FGM vs. DBEU

Last updated Aug 5, 2026

FGM (First Trust Germany AlphaDEX Fund) and DBEU (Xtrackers MSCI Europe Hedged Equity Fund) are both Europe Equities funds - FGM tracks the NASDAQ AlphaDEX Germany Index while DBEU tracks the MSCI Europe US Dollar Hedged Index. Both are passively managed. Over the past 10 years, FGM returned 8.22%/yr vs 11.43%/yr for DBEU. Their 0.71 correlation means they have sometimes moved together and sometimes differently. FGM charges 0.80%/yr vs 0.45%/yr for DBEU.

Performance

FGM vs. DBEU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Germany AlphaDEX Fund (FGM) and Xtrackers MSCI Europe Hedged Equity Fund (DBEU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FGM achieves a 4.28% return, which is significantly lower than DBEU's 14.88% return. Over the past 10 years, FGM has underperformed DBEU with an annualized return of 8.22%, while DBEU has yielded a comparatively higher 11.43% annualized return.

FGM

• 1D: 0.67%
• 1M: -0.96%
• 6M: -4.27%
• YTD: 4.28%
• 1Y: 17.05%
• 3Y*: 20.57%
• 5Y*: 4.93%
• 10Y*: 8.22%
• ALL TIME*: 7.41%

DBEU

• 1D: 0.88%
• 1M: 1.75%
• 6M: 10.72%
• YTD: 14.88%
• 1Y: 26.39%
• 3Y*: 17.44%
• 5Y*: 11.89%
• 10Y*: 11.43%
• ALL TIME*: 9.98%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DBEU Xtrackers MSCI Europe Hedged Equity Fund	$2.64M	$1.95M	$2.39M
FGM First Trust Germany AlphaDEX Fund	$71.07K	$80.31K	$242.50K

FGM vs. DBEU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FGM First Trust Germany AlphaDEX Fund	4.28%	63.60%	1.36%	13.28%	-30.46%	6.10%	17.26%	20.77%	-25.14%	44.28%
DBEU Xtrackers MSCI Europe Hedged Equity Fund	14.88%	22.18%	9.17%	17.43%	-6.25%	23.99%	-1.42%	27.32%	-8.49%	14.60%

Correlation

The correlation between FGM and DBEU is 0.73, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.73
Correlation (3Y) Balances recent behavior with more history.	0.69
Correlation (5Y) Shows whether the relationship held over a longer period.	0.69
Correlation (10Y) Provides a long-term view across more market conditions.	0.70
Correlation (All Time) Calculated using the full available price history since Oct 1, 2013	0.71

The correlation between FGM and DBEU has been stable across timeframes, ranging from 0.69 to 0.73 - a consistent structural relationship.

FGM vs. DBEU - Sectors Allocation Comparison

Sectors	FGM	DBEU
Industrials	40.9%	18.5%
Consumer Cyclical	15.6%	6.0%
Real Estate	10.0%	0.7%
Financial Services	9.1%	25.1%
Basic Materials	8.4%	5.4%
Healthcare	7.8%	12.8%
Utilities	2.9%	4.4%
Communication Services	2.8%	3.1%
Consumer Defensive	2.6%	8.5%
Energy	-	4.9%
Technology	-	9.4%

Return for Risk

FGM vs. DBEU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FGM

FGM Risk / Return Rank: 29
FGM Sharpe Ratio Rank: 31
FGM Sortino Ratio Rank: 30
FGM Omega Ratio Rank: 30
FGM Calmar Ratio Rank: 28
FGM Martin Ratio Rank: 28

DBEU

DBEU Risk / Return Rank: 76
DBEU Sharpe Ratio Rank: 79
DBEU Sortino Ratio Rank: 78
DBEU Omega Ratio Rank: 77
DBEU Calmar Ratio Rank: 69
DBEU Martin Ratio Rank: 77

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FGM vs. DBEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Germany AlphaDEX Fund (FGM) and Xtrackers MSCI Europe Hedged Equity Fund (DBEU). 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.

