FKU vs. FLEU

Last updated Jun 25, 2026

FKU (First Trust United Kingdom AlphaDEX Fund) and FLEU (Franklin FTSE Eurozone ETF) are both Europe Equities funds - FKU tracks the NASDAQ AlphaDEX United Kingdom Index while FLEU tracks the FTSE Developed Eurozone Index - Benchmark TR Net. Both are passively managed. Over the past 5 years, FKU returned 7.54%/yr vs 11.55%/yr for FLEU. A 0.64 correlation means they provide meaningful diversification when combined. FKU charges 0.80%/yr vs 0.09%/yr for FLEU.

Performance

FKU vs. FLEU - Performance Comparison

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

Returns By Period

In the year-to-date period, FKU achieves a 4.97% return, which is significantly lower than FLEU's 6.62% return.

FKU

• 1D: 0.09%
• 1M: -0.47%
• YTD: 4.97%
• 6M: 5.16%
• 1Y: 17.77%
• 3Y*: 21.62%
• 5Y*: 7.54%
• 10Y*: 8.62%

FLEU

• 1D: -0.72%
• 1M: 1.03%
• YTD: 6.62%
• 6M: 6.97%
• 1Y: 17.95%
• 3Y*: 17.21%
• 5Y*: 11.55%
• 10Y*: —

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

FKU vs. FLEU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FKU First Trust United Kingdom AlphaDEX Fund	4.97%	37.97%	8.06%	20.59%	-24.12%	20.55%	-6.01%	32.90%	-16.21%	3.41%
FLEU Franklin FTSE Eurozone ETF	6.62%	41.56%	2.26%	16.21%	-9.14%	23.27%	0.95%	26.94%	-8.54%	-1.24%

Correlation

The correlation between FKU and FLEU is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017	0.64

The correlation between FKU and FLEU shifts across timeframes, from 0.64 (all time) to 0.80 (1 year), reflecting how their relationship changes across market environments.

FKU vs. FLEU - Sectors Allocation Comparison

Sectors	FKU	FLEU
Financial Services	28.7%	24.6%
Basic Materials	18.3%	4.2%
Consumer Cyclical	12.6%	8.6%
Industrials	11.7%	20.7%
Communication Services	7.0%	3.6%
Consumer Defensive	6.4%	5.0%
Healthcare	5.3%	5.6%
Real Estate	4.0%	1.2%
Energy	3.6%	3.7%
Utilities	2.4%	6.6%
Technology	-	16.3%

Return for Risk

FKU vs. FLEU — Risk / Return Rank

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

FKU

FKU Risk / Return Rank: 30
FKU Sharpe Ratio Rank: 31
FKU Sortino Ratio Rank: 30
FKU Omega Ratio Rank: 29
FKU Calmar Ratio Rank: 28
FKU Martin Ratio Rank: 31

FLEU

FLEU Risk / Return Rank: 32
FLEU Sharpe Ratio Rank: 31
FLEU Sortino Ratio Rank: 32
FLEU Omega Ratio Rank: 31
FLEU Calmar Ratio Rank: 29
FLEU Martin Ratio Rank: 35

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.

FKU vs. FLEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust United Kingdom AlphaDEX Fund (FKU) and Franklin FTSE Eurozone ETF (FLEU). 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	FLEU	Difference
Sharpe ratio: Return per unit of total volatility	1.01	1.03	-0.03
Sortino ratio: Return per unit of downside risk	1.51	1.56	-0.05
Omega ratio: Gain probability vs. loss probability	1.19	1.19	-0.01
Calmar ratio: Return relative to maximum drawdown	1.25	1.34	-0.09
Martin ratio: Return relative to average drawdown	4.05	4.87	-0.82

FKU vs. FLEU - Sharpe Ratio Comparison

The current FKU Sharpe Ratio is 1.01, which is comparable to the FLEU Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of FKU and FLEU, 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. FLEU - Drawdown Comparison

The maximum FKU drawdown since its inception was -54.39%, which is greater than FLEU's maximum drawdown of -33.94%. Use the drawdown chart below to compare losses from any high point for FKU and FLEU.

Drawdown Indicators

	FKU	FLEU	Difference
Max Drawdown Largest peak-to-trough decline	-54.39%	-33.94%	-20.45%
Max Drawdown (1Y) Largest decline over 1 year	-14.25%	-13.41%	-0.84%
Max Drawdown (3Y) Largest decline over 3 years	-14.25%	-15.67%	+1.42%
Max Drawdown (5Y) Largest decline over 5 years	-41.54%	-18.67%	-22.87%
Max Drawdown (10Y) Largest decline over 10 years	-54.39%	—	—
Current Drawdown Current decline from peak	-5.80%	-2.70%	-3.10%
Average Drawdown Average peak-to-trough decline	-10.78%	-4.68%	-6.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.40%	3.69%	+0.71%

Volatility

FKU vs. FLEU - Volatility Comparison

The current volatility for First Trust United Kingdom AlphaDEX Fund (FKU) is 5.01%, while Franklin FTSE Eurozone ETF (FLEU) has a volatility of 5.42%. This indicates that FKU experiences smaller price fluctuations and is considered to be less risky than FLEU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FKU	FLEU	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.01%	5.42%	-0.41%
Volatility (6M) Calculated over the trailing 6-month period	15.21%	15.06%	+0.15%
Volatility (1Y) Calculated over the trailing 1-year period	17.81%	17.52%	+0.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.90%	16.47%	+6.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.60%	18.27%	+5.33%

FKU vs. FLEU - Expense Ratio Comparison

FKU has a 0.80% expense ratio, which is higher than FLEU's 0.09% expense ratio.

Dividends

FKU vs. FLEU - Dividend Comparison

FKU's dividend yield for the trailing twelve months is around 2.74%, more than FLEU's 1.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FKU First Trust United Kingdom AlphaDEX Fund	2.74%	2.89%	4.07%	3.82%	5.55%	2.98%	1.48%	3.34%	5.12%	2.93%	2.60%	2.64%
FLEU Franklin FTSE Eurozone ETF	1.08%	2.22%	3.18%	3.25%	21.45%	3.03%	1.94%	6.06%	12.17%	0.07%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FKU and FLEU in my portfolio?

FKU and FLEU have a correlation of 0.80, 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 FLEU?

FLEU has higher volatility (5.42%) compared to FKU (5.01%). In terms of maximum drawdown, FKU dropped -54.39% vs FLEU's -33.94%.

Which ETF is better, FKU or FLEU?

On 5-year performance, FLEU leads with 11.55% vs 7.54% for FKU. On fees, FLEU is cheaper at 0.09% per year. On volatility, FKU has been the lower-risk option at 5.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FKU or FLEU?

Over the 5-year period, FLEU has performed better with a 11.55% return vs 7.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FKU or FLEU?

FLEU is cheaper with a 0.09% expense ratio, compared with 0.80% for FKU.

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

FKU has the higher dividend yield at 2.74%, compared with 1.08% for FLEU.

What is the main difference between FKU and FLEU?

FKU tracks NASDAQ AlphaDEX United Kingdom Index, while FLEU tracks FTSE Developed Eurozone Index - Benchmark TR Net. They also come from different issuers: First Trust and Franklin Templeton. Their fees differ too: 0.80% for FKU and 0.09% for FLEU.

Which has better risk-adjusted returns?

FLEU currently has the higher Sharpe Ratio (1.03 vs 1.01), 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.