FKU vs. FSZ

Last updated Aug 2, 2026

FKU (First Trust United Kingdom AlphaDEX Fund) and FSZ (First Trust Switzerland AlphaDEX Fund) are both Europe Equities funds from First Trust - FKU tracks the NASDAQ AlphaDEX United Kingdom Index while FSZ tracks the NASDAQ AlphaDEX Switzerland Index. Both are passively managed. Over the past 10 years, FKU returned 8.71%/yr vs 9.81%/yr for FSZ. Their 0.64 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.80% expense ratio.

Performance

FKU vs. FSZ - Performance Comparison

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

Returns By Period

In the year-to-date period, FKU achieves a 11.34% return, which is significantly higher than FSZ's 3.71% return. Over the past 10 years, FKU has underperformed FSZ with an annualized return of 8.71%, while FSZ has yielded a comparatively higher 9.81% annualized return.

FKU

• 1D: -0.74%
• 1M: 3.13%
• 6M: 5.27%
• YTD: 11.34%
• 1Y: 25.35%
• 3Y*: 21.10%
• 5Y*: 9.07%
• 10Y*: 8.71%
• ALL TIME*: 7.65%

FSZ

• 1D: -0.86%
• 1M: -1.77%
• 6M: 0.25%
• YTD: 3.71%
• 1Y: 10.06%
• 3Y*: 11.44%
• 5Y*: 5.67%
• 10Y*: 9.81%
• ALL TIME*: 9.28%

*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)
FKU First Trust United Kingdom AlphaDEX Fund	$95.53K	$83.68K	$235.13K
FSZ First Trust Switzerland AlphaDEX Fund	$60.99K	$62.05K	$87.92K

FKU vs. FSZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FKU First Trust United Kingdom AlphaDEX Fund	11.34%	37.97%	8.06%	20.59%	-24.12%	20.55%	-6.01%	32.90%	-16.21%	25.81%
FSZ First Trust Switzerland AlphaDEX Fund	3.71%	30.10%	-1.85%	21.30%	-20.12%	20.18%	13.83%	25.88%	-15.22%	31.30%

Correlation

The correlation between FKU and FSZ is 0.75, 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.	0.75
Correlation (3Y) Balances recent behavior with more history.	0.70
Correlation (5Y) Shows whether the relationship held over a longer period.	0.65
Correlation (10Y) Provides a long-term view across more market conditions.	0.64
Correlation (All Time) Calculated using the full available price history since Feb 27, 2012	0.64

The correlation between FKU and FSZ shifts across timeframes, from 0.64 (10 years) to 0.75 (1 year), reflecting how their relationship changes across market environments.

FKU vs. FSZ - Sectors Allocation Comparison

Sectors	FKU	FSZ
Financial Services	29.3%	18.8%
Basic Materials	16.1%	8.0%
Consumer Cyclical	13.0%	11.0%
Industrials	12.7%	22.2%
Consumer Defensive	7.0%	6.3%
Communication Services	6.6%	3.5%
Healthcare	5.4%	23.1%
Real Estate	4.2%	3.2%
Energy	3.3%	-
Utilities	2.4%	2.6%
Technology	-	1.4%

Return for Risk

FKU vs. FSZ — Risk / Return Rank

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

FKU

FKU Risk / Return Rank: 56
FKU Sharpe Ratio Rank: 61
FKU Sortino Ratio Rank: 62
FKU Omega Ratio Rank: 59
FKU Calmar Ratio Rank: 50
FKU Martin Ratio Rank: 50

FSZ

FSZ Risk / Return Rank: 25
FSZ Sharpe Ratio Rank: 25
FSZ Sortino Ratio Rank: 25
FSZ Omega Ratio Rank: 23
FSZ Calmar Ratio Rank: 25
FSZ Martin Ratio Rank: 26

