FJP vs. DFJ

Last updated Aug 4, 2026

FJP (First Trust Japan AlphaDEX Fund) and DFJ (WisdomTree Japan SmallCap Dividend Fund) are both Japan Equities funds - FJP tracks the NASDAQ AlphaDEX Japan Index while DFJ tracks the WisdomTree Japan SmallCap Dividend Index. Both are passively managed. Over the past 10 years, FJP returned 7.30%/yr vs 8.88%/yr for DFJ. Their 0.79 correlation means they have sometimes moved together and sometimes differently. FJP charges 0.80%/yr vs 0.58%/yr for DFJ.

Performance

FJP vs. DFJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Japan AlphaDEX Fund (FJP) and WisdomTree Japan SmallCap Dividend Fund (DFJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FJP achieves a 11.92% return, which is significantly lower than DFJ's 13.40% return. Over the past 10 years, FJP has underperformed DFJ with an annualized return of 7.30%, while DFJ has yielded a comparatively higher 8.88% annualized return.

FJP

• 1D: 0.46%
• 1M: -2.16%
• 6M: 5.22%
• YTD: 11.92%
• 1Y: 26.90%
• 3Y*: 18.09%
• 5Y*: 10.76%
• 10Y*: 7.30%
• ALL TIME*: 5.83%

DFJ

• 1D: 0.86%
• 1M: 0.30%
• 6M: 7.75%
• YTD: 13.40%
• 1Y: 24.83%
• 3Y*: 19.20%
• 5Y*: 10.33%
• 10Y*: 8.88%
• ALL TIME*: 5.94%

*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)
DFJ WisdomTree Japan SmallCap Dividend Fund	$4.29M	$3.87M	$4.01M
FJP First Trust Japan AlphaDEX Fund	$726.42K	$746.73K	$724.49K

FJP vs. DFJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FJP First Trust Japan AlphaDEX Fund	11.92%	33.60%	5.80%	23.00%	-12.83%	-1.13%	3.60%	7.72%	-18.60%	27.63%
DFJ WisdomTree Japan SmallCap Dividend Fund	13.40%	31.90%	2.80%	21.81%	-9.00%	0.38%	1.29%	16.98%	-18.53%	32.14%

Correlation

The correlation between FJP and DFJ is 0.84, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.84
Correlation (3Y) Balances recent behavior with more history.	0.79
Correlation (5Y) Shows whether the relationship held over a longer period.	0.79
Correlation (10Y) Provides a long-term view across more market conditions.	0.82
Correlation (All Time) Calculated using the full available price history since Apr 26, 2011	0.79

The correlation between FJP and DFJ has been stable across timeframes, ranging from 0.79 to 0.84 - a consistent structural relationship.

FJP vs. DFJ - Sectors Allocation Comparison

Sectors	FJP	DFJ
Industrials	43.6%	26.8%
Technology	12.2%	13.2%
Consumer Cyclical	12.1%	15.9%
Basic Materials	9.6%	13.8%
Utilities	5.8%	1.5%
Financial Services	5.7%	13.8%
Healthcare	3.2%	3.7%
Energy	3.2%	0.3%
Real Estate	3.1%	2.7%
Consumer Defensive	0.8%	7.1%
Communication Services	0.8%	1.3%

Return for Risk

FJP vs. DFJ — Risk / Return Rank

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

FJP

FJP Risk / Return Rank: 47
FJP Sharpe Ratio Rank: 48
FJP Sortino Ratio Rank: 47
FJP Omega Ratio Rank: 48
FJP Calmar Ratio Rank: 50
FJP Martin Ratio Rank: 42

DFJ

DFJ Risk / Return Rank: 53
DFJ Sharpe Ratio Rank: 58
DFJ Sortino Ratio Rank: 58
DFJ Omega Ratio Rank: 54
DFJ Calmar Ratio Rank: 51
DFJ Martin Ratio Rank: 44

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.

FJP vs. DFJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Japan AlphaDEX Fund (FJP) and WisdomTree Japan SmallCap Dividend Fund (DFJ). 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.