	FGM	DBEU	Difference
Sharpe ratio: Return per unit of total volatility	0.82	2.03	-1.21
Sortino ratio: Return per unit of downside risk	1.25	2.84	-1.58
Omega ratio: Gain probability vs. loss probability	1.15	1.36	-0.21
Calmar ratio: Return relative to maximum drawdown	0.96	2.70	-1.74
Martin ratio: Return relative to average drawdown	2.59	11.04	-8.45

FGM vs. DBEU - Sharpe Ratio Comparison

The current FGM Sharpe Ratio is 0.82, which is lower than the DBEU Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of FGM and DBEU, 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

FGM vs. DBEU - Drawdown Comparison

The maximum FGM drawdown since its inception was -51.58%, which is greater than DBEU's maximum drawdown of -34.50%. Use the drawdown chart below to compare losses from any high point for FGM and DBEU.

Drawdown Indicators

	FGM	DBEU	Difference
Max Drawdown Largest peak-to-trough decline	-51.58%	-34.50%	-17.08%
Max Drawdown (1Y) Largest decline over 1 year	-17.76%	-9.81%	-7.95%
Max Drawdown (3Y) Largest decline over 3 years	-17.76%	-15.35%	-2.41%
Max Drawdown (5Y) Largest decline over 5 years	-50.18%	-17.67%	-32.51%
Max Drawdown (10Y) Largest decline over 10 years	-51.58%	-34.50%	-17.08%
Current Drawdown Current decline from peak	-7.30%	0.00%	-7.30%
Average Drawdown Average peak-to-trough decline	-14.66%	-4.40%	-10.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.59%	2.40%	+4.19%

Volatility

FGM vs. DBEU - Volatility Comparison

First Trust Germany AlphaDEX Fund (FGM) has a higher volatility of 5.40% compared to Xtrackers MSCI Europe Hedged Equity Fund (DBEU) at 3.73%. This indicates that FGM's price experiences larger fluctuations and is considered to be riskier than DBEU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FGM	DBEU	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.40%	3.73%	+1.67%
Volatility (6M) Calculated over the trailing 6-month period	17.98%	11.13%	+6.85%
Volatility (1Y) Calculated over the trailing 1-year period	20.98%	13.13%	+7.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.64%	14.39%	+10.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.91%	16.25%	+6.66%

FGM vs. DBEU - Expense Ratio Comparison

FGM has a 0.80% expense ratio, which is higher than DBEU's 0.45% expense ratio.

Dividends

FGM vs. DBEU - Dividend Comparison

FGM's dividend yield for the trailing twelve months is around 1.37%, which matches DBEU's 1.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBEU Xtrackers MSCI Europe Hedged Equity Fund	1.38%	4.55%	0.07%	3.64%	1.96%	1.87%	2.44%	2.77%	3.55%	2.28%	9.92%	5.50%
FGM First Trust Germany AlphaDEX Fund	1.37%	0.66%	2.56%	2.82%	5.44%	1.43%	1.33%	2.30%	2.18%	2.11%	1.33%	1.13%

Frequently Asked Questions

Can I hold both FGM and DBEU in my portfolio?

FGM and DBEU have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FGM or DBEU?

FGM has higher volatility (5.40%) compared to DBEU (3.73%). In terms of maximum drawdown, FGM dropped -51.58% vs DBEU's -34.50%.

Which ETF is better, FGM or DBEU?

On 10-year performance, DBEU leads with 11.43% vs 8.22% for FGM. On fees, DBEU is cheaper at 0.45% per year. On volatility, DBEU has been the lower-risk option at 3.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FGM or DBEU?

Over the 10-year period, DBEU has performed better with a 11.43% return vs 8.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FGM or DBEU?

DBEU is cheaper with a 0.45% expense ratio, compared with 0.80% for FGM.

Which ETF pays a higher dividend yield, FGM or DBEU?

FGM and DBEU have nearly identical dividend yields, around 1.37%.

What is the main difference between FGM and DBEU?

FGM tracks NASDAQ AlphaDEX Germany Index, while DBEU tracks MSCI Europe US Dollar Hedged Index. They also come from different issuers: First Trust and DWS. Their fees differ too: 0.80% for FGM and 0.45% for DBEU.

Which has better risk-adjusted returns?

DBEU currently has the higher Sharpe Ratio (2.03 vs 0.82), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.