FPA vs. FRDM
FPA (First Trust Asia Pacific ex-Japan AlphaDEX Fund) and FRDM (Freedom 100 Emerging Markets ETF) are both exchange-traded funds - FPA is a Asia Pacific Equities fund tracking the NASDAQ AlphaDEX Asia Pacific Ex-Japan Index, while FRDM is a Emerging Markets Diversified fund tracking the Life + Liberty Freedom 100 Emerging Markets Index. Both are passively managed. Over the past 5 years, FPA returned 12.60%/yr vs 18.68%/yr for FRDM. A 0.64 correlation means they provide meaningful diversification when combined. FPA charges 0.80%/yr vs 0.49%/yr for FRDM.
Performance
FPA vs. FRDM - Performance Comparison
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Returns By Period
In the year-to-date period, FPA achieves a 47.02% return, which is significantly higher than FRDM's 40.13% return.
FPA
- 1D
- -0.27%
- 1M
- 3.70%
- YTD
- 47.02%
- 6M
- 47.32%
- 1Y
- 65.35%
- 3Y*
- 29.68%
- 5Y*
- 12.60%
- 10Y*
- 11.11%
FRDM
- 1D
- 0.49%
- 1M
- 9.04%
- YTD
- 40.13%
- 6M
- 46.37%
- 1Y
- 87.32%
- 3Y*
- 34.29%
- 5Y*
- 18.68%
- 10Y*
- —
FPA vs. FRDM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund | 47.02% | 43.16% | 3.95% | 9.97% | -14.55% | 2.98% | 13.43% | 2.49% |
FRDM Freedom 100 Emerging Markets ETF | 40.13% | 61.27% | 1.70% | 22.77% | -14.45% | 6.13% | 16.90% | 12.23% |
Correlation
The correlation between FPA and FRDM is 0.74, 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 | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since May 23, 2019 | 0.64 |
The correlation between FPA and FRDM shifts across timeframes, from 0.63 (5 years) to 0.74 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FPA vs. FRDM — Risk / Return Rank
FPA
FRDM
FPA vs. FRDM - 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 Freedom 100 Emerging Markets ETF (FRDM). 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 | FRDM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.74 | ||
| Sortino ratioReturn per unit of downside risk | -0.66 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.54 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 4.32 | 5.02 | -0.70 |
| Martin ratioReturn relative to average drawdown | 14.88 | 19.36 | -4.48 |
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Drawdowns
FPA vs. FRDM - Drawdown Comparison
The maximum FPA drawdown since its inception was -52.91%, which is greater than FRDM's maximum drawdown of -40.49%. Use the drawdown chart below to compare losses from any high point for FPA and FRDM.
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Drawdown Indicators
| FPA | FRDM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.91% | -40.49% | -12.42% |
Max Drawdown (1Y)Largest decline over 1 year | -15.37% | -16.87% | +1.50% |
Max Drawdown (3Y)Largest decline over 3 years | -20.66% | -16.87% | -3.79% |
Max Drawdown (5Y)Largest decline over 5 years | -34.54% | -29.25% | -5.29% |
Max Drawdown (10Y)Largest decline over 10 years | -52.91% | — | — |
Current DrawdownCurrent decline from peak | -6.94% | -4.36% | -2.58% |
Average DrawdownAverage peak-to-trough decline | -13.47% | -7.09% | -6.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.46% | 4.37% | +0.09% |
Volatility
FPA vs. FRDM - Volatility Comparison
First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA) and Freedom 100 Emerging Markets ETF (FRDM) have volatilities of 14.55% and 14.27%, 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.
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Volatility by Period
| FPA | FRDM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.55% | 14.27% | +0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 24.45% | 24.39% | +0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.61% | 26.86% | +0.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.43% | 21.35% | +3.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.63% | 23.09% | -0.46% |
FPA vs. FRDM - Expense Ratio Comparison
FPA has a 0.80% expense ratio, which is higher than FRDM's 0.49% expense ratio.
Dividends
FPA vs. FRDM - Dividend Comparison
FPA's dividend yield for the trailing twelve months is around 3.63%, more than FRDM's 1.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
FRDM Freedom 100 Emerging Markets ETF | 1.56% | 2.26% | 2.53% | 2.66% | 2.72% | 2.17% | 1.11% | 1.07% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FPA and FRDM have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FPA has higher volatility (14.55%) compared to FRDM (14.27%). In terms of maximum drawdown, FPA dropped -52.91% vs FRDM's -40.49%.
On 5-year performance, FRDM leads with 18.68% vs 12.60% for FPA. On fees, FRDM is cheaper at 0.49% per year. On volatility, FRDM has been the lower-risk option at 14.27%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FRDM has performed better with a 18.68% return vs 12.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FRDM is cheaper with a 0.49% expense ratio, compared with 0.80% for FPA.
FPA has the higher dividend yield at 3.63%, compared with 1.56% for FRDM.
FPA is categorized as Asia Pacific Equities, while FRDM is Emerging Markets Diversified. FPA tracks NASDAQ AlphaDEX Asia Pacific Ex-Japan Index, while FRDM tracks Life + Liberty Freedom 100 Emerging Markets Index. They also come from different issuers: First Trust and Freedom Funds. Their fees differ too: 0.80% for FPA and 0.49% for FRDM.
FRDM currently has the higher Sharpe Ratio (3.15 vs 2.41), 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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