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FGM vs. EIS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FGM vs. EIS

Last updated Jun 13, 2026

FGM (First Trust Germany AlphaDEX Fund) and EIS (iShares MSCI Israel ETF) are both exchange-traded funds - FGM is a Europe Equities fund tracking the NASDAQ AlphaDEX Germany Index, while EIS is a Foreign Large Cap Equities fund tracking the MSCI Israel Capped Investable Market Index (Net). Both are passively managed. Over the past 10 years, FGM returned 8.76%/yr vs 12.35%/yr for EIS. At a 0.50 correlation, their price movements are largely independent. FGM charges 0.80%/yr vs 0.59%/yr for EIS.

Performance

FGM vs. EIS - Performance Comparison

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

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Returns By Period

In the year-to-date period, FGM achieves a 3.19% return, which is significantly lower than EIS's 18.11% return. Over the past 10 years, FGM has underperformed EIS with an annualized return of 8.76%, while EIS has yielded a comparatively higher 12.35% annualized return.

FGM

1D
1.21%
1M
-2.19%
YTD
3.19%
6M
4.60%
1Y
18.86%
3Y*
20.38%
5Y*
4.13%
10Y*
8.76%

EIS

1D
1.32%
1M
-2.92%
YTD
18.11%
6M
18.71%
1Y
61.04%
3Y*
33.86%
5Y*
15.01%
10Y*
12.35%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FGM vs. EIS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FGM
First Trust Germany AlphaDEX Fund		3.19%63.60%1.36%13.28%-30.46%6.10%17.26%20.77%-25.14%44.28%
EIS
iShares MSCI Israel ETF		18.11%45.11%34.50%5.48%-27.05%22.83%12.01%20.93%-4.84%12.77%

Correlation

The correlation between FGM and EIS is 0.55, 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

0.55

Correlation (3Y)
Calculated over the trailing 3-year period

0.49

Correlation (5Y)
Calculated over the trailing 5-year period

0.49

Correlation (10Y)
Calculated over the trailing 10-year period

0.51

Correlation (All Time)
Calculated using the full available price history since Feb 17, 2012

0.50

The correlation between FGM and EIS has been stable across timeframes, ranging from 0.49 to 0.55 - a consistent structural relationship.

FGM vs. EIS - Sectors Allocation Comparison

Sectors
FGM
EIS

Industrials

40.5%
10.9%

Consumer Cyclical

16.6%
2.5%

Real Estate

10.8%
9.1%

Basic Materials

9.0%
1.8%

Financial Services

8.2%
34.6%

Healthcare

6.4%
9.8%

Communication Services

3.2%
2.7%

Utilities

3.2%
6.6%

Consumer Defensive

2.2%
2.3%

Energy

-

2.0%

Technology

-

17.8%

Industrials

FGM
40.5%
EIS
10.9%

Consumer Cyclical

FGM
16.6%
EIS
2.5%

Real Estate

FGM
10.8%
EIS
9.1%

Basic Materials

FGM
9.0%
EIS
1.8%

Financial Services

FGM
8.2%
EIS
34.6%

Healthcare

FGM
6.4%
EIS
9.8%

Communication Services

FGM
3.2%
EIS
2.7%

Utilities

FGM
3.2%
EIS
6.6%

Consumer Defensive

FGM
2.2%
EIS
2.3%

Energy

FGM

-

EIS
2.0%

Technology

FGM

-

EIS
17.8%

Compare stocks, funds, or ETFs

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First Trust Germany AlphaDEX Fund

iShares MSCI Israel ETF

Often compared with FGM:
FGM vs. EWGFGM vs. FEUZFGM vs. DAXFGM vs. FLGRFGM vs. EXS1.DEFGM vs. KBWPFGM vs. SHLD
Often compared with EIS:
EIS vs. ISRAEIS vs. IZRLEIS vs. SPYEIS vs. VOOEIS vs. ITEQEIS vs. QQQEIS vs. EGPT

Return for Risk

FGM vs. EIS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FGM
FGM Risk / Return Rank: 2525
Overall Rank
FGM Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
FGM Sortino Ratio Rank: 2626
Sortino Ratio Rank
FGM Omega Ratio Rank: 2525
Omega Ratio Rank
FGM Calmar Ratio Rank: 2424
Calmar Ratio Rank
FGM Martin Ratio Rank: 2525
Martin Ratio Rank
EIS
EIS Risk / Return Rank: 8585
Overall Rank
EIS Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
EIS Sortino Ratio Rank: 8585
Sortino Ratio Rank
EIS Omega Ratio Rank: 8080
Omega Ratio Rank
EIS Calmar Ratio Rank: 8989
Calmar Ratio Rank
EIS Martin Ratio Rank: 8686
Martin Ratio Rank
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.