	FJP	DFJ	Difference
Sharpe ratio: Return per unit of total volatility	1.26	1.43	-0.17
Sortino ratio: Return per unit of downside risk	1.81	2.06	-0.26
Omega ratio: Gain probability vs. loss probability	1.23	1.25	-0.02
Calmar ratio: Return relative to maximum drawdown	1.87	1.91	-0.04
Martin ratio: Return relative to average drawdown	4.86	5.06	-0.20

FJP vs. DFJ - Sharpe Ratio Comparison

The current FJP Sharpe Ratio is 1.26, which is comparable to the DFJ Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of FJP and DFJ, 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

FJP vs. DFJ - Drawdown Comparison

The maximum FJP drawdown since its inception was -41.51%, smaller than the maximum DFJ drawdown of -46.00%. Use the drawdown chart below to compare losses from any high point for FJP and DFJ.

Drawdown Indicators

	FJP	DFJ	Difference
Max Drawdown Largest peak-to-trough decline	-41.51%	-46.00%	+4.49%
Max Drawdown (1Y) Largest decline over 1 year	-14.43%	-13.03%	-1.40%
Max Drawdown (3Y) Largest decline over 3 years	-17.02%	-13.03%	-3.99%
Max Drawdown (5Y) Largest decline over 5 years	-31.88%	-29.71%	-2.17%
Max Drawdown (10Y) Largest decline over 10 years	-41.51%	-40.02%	-1.49%
Current Drawdown Current decline from peak	-8.27%	-3.22%	-5.05%
Average Drawdown Average peak-to-trough decline	-11.41%	-11.10%	-0.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.54%	4.92%	+0.62%

Volatility

FJP vs. DFJ - Volatility Comparison

First Trust Japan AlphaDEX Fund (FJP) has a higher volatility of 7.56% compared to WisdomTree Japan SmallCap Dividend Fund (DFJ) at 6.40%. This indicates that FJP's price experiences larger fluctuations and is considered to be riskier than DFJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FJP	DFJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.56%	6.40%	+1.16%
Volatility (6M) Calculated over the trailing 6-month period	18.76%	14.84%	+3.92%
Volatility (1Y) Calculated over the trailing 1-year period	21.46%	17.50%	+3.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.69%	16.11%	+4.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.02%	17.00%	+2.02%

FJP vs. DFJ - Expense Ratio Comparison

FJP has a 0.80% expense ratio, which is higher than DFJ's 0.58% expense ratio.

Dividends

FJP vs. DFJ - Dividend Comparison

FJP's dividend yield for the trailing twelve months is around 2.59%, which matches DFJ's 2.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFJ WisdomTree Japan SmallCap Dividend Fund	2.59%	2.68%	2.46%	2.43%	2.62%	2.07%	2.59%	2.24%	1.89%	1.60%	1.76%	1.23%
FJP First Trust Japan AlphaDEX Fund	2.59%	2.68%	3.18%	3.49%	2.21%	2.43%	0.99%	2.80%	1.54%	1.29%	1.46%	0.85%

Frequently Asked Questions

Can I hold both FJP and DFJ in my portfolio?

FJP and DFJ have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FJP or DFJ?

FJP has higher volatility (7.56%) compared to DFJ (6.40%). In terms of maximum drawdown, FJP dropped -41.51% vs DFJ's -46.00%.

Which ETF is better, FJP or DFJ?

On 10-year performance, DFJ leads with 8.88% vs 7.30% for FJP. On fees, DFJ is cheaper at 0.58% per year. On volatility, DFJ has been the lower-risk option at 6.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FJP or DFJ?

Over the 10-year period, DFJ has performed better with a 8.88% return vs 7.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FJP or DFJ?

DFJ is cheaper with a 0.58% expense ratio, compared with 0.80% for FJP.

Which ETF pays a higher dividend yield, FJP or DFJ?

FJP and DFJ have nearly identical dividend yields, around 2.59%.

What is the main difference between FJP and DFJ?

FJP tracks NASDAQ AlphaDEX Japan Index, while DFJ tracks WisdomTree Japan SmallCap Dividend Index. They also come from different issuers: First Trust and WisdomTree. Their fees differ too: 0.80% for FJP and 0.58% for DFJ.

Which has better risk-adjusted returns?

DFJ currently has the higher Sharpe Ratio (1.43 vs 1.26), 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.