FKU vs. IEUR

Last updated Jun 5, 2026

FKU (First Trust United Kingdom AlphaDEX Fund) and IEUR (iShares Core MSCI Europe ETF) are both Europe Equities funds - FKU tracks the NASDAQ AlphaDEX United Kingdom Index while IEUR tracks the MSCI Europe Investable Market Index. Both are passively managed. Over the past 10 years, FKU returned 7.12%/yr vs 9.26%/yr for IEUR. A 0.77 correlation means they provide meaningful diversification when combined. FKU charges 0.80%/yr vs 0.09%/yr for IEUR.

Performance

FKU vs. IEUR - Performance Comparison

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

Returns By Period

In the year-to-date period, FKU achieves a 6.49% return, which is significantly lower than IEUR's 6.90% return. Over the past 10 years, FKU has underperformed IEUR with an annualized return of 7.12%, while IEUR has yielded a comparatively higher 9.26% annualized return.

FKU

• 1D: 1.18%
• 1M: 2.77%
• YTD: 6.49%
• 6M: 12.08%
• 1Y: 21.04%
• 3Y*: 21.42%
• 5Y*: 7.43%
• 10Y*: 7.12%

IEUR

• 1D: 1.20%
• 1M: 2.40%
• YTD: 6.90%
• 6M: 9.92%
• 1Y: 18.10%
• 3Y*: 16.83%
• 5Y*: 8.29%
• 10Y*: 9.26%

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

FKU vs. IEUR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FKU First Trust United Kingdom AlphaDEX Fund	6.49%	37.97%	8.06%	20.59%	-24.12%	20.55%	-6.01%	32.90%	-16.21%	25.81%
IEUR iShares Core MSCI Europe ETF	6.90%	35.67%	1.40%	19.71%	-15.90%	16.71%	5.31%	24.95%	-14.86%	26.70%

Correlation

The correlation between FKU and IEUR is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Jun 13, 2014	0.77

The correlation between FKU and IEUR shifts across timeframes, from 0.76 (10 years) to 0.87 (1 year), reflecting how their relationship changes across market environments.

FKU vs. IEUR - Sectors Allocation Comparison

Sectors	FKU	IEUR
Financial Services	27.7%	22.5%
Basic Materials	17.8%	5.8%
Consumer Cyclical	13.2%	6.9%
Industrials	11.4%	20.4%
Communication Services	7.2%	3.8%
Consumer Defensive	6.7%	8.0%
Healthcare	5.3%	12.5%
Energy	4.0%	5.3%
Real Estate	4.0%	1.6%
Utilities	2.7%	4.8%
Technology	-	8.4%

Return for Risk

FKU vs. IEUR — Risk / Return Rank

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

FKU

FKU Risk / Return Rank: 33
FKU Sharpe Ratio Rank: 34
FKU Sortino Ratio Rank: 34
FKU Omega Ratio Rank: 34
FKU Calmar Ratio Rank: 31
FKU Martin Ratio Rank: 33

IEUR

IEUR Risk / Return Rank: 33
IEUR Sharpe Ratio Rank: 34
IEUR Sortino Ratio Rank: 33
IEUR Omega Ratio Rank: 32
IEUR Calmar Ratio Rank: 31
IEUR Martin Ratio Rank: 37

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. IEUR - Risk-Adjusted Trends Comparison

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

	FKU	IEUR	Difference
Sharpe ratio: Return per unit of total volatility	1.21	1.19	+0.03
Sortino ratio: Return per unit of downside risk	1.77	1.74	+0.03
Omega ratio: Gain probability vs. loss probability	1.22	1.21	+0.01
Calmar ratio: Return relative to maximum drawdown	1.48	1.51	-0.03
Martin ratio: Return relative to average drawdown	4.99	5.67	-0.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FKU vs. IEUR - Sharpe Ratio Comparison

The current FKU Sharpe Ratio is 1.21, which is comparable to the IEUR Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of FKU and IEUR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FKU	IEUR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.21	1.19	+0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.33	0.47	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	0.50	-0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.36	-0.03

Drawdowns

FKU vs. IEUR - Drawdown Comparison

The maximum FKU drawdown since its inception was -54.39%, which is greater than IEUR's maximum drawdown of -36.96%. Use the drawdown chart below to compare losses from any high point for FKU and IEUR.

Drawdown Indicators

	FKU	IEUR	Difference
Max Drawdown Largest peak-to-trough decline	-54.39%	-36.96%	-17.43%
Max Drawdown (1Y) Largest decline over 1 year	-14.25%	-12.04%	-2.21%
Max Drawdown (3Y) Largest decline over 3 years	-14.25%	-14.25%	0.00%
Max Drawdown (5Y) Largest decline over 5 years	-41.75%	-32.75%	-9.00%
Max Drawdown (10Y) Largest decline over 10 years	-54.39%	-36.96%	-17.43%
Current Drawdown Current decline from peak	-4.43%	-1.13%	-3.30%
Average Drawdown Average peak-to-trough decline	-10.81%	-8.22%	-2.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.23%	3.20%	+1.03%

Volatility

FKU vs. IEUR - Volatility Comparison

First Trust United Kingdom AlphaDEX Fund (FKU) has a higher volatility of 6.21% compared to iShares Core MSCI Europe ETF (IEUR) at 5.51%. This indicates that FKU's price experiences larger fluctuations and is considered to be riskier than IEUR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FKU	IEUR	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.21%	5.51%	+0.70%
Volatility (6M) Calculated over the trailing 6-month period	14.75%	12.79%	+1.96%
Volatility (1Y) Calculated over the trailing 1-year period	17.43%	15.34%	+2.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.90%	17.73%	+5.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.43%	18.68%	+5.75%

FKU vs. IEUR - Expense Ratio Comparison

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

Dividends

FKU vs. IEUR - Dividend Comparison

FKU's dividend yield for the trailing twelve months is around 2.71%, less than IEUR's 2.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FKU First Trust United Kingdom AlphaDEX Fund	2.71%	2.89%	4.07%	3.82%	5.55%	2.98%	1.48%	3.34%	5.12%	2.93%	2.60%	2.64%
IEUR iShares Core MSCI Europe ETF	2.78%	2.97%	3.54%	3.17%	3.05%	2.88%	2.13%	3.26%	3.76%	2.64%	3.19%	2.79%

Frequently Asked Questions

Can I hold both FKU and IEUR in my portfolio?

FKU and IEUR have a correlation of 0.87, 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 IEUR?

FKU has higher volatility (6.21%) compared to IEUR (5.51%). In terms of maximum drawdown, FKU dropped -54.39% vs IEUR's -36.96%.

Which ETF is better, FKU or IEUR?

On 10-year performance, IEUR leads with 9.26% vs 7.12% for FKU. On fees, IEUR is cheaper at 0.09% per year. On volatility, IEUR has been the lower-risk option at 5.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FKU or IEUR?

Over the 10-year period, IEUR has performed better with a 9.26% return vs 7.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FKU or IEUR?

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

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

IEUR has the higher dividend yield at 2.78%, compared with 2.71% for FKU.

What is the main difference between FKU and IEUR?

FKU tracks NASDAQ AlphaDEX United Kingdom Index, while IEUR tracks MSCI Europe Investable Market Index. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.80% for FKU and 0.09% for IEUR.

Which has better risk-adjusted returns?

FKU currently has the higher Sharpe Ratio (1.21 vs 1.19), 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.