FKUD.L vs. FEXU.L

Last updated Jul 16, 2026

FKUD.L (First Trust United Kingdom AlphaDEX UCITS ETF Dist) and FEXU.L (First Trust US Large Cap Core AlphaDEX UCITS ETF) are both exchange-traded funds - FKUD.L is a Europe Equities fund tracking the FTSE AllSh TR GBP, while FEXU.L is a Large Cap Blend Equities fund tracking the Russell 1000 TR USD. Both are passively managed. Over the past 10 years, FKUD.L returned 8.51%/yr vs 12.08%/yr for FEXU.L. A 0.57 correlation means they provide meaningful diversification when combined. FKUD.L charges 0.65%/yr vs 0.75%/yr for FEXU.L.

Performance

FKUD.L vs. FEXU.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in First Trust United Kingdom AlphaDEX UCITS ETF Dist (FKUD.L) and First Trust US Large Cap Core AlphaDEX UCITS ETF (FEXU.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

FKUD.L is traded in GBp, while FEXU.L is traded in USD. To make them comparable, the FEXU.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, FKUD.L achieves a 8.61% return, which is significantly lower than FEXU.L's 13.52% return. Over the past 10 years, FKUD.L has underperformed FEXU.L with an annualized return of 8.51%, while FEXU.L has yielded a comparatively higher 12.08% annualized return.

FKUD.L

• 1D: 0.06%
• 1M: 0.61%
• 6M: 6.63%
• YTD: 8.61%
• 1Y: 20.94%
• 3Y*: 19.09%
• 5Y*: 8.98%
• 10Y*: 8.51%

FEXU.L

• 1D: -1.69%
• 1M: -2.99%
• 6M: 10.29%
• YTD: 13.52%
• 1Y: 22.33%
• 3Y*: 16.49%
• 5Y*: 11.24%
• 10Y*: 12.08%

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

FKUD.L vs. FEXU.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FKUD.L First Trust United Kingdom AlphaDEX UCITS ETF Dist	8.61%	26.42%	10.14%	14.02%	-14.10%	20.54%	-8.24%	31.07%	-12.21%	13.09%
FEXU.L First Trust US Large Cap Core AlphaDEX UCITS ETF	13.52%	7.02%	18.72%	8.93%	-1.84%	28.02%	10.19%	21.28%	-5.75%	11.04%

Correlation

The correlation between FKUD.L and FEXU.L is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Apr 15, 2016	0.57

The correlation between FKUD.L and FEXU.L has been stable across timeframes, ranging from 0.53 to 0.58 - a consistent structural relationship.

FKUD.L vs. FEXU.L - Sectors Allocation Comparison

Sectors	FKUD.L	FEXU.L
Financial Services	28.7%	13.6%
Basic Materials	18.3%	3.5%
Consumer Cyclical	12.6%	8.3%
Industrials	11.7%	18.8%
Communication Services	7.0%	3.4%
Consumer Defensive	6.4%	4.3%
Healthcare	5.3%	8.8%
Real Estate	4.0%	4.5%
Energy	3.6%	5.6%
Utilities	2.4%	7.0%
Technology	-	22.2%

Return for Risk

FKUD.L vs. FEXU.L — Risk / Return Rank

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

FKUD.L

FKUD.L Risk / Return Rank: 48
FKUD.L Sharpe Ratio Rank: 52
FKUD.L Sortino Ratio Rank: 51
FKUD.L Omega Ratio Rank: 51
FKUD.L Calmar Ratio Rank: 41
FKUD.L Martin Ratio Rank: 44

FEXU.L

FEXU.L Risk / Return Rank: 79
FEXU.L Sharpe Ratio Rank: 73
FEXU.L Sortino Ratio Rank: 79
FEXU.L Omega Ratio Rank: 68
FEXU.L Calmar Ratio Rank: 89
FEXU.L Martin Ratio Rank: 85

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.

