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FPA vs. EWT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FPA vs. EWT

Last updated Jul 12, 2026
Documentation

FPA (First Trust Asia Pacific ex-Japan AlphaDEX Fund) and EWT (iShares MSCI Taiwan ETF) are both exchange-traded funds - FPA is a Asia Pacific Equities fund tracking the NASDAQ AlphaDEX Asia Pacific Ex-Japan Index, while EWT is a Taiwan Equities fund tracking the MSCI Taiwan 25/50 Index. Both are passively managed. Over the past 10 years, FPA returned 9.31%/yr vs 18.92%/yr for EWT. A 0.59 correlation means they provide meaningful diversification when combined. FPA charges 0.80%/yr vs 0.59%/yr for EWT.

Performance

FPA vs. EWT - 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 Taiwan ETF (EWT). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FPA achieves a 33.59% return, which is significantly lower than EWT's 60.37% return. Over the past 10 years, FPA has underperformed EWT with an annualized return of 9.31%, while EWT has yielded a comparatively higher 18.92% annualized return.

FPA

1D
1.07%
1M
-9.13%
6M
26.41%
YTD
33.59%
1Y
43.23%
3Y*
26.63%
5Y*
11.29%
10Y*
9.31%

EWT

1D
-4.06%
1M
-0.72%
6M
52.93%
YTD
60.37%
1Y
82.78%
3Y*
36.49%
5Y*
17.78%
10Y*
18.92%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FPA vs. EWT - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FPA
First Trust Asia Pacific ex-Japan AlphaDEX Fund		33.59%43.16%3.95%9.97%-14.55%2.98%13.43%8.91%-21.91%35.81%
EWT
iShares MSCI Taiwan ETF		60.37%28.38%16.11%29.00%-28.90%26.18%31.50%33.36%-9.90%26.81%

Correlation

The correlation between FPA and EWT is 0.67, 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

0.67

Correlation (3Y)
Calculated over the trailing 3-year period

0.59

Correlation (5Y)
Calculated over the trailing 5-year period

0.56

Correlation (10Y)
Calculated over the trailing 10-year period

0.60

Correlation (All Time)
Calculated using the full available price history since Apr 20, 2011

0.59

The correlation between FPA and EWT shifts across timeframes, from 0.56 (5 years) to 0.67 (1 year), reflecting how their relationship changes across market environments.

FPA vs. EWT - Sectors Allocation Comparison

Sectors
FPA
EWT

Industrials

32.7%
3.1%

Technology

25.2%
76.9%

Consumer Cyclical

9.3%
1.6%

Financial Services

8.6%
12.0%

Real Estate

6.2%

-

Energy

5.4%

-

Utilities

5.1%

-

Basic Materials

4.2%
2.9%

Consumer Defensive

2.7%
1.0%

Communication Services

2.6%
1.7%

Healthcare

0.8%
1.0%

Industrials

FPA
32.7%
EWT
3.1%

Technology

FPA
25.2%
EWT
76.9%

Consumer Cyclical

FPA
9.3%
EWT
1.6%

Financial Services

FPA
8.6%
EWT
12.0%

Real Estate

FPA
6.2%
EWT

-

Energy

FPA
5.4%
EWT

-

Utilities

FPA
5.1%
EWT

-

Basic Materials

FPA
4.2%
EWT
2.9%

Consumer Defensive

FPA
2.7%
EWT
1.0%

Communication Services

FPA
2.6%
EWT
1.7%

Healthcare

FPA
0.8%
EWT
1.0%

Compare stocks, funds, or ETFs

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First Trust Asia Pacific ex-Japan AlphaDEX Fund

iShares MSCI Taiwan ETF

Often compared with FPA:
FPA vs. FSEAXFPA vs. VPLFPA vs. EPPFPA vs. ADIVFPA vs. EWSFPA vs. FICSFPA vs. EWY
Often compared with EWT:
EWT vs. EWYEWT vs. FLTWEWT vs. VTEWT vs. QQQEWT vs. EWHEWT vs. EWSEWT vs. EWX

Return for Risk

FPA vs. EWT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FPA
FPA Risk / Return Rank: 5858
Overall Rank
FPA Sharpe Ratio Rank: 5555
Sharpe Ratio Rank
FPA Sortino Ratio Rank: 5252
Sortino Ratio Rank
FPA Omega Ratio Rank: 5757
Omega Ratio Rank
FPA Calmar Ratio Rank: 6666
Calmar Ratio Rank
FPA Martin Ratio Rank: 5858
Martin Ratio Rank
EWT
EWT Risk / Return Rank: 9393
Overall Rank
EWT Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
EWT Sortino Ratio Rank: 9090
Sortino Ratio Rank
EWT Omega Ratio Rank: 9191
Omega Ratio Rank
EWT Calmar Ratio Rank: 9797
Calmar Ratio Rank
EWT Martin Ratio Rank: 9494
Martin Ratio Rank
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. EWT - 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 Taiwan ETF (EWT). 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.

