FJP vs. GSIB

Last updated Jun 13, 2026

FJP (First Trust Japan AlphaDEX Fund) and GSIB (Themes Global Systemically Important Banks ETF) are both exchange-traded funds - FJP is a Japan Equities fund tracking the NASDAQ AlphaDEX Japan Index, while GSIB is a Financials Equities fund actively managed by Themes. FJP is passively managed, while GSIB is actively managed. Over the past year, FJP returned 31.75% vs 47.83% for GSIB. At a 0.46 correlation, their price movements are largely independent. FJP charges 0.80%/yr vs 0.35%/yr for GSIB.

Performance

FJP vs. GSIB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Japan AlphaDEX Fund (FJP) and Themes Global Systemically Important Banks ETF (GSIB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FJP achieves a 12.56% return, which is significantly lower than GSIB's 13.98% return.

FJP

• 1D: 1.05%
• 1M: -5.42%
• YTD: 12.56%
• 6M: 11.54%
• 1Y: 31.75%
• 3Y*: 19.57%
• 5Y*: 10.59%
• 10Y*: 7.61%

GSIB

• 1D: 1.92%
• 1M: 6.99%
• YTD: 13.98%
• 6M: 16.88%
• 1Y: 47.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FJP vs. GSIB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FJP First Trust Japan AlphaDEX Fund	12.56%	33.60%	5.80%	2.58%
GSIB Themes Global Systemically Important Banks ETF	13.98%	61.67%	32.86%	1.75%

Correlation

The correlation between FJP and GSIB is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.53
Correlation (All Time) Calculated using the full available price history since Dec 15, 2023	0.46

The correlation between FJP and GSIB has been stable across timeframes, ranging from 0.46 to 0.53 - a consistent structural relationship.

FJP vs. GSIB - Sectors Allocation Comparison

Sectors	FJP	GSIB
Industrials	45.0%	-
Consumer Cyclical	12.0%	-
Basic Materials	9.7%	-
Technology	8.9%	-
Utilities	6.1%	-
Financial Services	5.6%	100.0%
Energy	4.2%	-
Healthcare	3.6%	-
Real Estate	3.5%	-
Consumer Defensive	0.8%	-
Communication Services	0.7%	-

Return for Risk

FJP vs. GSIB — Risk / Return Rank

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

FJP

FJP Risk / Return Rank: 49
FJP Sharpe Ratio Rank: 50
FJP Sortino Ratio Rank: 49
FJP Omega Ratio Rank: 49
FJP Calmar Ratio Rank: 51
FJP Martin Ratio Rank: 45

GSIB

GSIB Risk / Return Rank: 81
GSIB Sharpe Ratio Rank: 89
GSIB Sortino Ratio Rank: 89
GSIB Omega Ratio Rank: 83
GSIB Calmar Ratio Rank: 74
GSIB Martin Ratio Rank: 71

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.

FJP vs. GSIB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Japan AlphaDEX Fund (FJP) and Themes Global Systemically Important Banks ETF (GSIB). 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	GSIB	Difference
Sharpe ratio: Return per unit of total volatility	1.53	2.59	-1.06
Sortino ratio: Return per unit of downside risk	2.14	3.58	-1.43
Omega ratio: Gain probability vs. loss probability	1.27	1.43	-0.16
Calmar ratio: Return relative to maximum drawdown	2.22	3.28	-1.05
Martin ratio: Return relative to average drawdown	6.55	11.54	-4.99

FJP vs. GSIB - Sharpe Ratio Comparison

The current FJP Sharpe Ratio is 1.53, which is lower than the GSIB Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of FJP and GSIB, 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. GSIB - Drawdown Comparison

The maximum FJP drawdown since its inception was -41.51%, which is greater than GSIB's maximum drawdown of -17.71%. Use the drawdown chart below to compare losses from any high point for FJP and GSIB.

Drawdown Indicators

	FJP	GSIB	Difference
Max Drawdown Largest peak-to-trough decline	-41.51%	-17.71%	-23.80%
Max Drawdown (1Y) Largest decline over 1 year	-14.43%	-13.90%	-0.53%
Max Drawdown (3Y) Largest decline over 3 years	-17.02%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-31.88%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-41.51%	—	—
Current Drawdown Current decline from peak	-7.75%	0.00%	-7.75%
Average Drawdown Average peak-to-trough decline	-11.45%	-2.05%	-9.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.89%	3.94%	+0.95%

Volatility

FJP vs. GSIB - Volatility Comparison

First Trust Japan AlphaDEX Fund (FJP) has a higher volatility of 7.16% compared to Themes Global Systemically Important Banks ETF (GSIB) at 5.59%. This indicates that FJP's price experiences larger fluctuations and is considered to be riskier than GSIB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FJP	GSIB	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.16%	5.59%	+1.57%
Volatility (6M) Calculated over the trailing 6-month period	17.43%	14.41%	+3.02%
Volatility (1Y) Calculated over the trailing 1-year period	21.00%	17.63%	+3.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.43%	18.51%	+1.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.91%	18.51%	+0.40%

FJP vs. GSIB - Expense Ratio Comparison

FJP has a 0.80% expense ratio, which is higher than GSIB's 0.35% expense ratio.

Dividends

FJP vs. GSIB - Dividend Comparison

FJP's dividend yield for the trailing twelve months is around 2.53%, more than GSIB's 1.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FJP First Trust Japan AlphaDEX Fund	2.53%	2.68%	3.18%	3.49%	2.21%	2.43%	0.99%	2.80%	1.54%	1.29%	1.46%	0.85%
GSIB Themes Global Systemically Important Banks ETF	1.67%	1.91%	1.67%	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 FJP and GSIB in my portfolio?

FJP and GSIB have a correlation of 0.53, 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 GSIB?

FJP has higher volatility (7.16%) compared to GSIB (5.59%). In terms of maximum drawdown, FJP dropped -41.51% vs GSIB's -17.71%.

Which ETF is better, FJP or GSIB?

On 1-year performance, GSIB leads with 47.83% vs 31.75% for FJP. On fees, GSIB is cheaper at 0.35% per year. On volatility, GSIB has been the lower-risk option at 5.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FJP or GSIB?

Over the 1-year period, GSIB has performed better with a 47.83% return vs 31.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FJP or GSIB?

GSIB is cheaper with a 0.35% expense ratio, compared with 0.80% for FJP.

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

FJP has the higher dividend yield at 2.53%, compared with 1.67% for GSIB.

What is the main difference between FJP and GSIB?

FJP is categorized as Japan Equities, while GSIB is Financials Equities. They also come from different issuers: First Trust and Themes. Their fees differ too: 0.80% for FJP and 0.35% for GSIB.

Which has better risk-adjusted returns?

GSIB currently has the higher Sharpe Ratio (2.59 vs 1.53), 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.