FEX vs. EUFN

Last updated Apr 1, 2026

Compare and contrast key facts about First Trust Large Cap Core AlphaDEX Fund (FEX) and iShares MSCI Europe Financials ETF (EUFN).

FEX and EUFN are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FEX is a passively managed fund by First Trust that tracks the performance of the NASDAQ AlphaDEX Large Cap Core Index. It was launched on May 8, 2007. EUFN is a passively managed fund by iShares that tracks the performance of the MSCI Europe Financials Index. It was launched on Jan 20, 2010. Both FEX and EUFN are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

FEX vs. EUFN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Large Cap Core AlphaDEX Fund (FEX) and iShares MSCI Europe Financials ETF (EUFN). The values are adjusted to include any dividend payments, if applicable.

FEX vs. EUFN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FEX First Trust Large Cap Core AlphaDEX Fund	3.04%	15.05%	17.07%	14.31%	-11.86%	26.83%	14.28%	26.93%	-9.89%	21.41%
EUFN iShares MSCI Europe Financials ETF	-6.04%	65.73%	17.20%	26.15%	-8.78%	19.13%	-8.55%	20.73%	-23.14%	26.94%

Returns By Period

In the year-to-date period, FEX achieves a 3.04% return, which is significantly higher than EUFN's -6.04% return. Both investments have delivered pretty close results over the past 10 years, with FEX having a 11.97% annualized return and EUFN not far behind at 11.63%.

FEX

• 1D: 2.09%
• 1M: -4.09%
• YTD: 3.04%
• 6M: 4.98%
• 1Y: 20.33%
• 3Y*: 16.27%
• 5Y*: 9.93%
• 10Y*: 11.97%

EUFN

• 1D: 4.25%
• 1M: -7.58%
• YTD: -6.04%
• 6M: 2.94%
• 1Y: 27.35%
• 3Y*: 29.23%
• 5Y*: 17.62%
• 10Y*: 11.63%

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

FEX vs. EUFN - Expense Ratio Comparison

FEX has a 0.59% expense ratio, which is higher than EUFN's 0.48% expense ratio.

FEX

First Trust Large Cap Core AlphaDEX Fund

EUFN

iShares MSCI Europe Financials ETF

Return for Risk

FEX vs. EUFN — Risk / Return Rank

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

FEX

FEX Risk / Return Rank: 68
FEX Sharpe Ratio Rank: 66
FEX Sortino Ratio Rank: 66
FEX Omega Ratio Rank: 67
FEX Calmar Ratio Rank: 64
FEX Martin Ratio Rank: 76

EUFN

EUFN Risk / Return Rank: 70
EUFN Sharpe Ratio Rank: 73
EUFN Sortino Ratio Rank: 72
EUFN Omega Ratio Rank: 69
EUFN Calmar Ratio Rank: 71
EUFN Martin Ratio Rank: 65

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 vs. EUFN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Large Cap Core AlphaDEX Fund (FEX) and iShares MSCI Europe Financials ETF (EUFN). 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	EUFN	Difference
Sharpe ratio Return per unit of total volatility	1.15	1.24	-0.09
Sortino ratio Return per unit of downside risk	1.66	1.76	-0.10
Omega ratio Gain probability vs. loss probability	1.25	1.24	0.00
Calmar ratio Return relative to maximum drawdown	1.62	1.74	-0.12
Martin ratio Return relative to average drawdown	7.98	6.10	+1.88
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 vs. EUFN - Sharpe Ratio Comparison

The current FEX Sharpe Ratio is 1.15, which is comparable to the EUFN Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of FEX and EUFN, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FEX	EUFN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.15	1.24	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.82	-0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.65	0.48	+0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.25	+0.20

Correlation

The correlation between FEX and EUFN is 0.69, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

FEX vs. EUFN - Dividend Comparison

FEX's dividend yield for the trailing twelve months is around 1.06%, less than EUFN's 3.80% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEX First Trust Large Cap Core AlphaDEX Fund	1.06%	1.10%	1.18%	1.38%	1.61%	0.80%	1.21%	1.32%	1.34%	1.07%	1.29%	1.33%
EUFN iShares MSCI Europe Financials ETF	3.80%	3.57%	5.36%	5.00%	4.24%	4.15%	1.38%	4.55%	6.48%	3.04%	4.03%	3.65%

Drawdowns

FEX vs. EUFN - Drawdown Comparison

The maximum FEX drawdown since its inception was -58.81%, which is greater than EUFN's maximum drawdown of -53.25%. Use the drawdown chart below to compare losses from any high point for FEX and EUFN.

Drawdown Indicators

	FEX	EUFN	Difference
Max Drawdown Largest peak-to-trough decline	-58.81%	-53.25%	-5.56%
Max Drawdown (1Y) Largest decline over 1 year	-13.08%	-14.77%	+1.69%
Max Drawdown (5Y) Largest decline over 5 years	-21.27%	-35.15%	+13.88%
Max Drawdown (10Y) Largest decline over 10 years	-39.51%	-53.25%	+13.74%
Current Drawdown Current decline from peak	-4.27%	-10.30%	+6.03%
Average Drawdown Average peak-to-trough decline	-7.95%	-14.68%	+6.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.66%	4.22%	-1.56%

Volatility

FEX vs. EUFN - Volatility Comparison

The current volatility for First Trust Large Cap Core AlphaDEX Fund (FEX) is 4.81%, while iShares MSCI Europe Financials ETF (EUFN) has a volatility of 9.84%. This indicates that FEX experiences smaller price fluctuations and is considered to be less risky than EUFN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEX	EUFN	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.81%	9.84%	-5.03%
Volatility (6M) Calculated over the trailing 6-month period	9.73%	14.70%	-4.97%
Volatility (1Y) Calculated over the trailing 1-year period	17.71%	22.21%	-4.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.45%	21.57%	-5.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.56%	24.53%	-5.97%