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. FSZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust United Kingdom AlphaDEX Fund (FKU) and First Trust Switzerland AlphaDEX Fund (FSZ). 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	FSZ	Difference
Sharpe ratio: Return per unit of total volatility	1.44	0.56	+0.89
Sortino ratio: Return per unit of downside risk	2.09	0.92	+1.17
Omega ratio: Gain probability vs. loss probability	1.26	1.10	+0.15
Calmar ratio: Return relative to maximum drawdown	1.80	0.78	+1.02
Martin ratio: Return relative to average drawdown	5.74	2.09	+3.65

FKU vs. FSZ - Sharpe Ratio Comparison

The current FKU Sharpe Ratio is 1.44, which is higher than the FSZ Sharpe Ratio of 0.56. The chart below compares the historical Sharpe Ratios of FKU and FSZ, 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. FSZ - Drawdown Comparison

The maximum FKU drawdown since its inception was -54.39%, which is greater than FSZ's maximum drawdown of -33.97%. Use the drawdown chart below to compare losses from any high point for FKU and FSZ.

Drawdown Indicators

	FKU	FSZ	Difference
Max Drawdown Largest peak-to-trough decline	-54.39%	-33.97%	-20.42%
Max Drawdown (1Y) Largest decline over 1 year	-14.25%	-10.39%	-3.86%
Max Drawdown (3Y) Largest decline over 3 years	-14.25%	-13.93%	-0.32%
Max Drawdown (5Y) Largest decline over 5 years	-41.54%	-33.96%	-7.58%
Max Drawdown (10Y) Largest decline over 10 years	-54.39%	-33.97%	-20.42%
Current Drawdown Current decline from peak	-0.74%	-3.56%	+2.82%
Average Drawdown Average peak-to-trough decline	-10.73%	-6.96%	-3.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.47%	3.89%	+0.58%

Volatility

FKU vs. FSZ - Volatility Comparison

The current volatility for First Trust United Kingdom AlphaDEX Fund (FKU) is 4.76%, while First Trust Switzerland AlphaDEX Fund (FSZ) has a volatility of 5.15%. This indicates that FKU experiences smaller price fluctuations and is considered to be less risky than FSZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FKU	FSZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.76%	5.15%	-0.39%
Volatility (6M) Calculated over the trailing 6-month period	15.54%	11.59%	+3.95%
Volatility (1Y) Calculated over the trailing 1-year period	17.80%	14.58%	+3.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.86%	19.42%	+3.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.22%	18.71%	+4.51%

FKU vs. FSZ - Expense Ratio Comparison

Both FKU and FSZ have an expense ratio of 0.80%.

Dividends

FKU vs. FSZ - Dividend Comparison

FKU's dividend yield for the trailing twelve months is around 3.67%, more than FSZ's 2.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FKU First Trust United Kingdom AlphaDEX Fund	3.67%	2.89%	4.07%	3.82%	5.55%	2.98%	1.48%	3.34%	5.12%	2.93%	2.60%	2.64%
FSZ First Trust Switzerland AlphaDEX Fund	2.00%	1.80%	1.80%	2.11%	3.50%	1.62%	1.53%	2.01%	2.29%	1.49%	1.93%	1.08%

Frequently Asked Questions

Can I hold both FKU and FSZ in my portfolio?

FKU and FSZ have a correlation of 0.75, 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 FSZ?

FSZ has higher volatility (5.15%) compared to FKU (4.76%). In terms of maximum drawdown, FKU dropped -54.39% vs FSZ's -33.97%.

Which ETF is better, FKU or FSZ?

On 10-year performance, FSZ leads with 9.81% vs 8.71% for FKU. Both ETFs have the same 0.80% expense ratio. On volatility, FKU has been the lower-risk option at 4.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FKU or FSZ?

Over the 10-year period, FSZ has performed better with a 9.81% return vs 8.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FKU or FSZ?

FKU and FSZ have the same expense ratio: 0.80% per year.

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

FKU has the higher dividend yield at 3.67%, compared with 2.00% for FSZ.

What is the main difference between FKU and FSZ?

FKU tracks NASDAQ AlphaDEX United Kingdom Index, while FSZ tracks NASDAQ AlphaDEX Switzerland Index.

Which has better risk-adjusted returns?

FKU currently has the higher Sharpe Ratio (1.44 vs 0.56), 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.