FPA vs. MEMX
FPA (First Trust Asia Pacific ex-Japan AlphaDEX Fund) and MEMX (Matthews Emerging Markets Ex China Active ETF) are both exchange-traded funds - FPA is a Asia Pacific Equities fund tracking the NASDAQ AlphaDEX Asia Pacific Ex-Japan Index, while MEMX is a Emerging Markets Diversified fund actively managed by Matthews. FPA is passively managed, while MEMX is actively managed. Over the past 3 years, FPA returned 29.68%/yr vs 24.90%/yr for MEMX. A 0.66 correlation means they provide meaningful diversification when combined. FPA charges 0.80%/yr vs 0.79%/yr for MEMX.
Performance
FPA vs. MEMX - 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 MEMX's 29.81% 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%
MEMX
- 1D
- 0.55%
- 1M
- 5.01%
- YTD
- 29.81%
- 6M
- 38.48%
- 1Y
- 63.43%
- 3Y*
- 24.90%
- 5Y*
- —
- 10Y*
- —
FPA vs. MEMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund | 47.02% | 43.16% | 3.95% | 7.12% |
MEMX Matthews Emerging Markets Ex China Active ETF | 29.81% | 35.88% | 5.50% | 11.33% |
Correlation
The correlation between FPA and MEMX is 0.73, 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 | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2023 | 0.66 |
The correlation between FPA and MEMX has been stable across timeframes, ranging from 0.66 to 0.73 - a consistent structural relationship.
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Return for Risk
FPA vs. MEMX — Risk / Return Rank
FPA
MEMX
FPA vs. MEMX - 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 Matthews Emerging Markets Ex China Active ETF (MEMX). 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 | MEMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.21 | ||
| Sortino ratioReturn per unit of downside risk | -0.24 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.47 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 4.32 | 4.16 | +0.16 |
| Martin ratioReturn relative to average drawdown | 14.88 | 15.97 | -1.09 |
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Drawdowns
FPA vs. MEMX - Drawdown Comparison
The maximum FPA drawdown since its inception was -52.91%, which is greater than MEMX's maximum drawdown of -19.27%. Use the drawdown chart below to compare losses from any high point for FPA and MEMX.
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Drawdown Indicators
| FPA | MEMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.91% | -19.27% | -33.64% |
Max Drawdown (1Y)Largest decline over 1 year | -15.37% | -14.70% | -0.67% |
Max Drawdown (3Y)Largest decline over 3 years | -20.66% | -19.27% | -1.39% |
Max Drawdown (5Y)Largest decline over 5 years | -34.54% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -52.91% | — | — |
Current DrawdownCurrent decline from peak | -6.94% | -3.40% | -3.54% |
Average DrawdownAverage peak-to-trough decline | -13.47% | -3.50% | -9.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.46% | 3.83% | +0.63% |
Volatility
FPA vs. MEMX - Volatility Comparison
First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA) has a higher volatility of 14.55% compared to Matthews Emerging Markets Ex China Active ETF (MEMX) at 11.94%. This indicates that FPA's price experiences larger fluctuations and is considered to be riskier than MEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FPA | MEMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.55% | 11.94% | +2.61% |
Volatility (6M)Calculated over the trailing 6-month period | 24.45% | 21.24% | +3.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.61% | 23.42% | +4.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.43% | 17.73% | +6.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.63% | 17.73% | +4.90% |
FPA vs. MEMX - Expense Ratio Comparison
FPA has a 0.80% expense ratio, which is higher than MEMX's 0.79% expense ratio.
Dividends
FPA vs. MEMX - Dividend Comparison
FPA's dividend yield for the trailing twelve months is around 3.63%, less than MEMX's 3.76% 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% |
MEMX Matthews Emerging Markets Ex China Active ETF | 3.76% | 4.88% | 0.99% | 1.13% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FPA and MEMX have a correlation of 0.73, 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 MEMX (11.94%). In terms of maximum drawdown, FPA dropped -52.91% vs MEMX's -19.27%.
On 3-year performance, FPA leads with 29.68% vs 24.90% for MEMX. On fees, MEMX is cheaper at 0.79% per year. On volatility, MEMX has been the lower-risk option at 11.94%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, FPA has performed better with a 29.68% return vs 24.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MEMX is cheaper with a 0.79% expense ratio, compared with 0.80% for FPA.
MEMX has the higher dividend yield at 3.76%, compared with 3.63% for FPA.
FPA is categorized as Asia Pacific Equities, while MEMX is Emerging Markets Diversified. They also come from different issuers: First Trust and Matthews. Their fees differ too: 0.80% for FPA and 0.79% for MEMX.
MEMX currently has the higher Sharpe Ratio (2.61 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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