FEX.L vs. XMUS.L

Last updated Jun 4, 2026

FEX.L (First Trust US Large Cap Core AlphaDEX® UCITS ETF Class A USD) and XMUS.L (Xtrackers MSCI USA Swap UCITS ETF 1C) are both Large Cap Blend Equities funds tracking the Russell 1000 TR USD, from First Trust and Xtrackers respectively. Both are passively managed. Over the past 10 years, FEX.L returned 13.68%/yr vs 16.36%/yr for XMUS.L. Their correlation of 0.90 suggests significant overlap in exposure. FEX.L charges 0.75%/yr vs 0.15%/yr for XMUS.L.

Performance

FEX.L vs. XMUS.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 Xtrackers MSCI USA Swap UCITS ETF 1C (XMUS.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEX.L achieves a 14.44% return, which is significantly higher than XMUS.L's 10.43% return. Over the past 10 years, FEX.L has underperformed XMUS.L with an annualized return of 13.68%, while XMUS.L has yielded a comparatively higher 16.36% annualized return.

FEX.L

• 1D: 0.52%
• 1M: 5.95%
• YTD: 14.44%
• 6M: 15.16%
• 1Y: 30.58%
• 3Y*: 17.63%
• 5Y*: 12.02%
• 10Y*: 13.68%

XMUS.L

• 1D: -0.20%
• 1M: 5.96%
• YTD: 10.43%
• 6M: 10.35%
• 1Y: 28.82%
• 3Y*: 19.51%
• 5Y*: 14.65%
• 10Y*: 16.36%

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

FEX.L vs. XMUS.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	14.44%	7.34%	18.68%	8.36%	-1.83%	28.60%	9.66%	22.13%	-5.90%	10.65%
XMUS.L Xtrackers MSCI USA Swap UCITS ETF 1C	10.43%	9.35%	27.51%	20.67%	-10.46%	29.34%	16.78%	26.80%	0.08%	10.99%

Correlation

The correlation between FEX.L and XMUS.L is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Apr 15, 2013	0.90

The correlation between FEX.L and XMUS.L shifts across timeframes, from 0.76 (1 year) to 0.91 (10 years), reflecting how their relationship changes across market environments.

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

Sectors	FEX.L	XMUS.L
Technology	21.0%	35.4%
Industrials	18.8%	8.6%
Financial Services	14.0%	11.6%
Healthcare	8.9%	8.6%
Consumer Cyclical	8.3%	10.1%
Utilities	7.3%	2.3%
Energy	6.0%	3.6%
Real Estate	4.6%	1.9%
Consumer Defensive	4.4%	4.8%
Communication Services	3.4%	11.3%
Basic Materials	3.4%	1.8%

Return for Risk

FEX.L vs. XMUS.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: 88
FEX.L Sharpe Ratio Rank: 86
FEX.L Sortino Ratio Rank: 85
FEX.L Omega Ratio Rank: 84
FEX.L Calmar Ratio Rank: 93
FEX.L Martin Ratio Rank: 90

XMUS.L

XMUS.L Risk / Return Rank: 78
XMUS.L Sharpe Ratio Rank: 83
XMUS.L Sortino Ratio Rank: 80
XMUS.L Omega Ratio Rank: 83
XMUS.L Calmar Ratio Rank: 75
XMUS.L Martin Ratio Rank: 70

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. XMUS.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 Xtrackers MSCI USA Swap UCITS ETF 1C (XMUS.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.

	FEX.L	XMUS.L	Difference
Sharpe ratio: Return per unit of total volatility	2.82	2.69	+0.13
Sortino ratio: Return per unit of downside risk	3.82	3.59	+0.23
Omega ratio: Gain probability vs. loss probability	1.51	1.50	+0.01
Calmar ratio: Return relative to maximum drawdown	6.57	3.74	+2.84
Martin ratio: Return relative to average drawdown	20.88	12.96	+7.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current FEX.L Sharpe Ratio is 2.82, which is comparable to the XMUS.L Sharpe Ratio of 2.69. The chart below compares the historical Sharpe Ratios of FEX.L and XMUS.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.

Sharpe Ratios by Period

	FEX.L	XMUS.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.82	2.69	+0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.83	1.01	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.83	1.04	-0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	0.75	+0.08

Drawdowns

FEX.L vs. XMUS.L - Drawdown Comparison

The maximum FEX.L drawdown since its inception was -31.58%, smaller than the maximum XMUS.L drawdown of -34.33%. Use the drawdown chart below to compare losses from any high point for FEX.L and XMUS.L.

Drawdown Indicators

	FEX.L	XMUS.L	Difference
Max Drawdown Largest peak-to-trough decline	-31.58%	-34.33%	+2.75%
Max Drawdown (1Y) Largest decline over 1 year	-4.63%	-7.68%	+3.05%
Max Drawdown (3Y) Largest decline over 3 years	-21.34%	-21.47%	+0.13%
Max Drawdown (5Y) Largest decline over 5 years	-21.34%	-21.47%	+0.13%
Max Drawdown (10Y) Largest decline over 10 years	-31.58%	-25.90%	-5.68%
Current Drawdown Current decline from peak	0.00%	-0.20%	+0.20%
Average Drawdown Average peak-to-trough decline	-4.12%	-4.71%	+0.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.46%	2.22%	-0.76%

Volatility

FEX.L vs. XMUS.L - Volatility Comparison

First Trust US Large Cap Core AlphaDEX® UCITS ETF Class A USD (FEX.L) has a higher volatility of 3.60% compared to Xtrackers MSCI USA Swap UCITS ETF 1C (XMUS.L) at 2.62%. This indicates that FEX.L's price experiences larger fluctuations and is considered to be riskier than XMUS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEX.L	XMUS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.60%	2.62%	+0.98%
Volatility (6M) Calculated over the trailing 6-month period	7.23%	7.26%	-0.03%
Volatility (1Y) Calculated over the trailing 1-year period	10.85%	10.73%	+0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.53%	14.55%	-0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.45%	15.72%	+0.73%

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

FEX.L has a 0.75% expense ratio, which is higher than XMUS.L's 0.15% expense ratio.

Dividends

FEX.L vs. XMUS.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

FEX.L and XMUS.L have a correlation of 0.76, 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 XMUS.L?

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

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

XMUS.L is cheaper with a 0.15% expense ratio, compared with 0.75% for FEX.L.

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

Both ETFs track Russell 1000 TR USD. They also come from different issuers: First Trust and Xtrackers. Their fees differ too: 0.75% for FEX.L and 0.15% for XMUS.L.