FPA vs. EEM

Last updated Apr 1, 2026

Compare and contrast key facts about First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA) and iShares MSCI Emerging Markets ETF (EEM).

FPA and EEM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FPA is a passively managed fund by First Trust that tracks the performance of the NASDAQ AlphaDEX Asia Pacific Ex-Japan Index. It was launched on Apr 18, 2011. EEM is a passively managed fund by iShares that tracks the performance of the MSCI Emerging Markets Index. It was launched on Apr 11, 2003. Both FPA and EEM are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

FPA vs. EEM - 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 iShares MSCI Emerging Markets ETF (EEM). The values are adjusted to include any dividend payments, if applicable.

FPA vs. EEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund	17.42%	43.16%	3.95%	9.97%	-14.55%	2.98%	13.43%	8.91%	-21.91%	35.81%
EEM iShares MSCI Emerging Markets ETF	3.80%	33.98%	6.49%	8.95%	-20.56%	-3.63%	17.02%	18.22%	-15.31%	37.26%

Returns By Period

In the year-to-date period, FPA achieves a 17.42% return, which is significantly higher than EEM's 3.80% return. Over the past 10 years, FPA has outperformed EEM with an annualized return of 8.13%, while EEM has yielded a comparatively lower 7.58% annualized return.

FPA

• 1D: 3.37%
• 1M: -12.20%
• YTD: 17.42%
• 6M: 20.56%
• 1Y: 61.12%
• 3Y*: 21.98%
• 5Y*: 9.33%
• 10Y*: 8.13%

EEM

• 1D: 3.73%
• 1M: -9.25%
• YTD: 3.80%
• 6M: 7.87%
• 1Y: 33.09%
• 3Y*: 15.72%
• 5Y*: 3.45%
• 10Y*: 7.58%

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

FPA vs. EEM - Expense Ratio Comparison

FPA has a 0.80% expense ratio, which is higher than EEM's 0.72% expense ratio.

FPA

First Trust Asia Pacific ex-Japan AlphaDEX Fund

EEM

iShares MSCI Emerging Markets ETF

Return for Risk

FPA vs. EEM — Risk / Return Rank

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

FPA

FPA Risk / Return Rank: 95
FPA Sharpe Ratio Rank: 95
FPA Sortino Ratio Rank: 95
FPA Omega Ratio Rank: 94
FPA Calmar Ratio Rank: 95
FPA Martin Ratio Rank: 95

EEM

EEM Risk / Return Rank: 86
EEM Sharpe Ratio Rank: 85
EEM Sortino Ratio Rank: 86
EEM Omega Ratio Rank: 85
EEM Calmar Ratio Rank: 86
EEM Martin Ratio Rank: 86

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. EEM - 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 iShares MSCI Emerging Markets ETF (EEM). 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.

	FPA	EEM	Difference
Sharpe ratio Return per unit of total volatility	2.40	1.64	+0.76
Sortino ratio Return per unit of downside risk	3.14	2.23	+0.92
Omega ratio Gain probability vs. loss probability	1.44	1.33	+0.11
Calmar ratio Return relative to maximum drawdown	3.96	2.43	+1.53
Martin ratio Return relative to average drawdown	16.04	9.41	+6.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FPA vs. EEM - Sharpe Ratio Comparison

The current FPA Sharpe Ratio is 2.40, which is higher than the EEM Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of FPA and EEM, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FPA	EEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.40	1.64	+0.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.19	+0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	0.37	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.35	-0.09

Correlation

The correlation between FPA and EEM is 0.68, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

FPA vs. EEM - Dividend Comparison

FPA's dividend yield for the trailing twelve months is around 4.54%, more than EEM's 2.14% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund	4.54%	4.71%	3.40%	3.02%	4.22%	5.12%	1.59%	3.90%	2.81%	3.15%	2.42%	1.74%
EEM iShares MSCI Emerging Markets ETF	2.14%	2.22%	2.43%	2.63%	2.50%	1.99%	1.45%	2.76%	2.24%	1.89%	1.89%	2.49%

Drawdowns

FPA vs. EEM - Drawdown Comparison

The maximum FPA drawdown since its inception was -52.91%, smaller than the maximum EEM drawdown of -66.43%. Use the drawdown chart below to compare losses from any high point for FPA and EEM.

Drawdown Indicators

	FPA	EEM	Difference
Max Drawdown Largest peak-to-trough decline	-52.91%	-66.43%	+13.52%
Max Drawdown (1Y) Largest decline over 1 year	-15.37%	-13.52%	-1.85%
Max Drawdown (5Y) Largest decline over 5 years	-35.36%	-37.82%	+2.46%
Max Drawdown (10Y) Largest decline over 10 years	-52.91%	-39.82%	-13.09%
Current Drawdown Current decline from peak	-12.52%	-10.30%	-2.22%
Average Drawdown Average peak-to-trough decline	-13.60%	-16.12%	+2.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.80%	3.49%	+0.31%

Volatility

FPA vs. EEM - Volatility Comparison

First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA) has a higher volatility of 12.28% compared to iShares MSCI Emerging Markets ETF (EEM) at 10.70%. This indicates that FPA's price experiences larger fluctuations and is considered to be riskier than EEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPA	EEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.28%	10.70%	+1.58%
Volatility (6M) Calculated over the trailing 6-month period	17.57%	15.12%	+2.45%
Volatility (1Y) Calculated over the trailing 1-year period	25.56%	20.23%	+5.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.12%	18.43%	+4.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.91%	20.32%	+1.59%