FGM vs. KBWP

Last updated Aug 2, 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 Index. Both are passively managed. Over the past 10 years, FGM returned 8.10%/yr vs 12.93%/yr for KBWP. Their 0.33 correlation means their historical movements had little consistent relationship. 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 2.77% return, which is significantly lower than KBWP's 7.40% return. Over the past 10 years, FGM has underperformed KBWP with an annualized return of 8.10%, while KBWP has yielded a comparatively higher 12.93% annualized return.

FGM

• 1D: -1.06%
• 1M: -2.39%
• 6M: -4.17%
• YTD: 2.77%
• 1Y: 16.73%
• 3Y*: 19.05%
• 5Y*: 4.83%
• 10Y*: 8.10%
• ALL TIME*: 7.31%

KBWP

• 1D: -0.46%
• 1M: 0.93%
• 6M: 10.54%
• YTD: 7.40%
• 1Y: 18.27%
• 3Y*: 19.15%
• 5Y*: 14.28%
• 10Y*: 12.93%
• ALL TIME*: 13.72%

*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)
FGM First Trust Germany AlphaDEX Fund	$64.14K	$83.95K	$371.10K
KBWP Invesco KBW Property & Casualty Insurance ETF	$2.91M	$3.13M	$2.04M

FGM vs. KBWP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FGM First Trust Germany AlphaDEX Fund	2.77%	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	7.40%	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 -0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.06
Correlation (3Y) Balances recent behavior with more history.	0.14
Correlation (5Y) Shows whether the relationship held over a longer period.	0.25
Correlation (10Y) Provides a long-term view across more market conditions.	0.31
Correlation (All Time) Calculated using the full available price history since Feb 17, 2012	0.33

The correlation between FGM and KBWP shifts across timeframes, from -0.06 (1 year) to 0.33 (all time), reflecting how their relationship changes across market environments.

FGM vs. KBWP - Sectors Allocation Comparison

Sectors	FGM	KBWP
Industrials	40.9%	-
Consumer Cyclical	15.6%	-
Real Estate	10.0%	-
Financial Services	9.1%	100.0%
Basic Materials	8.4%	-
Healthcare	7.8%	-
Utilities	2.9%	-
Communication Services	2.8%	-
Consumer Defensive	2.6%	-
Energy	-	-
Technology	-	-

Return for Risk

FGM vs. KBWP — Risk / Return Rank

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

FGM

FGM Risk / Return Rank: 29
FGM Sharpe Ratio Rank: 30
FGM Sortino Ratio Rank: 30
FGM Omega Ratio Rank: 29
FGM Calmar Ratio Rank: 27
FGM Martin Ratio Rank: 28

KBWP

KBWP Risk / Return Rank: 41
KBWP Sharpe Ratio Rank: 40
KBWP Sortino Ratio Rank: 39
KBWP Omega Ratio Rank: 38
KBWP Calmar Ratio Rank: 51
KBWP Martin Ratio Rank: 39

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. 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	0.75	0.98	-0.23
Sortino ratio: Return per unit of downside risk	1.16	1.46	-0.30
Omega ratio: Gain probability vs. loss probability	1.14	1.18	-0.04
Calmar ratio: Return relative to maximum drawdown	0.88	1.83	-0.95
Martin ratio: Return relative to average drawdown	2.38	4.15	-1.77

FGM vs. KBWP - Sharpe Ratio Comparison

The current FGM Sharpe Ratio is 0.75, which is comparable to the KBWP Sharpe Ratio of 0.98. 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	-17.76%	-12.29%	-5.47%
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	-8.64%	-3.41%	-5.23%
Average Drawdown Average peak-to-trough decline	-14.67%	-4.35%	-10.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.56%	4.20%	+2.36%

Volatility

FGM vs. KBWP - Volatility Comparison

The current volatility for First Trust Germany AlphaDEX Fund (FGM) is 6.28%, while Invesco KBW Property & Casualty Insurance ETF (KBWP) has a volatility of 7.95%. This indicates that FGM experiences smaller price fluctuations and is considered to be less risky than KBWP based on this measure. 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	6.28%	7.95%	-1.67%
Volatility (6M) Calculated over the trailing 6-month period	18.10%	14.30%	+3.80%
Volatility (1Y) Calculated over the trailing 1-year period	20.99%	17.84%	+3.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.63%	18.72%	+5.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.90%	20.85%	+2.05%

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 1.39%, less than KBWP's 1.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FGM First Trust Germany AlphaDEX Fund	1.39%	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	1.82%	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 -0.06, 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?

KBWP has higher volatility (7.95%) compared to FGM (6.28%). 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 12.93% vs 8.10% for FGM. On fees, KBWP is cheaper at 0.35% per year. On volatility, FGM has been the lower-risk option at 6.28%. 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 12.93% return vs 8.10%. 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 1.82%, compared with 1.39% 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 Index. 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?

KBWP currently has the higher Sharpe Ratio (0.98 vs 0.75), 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.