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FKU vs. EWP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FKU vs. EWP

Last updated Aug 5, 2026
Documentation

FKU (First Trust United Kingdom AlphaDEX Fund) and EWP (iShares MSCI Spain ETF) are both Europe Equities funds - FKU tracks the NASDAQ AlphaDEX United Kingdom Index while EWP tracks the MSCI Spain 25/50 Index (Net). Both are passively managed. Over the past 10 years, FKU returned 8.97%/yr vs 12.77%/yr for EWP. Their 0.61 correlation means they have sometimes moved together and sometimes differently. FKU charges 0.80%/yr vs 0.50%/yr for EWP.

Performance

FKU vs. EWP - Performance Comparison

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

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Returns By Period

In the year-to-date period, FKU achieves a 12.85% return, which is significantly lower than EWP's 16.85% return. Over the past 10 years, FKU has underperformed EWP with an annualized return of 8.97%, while EWP has yielded a comparatively higher 12.77% 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%

EWP

1D
0.06%
1M
3.92%
6M
11.99%
YTD
16.85%
1Y
40.99%
3Y*
34.12%
5Y*
20.91%
10Y*
12.77%
ALL TIME*
8.78%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EWP

iShares MSCI Spain ETF
$22.64M$20.82M$20.84M

FKU

First Trust United Kingdom AlphaDEX Fund
$103.13K$79.21K$222.09K

FKU vs. EWP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
EWP
iShares MSCI Spain ETF		16.85%78.03%5.70%30.26%-5.18%0.25%-3.94%11.93%-15.32%26.98%

Correlation

The correlation between FKU and EWP is 0.78, 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.

0.78

Correlation (3Y)
Balances recent behavior with more history.

0.74

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.69

Correlation (10Y)
Provides a long-term view across more market conditions.

0.63

Correlation (All Time)
Calculated using the full available price history since Feb 27, 2012

0.61

The correlation between FKU and EWP shifts across timeframes, from 0.61 (all time) to 0.78 (1 year), reflecting how their relationship changes across market environments.

FKU vs. EWP - Sectors Allocation Comparison

Sectors
FKU
EWP

Financial Services

29.3%
43.9%

Basic Materials

16.1%

-

Consumer Cyclical

13.0%
4.5%

Industrials

12.7%
16.3%

Consumer Defensive

7.0%

-

Communication Services

6.6%
2.4%

Healthcare

5.4%
1.3%

Real Estate

4.2%
2.4%

Energy

3.3%
3.9%

Utilities

2.4%
21.9%

Technology

-

4.8%

Financial Services

FKU
29.3%
EWP
43.9%

Basic Materials

FKU
16.1%
EWP

-

Consumer Cyclical

FKU
13.0%
EWP
4.5%

Industrials

FKU
12.7%
EWP
16.3%

Consumer Defensive

FKU
7.0%
EWP

-

Communication Services

FKU
6.6%
EWP
2.4%

Healthcare

FKU
5.4%
EWP
1.3%

Real Estate

FKU
4.2%
EWP
2.4%

Energy

FKU
3.3%
EWP
3.9%

Utilities

FKU
2.4%
EWP
21.9%

Technology

FKU

-

EWP
4.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

First Trust United Kingdom AlphaDEX Fund

iShares MSCI Spain ETF

Often compared with FKU:
FKU vs. EWUFKU vs. FLGRFKU vs. EUSCFKU vs. NORWFKU vs. FSZFKU vs. OPPEFKU vs. FDD
Often compared with EWP:
EWP vs. EWGEWP vs. EWIEWP vs. EPOLEWP vs. EIRLEWP vs. VOOEWP vs. EWQEWP vs. FEZ

Return for Risk

FKU vs. EWP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
FKU
FKU Risk / Return Rank: 5050
Overall Rank
FKU Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
FKU Sortino Ratio Rank: 5353
Sortino Ratio Rank
FKU Omega Ratio Rank: 5151
Omega Ratio Rank
FKU Calmar Ratio Rank: 4545
Calmar Ratio Rank
FKU Martin Ratio Rank: 4646
Martin Ratio Rank
EWP
EWP Risk / Return Rank: 8383
Overall Rank
EWP Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
EWP Sortino Ratio Rank: 8181
Sortino Ratio Rank
EWP Omega Ratio Rank: 8181
Omega Ratio Rank
EWP Calmar Ratio Rank: 8585
Calmar Ratio Rank
EWP Martin Ratio Rank: 8484
Martin Ratio Rank
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. EWP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust United Kingdom AlphaDEX Fund (FKU) and iShares MSCI Spain ETF (EWP). 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.

