FEX.L vs. CSUS.L

Last updated Jun 25, 2026

FEX.L (First Trust US Large Cap Core AlphaDEX® UCITS ETF Class A USD) and CSUS.L (iShares VII plc - iShares MSCI USA ETF USD Acc) are both Large Cap Blend Equities funds tracking the Russell 1000 TR USD, from First Trust and iShares respectively. Both are passively managed. Over the past 10 years, FEX.L returned 13.40%/yr vs 15.50%/yr for CSUS.L. Their correlation of 0.85 suggests significant overlap in exposure. FEX.L charges 0.75%/yr vs 0.33%/yr for CSUS.L.

Performance

FEX.L vs. CSUS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in First Trust US Large Cap Core AlphaDEX® UCITS ETF Class A USD (FEX.L) and iShares VII plc - iShares MSCI USA ETF USD Acc (CSUS.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

FEX.L is traded in GBp, while CSUS.L is traded in USD. To make them comparable, the CSUS.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, FEX.L achieves a 17.11% return, which is significantly higher than CSUS.L's 10.48% return. Over the past 10 years, FEX.L has underperformed CSUS.L with an annualized return of 13.40%, while CSUS.L has yielded a comparatively higher 15.50% annualized return.

FEX.L

• 1D: -0.91%
• 1M: 5.08%
• YTD: 17.11%
• 6M: 17.37%
• 1Y: 31.47%
• 3Y*: 18.58%
• 5Y*: 12.24%
• 10Y*: 13.40%

CSUS.L

• 1D: 0.74%
• 1M: 0.91%
• YTD: 10.48%
• 6M: 10.43%
• 1Y: 27.10%
• 3Y*: 19.51%
• 5Y*: 13.56%
• 10Y*: 15.50%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FEX.L vs. CSUS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FEX.L First Trust US Large Cap Core AlphaDEX® UCITS ETF Class A USD	17.11%	7.34%	18.68%	8.36%	-1.83%	28.60%	9.66%	22.13%	-5.90%	10.65%
CSUS.L iShares VII plc - iShares MSCI USA ETF USD Acc	10.48%	8.87%	27.48%	21.30%	-10.63%	28.27%	16.77%	25.42%	-0.23%	10.91%

Correlation

The correlation between FEX.L and CSUS.L 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	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Apr 9, 2013	0.85

The correlation between FEX.L and CSUS.L shifts across timeframes, from 0.72 (1 year) to 0.85 (all time), reflecting how their relationship changes across market environments.

FEX.L vs. CSUS.L - Sectors Allocation Comparison

Sectors	FEX.L	CSUS.L
Technology	22.2%	38.5%
Industrials	18.8%	8.6%
Financial Services	13.6%	11.5%
Healthcare	8.8%	8.5%
Consumer Cyclical	8.3%	9.6%
Utilities	7.0%	2.1%
Energy	5.6%	3.1%
Real Estate	4.5%	1.8%
Consumer Defensive	4.3%	4.5%
Basic Materials	3.5%	1.8%
Communication Services	3.4%	10.2%

Return for Risk

FEX.L vs. CSUS.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FEX.L

FEX.L Risk / Return Rank: 93
FEX.L Sharpe Ratio Rank: 93
FEX.L Sortino Ratio Rank: 92
FEX.L Omega Ratio Rank: 91
FEX.L Calmar Ratio Rank: 95
FEX.L Martin Ratio Rank: 93

CSUS.L

CSUS.L Risk / Return Rank: 66
CSUS.L Sharpe Ratio Rank: 65
CSUS.L Sortino Ratio Rank: 70
CSUS.L Omega Ratio Rank: 63
CSUS.L Calmar Ratio Rank: 62
CSUS.L Martin Ratio Rank: 68

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.

FEX.L vs. CSUS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust US Large Cap Core AlphaDEX® UCITS ETF Class A USD (FEX.L) and iShares VII plc - iShares MSCI USA ETF USD Acc (CSUS.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.

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.

	FEX.L	CSUS.L	Difference
Sharpe ratio: Return per unit of total volatility	2.86	2.16	+0.70
Sortino ratio: Return per unit of downside risk	3.88	3.00	+0.89
Omega ratio: Gain probability vs. loss probability	1.52	1.39	+0.12
Calmar ratio: Return relative to maximum drawdown	6.85	3.47	+3.38
Martin ratio: Return relative to average drawdown	21.62	11.32	+10.30

FEX.L vs. CSUS.L - Sharpe Ratio Comparison

The current FEX.L Sharpe Ratio is 2.86, which is higher than the CSUS.L Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of FEX.L and CSUS.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.

Drawdowns

FEX.L vs. CSUS.L - Drawdown Comparison

The maximum FEX.L drawdown since its inception was -36.86%, which is greater than CSUS.L's maximum drawdown of -26.52%. Use the drawdown chart below to compare losses from any high point for FEX.L and CSUS.L.

Drawdown Indicators

	FEX.L	CSUS.L	Difference
Max Drawdown Largest peak-to-trough decline	-36.86%	-26.52%	-10.34%
Max Drawdown (1Y) Largest decline over 1 year	-4.63%	-7.68%	+3.05%
Max Drawdown (3Y) Largest decline over 3 years	-21.34%	-21.55%	+0.21%
Max Drawdown (5Y) Largest decline over 5 years	-21.34%	-21.55%	+0.21%
Max Drawdown (10Y) Largest decline over 10 years	-31.58%	-26.52%	-5.06%
Current Drawdown Current decline from peak	-0.91%	-0.57%	-0.34%
Average Drawdown Average peak-to-trough decline	-7.92%	-3.44%	-4.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.47%	2.36%	-0.89%

Volatility

FEX.L vs. CSUS.L - Volatility Comparison

The current volatility for First Trust US Large Cap Core AlphaDEX® UCITS ETF Class A USD (FEX.L) is 3.49%, while iShares VII plc - iShares MSCI USA ETF USD Acc (CSUS.L) has a volatility of 3.87%. This indicates that FEX.L experiences smaller price fluctuations and is considered to be less risky than CSUS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEX.L	CSUS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.49%	3.87%	-0.38%
Volatility (6M) Calculated over the trailing 6-month period	7.61%	9.19%	-1.58%
Volatility (1Y) Calculated over the trailing 1-year period	11.07%	12.36%	-1.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.57%	15.79%	-1.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.35%	16.48%	-0.13%

FEX.L vs. CSUS.L - Expense Ratio Comparison

FEX.L has a 0.75% expense ratio, which is higher than CSUS.L's 0.33% expense ratio.

Dividends

FEX.L vs. CSUS.L - Dividend Comparison

Neither FEX.L nor CSUS.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FEX.L and CSUS.L in my portfolio?

FEX.L and CSUS.L 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.

Which ETF is better, FEX.L or CSUS.L?

On fees, CSUS.L is cheaper at 0.33% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FEX.L or CSUS.L?

CSUS.L is cheaper with a 0.33% expense ratio, compared with 0.75% for FEX.L.

What is the main difference between FEX.L and CSUS.L?

Both ETFs track Russell 1000 TR USD. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.75% for FEX.L and 0.33% for CSUS.L.