FGM vs. EIS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Germany AlphaDEX Fund (FGM) and iShares MSCI Israel ETF (EIS). 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.

FGMEISDifference
Sharpe ratioReturn per unit of total volatility
0.84
2.41

-1.57

Sortino ratioReturn per unit of downside risk
1.28
3.29

-2.01

Omega ratioGain probability vs. loss probability

1.16

1.41

-0.25

Calmar ratioReturn relative to maximum drawdown

0.98

4.62

-3.63

Martin ratioReturn relative to average drawdown

3.01

15.86

-12.85

FGM vs. EIS - Sharpe Ratio Comparison

The current FGM Sharpe Ratio is 0.84, which is lower than the EIS Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of FGM and EIS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

FGM vs. EIS - Drawdown Comparison

The maximum FGM drawdown since its inception was -51.58%, roughly equal to the maximum EIS drawdown of -51.94%. Use the drawdown chart below to compare losses from any high point for FGM and EIS.

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Drawdown Indicators

FGMEISDifference

Max Drawdown

Largest peak-to-trough decline

-51.58%

-51.94%

+0.36%

Max Drawdown (1Y)

Largest decline over 1 year

-17.76%

-12.40%

-5.36%

Max Drawdown (3Y)

Largest decline over 3 years

-17.93%

-24.10%

+6.17%

Max Drawdown (5Y)

Largest decline over 5 years

-50.22%

-41.88%

-8.34%

Max Drawdown (10Y)

Largest decline over 10 years

-51.58%

-41.88%

-9.70%

Current Drawdown

Current decline from peak

-8.26%

-5.61%

-2.65%

Average Drawdown

Average peak-to-trough decline

-14.72%

-13.89%

-0.83%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.81%

3.61%

+2.20%

Volatility

FGM vs. EIS - Volatility Comparison

The current volatility for First Trust Germany AlphaDEX Fund (FGM) is 6.75%, while iShares MSCI Israel ETF (EIS) has a volatility of 9.80%. This indicates that FGM experiences smaller price fluctuations and is considered to be less risky than EIS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FGMEISDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.75%

9.80%

-3.05%

Volatility (6M)

Calculated over the trailing 6-month period

17.55%

17.62%

-0.07%

Volatility (1Y)

Calculated over the trailing 1-year period

20.94%

23.81%

-2.87%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

24.54%

22.06%

+2.48%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.11%

21.21%

+1.90%

FGM vs. EIS - Expense Ratio Comparison

FGM has a 0.80% expense ratio, which is higher than EIS's 0.59% expense ratio.

Dividends

FGM vs. EIS - Dividend Comparison

FGM's dividend yield for the trailing twelve months is around 0.64%, less than EIS's 1.22% yield.

PositionTTM20252024202320222021202020192018201720162015
EIS
iShares MSCI Israel ETF		1.22%1.44%1.38%1.39%1.66%1.04%0.16%2.06%0.87%2.02%1.78%2.55%
FGM
First Trust Germany AlphaDEX Fund		0.64%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

FGM and EIS have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EIS has higher volatility (9.80%) compared to FGM (6.75%). In terms of maximum drawdown, FGM dropped -51.58% vs EIS's -51.94%.

On 10-year performance, EIS leads with 12.35% vs 8.76% for FGM. On fees, EIS is cheaper at 0.59% per year. On volatility, FGM has been the lower-risk option at 6.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EIS has performed better with a 12.35% return vs 8.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EIS is cheaper with a 0.59% expense ratio, compared with 0.80% for FGM.

EIS has the higher dividend yield at 1.22%, compared with 0.64% for FGM.

FGM is categorized as Europe Equities, while EIS is Foreign Large Cap Equities. FGM tracks NASDAQ AlphaDEX Germany Index, while EIS tracks MSCI Israel Capped Investable Market Index (Net). They also come from different issuers: First Trust and iShares. Their fees differ too: 0.80% for FGM and 0.59% for EIS.

EIS currently has the higher Sharpe Ratio (2.41 vs 0.84), 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.

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