FKU vs. DBEU

Last updated Aug 5, 2026

FKU (First Trust United Kingdom AlphaDEX Fund) and DBEU (Xtrackers MSCI Europe Hedged Equity Fund) are both Europe Equities funds - FKU tracks the NASDAQ AlphaDEX United Kingdom Index while DBEU tracks the MSCI Europe US Dollar Hedged Index. Both are passively managed. Over the past 10 years, FKU returned 8.97%/yr vs 11.43%/yr for DBEU. Their 0.64 correlation means they have sometimes moved together and sometimes differently. FKU charges 0.80%/yr vs 0.45%/yr for DBEU.

Performance

FKU vs. DBEU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust United Kingdom AlphaDEX Fund (FKU) and Xtrackers MSCI Europe Hedged Equity Fund (DBEU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FKU achieves a 12.85% return, which is significantly lower than DBEU's 14.88% return. Over the past 10 years, FKU has underperformed DBEU with an annualized return of 8.97%, while DBEU has yielded a comparatively higher 11.43% annualized return.

FKU

• 1D: 0.95%
• 1M: 4.52%
• 6M: 5.58%
• YTD: 12.85%
• 1Y: 25.98%
• 3Y*: 22.41%
• 5Y*: 8.97%
• 10Y*: 8.97%
• ALL TIME*: 7.75%

DBEU

• 1D: 0.88%
• 1M: 1.75%
• 6M: 10.72%
• YTD: 14.88%
• 1Y: 26.39%
• 3Y*: 17.44%
• 5Y*: 11.89%
• 10Y*: 11.43%
• ALL TIME*: 9.98%

*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)
DBEU Xtrackers MSCI Europe Hedged Equity Fund	$2.64M	$1.95M	$2.39M
FKU First Trust United Kingdom AlphaDEX Fund	$103.13K	$79.21K	$222.09K

FKU vs. DBEU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FKU First Trust United Kingdom AlphaDEX Fund	12.85%	37.97%	8.06%	20.59%	-24.12%	20.55%	-6.01%	32.90%	-16.21%	25.81%
DBEU Xtrackers MSCI Europe Hedged Equity Fund	14.88%	22.18%	9.17%	17.43%	-6.25%	23.99%	-1.42%	27.32%	-8.49%	14.60%

Correlation

The correlation between FKU and DBEU is 0.76, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.76
Correlation (3Y) Balances recent behavior with more history.	0.71
Correlation (5Y) Shows whether the relationship held over a longer period.	0.67
Correlation (10Y) Provides a long-term view across more market conditions.	0.64
Correlation (All Time) Calculated using the full available price history since Oct 1, 2013	0.64

The correlation between FKU and DBEU shifts across timeframes, from 0.64 (10 years) to 0.76 (1 year), reflecting how their relationship changes across market environments.

FKU vs. DBEU - Sectors Allocation Comparison

Sectors	FKU	DBEU
Financial Services	29.3%	25.1%
Basic Materials	16.1%	5.4%
Consumer Cyclical	13.0%	6.0%
Industrials	12.7%	18.5%
Consumer Defensive	7.0%	8.5%
Communication Services	6.6%	3.1%
Healthcare	5.4%	12.8%
Real Estate	4.2%	0.7%
Energy	3.3%	4.9%
Utilities	2.4%	4.4%
Technology	-	9.4%

Return for Risk

FKU vs. DBEU — Risk / Return Rank

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

FKU

FKU Risk / Return Rank: 50
FKU Sharpe Ratio Rank: 53
FKU Sortino Ratio Rank: 53
FKU Omega Ratio Rank: 51
FKU Calmar Ratio Rank: 45
FKU Martin Ratio Rank: 46

DBEU

DBEU Risk / Return Rank: 76
DBEU Sharpe Ratio Rank: 79
DBEU Sortino Ratio Rank: 78
DBEU Omega Ratio Rank: 77
DBEU Calmar Ratio Rank: 69
DBEU Martin Ratio Rank: 77

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.

FKU vs. DBEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust United Kingdom AlphaDEX Fund (FKU) and Xtrackers MSCI Europe Hedged Equity Fund (DBEU). 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.

