FPXE.L vs. FBT.L

Last updated Jul 16, 2026

FPXE.L (First Trust IPOX Europe Equity Opportunities UCITS ETF) and FBT.L (First Trust NYSE Arca Biotechnology UCITS ETF Acc) are both exchange-traded funds - FPXE.L is a Europe Equities fund tracking the First Trust IPOX Europe Equity Opportunities UCITS ETF, while FBT.L is a Health & Biotech Equities fund tracking the NASDAQ Biotechnology TR USD. Both are passively managed. Over the past 5 years, FPXE.L returned 3.93%/yr vs 8.78%/yr for FBT.L. At a 0.44 correlation, their price movements are largely independent.

Performance

FPXE.L vs. FBT.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in First Trust IPOX Europe Equity Opportunities UCITS ETF (FPXE.L) and First Trust NYSE Arca Biotechnology UCITS ETF Acc (FBT.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FPXE.L achieves a 7.25% return, which is significantly lower than FBT.L's 17.27% return.

FPXE.L

• 1D: -1.63%
• 1M: -7.21%
• 6M: 5.78%
• YTD: 7.25%
• 1Y: 7.04%
• 3Y*: 15.00%
• 5Y*: 3.93%
• 10Y*: —

FBT.L

• 1D: -0.19%
• 1M: 8.27%
• 6M: 14.75%
• YTD: 17.27%
• 1Y: 49.02%
• 3Y*: 15.75%
• 5Y*: 8.78%
• 10Y*: —

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

FPXE.L vs. FBT.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FPXE.L First Trust IPOX Europe Equity Opportunities UCITS ETF	7.25%	14.93%	17.51%	8.62%	-27.20%	-6.75%
FBT.L First Trust NYSE Arca Biotechnology UCITS ETF Acc	17.27%	17.28%	6.52%	-1.81%	5.32%	-3.43%

Correlation

The correlation between FPXE.L and FBT.L is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (All Time) Calculated using the full available price history since Jun 22, 2021	0.44

Return for Risk

FPXE.L vs. FBT.L — Risk / Return Rank

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

FPXE.L

FPXE.L Risk / Return Rank: 18
FPXE.L Sharpe Ratio Rank: 17
FPXE.L Sortino Ratio Rank: 16
FPXE.L Omega Ratio Rank: 16
FPXE.L Calmar Ratio Rank: 20
FPXE.L Martin Ratio Rank: 22

FBT.L

FBT.L Risk / Return Rank: 82
FBT.L Sharpe Ratio Rank: 89
FBT.L Sortino Ratio Rank: 89
FBT.L Omega Ratio Rank: 84
FBT.L Calmar Ratio Rank: 82
FBT.L Martin Ratio Rank: 66

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.

FPXE.L vs. FBT.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust IPOX Europe Equity Opportunities UCITS ETF (FPXE.L) and First Trust NYSE Arca Biotechnology UCITS ETF Acc (FBT.L). 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.

	FPXE.L	FBT.L	Difference
Sharpe ratio: Return per unit of total volatility	0.40	2.34	-1.93
Sortino ratio: Return per unit of downside risk	0.71	3.34	-2.63
Omega ratio: Gain probability vs. loss probability	1.08	1.39	-0.31
Calmar ratio: Return relative to maximum drawdown	0.73	3.53	-2.80
Martin ratio: Return relative to average drawdown	2.17	9.57	-7.41

FPXE.L vs. FBT.L - Sharpe Ratio Comparison

The current FPXE.L Sharpe Ratio is 0.40, which is lower than the FBT.L Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of FPXE.L and FBT.L, 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

FPXE.L vs. FBT.L - Drawdown Comparison

The maximum FPXE.L drawdown since its inception was -38.82%, which is greater than FBT.L's maximum drawdown of -30.39%. Use the drawdown chart below to compare losses from any high point for FPXE.L and FBT.L.

Drawdown Indicators

	FPXE.L	FBT.L	Difference
Max Drawdown Largest peak-to-trough decline	-38.82%	-30.39%	-8.43%
Max Drawdown (1Y) Largest decline over 1 year	-9.55%	-13.81%	+4.26%
Max Drawdown (3Y) Largest decline over 3 years	-21.19%	-24.59%	+3.40%
Max Drawdown (5Y) Largest decline over 5 years	-37.41%	-24.59%	-12.82%
Current Drawdown Current decline from peak	-9.22%	-4.56%	-4.66%
Average Drawdown Average peak-to-trough decline	-17.11%	-13.21%	-3.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.24%	5.11%	-1.87%

Volatility

FPXE.L vs. FBT.L - Volatility Comparison

First Trust IPOX Europe Equity Opportunities UCITS ETF (FPXE.L) and First Trust NYSE Arca Biotechnology UCITS ETF Acc (FBT.L) have volatilities of 6.06% and 6.25%, 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.

Volatility by Period

	FPXE.L	FBT.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.06%	6.25%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	15.30%	15.78%	-0.48%
Volatility (1Y) Calculated over the trailing 1-year period	17.47%	20.92%	-3.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.50%	23.80%	-5.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.29%	3,210.80%	-3,191.51%

Dividends

FPXE.L vs. FBT.L - Dividend Comparison

Neither FPXE.L nor FBT.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FPXE.L and FBT.L in my portfolio?

FPXE.L and FBT.L have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between FPXE.L and FBT.L?

FPXE.L is categorized as Europe Equities, while FBT.L is Health & Biotech Equities. FPXE.L tracks First Trust IPOX Europe Equity Opportunities UCITS ETF, while FBT.L tracks NASDAQ Biotechnology TR USD.