FPXE.L vs. IMIB.L
FPXE.L (First Trust IPOX Europe Equity Opportunities UCITS ETF Class A USD (Acc)) and IMIB.L (iShares FTSE MIB UCITS ETF EUR (Dist)) are both Europe Equities funds - FPXE.L tracks the IPOX 100 Europe Index while IMIB.L tracks the FTSE Italia AllShare TR EUR. Both are passively managed. Over the past 5 years, FPXE.L returned 3.62%/yr vs 21.06%/yr for IMIB.L. A 0.66 correlation means they provide meaningful diversification when combined. FPXE.L charges 0.65%/yr vs 0.35%/yr for IMIB.L.
Performance
FPXE.L vs. IMIB.L - Performance Comparison
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Returns By Period
In the year-to-date period, FPXE.L achieves a 5.67% return, which is significantly lower than IMIB.L's 15.82% return.
FPXE.L
- 1D
- -0.19%
- 1M
- -10.17%
- 6M
- 3.94%
- YTD
- 5.67%
- 1Y
- 4.66%
- 3Y*
- 13.93%
- 5Y*
- 3.62%
- 10Y*
- —
IMIB.L
- 1D
- -0.42%
- 1M
- -2.62%
- 6M
- 14.12%
- YTD
- 15.82%
- 1Y
- 32.64%
- 3Y*
- 26.97%
- 5Y*
- 21.06%
- 10Y*
- 15.57%
FPXE.L vs. IMIB.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
FPXE.L First Trust IPOX Europe Equity Opportunities UCITS ETF Class A USD (Acc) | 5.67% | 14.93% | 17.51% | 8.62% | -27.20% | -6.75% |
IMIB.L iShares FTSE MIB UCITS ETF EUR (Dist) | 15.82% | 43.78% | 13.17% | 30.55% | -3.59% | 7.03% |
Correlation
The correlation between FPXE.L and IMIB.L is 0.68, 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 | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2021 | 0.66 |
The correlation between FPXE.L and IMIB.L has been stable across timeframes, ranging from 0.63 to 0.68 - a consistent structural relationship.
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Return for Risk
FPXE.L vs. IMIB.L — Risk / Return Rank
FPXE.L
IMIB.L
FPXE.L vs. IMIB.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust IPOX Europe Equity Opportunities UCITS ETF Class A USD (Acc) (FPXE.L) and iShares FTSE MIB UCITS ETF EUR (Dist) (IMIB.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 | IMIB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.88 | ||
| Sortino ratioReturn per unit of downside risk | -2.41 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.38 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | 0.44 | 3.16 | -2.72 |
| Martin ratioReturn relative to average drawdown | 1.38 | 11.23 | -9.85 |
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Drawdowns
FPXE.L vs. IMIB.L - Drawdown Comparison
The maximum FPXE.L drawdown since its inception was -38.82%, smaller than the maximum IMIB.L drawdown of -70.29%. Use the drawdown chart below to compare losses from any high point for FPXE.L and IMIB.L.
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Drawdown Indicators
| FPXE.L | IMIB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.82% | -70.29% | +31.47% |
Max Drawdown (1Y)Largest decline over 1 year | -10.56% | -10.28% | -0.28% |
Max Drawdown (3Y)Largest decline over 3 years | -21.19% | -15.58% | -5.61% |
Max Drawdown (5Y)Largest decline over 5 years | -37.41% | -24.06% | -13.35% |
Max Drawdown (10Y)Largest decline over 10 years | — | -36.68% | — |
Current DrawdownCurrent decline from peak | -10.56% | -3.66% | -6.90% |
Average DrawdownAverage peak-to-trough decline | -17.10% | -33.77% | +16.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.37% | 2.90% | +0.47% |
Volatility
FPXE.L vs. IMIB.L - Volatility Comparison
First Trust IPOX Europe Equity Opportunities UCITS ETF Class A USD (Acc) (FPXE.L) has a higher volatility of 5.72% compared to iShares FTSE MIB UCITS ETF EUR (Dist) (IMIB.L) at 3.80%. This indicates that FPXE.L's price experiences larger fluctuations and is considered to be riskier than IMIB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FPXE.L | IMIB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.72% | 3.80% | +1.92% |
Volatility (6M)Calculated over the trailing 6-month period | 15.35% | 12.61% | +2.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.52% | 15.14% | +2.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.50% | 17.91% | +0.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.28% | 19.27% | +0.01% |
FPXE.L vs. IMIB.L - Expense Ratio Comparison
FPXE.L has a 0.65% expense ratio, which is higher than IMIB.L's 0.35% expense ratio.
Dividends
FPXE.L vs. IMIB.L - Dividend Comparison
FPXE.L has not paid dividends to shareholders, while IMIB.L's dividend yield for the trailing twelve months is around 3.78%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FPXE.L First Trust IPOX Europe Equity Opportunities UCITS ETF Class A USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IMIB.L iShares FTSE MIB UCITS ETF EUR (Dist) | 3.78% | 3.83% | 4.53% | 3.77% | 3.90% | 3.15% | 1.44% | 3.41% | 0.00% | 0.61% | 2.82% | 2.15% |
Frequently Asked Questions
FPXE.L and IMIB.L have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IMIB.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IMIB.L is cheaper with a 0.35% expense ratio, compared with 0.65% for FPXE.L.
FPXE.L tracks IPOX 100 Europe Index, while IMIB.L tracks FTSE Italia AllShare TR EUR. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.65% for FPXE.L and 0.35% for IMIB.L.
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