FPA vs. VOO

Last updated Jun 14, 2026

FPA (First Trust Asia Pacific ex-Japan AlphaDEX Fund) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - FPA is a Asia Pacific Equities fund tracking the NASDAQ AlphaDEX Asia Pacific Ex-Japan Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, FPA returned 11.11%/yr vs 15.50%/yr for VOO. A 0.55 correlation means they provide meaningful diversification when combined. FPA charges 0.80%/yr vs 0.03%/yr for VOO.

Performance

FPA vs. VOO - 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 Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FPA achieves a 47.02% return, which is significantly higher than VOO's 9.08% return. Over the past 10 years, FPA has underperformed VOO with an annualized return of 11.11%, while VOO has yielded a comparatively higher 15.50% annualized 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%

VOO

• 1D: 0.55%
• 1M: 0.37%
• YTD: 9.08%
• 6M: 9.44%
• 1Y: 25.76%
• 3Y*: 20.95%
• 5Y*: 13.43%
• 10Y*: 15.50%

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

FPA vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund	47.02%	43.16%	3.95%	9.97%	-14.55%	2.98%	13.43%	8.91%	-21.91%	35.81%
VOO Vanguard S&P 500 ETF	9.08%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between FPA and VOO is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since Apr 20, 2011	0.55

The correlation between FPA and VOO has been stable across timeframes, ranging from 0.50 to 0.58 - a consistent structural relationship.

FPA vs. VOO - Sectors Allocation Comparison

Sectors	FPA	VOO
Industrials	32.7%	8.0%
Technology	25.2%	35.6%
Consumer Cyclical	9.3%	10.1%
Financial Services	8.6%	11.6%
Real Estate	6.2%	1.9%
Energy	5.4%	3.5%
Utilities	5.1%	2.8%
Basic Materials	4.2%	1.8%
Consumer Defensive	2.7%	4.9%
Communication Services	2.6%	11.1%
Healthcare	0.8%	8.5%

Return for Risk

FPA vs. VOO — Risk / Return Rank

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

FPA

FPA Risk / Return Rank: 83
FPA Sharpe Ratio Rank: 85
FPA Sortino Ratio Rank: 78
FPA Omega Ratio Rank: 81
FPA Calmar Ratio Rank: 87
FPA Martin Ratio Rank: 84

VOO

VOO Risk / Return Rank: 70
VOO Sharpe Ratio Rank: 71
VOO Sortino Ratio Rank: 69
VOO Omega Ratio Rank: 71
VOO Calmar Ratio Rank: 63
VOO Martin Ratio Rank: 76

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. VOO - 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 Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	2.41	1.99	+0.41
Sortino ratio: Return per unit of downside risk	3.02	2.70	+0.32
Omega ratio: Gain probability vs. loss probability	1.42	1.36	+0.06
Calmar ratio: Return relative to maximum drawdown	4.32	2.75	+1.57
Martin ratio: Return relative to average drawdown	14.88	12.42	+2.46

FPA vs. VOO - Sharpe Ratio Comparison

The current FPA Sharpe Ratio is 2.41, which is comparable to the VOO Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of FPA and VOO, 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. VOO - Drawdown Comparison

The maximum FPA drawdown since its inception was -52.91%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for FPA and VOO.

Drawdown Indicators

	FPA	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-52.91%	-33.99%	-18.92%
Max Drawdown (1Y) Largest decline over 1 year	-15.37%	-8.90%	-6.47%
Max Drawdown (3Y) Largest decline over 3 years	-20.66%	-18.69%	-1.97%
Max Drawdown (5Y) Largest decline over 5 years	-34.54%	-24.52%	-10.02%
Max Drawdown (10Y) Largest decline over 10 years	-52.91%	-33.99%	-18.92%
Current Drawdown Current decline from peak	-6.94%	-2.34%	-4.60%
Average Drawdown Average peak-to-trough decline	-13.47%	-3.68%	-9.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.46%	1.97%	+2.49%

Volatility

FPA vs. VOO - Volatility Comparison

First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA) has a higher volatility of 14.55% compared to Vanguard S&P 500 ETF (VOO) at 4.34%. This indicates that FPA's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPA	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.55%	4.34%	+10.21%
Volatility (6M) Calculated over the trailing 6-month period	24.45%	9.58%	+14.87%
Volatility (1Y) Calculated over the trailing 1-year period	27.61%	12.27%	+15.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.43%	16.88%	+7.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.63%	18.03%	+4.60%

FPA vs. VOO - Expense Ratio Comparison

FPA has a 0.80% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

FPA vs. VOO - Dividend Comparison

FPA's dividend yield for the trailing twelve months is around 3.63%, more than VOO's 1.05% 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%
VOO Vanguard S&P 500 ETF	1.05%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both FPA and VOO in my portfolio?

FPA and VOO have a correlation of 0.58, 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 VOO?

FPA has higher volatility (14.55%) compared to VOO (4.34%). In terms of maximum drawdown, FPA dropped -52.91% vs VOO's -33.99%.

Which ETF is better, FPA or VOO?

On 10-year performance, VOO leads with 15.50% vs 11.11% for FPA. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 4.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FPA or VOO?

Over the 10-year period, VOO has performed better with a 15.50% return vs 11.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FPA or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.80% for FPA.

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

FPA has the higher dividend yield at 3.63%, compared with 1.05% for VOO.

What is the main difference between FPA and VOO?

FPA is categorized as Asia Pacific Equities, while VOO is S&P 500. FPA tracks NASDAQ AlphaDEX Asia Pacific Ex-Japan Index, while VOO tracks S&P 500 Index. They also come from different issuers: First Trust and Vanguard. Their fees differ too: 0.80% for FPA and 0.03% for VOO.

Which has better risk-adjusted returns?

FPA currently has the higher Sharpe Ratio (2.41 vs 1.99), 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.