FKUEWPDifference
Sharpe ratioReturn per unit of total volatility
1.47
2.16

-0.70

Sortino ratioReturn per unit of downside risk
2.11
2.92

-0.81

Omega ratioGain probability vs. loss probability

1.26

1.37

-0.11

Calmar ratioReturn relative to maximum drawdown

1.83

3.62

-1.79

Martin ratioReturn relative to average drawdown

5.83

12.89

-7.06

FKU vs. EWP - Sharpe Ratio Comparison

The current FKU Sharpe Ratio is 1.47, which is lower than the EWP Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of FKU and EWP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

FKU vs. EWP - Drawdown Comparison

The maximum FKU drawdown since its inception was -54.39%, smaller than the maximum EWP drawdown of -61.19%. Use the drawdown chart below to compare losses from any high point for FKU and EWP.

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Drawdown Indicators

FKUEWPDifference

Max Drawdown

Largest peak-to-trough decline

-54.39%

-61.19%

+6.80%

Max Drawdown (1Y)

Largest decline over 1 year

-14.25%

-11.38%

-2.87%

Max Drawdown (3Y)

Largest decline over 3 years

-14.25%

-12.19%

-2.06%

Max Drawdown (5Y)

Largest decline over 5 years

-41.54%

-30.26%

-11.28%

Max Drawdown (10Y)

Largest decline over 10 years

-54.39%

-46.36%

-8.03%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-10.72%

-21.32%

+10.60%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.47%

3.19%

+1.28%

Volatility

FKU vs. EWP - Volatility Comparison

The current volatility for First Trust United Kingdom AlphaDEX Fund (FKU) is 4.56%, while iShares MSCI Spain ETF (EWP) has a volatility of 5.80%. This indicates that FKU experiences smaller price fluctuations and is considered to be less risky than EWP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FKUEWPDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.56%

5.80%

-1.24%

Volatility (6M)

Calculated over the trailing 6-month period

15.30%

16.52%

-1.22%

Volatility (1Y)

Calculated over the trailing 1-year period

17.82%

19.11%

-1.29%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.87%

20.28%

+2.59%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.23%

21.50%

+1.73%

FKU vs. EWP - Expense Ratio Comparison

FKU has a 0.80% expense ratio, which is higher than EWP's 0.50% expense ratio.

Dividends

FKU vs. EWP - Dividend Comparison

FKU's dividend yield for the trailing twelve months is around 3.62%, more than EWP's 2.68% yield.

PositionTTM20252024202320222021202020192018201720162015
EWP
iShares MSCI Spain ETF		2.68%2.27%4.35%2.70%3.07%3.29%2.56%3.72%3.69%2.72%4.65%3.85%
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

FKU and EWP have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWP has higher volatility (5.80%) compared to FKU (4.56%). In terms of maximum drawdown, FKU dropped -54.39% vs EWP's -61.19%.

On 10-year performance, EWP leads with 12.77% vs 8.97% for FKU. On fees, EWP is cheaper at 0.50% per year. On volatility, FKU has been the lower-risk option at 4.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWP has performed better with a 12.77% return vs 8.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWP is cheaper with a 0.50% expense ratio, compared with 0.80% for FKU.

FKU has the higher dividend yield at 3.62%, compared with 2.68% for EWP.

FKU tracks NASDAQ AlphaDEX United Kingdom Index, while EWP tracks MSCI Spain 25/50 Index (Net). They also come from different issuers: First Trust and iShares. Their fees differ too: 0.80% for FKU and 0.50% for EWP.

EWP currently has the higher Sharpe Ratio (2.16 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.

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