FGM vs. KBWP

Last updated Jun 24, 2026

FGM (First Trust Germany AlphaDEX Fund) and KBWP (Invesco KBW Property & Casualty Insurance ETF) are both exchange-traded funds - FGM is a Europe Equities fund tracking the NASDAQ AlphaDEX Germany Index, while KBWP is a Financials Equities fund tracking the KBW Nasdaq Property & Casualty (TR). Both are passively managed. Over the past 10 years, FGM returned 8.70%/yr vs 12.39%/yr for KBWP. At a 0.34 correlation, their price movements are largely independent. FGM charges 0.80%/yr vs 0.35%/yr for KBWP.

Performance

FGM vs. KBWP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Germany AlphaDEX Fund (FGM) and Invesco KBW Property & Casualty Insurance ETF (KBWP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FGM achieves a 2.26% return, which is significantly higher than KBWP's -1.94% return. Over the past 10 years, FGM has underperformed KBWP with an annualized return of 8.70%, while KBWP has yielded a comparatively higher 12.39% annualized return.

FGM

• 1D: -1.97%
• 1M: -1.53%
• YTD: 2.26%
• 6M: 3.02%
• 1Y: 18.39%
• 3Y*: 20.68%
• 5Y*: 4.48%
• 10Y*: 8.70%

KBWP

• 1D: 2.46%
• 1M: 2.63%
• YTD: -1.94%
• 6M: -2.38%
• 1Y: 2.45%
• 3Y*: 17.19%
• 5Y*: 12.41%
• 10Y*: 12.39%

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

FGM vs. KBWP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FGM First Trust Germany AlphaDEX Fund	2.26%	63.60%	1.36%	13.28%	-30.46%	6.10%	17.26%	20.77%	-25.14%	44.28%
KBWP Invesco KBW Property & Casualty Insurance ETF	-1.94%	11.49%	30.45%	7.09%	10.16%	20.61%	-2.05%	28.67%	-2.76%	8.86%

Correlation

The correlation between FGM and KBWP is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (10Y) Calculated over the trailing 10-year period	0.33
Correlation (All Time) Calculated using the full available price history since Feb 17, 2012	0.34

Over the past year, the correlation between FGM and KBWP has dropped to 0.03 - well below their long-term average of 0.34, suggesting their price drivers have been diverging.

FGM vs. KBWP - Sectors Allocation Comparison

Sectors	FGM	KBWP
Industrials	40.5%	-
Consumer Cyclical	18.0%	-
Real Estate	10.1%	-
Basic Materials	8.5%	-
Financial Services	8.3%	100.0%
Healthcare	6.3%	-
Communication Services	3.2%	-
Utilities	2.8%	-
Consumer Defensive	2.3%	-
Energy	-	-
Technology	-	-

Return for Risk

FGM vs. KBWP — Risk / Return Rank

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

FGM

FGM Risk / Return Rank: 25
FGM Sharpe Ratio Rank: 26
FGM Sortino Ratio Rank: 25
FGM Omega Ratio Rank: 25
FGM Calmar Ratio Rank: 23
FGM Martin Ratio Rank: 25

KBWP

KBWP Risk / Return Rank: 11
KBWP Sharpe Ratio Rank: 10
KBWP Sortino Ratio Rank: 10
KBWP Omega Ratio Rank: 10
KBWP Calmar Ratio Rank: 11
KBWP Martin Ratio Rank: 11

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. KBWP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Germany AlphaDEX Fund (FGM) and Invesco KBW Property & Casualty Insurance ETF (KBWP). 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	KBWP	Difference
Sharpe ratio: Return per unit of total volatility	0.88	0.15	+0.74
Sortino ratio: Return per unit of downside risk	1.34	0.32	+1.03
Omega ratio: Gain probability vs. loss probability	1.17	1.04	+0.13
Calmar ratio: Return relative to maximum drawdown	1.04	0.26	+0.78
Martin ratio: Return relative to average drawdown	3.11	0.56	+2.55

FGM vs. KBWP - Sharpe Ratio Comparison

The current FGM Sharpe Ratio is 0.88, which is higher than the KBWP Sharpe Ratio of 0.15. The chart below compares the historical Sharpe Ratios of FGM and KBWP, 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. KBWP - Drawdown Comparison

The maximum FGM drawdown since its inception was -51.58%, which is greater than KBWP's maximum drawdown of -39.76%. Use the drawdown chart below to compare losses from any high point for FGM and KBWP.

