FPA vs. ADIV

Last updated Jun 23, 2026

FPA (First Trust Asia Pacific ex-Japan AlphaDEX Fund) and ADIV (SmartETFs Asia Pacific Dividend Builder ETF) are both Asia Pacific Equities funds. FPA is passively managed, while ADIV is actively managed. Over the past 5 years, FPA returned 13.80%/yr vs 6.94%/yr for ADIV. A 0.62 correlation means they provide meaningful diversification when combined. FPA charges 0.80%/yr vs 0.78%/yr for ADIV.

Performance

FPA vs. ADIV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA) and SmartETFs Asia Pacific Dividend Builder ETF (ADIV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FPA achieves a 52.71% return, which is significantly higher than ADIV's 8.01% return.

FPA

• 1D: -1.89%
• 1M: 6.12%
• YTD: 52.71%
• 6M: 53.85%
• 1Y: 72.66%
• 3Y*: 33.38%
• 5Y*: 13.80%
• 10Y*: 11.58%

ADIV

• 1D: 0.21%
• 1M: 2.00%
• YTD: 8.01%
• 6M: 7.98%
• 1Y: 17.51%
• 3Y*: 18.18%
• 5Y*: 6.94%
• 10Y*: —

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

FPA vs. ADIV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund	52.71%	43.16%	3.95%	9.97%	-14.55%	-4.10%
ADIV SmartETFs Asia Pacific Dividend Builder ETF	8.01%	21.86%	14.47%	12.28%	-18.00%	1.41%

Correlation

The correlation between FPA and ADIV is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (All Time) Calculated using the full available price history since Mar 29, 2021	0.62

The correlation between FPA and ADIV has been stable across timeframes, ranging from 0.62 to 0.67 - a consistent structural relationship.

FPA vs. ADIV - Sectors Allocation Comparison

Sectors	FPA	ADIV
Industrials	32.7%	2.3%
Technology	25.2%	26.6%
Consumer Cyclical	9.3%	15.4%
Financial Services	8.6%	31.8%
Real Estate	6.2%	8.3%
Energy	5.4%	-
Utilities	5.1%	2.4%
Basic Materials	4.2%	-
Consumer Defensive	2.7%	5.1%
Communication Services	2.6%	3.2%
Healthcare	0.8%	5.0%

Return for Risk

FPA vs. ADIV — Risk / Return Rank

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

FPA

FPA Risk / Return Rank: 82
FPA Sharpe Ratio Rank: 84
FPA Sortino Ratio Rank: 76
FPA Omega Ratio Rank: 79
FPA Calmar Ratio Rank: 87
FPA Martin Ratio Rank: 83

ADIV

ADIV Risk / Return Rank: 36
ADIV Sharpe Ratio Rank: 37
ADIV Sortino Ratio Rank: 36
ADIV Omega Ratio Rank: 36
ADIV Calmar Ratio Rank: 35
ADIV 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.

FPA vs. ADIV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA) and SmartETFs Asia Pacific Dividend Builder ETF (ADIV). 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.

	FPA	ADIV	Difference
Sharpe ratio: Return per unit of total volatility	2.59	1.28	+1.31
Sortino ratio: Return per unit of downside risk	3.24	1.82	+1.42
Omega ratio: Gain probability vs. loss probability	1.45	1.23	+0.22
Calmar ratio: Return relative to maximum drawdown	4.75	1.73	+3.02
Martin ratio: Return relative to average drawdown	16.32	5.62	+10.70

FPA vs. ADIV - Sharpe Ratio Comparison

The current FPA Sharpe Ratio is 2.59, which is higher than the ADIV Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of FPA and ADIV, 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

FPA vs. ADIV - Drawdown Comparison

The maximum FPA drawdown since its inception was -52.91%, which is greater than ADIV's maximum drawdown of -31.55%. Use the drawdown chart below to compare losses from any high point for FPA and ADIV.

Drawdown Indicators

	FPA	ADIV	Difference
Max Drawdown Largest peak-to-trough decline	-52.91%	-31.55%	-21.36%
Max Drawdown (1Y) Largest decline over 1 year	-15.37%	-10.15%	-5.22%
Max Drawdown (3Y) Largest decline over 3 years	-20.66%	-18.53%	-2.13%
Max Drawdown (5Y) Largest decline over 5 years	-34.38%	-31.55%	-2.83%
Max Drawdown (10Y) Largest decline over 10 years	-52.91%	—	—
Current Drawdown Current decline from peak	-3.33%	-1.19%	-2.14%
Average Drawdown Average peak-to-trough decline	-13.46%	-8.39%	-5.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.47%	3.12%	+1.35%

Volatility

FPA vs. ADIV - Volatility Comparison

First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA) has a higher volatility of 15.18% compared to SmartETFs Asia Pacific Dividend Builder ETF (ADIV) at 5.10%. This indicates that FPA's price experiences larger fluctuations and is considered to be riskier than ADIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPA	ADIV	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.18%	5.10%	+10.08%
Volatility (6M) Calculated over the trailing 6-month period	25.18%	11.08%	+14.10%
Volatility (1Y) Calculated over the trailing 1-year period	28.29%	13.80%	+14.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.64%	16.56%	+8.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.73%	16.38%	+6.35%

FPA vs. ADIV - Expense Ratio Comparison

FPA has a 0.80% expense ratio, which is higher than ADIV's 0.78% expense ratio.

Dividends

FPA vs. ADIV - Dividend Comparison

FPA's dividend yield for the trailing twelve months is around 3.49%, less than ADIV's 3.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ADIV SmartETFs Asia Pacific Dividend Builder ETF	3.59%	2.77%	4.83%	4.55%	2.98%	13.85%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund	3.49%	4.71%	3.40%	3.02%	4.22%	5.12%	1.59%	3.90%	2.81%	3.15%	2.42%	1.74%

Frequently Asked Questions

Can I hold both FPA and ADIV in my portfolio?

FPA and ADIV have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPA or ADIV?

FPA has higher volatility (15.18%) compared to ADIV (5.10%). In terms of maximum drawdown, FPA dropped -52.91% vs ADIV's -31.55%.

Which ETF is better, FPA or ADIV?

On 5-year performance, FPA leads with 13.80% vs 6.94% for ADIV. On fees, ADIV is cheaper at 0.78% per year. On volatility, ADIV has been the lower-risk option at 5.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FPA or ADIV?

Over the 5-year period, FPA has performed better with a 13.80% return vs 6.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FPA or ADIV?

ADIV is cheaper with a 0.78% expense ratio, compared with 0.80% for FPA.

Which ETF pays a higher dividend yield, FPA or ADIV?

ADIV has the higher dividend yield at 3.59%, compared with 3.49% for FPA.

What is the main difference between FPA and ADIV?

They also come from different issuers: First Trust and Guinness Atkinson Asset Management. Their fees differ too: 0.80% for FPA and 0.78% for ADIV.

Which has better risk-adjusted returns?

FPA currently has the higher Sharpe Ratio (2.59 vs 1.28), 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.