	FKU	DBEU	Difference
Sharpe ratio: Return per unit of total volatility	1.47	2.03	-0.56
Sortino ratio: Return per unit of downside risk	2.11	2.84	-0.72
Omega ratio: Gain probability vs. loss probability	1.26	1.36	-0.10
Calmar ratio: Return relative to maximum drawdown	1.83	2.70	-0.87
Martin ratio: Return relative to average drawdown	5.83	11.04	-5.21

FKU vs. DBEU - Sharpe Ratio Comparison

The current FKU Sharpe Ratio is 1.47, which is comparable to the DBEU Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of FKU and DBEU, 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

FKU vs. DBEU - Drawdown Comparison

The maximum FKU drawdown since its inception was -54.39%, which is greater than DBEU's maximum drawdown of -34.50%. Use the drawdown chart below to compare losses from any high point for FKU and DBEU.

Drawdown Indicators

	FKU	DBEU	Difference
Max Drawdown Largest peak-to-trough decline	-54.39%	-34.50%	-19.89%
Max Drawdown (1Y) Largest decline over 1 year	-14.25%	-9.81%	-4.44%
Max Drawdown (3Y) Largest decline over 3 years	-14.25%	-15.35%	+1.10%
Max Drawdown (5Y) Largest decline over 5 years	-41.54%	-17.67%	-23.87%
Max Drawdown (10Y) Largest decline over 10 years	-54.39%	-34.50%	-19.89%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-10.72%	-4.40%	-6.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.47%	2.40%	+2.07%

Volatility

FKU vs. DBEU - Volatility Comparison

First Trust United Kingdom AlphaDEX Fund (FKU) has a higher volatility of 4.56% compared to Xtrackers MSCI Europe Hedged Equity Fund (DBEU) at 3.73%. This indicates that FKU's price experiences larger fluctuations and is considered to be riskier than DBEU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FKU	DBEU	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.56%	3.73%	+0.83%
Volatility (6M) Calculated over the trailing 6-month period	15.30%	11.13%	+4.17%
Volatility (1Y) Calculated over the trailing 1-year period	17.82%	13.13%	+4.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.87%	14.39%	+8.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.23%	16.25%	+6.98%

FKU vs. DBEU - Expense Ratio Comparison

FKU has a 0.80% expense ratio, which is higher than DBEU's 0.45% expense ratio.

Dividends

FKU vs. DBEU - Dividend Comparison

FKU's dividend yield for the trailing twelve months is around 3.62%, more than DBEU's 1.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBEU Xtrackers MSCI Europe Hedged Equity Fund	1.38%	4.55%	0.07%	3.64%	1.96%	1.87%	2.44%	2.77%	3.55%	2.28%	9.92%	5.50%
FKU First Trust United Kingdom AlphaDEX Fund	3.62%	2.89%	4.07%	3.82%	5.55%	2.98%	1.48%	3.34%	5.12%	2.93%	2.60%	2.64%

Frequently Asked Questions

Can I hold both FKU and DBEU in my portfolio?

FKU and DBEU have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FKU or DBEU?

FKU has higher volatility (4.56%) compared to DBEU (3.73%). In terms of maximum drawdown, FKU dropped -54.39% vs DBEU's -34.50%.

Which ETF is better, FKU or DBEU?

On 10-year performance, DBEU leads with 11.43% vs 8.97% for FKU. On fees, DBEU is cheaper at 0.45% per year. On volatility, DBEU has been the lower-risk option at 3.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FKU or DBEU?

Over the 10-year period, DBEU has performed better with a 11.43% return vs 8.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FKU or DBEU?

DBEU is cheaper with a 0.45% expense ratio, compared with 0.80% for FKU.

Which ETF pays a higher dividend yield, FKU or DBEU?

FKU has the higher dividend yield at 3.62%, compared with 1.38% for DBEU.

What is the main difference between FKU and DBEU?

FKU tracks NASDAQ AlphaDEX United Kingdom Index, while DBEU tracks MSCI Europe US Dollar Hedged Index. They also come from different issuers: First Trust and DWS. Their fees differ too: 0.80% for FKU and 0.45% for DBEU.

Which has better risk-adjusted returns?

DBEU currently has the higher Sharpe Ratio (2.03 vs 1.47), 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.