Drawdown Indicators

	FGM	KBWP	Difference
Max Drawdown Largest peak-to-trough decline	-51.58%	-39.76%	-11.82%
Max Drawdown (1Y) Largest decline over 1 year	-17.76%	-9.56%	-8.20%
Max Drawdown (3Y) Largest decline over 3 years	-17.93%	-12.29%	-5.64%
Max Drawdown (5Y) Largest decline over 5 years	-50.18%	-17.00%	-33.18%
Max Drawdown (10Y) Largest decline over 10 years	-51.58%	-39.76%	-11.82%
Current Drawdown Current decline from peak	-9.09%	-2.75%	-6.34%
Average Drawdown Average peak-to-trough decline	-14.71%	-4.37%	-10.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.92%	4.36%	+1.56%

Volatility

FGM vs. KBWP - Volatility Comparison

First Trust Germany AlphaDEX Fund (FGM) and Invesco KBW Property & Casualty Insurance ETF (KBWP) have volatilities of 6.08% and 5.82%, 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	KBWP	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.08%	5.82%	+0.26%
Volatility (6M) Calculated over the trailing 6-month period	17.59%	12.07%	+5.52%
Volatility (1Y) Calculated over the trailing 1-year period	20.92%	16.60%	+4.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.55%	18.54%	+6.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.92%	20.73%	+2.19%

FGM vs. KBWP - Expense Ratio Comparison

FGM has a 0.80% expense ratio, which is higher than KBWP's 0.35% expense ratio.

Dividends

FGM vs. KBWP - Dividend Comparison

FGM's dividend yield for the trailing twelve months is around 0.65%, less than KBWP's 2.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FGM First Trust Germany AlphaDEX Fund	0.65%	0.66%	2.56%	2.82%	5.44%	1.43%	1.33%	2.30%	2.18%	2.11%	1.33%	1.13%
KBWP Invesco KBW Property & Casualty Insurance ETF	2.00%	1.58%	1.64%	1.68%	1.99%	3.02%	1.93%	1.99%	2.11%	1.90%	2.14%	1.35%

Frequently Asked Questions

Can I hold both FGM and KBWP in my portfolio?

FGM and KBWP have a correlation of 0.03, 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 KBWP?

FGM has higher volatility (6.08%) compared to KBWP (5.82%). In terms of maximum drawdown, FGM dropped -51.58% vs KBWP's -39.76%.

Which ETF is better, FGM or KBWP?

On 10-year performance, KBWP leads with 12.39% vs 8.70% for FGM. On fees, KBWP is cheaper at 0.35% per year. On volatility, KBWP has been the lower-risk option at 5.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FGM or KBWP?

Over the 10-year period, KBWP has performed better with a 12.39% return vs 8.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FGM or KBWP?

KBWP is cheaper with a 0.35% expense ratio, compared with 0.80% for FGM.

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

KBWP has the higher dividend yield at 2.00%, compared with 0.65% for FGM.

What is the main difference between FGM and KBWP?

FGM is categorized as Europe Equities, while KBWP is Financials Equities. FGM tracks NASDAQ AlphaDEX Germany Index, while KBWP tracks KBW Nasdaq Property & Casualty (TR). They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.80% for FGM and 0.35% for KBWP.

Which has better risk-adjusted returns?

FGM currently has the higher Sharpe Ratio (0.88 vs 0.15), 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.