FPA vs. MKOR

Last updated Aug 2, 2026

FPA (First Trust Asia Pacific ex-Japan AlphaDEX Fund) and MKOR (Matthews Korea Active ETF) are both exchange-traded funds - FPA is a Asia Pacific Equities fund tracking the NASDAQ AlphaDEX Asia Pacific Ex-Japan Index, while MKOR is a South Korea Equities fund actively managed by Matthews. FPA is passively managed, while MKOR is actively managed. Over the past 3 years, FPA returned 20.19%/yr vs 29.91%/yr for MKOR. Their 0.76 correlation means they have sometimes moved together and sometimes differently. FPA charges 0.80%/yr vs 0.79%/yr for MKOR.

Performance

FPA vs. MKOR - 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 Matthews Korea Active ETF (MKOR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FPA achieves a 20.38% return, which is significantly lower than MKOR's 55.62% return.

FPA

• 1D: -1.70%
• 1M: -12.59%
• 6M: 3.07%
• YTD: 20.38%
• 1Y: 31.34%
• 3Y*: 20.19%
• 5Y*: 9.35%
• 10Y*: 7.79%
• ALL TIME*: 5.65%

MKOR

• 1D: -0.76%
• 1M: -12.41%
• 6M: 23.47%
• YTD: 55.62%
• 1Y: 103.69%
• 3Y*: 29.91%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 29.17%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund	$239.16K	$447.30K	$694.81K
MKOR Matthews Korea Active ETF	$718.06K	$1.21M	$1.53M

FPA vs. MKOR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund	20.38%	43.16%	3.95%	-1.21%
MKOR Matthews Korea Active ETF	55.62%	70.33%	-15.76%	-2.52%

Correlation

The correlation between FPA and MKOR is 0.87, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.87
Correlation (3Y) Balances recent behavior with more history.	0.77
Correlation (All Time) Calculated using the full available price history since Jul 17, 2023	0.76

The correlation between FPA and MKOR shifts across timeframes, from 0.76 (all time) to 0.87 (1 year), reflecting how their relationship changes across market environments.

FPA vs. MKOR - Sectors Allocation Comparison

Sectors	FPA	MKOR
Industrials	32.9%	24.6%
Technology	27.9%	51.5%
Financial Services	8.8%	10.1%
Consumer Cyclical	7.5%	6.8%
Real Estate	6.2%	-
Energy	4.9%	0.7%
Utilities	4.6%	0.6%
Basic Materials	3.7%	1.4%
Consumer Defensive	2.8%	1.7%
Communication Services	2.6%	2.4%
Healthcare	0.8%	1.6%

Return for Risk

FPA vs. MKOR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FPA

FPA Risk / Return Rank: 39
FPA Sharpe Ratio Rank: 40
FPA Sortino Ratio Rank: 39
FPA Omega Ratio Rank: 41
FPA Calmar Ratio Rank: 34
FPA Martin Ratio Rank: 39

MKOR

MKOR Risk / Return Rank: 85
MKOR Sharpe Ratio Rank: 89
MKOR Sortino Ratio Rank: 80
MKOR Omega Ratio Rank: 83
MKOR Calmar Ratio Rank: 86
MKOR Martin Ratio Rank: 86

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FPA vs. MKOR - 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 Korea Active ETF (MKOR). 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	MKOR	Difference
Sharpe ratio: Return per unit of total volatility	0.99	2.17	-1.18
Sortino ratio: Return per unit of downside risk	1.47	2.59	-1.12
Omega ratio: Gain probability vs. loss probability	1.20	1.35	-0.16
Calmar ratio: Return relative to maximum drawdown	1.18	3.34	-2.16
Martin ratio: Return relative to average drawdown	4.12	12.22	-8.10

FPA vs. MKOR - Sharpe Ratio Comparison

The current FPA Sharpe Ratio is 0.99, which is lower than the MKOR Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of FPA and MKOR, 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. MKOR - Drawdown Comparison

The maximum FPA drawdown since its inception was -52.91%, which is greater than MKOR's maximum drawdown of -29.42%. Use the drawdown chart below to compare losses from any high point for FPA and MKOR.

Drawdown Indicators

	FPA	MKOR	Difference
Max Drawdown Largest peak-to-trough decline	-52.91%	-29.42%	-23.49%
Max Drawdown (1Y) Largest decline over 1 year	-25.40%	-29.42%	+4.02%
Max Drawdown (3Y) Largest decline over 3 years	-25.40%	-29.42%	+4.02%
Max Drawdown (5Y) Largest decline over 5 years	-32.03%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-52.91%	—	—
Current Drawdown Current decline from peak	-23.80%	-24.50%	+0.70%
Average Drawdown Average peak-to-trough decline	-13.48%	-6.64%	-6.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.28%	8.02%	-0.74%

Volatility

FPA vs. MKOR - Volatility Comparison

The current volatility for First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA) is 10.93%, while Matthews Korea Active ETF (MKOR) has a volatility of 16.44%. This indicates that FPA experiences smaller price fluctuations and is considered to be less risky than MKOR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPA	MKOR	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.93%	16.44%	-5.51%
Volatility (6M) Calculated over the trailing 6-month period	28.24%	42.19%	-13.95%
Volatility (1Y) Calculated over the trailing 1-year period	30.44%	45.23%	-14.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.27%	30.56%	-5.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.98%	30.56%	-7.58%

FPA vs. MKOR - Expense Ratio Comparison

FPA has a 0.80% expense ratio, which is higher than MKOR's 0.79% expense ratio.

Dividends

FPA vs. MKOR - Dividend Comparison

FPA's dividend yield for the trailing twelve months is around 4.03%, more than MKOR's 1.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund	4.03%	4.71%	3.40%	3.02%	4.22%	5.12%	1.59%	3.90%	2.81%	3.15%	2.42%	1.74%
MKOR Matthews Korea Active ETF	1.69%	2.62%	5.28%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FPA and MKOR in my portfolio?

FPA and MKOR have a correlation of 0.87, 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 MKOR?

MKOR has higher volatility (16.44%) compared to FPA (10.93%). In terms of maximum drawdown, FPA dropped -52.91% vs MKOR's -29.42%.

Which ETF is better, FPA or MKOR?

On 3-year performance, MKOR leads with 29.91% vs 20.19% for FPA. On fees, MKOR is cheaper at 0.79% per year. On volatility, FPA has been the lower-risk option at 10.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FPA or MKOR?

Over the 3-year period, MKOR has performed better with a 29.91% return vs 20.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FPA or MKOR?

MKOR is cheaper with a 0.79% expense ratio, compared with 0.80% for FPA.

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

FPA has the higher dividend yield at 4.03%, compared with 1.69% for MKOR.

What is the main difference between FPA and MKOR?

FPA is categorized as Asia Pacific Equities, while MKOR is South Korea Equities. They also come from different issuers: First Trust and Matthews. Their fees differ too: 0.80% for FPA and 0.79% for MKOR.

Which has better risk-adjusted returns?

MKOR currently has the higher Sharpe Ratio (2.17 vs 0.99), 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.