FJP vs. MSFO

Last updated Jun 13, 2026

FJP (First Trust Japan AlphaDEX Fund) and MSFO (YieldMax MSFT Option Income Strategy ETF ) are both exchange-traded funds - FJP is a Japan Equities fund tracking the NASDAQ AlphaDEX Japan Index, while MSFO is a Options Trading fund actively managed by YieldMax. FJP is passively managed, while MSFO is actively managed. Over the past year, FJP returned 31.75% vs -13.71% for MSFO. At a 0.16 correlation, their price movements are largely independent. FJP charges 0.80%/yr vs 0.99%/yr for MSFO.

Performance

FJP vs. MSFO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Japan AlphaDEX Fund (FJP) and YieldMax MSFT Option Income Strategy ETF (MSFO). 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 higher than MSFO's -16.15% 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%

MSFO

• 1D: 0.02%
• 1M: -5.33%
• YTD: -16.15%
• 6M: -15.35%
• 1Y: -13.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FJP vs. MSFO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FJP First Trust Japan AlphaDEX Fund	12.56%	33.60%	5.80%	6.61%
MSFO YieldMax MSFT Option Income Strategy ETF	-16.15%	15.69%	10.34%	18.74%

Correlation

The correlation between FJP and MSFO is 0.07, 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	0.07
Correlation (All Time) Calculated using the full available price history since Aug 25, 2023	0.16

Return for Risk

FJP vs. MSFO — 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

MSFO

MSFO Risk / Return Rank: 5
MSFO Sharpe Ratio Rank: 4
MSFO Sortino Ratio Rank: 4
MSFO Omega Ratio Rank: 4
MSFO Calmar Ratio Rank: 6
MSFO Martin Ratio Rank: 5

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. MSFO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Japan AlphaDEX Fund (FJP) and YieldMax MSFT Option Income Strategy ETF (MSFO). 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	MSFO	Difference
Sharpe ratio: Return per unit of total volatility	1.53	-0.64	+2.16
Sortino ratio: Return per unit of downside risk	2.14	-0.75	+2.90
Omega ratio: Gain probability vs. loss probability	1.27	0.90	+0.37
Calmar ratio: Return relative to maximum drawdown	2.22	-0.47	+2.70
Martin ratio: Return relative to average drawdown	6.55	-1.02	+7.57

FJP vs. MSFO - Sharpe Ratio Comparison

The current FJP Sharpe Ratio is 1.53, which is higher than the MSFO Sharpe Ratio of -0.64. The chart below compares the historical Sharpe Ratios of FJP and MSFO, 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. MSFO - Drawdown Comparison

The maximum FJP drawdown since its inception was -41.51%, which is greater than MSFO's maximum drawdown of -29.29%. Use the drawdown chart below to compare losses from any high point for FJP and MSFO.

Drawdown Indicators

	FJP	MSFO	Difference
Max Drawdown Largest peak-to-trough decline	-41.51%	-29.29%	-12.22%
Max Drawdown (1Y) Largest decline over 1 year	-14.43%	-29.29%	+14.86%
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%	-23.17%	+15.42%
Average Drawdown Average peak-to-trough decline	-11.45%	-6.69%	-4.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.89%	13.60%	-8.71%

Volatility

FJP vs. MSFO - Volatility Comparison

The current volatility for First Trust Japan AlphaDEX Fund (FJP) is 7.16%, while YieldMax MSFT Option Income Strategy ETF (MSFO) has a volatility of 8.81%. This indicates that FJP experiences smaller price fluctuations and is considered to be less risky than MSFO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FJP	MSFO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.16%	8.81%	-1.65%
Volatility (6M) Calculated over the trailing 6-month period	17.43%	19.32%	-1.89%
Volatility (1Y) Calculated over the trailing 1-year period	21.00%	21.81%	-0.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.43%	19.81%	+0.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.91%	19.81%	-0.90%

FJP vs. MSFO - Expense Ratio Comparison

FJP has a 0.80% expense ratio, which is lower than MSFO's 0.99% expense ratio.

Dividends

FJP vs. MSFO - Dividend Comparison

FJP's dividend yield for the trailing twelve months is around 2.53%, less than MSFO's 44.05% 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%
MSFO YieldMax MSFT Option Income Strategy ETF	44.05%	33.91%	35.15%	6.44%	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 MSFO in my portfolio?

FJP and MSFO have a correlation of 0.07, 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 MSFO?

MSFO has higher volatility (8.81%) compared to FJP (7.16%). In terms of maximum drawdown, FJP dropped -41.51% vs MSFO's -29.29%.

Which ETF is better, FJP or MSFO?

On 1-year performance, FJP leads with 31.75% vs -13.71% for MSFO. On fees, FJP is cheaper at 0.80% per year. On volatility, FJP has been the lower-risk option at 7.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FJP or MSFO?

Over the 1-year period, FJP has performed better with a 31.75% return vs -13.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FJP or MSFO?

FJP is cheaper with a 0.80% expense ratio, compared with 0.99% for MSFO.

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

MSFO has the higher dividend yield at 44.05%, compared with 2.53% for FJP.

What is the main difference between FJP and MSFO?

FJP is categorized as Japan Equities, while MSFO is Options Trading. They also come from different issuers: First Trust and YieldMax. Their fees differ too: 0.80% for FJP and 0.99% for MSFO.

Which has better risk-adjusted returns?

FJP currently has the higher Sharpe Ratio (1.53 vs -0.64), 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.