FGOV.L vs. FEXU.L

Last updated Jun 26, 2026

FGOV.L (First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist) and FEXU.L (First Trust US Large Cap Core AlphaDEX UCITS ETF) are both exchange-traded funds - FGOV.L is a Global Bonds fund tracking the Bloomberg Global Aggregate TR Hdg GBP, while FEXU.L is a Large Cap Blend Equities fund tracking the Russell 1000 TR USD. Both are passively managed. Over the past 5 years, FGOV.L returned 1.10%/yr vs 12.43%/yr for FEXU.L. At a 0.07 correlation, their price movements are largely independent. FGOV.L charges 0.45%/yr vs 0.75%/yr for FEXU.L.

Performance

FGOV.L vs. FEXU.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist (FGOV.L) and First Trust US Large Cap Core AlphaDEX UCITS ETF (FEXU.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

FGOV.L is traded in GBp, while FEXU.L is traded in USD. To make them comparable, the FEXU.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, FGOV.L achieves a 1.75% return, which is significantly lower than FEXU.L's 19.35% return.

FGOV.L

• 1D: 0.18%
• 1M: 0.90%
• YTD: 1.75%
• 6M: 1.97%
• 1Y: 4.02%
• 3Y*: 4.71%
• 5Y*: 1.10%
• 10Y*: —

FEXU.L

• 1D: 0.50%
• 1M: 5.66%
• YTD: 19.35%
• 6M: 19.24%
• 1Y: 35.09%
• 3Y*: 19.12%
• 5Y*: 12.43%
• 10Y*: 13.65%

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

FGOV.L vs. FEXU.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FGOV.L First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist	1.75%	5.31%	3.51%	6.01%	-7.49%	-6.11%	1.12%
FEXU.L First Trust US Large Cap Core AlphaDEX UCITS ETF	19.35%	7.02%	18.72%	8.93%	-1.84%	28.02%	8.89%

Correlation

The correlation between FGOV.L and FEXU.L is 0.09, 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	0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.07
Correlation (All Time) Calculated using the full available price history since Oct 1, 2020	0.07

Return for Risk

FGOV.L vs. FEXU.L — Risk / Return Rank

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

FGOV.L

FGOV.L Risk / Return Rank: 73
FGOV.L Sharpe Ratio Rank: 81
FGOV.L Sortino Ratio Rank: 89
FGOV.L Omega Ratio Rank: 88
FGOV.L Calmar Ratio Rank: 55
FGOV.L Martin Ratio Rank: 54

FEXU.L

FEXU.L Risk / Return Rank: 88
FEXU.L Sharpe Ratio Rank: 87
FEXU.L Sortino Ratio Rank: 90
FEXU.L Omega Ratio Rank: 83
FEXU.L Calmar Ratio Rank: 92
FEXU.L Martin Ratio Rank: 90

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.

FGOV.L vs. FEXU.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist (FGOV.L) and First Trust US Large Cap Core AlphaDEX UCITS ETF (FEXU.L). 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.

	FGOV.L	FEXU.L	Difference
Sharpe ratio: Return per unit of total volatility	2.28	2.83	-0.56
Sortino ratio: Return per unit of downside risk	3.57	3.80	-0.22
Omega ratio: Gain probability vs. loss probability	1.48	1.49	-0.02
Calmar ratio: Return relative to maximum drawdown	2.39	7.82	-5.43
Martin ratio: Return relative to average drawdown	8.21	23.65	-15.44

FGOV.L vs. FEXU.L - Sharpe Ratio Comparison

The current FGOV.L Sharpe Ratio is 2.28, which is comparable to the FEXU.L Sharpe Ratio of 2.83. The chart below compares the historical Sharpe Ratios of FGOV.L and FEXU.L, 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

FGOV.L vs. FEXU.L - Drawdown Comparison

The maximum FGOV.L drawdown since its inception was -14.18%, smaller than the maximum FEXU.L drawdown of -32.12%. Use the drawdown chart below to compare losses from any high point for FGOV.L and FEXU.L.

Drawdown Indicators

	FGOV.L	FEXU.L	Difference
Max Drawdown Largest peak-to-trough decline	-14.18%	-32.12%	+17.94%
Max Drawdown (1Y) Largest decline over 1 year	-1.74%	-4.47%	+2.73%
Max Drawdown (3Y) Largest decline over 3 years	-1.74%	-21.55%	+19.81%
Max Drawdown (5Y) Largest decline over 5 years	-11.88%	-21.55%	+9.67%
Max Drawdown (10Y) Largest decline over 10 years	—	-32.12%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.97%	-4.17%	-1.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.51%	1.48%	-0.97%

Volatility

FGOV.L vs. FEXU.L - Volatility Comparison

The current volatility for First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist (FGOV.L) is 0.59%, while First Trust US Large Cap Core AlphaDEX UCITS ETF (FEXU.L) has a volatility of 4.10%. This indicates that FGOV.L experiences smaller price fluctuations and is considered to be less risky than FEXU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FGOV.L	FEXU.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.59%	4.10%	-3.51%
Volatility (6M) Calculated over the trailing 6-month period	1.63%	9.11%	-7.48%
Volatility (1Y) Calculated over the trailing 1-year period	1.83%	12.39%	-10.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.30%	15.71%	-12.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.17%	17.19%	-14.02%

FGOV.L vs. FEXU.L - Expense Ratio Comparison

FGOV.L has a 0.45% expense ratio, which is lower than FEXU.L's 0.75% expense ratio.

Dividends

FGOV.L vs. FEXU.L - Dividend Comparison

FGOV.L's dividend yield for the trailing twelve months is around 3.06%, while FEXU.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
FEXU.L First Trust US Large Cap Core AlphaDEX UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FGOV.L First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist	3.06%	2.82%	2.27%	1.86%	1.01%	1.20%	0.15%

Frequently Asked Questions

Can I hold both FGOV.L and FEXU.L in my portfolio?

FGOV.L and FEXU.L have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FGOV.L or FEXU.L?

On fees, FGOV.L is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FGOV.L or FEXU.L?

FGOV.L is cheaper with a 0.45% expense ratio, compared with 0.75% for FEXU.L.

What is the main difference between FGOV.L and FEXU.L?

FGOV.L is categorized as Global Bonds, while FEXU.L is Large Cap Blend Equities. FGOV.L tracks Bloomberg Global Aggregate TR Hdg GBP, while FEXU.L tracks Russell 1000 TR USD. Their fees differ too: 0.45% for FGOV.L and 0.75% for FEXU.L.