FPAEWTDifference
Sharpe ratioReturn per unit of total volatility
1.49
2.88

-1.39

Sortino ratioReturn per unit of downside risk
2.04
3.34

-1.29

Omega ratioGain probability vs. loss probability

1.28

1.47

-0.19

Calmar ratioReturn relative to maximum drawdown

2.62

7.92

-5.30

Martin ratioReturn relative to average drawdown

8.15

21.75

-13.60

FPA vs. EWT - Sharpe Ratio Comparison

The current FPA Sharpe Ratio is 1.49, which is lower than the EWT Sharpe Ratio of 2.88. The chart below compares the historical Sharpe Ratios of FPA and EWT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

FPA vs. EWT - Drawdown Comparison

The maximum FPA drawdown since its inception was -52.91%, smaller than the maximum EWT drawdown of -64.37%. Use the drawdown chart below to compare losses from any high point for FPA and EWT.

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Drawdown Indicators

FPAEWTDifference

Max Drawdown

Largest peak-to-trough decline

-52.91%

-64.37%

+11.46%

Max Drawdown (1Y)

Largest decline over 1 year

-16.33%

-10.51%

-5.82%

Max Drawdown (3Y)

Largest decline over 3 years

-20.66%

-25.66%

+5.00%

Max Drawdown (5Y)

Largest decline over 5 years

-32.59%

-38.88%

+6.29%

Max Drawdown (10Y)

Largest decline over 10 years

-52.91%

-38.88%

-14.03%

Current Drawdown

Current decline from peak

-15.44%

-8.65%

-6.79%

Average Drawdown

Average peak-to-trough decline

-13.45%

-19.11%

+5.66%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.24%

3.82%

+1.42%

Volatility

FPA vs. EWT - Volatility Comparison

The current volatility for First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA) is 12.86%, while iShares MSCI Taiwan ETF (EWT) has a volatility of 13.69%. This indicates that FPA experiences smaller price fluctuations and is considered to be less risky than EWT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FPAEWTDifference

Volatility (1M)

Calculated over the trailing 1-month period

12.86%

13.69%

-0.83%

Volatility (6M)

Calculated over the trailing 6-month period

26.58%

25.56%

+1.02%

Volatility (1Y)

Calculated over the trailing 1-year period

28.74%

28.95%

-0.21%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

24.88%

23.49%

+1.39%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.77%

21.94%

+0.83%

FPA vs. EWT - Expense Ratio Comparison

FPA has a 0.80% expense ratio, which is higher than EWT's 0.59% expense ratio.

Dividends

FPA vs. EWT - Dividend Comparison

FPA's dividend yield for the trailing twelve months is around 3.63%, more than EWT's 2.76% yield.

PositionTTM20252024202320222021202020192018201720162015
EWT
iShares MSCI Taiwan ETF		2.76%4.43%3.32%12.01%18.82%0.55%1.83%2.49%3.16%2.81%2.39%3.12%
FPA
First Trust Asia Pacific ex-Japan AlphaDEX Fund		3.63%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

FPA and EWT have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWT has higher volatility (13.69%) compared to FPA (12.86%). In terms of maximum drawdown, FPA dropped -52.91% vs EWT's -64.37%.

On 10-year performance, EWT leads with 18.92% vs 9.31% for FPA. On fees, EWT is cheaper at 0.59% per year. On volatility, FPA has been the lower-risk option at 12.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWT has performed better with a 18.92% return vs 9.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWT is cheaper with a 0.59% expense ratio, compared with 0.80% for FPA.

FPA has the higher dividend yield at 3.63%, compared with 2.76% for EWT.

FPA is categorized as Asia Pacific Equities, while EWT is Taiwan Equities. FPA tracks NASDAQ AlphaDEX Asia Pacific Ex-Japan Index, while EWT tracks MSCI Taiwan 25/50 Index. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.80% for FPA and 0.59% for EWT.

EWT currently has the higher Sharpe Ratio (2.88 vs 1.49), 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.

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