FPA vs. IEMG

Last updated Jul 12, 2026

FPA (First Trust Asia Pacific ex-Japan AlphaDEX Fund) and IEMG (iShares Core MSCI 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 IEMG is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Investable Market Index (USD) (Net). Both are passively managed. Over the past 10 years, FPA returned 9.31%/yr vs 9.53%/yr for IEMG. A 0.71 correlation means they provide meaningful diversification when combined. FPA charges 0.80%/yr vs 0.09%/yr for IEMG.

Performance

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

Returns By Period

In the year-to-date period, FPA achieves a 33.59% return, which is significantly higher than IEMG's 21.95% return. Both investments have delivered pretty close results over the past 10 years, with FPA having a 9.31% annualized return and IEMG not far ahead at 9.53%.

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%

IEMG

• 1D: 0.37%
• 1M: -0.72%
• 6M: 17.04%
• YTD: 21.95%
• 1Y: 38.86%
• 3Y*: 21.36%
• 5Y*: 7.57%
• 10Y*: 9.53%

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

FPA vs. IEMG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
IEMG iShares Core MSCI Emerging Markets ETF	21.95%	32.56%	6.50%	11.52%	-19.98%	-0.64%	17.87%	17.81%	-14.92%	37.38%

Correlation

The correlation between FPA and IEMG is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since Oct 24, 2012	0.71

The correlation between FPA and IEMG shifts across timeframes, from 0.66 (5 years) to 0.78 (1 year), reflecting how their relationship changes across market environments.

FPA vs. IEMG - Sectors Allocation Comparison

Sectors	FPA	IEMG
Industrials	32.7%	8.0%
Technology	25.2%	42.1%
Consumer Cyclical	9.3%	8.5%
Financial Services	8.6%	16.7%
Real Estate	6.2%	1.6%
Energy	5.4%	3.3%
Utilities	5.1%	1.9%
Basic Materials	4.2%	6.3%
Consumer Defensive	2.7%	2.8%
Communication Services	2.6%	5.6%
Healthcare	0.8%	3.2%

Return for Risk

FPA vs. IEMG — Risk / Return Rank

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

FPA

FPA Risk / Return Rank: 58
FPA Sharpe Ratio Rank: 55
FPA Sortino Ratio Rank: 52
FPA Omega Ratio Rank: 57
FPA Calmar Ratio Rank: 66
FPA Martin Ratio Rank: 58

IEMG

IEMG Risk / Return Rank: 67
IEMG Sharpe Ratio Rank: 65
IEMG Sortino Ratio Rank: 59
IEMG Omega Ratio Rank: 70
IEMG Calmar Ratio Rank: 72
IEMG Martin Ratio Rank: 70

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. IEMG - 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 Core MSCI Emerging Markets ETF (IEMG). 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	IEMG	Difference
Sharpe ratio: Return per unit of total volatility	1.49	1.71	-0.23
Sortino ratio: Return per unit of downside risk	2.04	2.25	-0.21
Omega ratio: Gain probability vs. loss probability	1.28	1.33	-0.05
Calmar ratio: Return relative to maximum drawdown	2.62	2.92	-0.31
Martin ratio: Return relative to average drawdown	8.15	10.12	-1.98

FPA vs. IEMG - Sharpe Ratio Comparison

The current FPA Sharpe Ratio is 1.49, which is comparable to the IEMG Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of FPA and IEMG, 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. IEMG - Drawdown Comparison

The maximum FPA drawdown since its inception was -52.91%, which is greater than IEMG's maximum drawdown of -38.71%. Use the drawdown chart below to compare losses from any high point for FPA and IEMG.

Drawdown Indicators

	FPA	IEMG	Difference
Max Drawdown Largest peak-to-trough decline	-52.91%	-38.71%	-14.20%
Max Drawdown (1Y) Largest decline over 1 year	-16.33%	-13.21%	-3.12%
Max Drawdown (3Y) Largest decline over 3 years	-20.66%	-17.21%	-3.45%
Max Drawdown (5Y) Largest decline over 5 years	-32.59%	-34.19%	+1.60%
Max Drawdown (10Y) Largest decline over 10 years	-52.91%	-38.71%	-14.20%
Current Drawdown Current decline from peak	-15.44%	-5.44%	-10.00%
Average Drawdown Average peak-to-trough decline	-13.45%	-12.91%	-0.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.24%	3.81%	+1.43%

Volatility

FPA vs. IEMG - Volatility Comparison

First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA) has a higher volatility of 12.86% compared to iShares Core MSCI Emerging Markets ETF (IEMG) at 10.37%. This indicates that FPA's price experiences larger fluctuations and is considered to be riskier than IEMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPA	IEMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.86%	10.37%	+2.49%
Volatility (6M) Calculated over the trailing 6-month period	26.58%	20.61%	+5.97%
Volatility (1Y) Calculated over the trailing 1-year period	28.74%	22.55%	+6.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.88%	19.07%	+5.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.77%	20.19%	+2.58%

FPA vs. IEMG - Expense Ratio Comparison

FPA has a 0.80% expense ratio, which is higher than IEMG's 0.09% expense ratio.

Dividends

FPA vs. IEMG - Dividend Comparison

FPA's dividend yield for the trailing twelve months is around 3.63%, more than IEMG's 2.21% 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%
IEMG iShares Core MSCI Emerging Markets ETF	2.21%	2.75%	3.20%	2.89%	2.71%	3.06%	1.87%	3.15%	2.76%	2.35%	2.28%	2.53%

Frequently Asked Questions

Can I hold both FPA and IEMG in my portfolio?

FPA and IEMG have a correlation of 0.78, 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 IEMG?

FPA has higher volatility (12.86%) compared to IEMG (10.37%). In terms of maximum drawdown, FPA dropped -52.91% vs IEMG's -38.71%.

Which ETF is better, FPA or IEMG?

On 10-year performance, IEMG leads with 9.53% vs 9.31% for FPA. On fees, IEMG is cheaper at 0.09% per year. On volatility, IEMG has been the lower-risk option at 10.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FPA or IEMG?

Over the 10-year period, IEMG has performed better with a 9.53% return vs 9.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FPA or IEMG?

IEMG is cheaper with a 0.09% expense ratio, compared with 0.80% for FPA.

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

FPA has the higher dividend yield at 3.63%, compared with 2.21% for IEMG.

What is the main difference between FPA and IEMG?

FPA is categorized as Asia Pacific Equities, while IEMG is Emerging Markets Diversified. FPA tracks NASDAQ AlphaDEX Asia Pacific Ex-Japan Index, while IEMG tracks MSCI Emerging Markets Investable Market Index (USD) (Net). They also come from different issuers: First Trust and iShares. Their fees differ too: 0.80% for FPA and 0.09% for IEMG.

Which has better risk-adjusted returns?

IEMG currently has the higher Sharpe Ratio (1.71 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.