Cyclical

FEUZ.L
9.2%
EMID.L
7.2%

Utilities

FEUZ.L
8.3%
EMID.L
6.0%

Basic Materials

FEUZ.L
7.5%
EMID.L
6.2%

Real Estate

FEUZ.L
6.0%
EMID.L
3.9%

Technology

FEUZ.L
6.0%
EMID.L
3.1%

Consumer Defensive

FEUZ.L
5.3%
EMID.L
7.3%

Healthcare

FEUZ.L
5.2%
EMID.L
8.0%

Communication Services

FEUZ.L
3.7%
EMID.L
6.7%

Compare stocks, funds, or ETFs

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First Trust Eurozone AlphaDEX® UCITS ETF Class A Shares

iShares MSCI Europe Mid Cap UCITS ETF

Often compared with FEUZ.L:
FEUZ.L vs. VEUR.LFEUZ.L vs. ILFFEUZ.L vs. PRUK.LFEUZ.L vs. EEUD.LFEUZ.L vs. EDIV.LFEUZ.L vs. CSWG.LFEUZ.L vs. CAPS.L
Often compared with EMID.L:
EMID.L vs. ZPDX.DEEMID.L vs. IMV.LEMID.L vs. LCPE.LEMID.L vs. EEIP.LEMID.L vs. EQDS.LEMID.L vs. EEI.LEMID.L vs. ISAC.L

Return for Risk

FEUZ.L vs. EMID.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FEUZ.L
FEUZ.L Risk / Return Rank: 7070
Overall Rank
FEUZ.L Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
FEUZ.L Sortino Ratio Rank: 7070
Sortino Ratio Rank
FEUZ.L Omega Ratio Rank: 7373
Omega Ratio Rank
FEUZ.L Calmar Ratio Rank: 6767
Calmar Ratio Rank
FEUZ.L Martin Ratio Rank: 6969
Martin Ratio Rank
EMID.L
EMID.L Risk / Return Rank: 4040
Overall Rank
EMID.L Sharpe Ratio Rank: 3939
Sharpe Ratio Rank
EMID.L Sortino Ratio Rank: 3737
Sortino Ratio Rank
EMID.L Omega Ratio Rank: 3939
Omega Ratio Rank
EMID.L Calmar Ratio Rank: 3939
Calmar Ratio Rank
EMID.L Martin Ratio Rank: 4444
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.

FEUZ.L vs. EMID.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Eurozone AlphaDEX® UCITS ETF Class A Shares (FEUZ.L) and iShares MSCI Europe Mid Cap UCITS ETF (EMID.L). 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.

FEUZ.LEMID.LDifference
Sharpe ratioReturn per unit of total volatility
2.34
1.62

+0.72

Sortino ratioReturn per unit of downside risk
3.12
2.23

+0.90

Omega ratioGain probability vs. loss probability

1.42

1.30

+0.13

Calmar ratioReturn relative to maximum drawdown

3.28

2.00

+1.28

Martin ratioReturn relative to average drawdown

12.55

7.39

+5.16

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FEUZ.L vs. EMID.L - Sharpe Ratio Comparison

The current FEUZ.L Sharpe Ratio is 2.34, which is higher than the EMID.L Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of FEUZ.L and EMID.L, 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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Sharpe Ratios by Period

FEUZ.LEMID.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.34

1.62

+0.72

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.80

0.51

+0.30

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.74

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.79

0.49

+0.30

Drawdowns

FEUZ.L vs. EMID.L - Drawdown Comparison

The maximum FEUZ.L drawdown since its inception was -36.68%, which is greater than EMID.L's maximum drawdown of -30.59%. Use the drawdown chart below to compare losses from any high point for FEUZ.L and EMID.L.

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Drawdown Indicators

FEUZ.LEMID.LDifference

Max Drawdown

Largest peak-to-trough decline

-36.68%

-30.59%

-6.09%

Max Drawdown (1Y)

Largest decline over 1 year

-10.35%

-9.46%

-0.89%

Max Drawdown (3Y)

Largest decline over 3 years

-14.10%

-12.55%

-1.55%

Max Drawdown (5Y)

Largest decline over 5 years

-23.27%

-26.23%

+2.96%

Max Drawdown (10Y)

Largest decline over 10 years

-36.68%

—

—

Current Drawdown

Current decline from peak

-0.11%

-1.17%

+1.06%

Average Drawdown

Average peak-to-trough decline

-6.25%

-6.17%

-0.08%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.71%

2.57%

+0.14%

Volatility

FEUZ.L vs. EMID.L - Volatility Comparison

First Trust Eurozone AlphaDEX® UCITS ETF Class A Shares (FEUZ.L) and iShares MSCI Europe Mid Cap UCITS ETF (EMID.L) have volatilities of 3.86% and 3.99%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FEUZ.LEMID.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.86%

3.99%

-0.13%

Volatility (6M)

Calculated over the trailing 6-month period

11.96%

9.68%

+2.28%

Volatility (1Y)

Calculated over the trailing 1-year period

14.49%

11.73%

+2.76%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.61%

15.15%

+3.46%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.95%

16.04%

+2.91%

FEUZ.L vs. EMID.L - Expense Ratio Comparison

FEUZ.L has a 0.80% expense ratio, which is higher than EMID.L's 0.15% expense ratio.

Dividends

FEUZ.L vs. EMID.L - Dividend Comparison

FEUZ.L has not paid dividends to shareholders, while EMID.L's dividend yield for the trailing twelve months is around 2.57%.

PositionTTM202520242023202220212020201920182017
EMID.L
iShares MSCI Europe Mid Cap UCITS ETF		2.57%2.78%2.75%2.42%2.61%1.78%1.39%2.33%2.84%0.48%
FEUZ.L
First Trust Eurozone AlphaDEX® UCITS ETF Class A Shares		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

FEUZ.L and EMID.L have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, EMID.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

EMID.L is cheaper with a 0.15% expense ratio, compared with 0.80% for FEUZ.L.

FEUZ.L tracks MSCI EMU NR EUR, while EMID.L tracks MSCI Europe SMID NR EUR. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.80% for FEUZ.L and 0.15% for EMID.L.

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