FGBL.L vs. FEXU.L

Last updated Jul 16, 2026

FGBL.L (First Trust Global Equity Income UCITS ETF Class A USD) and FEXU.L (First Trust US Large Cap Core AlphaDEX UCITS ETF) are both exchange-traded funds - FGBL.L is a Dividend fund tracking the First Trust Global Equity Income UCITS ETF Class A USD, while FEXU.L is a Large Cap Blend Equities fund tracking the Russell 1000 TR USD. Both are passively managed. Over the past 10 years, FGBL.L returned 9.31%/yr vs 12.08%/yr for FEXU.L. A 0.68 correlation means they provide meaningful diversification when combined.

Performance

FGBL.L vs. FEXU.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in First Trust Global Equity Income UCITS ETF Class A USD (FGBL.L) and First Trust US Large Cap Core AlphaDEX UCITS ETF (FEXU.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

The year-to-date returns for both investments are quite close, with FGBL.L having a 13.08% return and FEXU.L slightly higher at 13.52%. Over the past 10 years, FGBL.L has underperformed FEXU.L with an annualized return of 9.31%, while FEXU.L has yielded a comparatively higher 12.08% annualized return.

FGBL.L

• 1D: -0.04%
• 1M: 0.91%
• 6M: 10.70%
• YTD: 13.08%
• 1Y: 28.79%
• 3Y*: 19.89%
• 5Y*: 12.77%
• 10Y*: 9.31%

FEXU.L

• 1D: -1.69%
• 1M: -2.99%
• 6M: 10.29%
• YTD: 13.52%
• 1Y: 22.33%
• 3Y*: 16.49%
• 5Y*: 11.24%
• 10Y*: 12.08%

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

FGBL.L vs. FEXU.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FGBL.L First Trust Global Equity Income UCITS ETF Class A USD	13.08%	30.51%	6.22%	11.15%	3.62%	10.79%	-8.84%	11.01%	-5.93%	11.89%
FEXU.L First Trust US Large Cap Core AlphaDEX UCITS ETF	13.52%	7.02%	18.72%	8.93%	-1.84%	28.02%	10.19%	21.28%	-5.75%	11.04%

Correlation

The correlation between FGBL.L and FEXU.L is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since Aug 28, 2015	0.68

The correlation between FGBL.L and FEXU.L shifts across timeframes, from 0.51 (1 year) to 0.68 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FGBL.L vs. FEXU.L — Risk / Return Rank

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

FGBL.L

FGBL.L Risk / Return Rank: 94
FGBL.L Sharpe Ratio Rank: 96
FGBL.L Sortino Ratio Rank: 95
FGBL.L Omega Ratio Rank: 95
FGBL.L Calmar Ratio Rank: 93
FGBL.L Martin Ratio Rank: 92

FEXU.L

FEXU.L Risk / Return Rank: 79
FEXU.L Sharpe Ratio Rank: 73
FEXU.L Sortino Ratio Rank: 79
FEXU.L Omega Ratio Rank: 68
FEXU.L Calmar Ratio Rank: 89
FEXU.L Martin Ratio Rank: 85

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.

FGBL.L vs. FEXU.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Global Equity Income UCITS ETF Class A USD (FGBL.L) and First Trust US Large Cap Core AlphaDEX UCITS ETF (FEXU.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.

	FGBL.L	FEXU.L	Difference
Sharpe ratio: Return per unit of total volatility	3.17	1.73	+1.44
Sortino ratio: Return per unit of downside risk	4.28	2.40	+1.88
Omega ratio: Gain probability vs. loss probability	1.57	1.30	+0.27
Calmar ratio: Return relative to maximum drawdown	5.20	4.54	+0.66
Martin ratio: Return relative to average drawdown	18.15	13.67	+4.48

FGBL.L vs. FEXU.L - Sharpe Ratio Comparison

The current FGBL.L Sharpe Ratio is 3.17, which is higher than the FEXU.L Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of FGBL.L and FEXU.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

FGBL.L vs. FEXU.L - Drawdown Comparison

The maximum FGBL.L drawdown since its inception was -40.36%, which is greater than FEXU.L's maximum drawdown of -32.12%. Use the drawdown chart below to compare losses from any high point for FGBL.L and FEXU.L.

Drawdown Indicators

	FGBL.L	FEXU.L	Difference
Max Drawdown Largest peak-to-trough decline	-40.36%	-32.12%	-8.24%
Max Drawdown (1Y) Largest decline over 1 year	-5.68%	-4.90%	-0.78%
Max Drawdown (3Y) Largest decline over 3 years	-12.45%	-21.55%	+9.10%
Max Drawdown (5Y) Largest decline over 5 years	-12.45%	-21.55%	+9.10%
Max Drawdown (10Y) Largest decline over 10 years	-29.44%	-32.12%	+2.68%
Current Drawdown Current decline from peak	-0.63%	-4.90%	+4.27%
Average Drawdown Average peak-to-trough decline	-8.01%	-4.16%	-3.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.63%	1.63%	0.00%

Volatility

FGBL.L vs. FEXU.L - Volatility Comparison

The current volatility for First Trust Global Equity Income UCITS ETF Class A USD (FGBL.L) is 2.12%, while First Trust US Large Cap Core AlphaDEX UCITS ETF (FEXU.L) has a volatility of 4.59%. This indicates that FGBL.L experiences smaller price fluctuations and is considered to be less risky than FEXU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FGBL.L	FEXU.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.12%	4.59%	-2.47%
Volatility (6M) Calculated over the trailing 6-month period	7.11%	9.86%	-2.75%
Volatility (1Y) Calculated over the trailing 1-year period	9.36%	12.86%	-3.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.86%	15.78%	-3.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.92%	17.19%	-3.27%

Dividends

FGBL.L vs. FEXU.L - Dividend Comparison

Neither FGBL.L nor FEXU.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FGBL.L and FEXU.L in my portfolio?

FGBL.L and FEXU.L have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between FGBL.L and FEXU.L?

FGBL.L is categorized as Dividend, while FEXU.L is Large Cap Blend Equities. FGBL.L tracks First Trust Global Equity Income UCITS ETF Class A USD, while FEXU.L tracks Russell 1000 TR USD.