FGM vs. PBEU

Last updated Jun 25, 2026

FGM (First Trust Germany AlphaDEX Fund) and PBEU (Portfolio Building Block European Banks Index ETF) are both exchange-traded funds - FGM is a Europe Equities fund tracking the NASDAQ AlphaDEX Germany Index, while PBEU is a Financials Equities fund tracking the BITA European Banks Index. Both are passively managed. A 0.79 correlation means they provide meaningful diversification when combined. FGM charges 0.80%/yr vs 0.13%/yr for PBEU.

Performance

FGM vs. PBEU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Germany AlphaDEX Fund (FGM) and Portfolio Building Block European Banks Index ETF (PBEU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FGM achieves a 1.69% return, which is significantly lower than PBEU's 11.85% return.

FGM

• 1D: -0.55%
• 1M: -2.07%
• YTD: 1.69%
• 6M: 2.40%
• 1Y: 15.77%
• 3Y*: 20.45%
• 5Y*: 4.31%
• 10Y*: 8.64%

PBEU

• 1D: -1.56%
• 1M: 5.54%
• YTD: 11.85%
• 6M: 12.24%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FGM vs. PBEU - Yearly Performance Comparison

	2026 (YTD)	2025
FGM First Trust Germany AlphaDEX Fund	1.69%	10.52%
PBEU Portfolio Building Block European Banks Index ETF	11.85%	11.42%

Correlation

The correlation between FGM and PBEU is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 25, 2025	0.79

Return for Risk

FGM vs. PBEU — Risk / Return Rank

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

FGM

FGM Risk / Return Rank: 23
FGM Sharpe Ratio Rank: 23
FGM Sortino Ratio Rank: 23
FGM Omega Ratio Rank: 23
FGM Calmar Ratio Rank: 21
FGM Martin Ratio Rank: 23

PBEU

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. PBEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Germany AlphaDEX Fund (FGM) and Portfolio Building Block European Banks Index ETF (PBEU). 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	PBEU	Difference
Sharpe ratio: Return per unit of total volatility	0.76	—	—
Sortino ratio: Return per unit of downside risk	1.18	—	—
Omega ratio: Gain probability vs. loss probability	1.15	—	—
Calmar ratio: Return relative to maximum drawdown	0.89	—	—
Martin ratio: Return relative to average drawdown	2.66	—	—

Drawdowns

FGM vs. PBEU - Drawdown Comparison

The maximum FGM drawdown since its inception was -51.58%, which is greater than PBEU's maximum drawdown of -17.26%. Use the drawdown chart below to compare losses from any high point for FGM and PBEU.

Drawdown Indicators

	FGM	PBEU	Difference
Max Drawdown Largest peak-to-trough decline	-51.58%	-17.26%	-34.32%
Max Drawdown (1Y) Largest decline over 1 year	-17.76%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-17.93%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-50.18%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-51.58%	—	—
Current Drawdown Current decline from peak	-9.60%	-2.96%	-6.64%
Average Drawdown Average peak-to-trough decline	-14.71%	-3.94%	-10.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.95%	—	—

Volatility

Volatility by Period

	FGM	PBEU	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.09%	—	—
Volatility (6M) Calculated over the trailing 6-month period	17.59%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	20.91%	27.63%	-6.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.54%	27.63%	-3.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.91%	27.63%	-4.72%

FGM vs. PBEU - Expense Ratio Comparison

FGM has a 0.80% expense ratio, which is higher than PBEU's 0.13% expense ratio.

Dividends

FGM vs. PBEU - Dividend Comparison

FGM's dividend yield for the trailing twelve months is around 0.65%, more than PBEU's 0.01% 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%
PBEU Portfolio Building Block European Banks Index ETF	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FGM and PBEU in my portfolio?

FGM and PBEU have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FGM or PBEU?

On fees, PBEU is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FGM or PBEU?

PBEU is cheaper with a 0.13% expense ratio, compared with 0.80% for FGM.

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

FGM has the higher dividend yield at 0.65%, compared with 0.01% for PBEU.

What is the main difference between FGM and PBEU?

FGM is categorized as Europe Equities, while PBEU is Financials Equities. FGM tracks NASDAQ AlphaDEX Germany Index, while PBEU tracks BITA European Banks Index. They also come from different issuers: First Trust and Portfolio Building Block. Their fees differ too: 0.80% for FGM and 0.13% for PBEU.