FKUD.L vs. FEXU.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust United Kingdom AlphaDEX UCITS ETF Dist (FKUD.L) and First Trust US Large Cap Core AlphaDEX UCITS ETF (FEXU.L). 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.

	FKUD.L	FEXU.L	Difference
Sharpe ratio: Return per unit of total volatility	1.48	1.73	-0.25
Sortino ratio: Return per unit of downside risk	2.09	2.40	-0.31
Omega ratio: Gain probability vs. loss probability	1.27	1.30	-0.03
Calmar ratio: Return relative to maximum drawdown	1.75	4.54	-2.79
Martin ratio: Return relative to average drawdown	5.96	13.67	-7.71

FKUD.L vs. FEXU.L - Sharpe Ratio Comparison

The current FKUD.L Sharpe Ratio is 1.48, which is comparable to the FEXU.L Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of FKUD.L and FEXU.L, 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

FKUD.L vs. FEXU.L - Drawdown Comparison

The maximum FKUD.L drawdown since its inception was -45.67%, which is greater than FEXU.L's maximum drawdown of -32.12%. Use the drawdown chart below to compare losses from any high point for FKUD.L and FEXU.L.

Drawdown Indicators

	FKUD.L	FEXU.L	Difference
Max Drawdown Largest peak-to-trough decline	-45.67%	-32.12%	-13.55%
Max Drawdown (1Y) Largest decline over 1 year	-11.78%	-4.90%	-6.88%
Max Drawdown (3Y) Largest decline over 3 years	-13.10%	-21.55%	+8.45%
Max Drawdown (5Y) Largest decline over 5 years	-26.92%	-21.55%	-5.37%
Max Drawdown (10Y) Largest decline over 10 years	-45.67%	-32.12%	-13.55%
Current Drawdown Current decline from peak	-1.41%	-4.90%	+3.49%
Average Drawdown Average peak-to-trough decline	-7.06%	-4.16%	-2.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.47%	1.63%	+1.84%

Volatility

FKUD.L vs. FEXU.L - Volatility Comparison

The current volatility for First Trust United Kingdom AlphaDEX UCITS ETF Dist (FKUD.L) is 4.00%, while First Trust US Large Cap Core AlphaDEX UCITS ETF (FEXU.L) has a volatility of 4.59%. This indicates that FKUD.L experiences smaller price fluctuations and is considered to be less risky than FEXU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FKUD.L	FEXU.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.00%	4.59%	-0.59%
Volatility (6M) Calculated over the trailing 6-month period	12.11%	9.86%	+2.25%
Volatility (1Y) Calculated over the trailing 1-year period	14.01%	12.86%	+1.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.04%	15.78%	-0.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.26%	17.19%	+0.07%

FKUD.L vs. FEXU.L - Expense Ratio Comparison

FKUD.L has a 0.65% expense ratio, which is lower than FEXU.L's 0.75% expense ratio.

Dividends

FKUD.L vs. FEXU.L - Dividend Comparison

FKUD.L's dividend yield for the trailing twelve months is around 1.38%, while FEXU.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FEXU.L First Trust US Large Cap Core AlphaDEX UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FKUD.L First Trust United Kingdom AlphaDEX UCITS ETF Dist	1.38%	1.56%	2.75%	2.94%	3.95%	3.18%	1.63%	3.13%	3.41%	2.68%	1.59%

Frequently Asked Questions

Can I hold both FKUD.L and FEXU.L in my portfolio?

FKUD.L and FEXU.L have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FKUD.L or FEXU.L?

On fees, FKUD.L is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FKUD.L or FEXU.L?

FKUD.L is cheaper with a 0.65% expense ratio, compared with 0.75% for FEXU.L.

What is the main difference between FKUD.L and FEXU.L?

FKUD.L is categorized as Europe Equities, while FEXU.L is Large Cap Blend Equities. FKUD.L tracks FTSE AllSh TR GBP, while FEXU.L tracks Russell 1000 TR USD. Their fees differ too: 0.65% for FKUD.L and 0.75% for FEXU.L.