FLN vs. EWG

Last updated Jun 4, 2026

FLN (First Trust Latin America AlphaDEX Fund) and EWG (iShares MSCI Germany ETF) are both exchange-traded funds - FLN is a Latin America Equities fund tracking the NASDAQ AlphaDEX Latin America Index, while EWG is a Europe Equities fund tracking the MSCI Germany Index. Both are passively managed. Over the past 10 years, FLN returned 9.85%/yr vs 7.59%/yr for EWG. At a 0.46 correlation, their price movements are largely independent. FLN charges 0.80%/yr vs 0.49%/yr for EWG.

Performance

FLN vs. EWG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Latin America AlphaDEX Fund (FLN) and iShares MSCI Germany ETF (EWG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLN achieves a 11.67% return, which is significantly higher than EWG's 0.64% return. Over the past 10 years, FLN has outperformed EWG with an annualized return of 9.85%, while EWG has yielded a comparatively lower 7.59% annualized return.

FLN

• 1D: -2.00%
• 1M: -5.45%
• YTD: 11.67%
• 6M: 11.54%
• 1Y: 36.27%
• 3Y*: 16.20%
• 5Y*: 8.98%
• 10Y*: 9.85%

EWG

• 1D: -1.84%
• 1M: 3.11%
• YTD: 0.64%
• 6M: 4.44%
• 1Y: 3.23%
• 3Y*: 16.95%
• 5Y*: 5.94%
• 10Y*: 7.59%

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

FLN vs. EWG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLN First Trust Latin America AlphaDEX Fund	11.67%	55.05%	-23.10%	29.68%	2.73%	-6.94%	-12.27%	27.22%	-8.31%	21.54%
EWG iShares MSCI Germany ETF	0.64%	35.79%	9.79%	23.35%	-22.27%	5.84%	10.09%	19.15%	-21.40%	27.42%

Correlation

The correlation between FLN and EWG is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.50
Correlation (All Time) Calculated using the full available price history since Apr 21, 2011	0.46

The correlation between FLN and EWG shifts across timeframes, from 0.46 (all time) to 0.57 (1 year), reflecting how their relationship changes across market environments.

FLN vs. EWG - Sectors Allocation Comparison

Sectors	FLN	EWG
Financial Services	23.4%	21.6%
Utilities	16.9%	4.9%
Industrials	12.4%	30.3%
Basic Materials	12.0%	5.8%
Energy	10.2%	-
Consumer Defensive	7.2%	1.4%
Communication Services	7.1%	6.6%
Consumer Cyclical	5.4%	8.2%
Real Estate	4.7%	1.3%
Technology	2.1%	13.8%
Healthcare	0.6%	6.1%

Return for Risk

FLN vs. EWG — Risk / Return Rank

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

FLN

FLN Risk / Return Rank: 52
FLN Sharpe Ratio Rank: 50
FLN Sortino Ratio Rank: 46
FLN Omega Ratio Rank: 47
FLN Calmar Ratio Rank: 64
FLN Martin Ratio Rank: 53

EWG

EWG Risk / Return Rank: 11
EWG Sharpe Ratio Rank: 11
EWG Sortino Ratio Rank: 11
EWG Omega Ratio Rank: 11
EWG Calmar Ratio Rank: 11
EWG Martin Ratio Rank: 12

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.

FLN vs. EWG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Latin America AlphaDEX Fund (FLN) and iShares MSCI Germany ETF (EWG). 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.

	FLN	EWG	Difference
Sharpe ratio Return per unit of total volatility	1.74	0.19	+1.55
Sortino ratio Return per unit of downside risk	2.31	0.38	+1.93
Omega ratio Gain probability vs. loss probability	1.30	1.05	+0.26
Calmar ratio Return relative to maximum drawdown	3.19	0.22	+2.97
Martin ratio Return relative to average drawdown	9.06	0.66	+8.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLN vs. EWG - Sharpe Ratio Comparison

The current FLN Sharpe Ratio is 1.74, which is higher than the EWG Sharpe Ratio of 0.19. The chart below compares the historical Sharpe Ratios of FLN and EWG, 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

	FLN	EWG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.74	0.19	+1.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	0.29	+0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	0.36	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	0.25	-0.17

Drawdowns

FLN vs. EWG - Drawdown Comparison

The maximum FLN drawdown since its inception was -57.95%, smaller than the maximum EWG drawdown of -67.57%. Use the drawdown chart below to compare losses from any high point for FLN and EWG.

Drawdown Indicators

	FLN	EWG	Difference
Max Drawdown Largest peak-to-trough decline	-57.95%	-67.57%	+9.62%
Max Drawdown (1Y) Largest decline over 1 year	-11.42%	-14.54%	+3.12%
Max Drawdown (3Y) Largest decline over 3 years	-25.23%	-15.81%	-9.42%
Max Drawdown (5Y) Largest decline over 5 years	-25.95%	-43.44%	+17.49%
Max Drawdown (10Y) Largest decline over 10 years	-57.75%	-46.80%	-10.95%
Current Drawdown Current decline from peak	-9.99%	-4.02%	-5.97%
Average Drawdown Average peak-to-trough decline	-18.90%	-19.20%	+0.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.01%	4.89%	-0.88%

Volatility

FLN vs. EWG - Volatility Comparison

First Trust Latin America AlphaDEX Fund (FLN) and iShares MSCI Germany ETF (EWG) have volatilities of 6.41% and 6.49%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLN	EWG	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.41%	6.49%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	18.20%	14.18%	+4.02%
Volatility (1Y) Calculated over the trailing 1-year period	20.96%	17.28%	+3.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.59%	20.48%	+2.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.64%	21.11%	+6.53%

FLN vs. EWG - Expense Ratio Comparison

FLN has a 0.80% expense ratio, which is higher than EWG's 0.49% expense ratio.

Dividends

FLN vs. EWG - Dividend Comparison

FLN's dividend yield for the trailing twelve months is around 3.59%, more than EWG's 1.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWG iShares MSCI Germany ETF	1.59%	1.60%	2.38%	2.56%	3.24%	2.70%	1.67%	2.51%	2.93%	2.06%	2.35%	1.93%
FLN First Trust Latin America AlphaDEX Fund	3.59%	3.40%	6.26%	4.17%	5.57%	4.70%	1.64%	1.91%	3.08%	10.28%	1.06%	2.34%

Frequently Asked Questions

Can I hold both FLN and EWG in my portfolio?

FLN and EWG have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLN or EWG?

EWG has higher volatility (6.49%) compared to FLN (6.41%). In terms of maximum drawdown, FLN dropped -57.95% vs EWG's -67.57%.

Which ETF is better, FLN or EWG?

On 10-year performance, FLN leads with 9.85% vs 7.59% for EWG. On fees, EWG is cheaper at 0.49% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLN or EWG?

Over the 10-year period, FLN has performed better with a 9.85% return vs 7.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLN or EWG?

EWG is cheaper with a 0.49% expense ratio, compared with 0.80% for FLN.

Which ETF pays a higher dividend yield, FLN or EWG?

FLN has the higher dividend yield at 3.59%, compared with 1.59% for EWG.

What is the main difference between FLN and EWG?

FLN is categorized as Latin America Equities, while EWG is Europe Equities. FLN tracks NASDAQ AlphaDEX Latin America Index, while EWG tracks MSCI Germany Index. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.80% for FLN and 0.49% for EWG.

Which has better risk-adjusted returns?

FLN currently has the higher Sharpe Ratio (1.74 vs 0.19), 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.