FGM vs. EUFN

Last updated Apr 1, 2026

Compare and contrast key facts about First Trust Germany AlphaDEX Fund (FGM) and iShares MSCI Europe Financials ETF (EUFN).

FGM and EUFN are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FGM is a passively managed fund by First Trust that tracks the performance of the NASDAQ AlphaDEX Germany Index. It was launched on Feb 14, 2012. 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 FGM 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

FGM vs. EUFN - Performance Comparison

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

FGM vs. EUFN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FGM First Trust Germany AlphaDEX Fund	-3.76%	63.60%	1.36%	13.28%	-30.46%	6.10%	17.26%	20.77%	-25.14%	44.28%
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, FGM achieves a -3.76% return, which is significantly higher than EUFN's -6.04% return. Over the past 10 years, FGM has underperformed EUFN with an annualized return of 7.46%, while EUFN has yielded a comparatively higher 11.63% annualized return.

FGM

• 1D: 3.66%
• 1M: -13.63%
• YTD: -3.76%
• 6M: 2.12%
• 1Y: 31.71%
• 3Y*: 18.62%
• 5Y*: 4.51%
• 10Y*: 7.46%

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)

FGM vs. EUFN - Expense Ratio Comparison

FGM has a 0.80% expense ratio, which is higher than EUFN's 0.48% expense ratio.

FGM

First Trust Germany AlphaDEX Fund

EUFN

iShares MSCI Europe Financials ETF

Return for Risk

FGM vs. EUFN — Risk / Return Rank

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

FGM

FGM Risk / Return Rank: 72
FGM Sharpe Ratio Rank: 77
FGM Sortino Ratio Rank: 79
FGM Omega Ratio Rank: 74
FGM Calmar Ratio Rank: 65
FGM Martin Ratio Rank: 63

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.

FGM vs. EUFN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Germany AlphaDEX Fund (FGM) 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.

	FGM	EUFN	Difference
Sharpe ratio Return per unit of total volatility	1.41	1.24	+0.17
Sortino ratio Return per unit of downside risk	2.00	1.76	+0.24
Omega ratio Gain probability vs. loss probability	1.28	1.24	+0.03
Calmar ratio Return relative to maximum drawdown	1.62	1.74	-0.12
Martin ratio Return relative to average drawdown	6.22	6.10	+0.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FGM vs. EUFN - Sharpe Ratio Comparison

The current FGM Sharpe Ratio is 1.41, which is comparable to the EUFN Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of FGM 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

	FGM	EUFN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.41	1.24	+0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	0.82	-0.63
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.33	0.48	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.25	+0.07

Correlation

The correlation between FGM and EUFN is 0.71, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FGM vs. EUFN - Dividend Comparison

FGM's dividend yield for the trailing twelve months is around 0.69%, less than EUFN's 3.80% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FGM First Trust Germany AlphaDEX Fund	0.69%	0.66%	2.56%	2.82%	5.44%	1.43%	1.33%	2.30%	2.18%	2.11%	1.33%	1.13%
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

FGM vs. EUFN - Drawdown Comparison

The maximum FGM drawdown since its inception was -51.58%, roughly equal to the maximum EUFN drawdown of -53.25%. Use the drawdown chart below to compare losses from any high point for FGM and EUFN.

Drawdown Indicators

	FGM	EUFN	Difference
Max Drawdown Largest peak-to-trough decline	-51.58%	-53.25%	+1.67%
Max Drawdown (1Y) Largest decline over 1 year	-17.76%	-14.77%	-2.99%
Max Drawdown (5Y) Largest decline over 5 years	-51.07%	-35.15%	-15.92%
Max Drawdown (10Y) Largest decline over 10 years	-51.58%	-53.25%	+1.67%
Current Drawdown Current decline from peak	-14.44%	-10.30%	-4.14%
Average Drawdown Average peak-to-trough decline	-14.82%	-14.68%	-0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.63%	4.22%	+0.41%

Volatility

FGM vs. EUFN - Volatility Comparison

First Trust Germany AlphaDEX Fund (FGM) and iShares MSCI Europe Financials ETF (EUFN) have volatilities of 9.99% and 9.84%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FGM	EUFN	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.99%	9.84%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	14.86%	14.70%	+0.16%
Volatility (1Y) Calculated over the trailing 1-year period	22.73%	22.21%	+0.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.23%	21.57%	+2.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.95%	24.53%	-1.58%