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FPXE vs. EWU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FPXE vs. EWU

Last updated Jun 4, 2026

FPXE (First Trust IPOX Europe Equity Opportunities ETF) and EWU (iShares MSCI United Kingdom ETF) are both Europe Equities funds - FPXE tracks the IPOX 100 Europe Index while EWU tracks the MSCI United Kingdom Index. Both are passively managed. Over the past 5 years, FPXE returned 5.11%/yr vs 10.64%/yr for EWU. A 0.62 correlation means they provide meaningful diversification when combined. FPXE charges 0.70%/yr vs 0.50%/yr for EWU.

Performance

FPXE vs. EWU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust IPOX Europe Equity Opportunities ETF (FPXE) and iShares MSCI United Kingdom ETF (EWU). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FPXE achieves a 14.30% return, which is significantly higher than EWU's 5.55% return.

FPXE

1D
-0.81%
1M
7.42%
YTD
14.30%
6M
16.85%
1Y
20.71%
3Y*
20.83%
5Y*
5.11%
10Y*
—

EWU

1D
-1.09%
1M
-0.00%
YTD
5.55%
6M
8.87%
1Y
20.53%
3Y*
17.10%
5Y*
10.64%
10Y*
7.75%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FPXE vs. EWU - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
FPXE
First Trust IPOX Europe Equity Opportunities ETF		14.30%24.46%16.31%14.45%-35.13%9.00%35.00%34.55%-14.93%
EWU
iShares MSCI United Kingdom ETF		5.55%34.95%6.74%12.40%-4.39%18.19%-11.80%21.29%-10.56%

Correlation

The correlation between FPXE and EWU is 0.71, 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

0.71

Correlation (3Y)
Calculated over the trailing 3-year period

0.70

Correlation (5Y)
Calculated over the trailing 5-year period

0.71

Correlation (All Time)
Calculated using the full available price history since Oct 8, 2018

0.62

The correlation between FPXE and EWU has been stable across timeframes, ranging from 0.62 to 0.71 - a consistent structural relationship.

FPXE vs. EWU - Sectors Allocation Comparison

Sectors
FPXE
EWU

Industrials

24.6%
12.1%

Healthcare

19.7%
13.9%

Consumer Cyclical

13.6%
4.0%

Technology

12.5%
0.6%

Financial Services

11.5%
26.0%

Basic Materials

8.2%
9.3%

Communication Services

2.6%
2.4%

Utilities

2.6%
5.1%

Energy

2.0%
11.0%

Real Estate

1.6%
0.6%

Consumer Defensive

1.0%
14.2%

Industrials

FPXE
24.6%
EWU
12.1%

Healthcare

FPXE
19.7%
EWU
13.9%

Consumer Cyclical

FPXE
13.6%
EWU
4.0%

Technology

FPXE
12.5%
EWU
0.6%

Financial Services

FPXE
11.5%
EWU
26.0%

Basic Materials

FPXE
8.2%
EWU
9.3%

Communication Services

FPXE
2.6%
EWU
2.4%

Utilities

FPXE
2.6%
EWU
5.1%

Energy

FPXE
2.0%
EWU
11.0%

Real Estate

FPXE
1.6%
EWU
0.6%

Consumer Defensive

FPXE
1.0%
EWU
14.2%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

First Trust IPOX Europe Equity Opportunities ETF

iShares MSCI United Kingdom ETF

Often compared with FPXE:
FPXE vs. FPXIFPXE vs. SMHFPXE vs. LVHIFPXE vs. SPYFPXE vs. VEUR.LFPXE vs. SPOTFPXE vs. FLEU
Often compared with EWU:
EWU vs. FLGBEWU vs. EWUSEWU vs. SPYEWU vs. FEZEWU vs. FKUEWU vs. BNDWEWU vs. VOO

Return for Risk

FPXE vs. EWU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FPXE
FPXE Risk / Return Rank: 3434
Overall Rank
FPXE Sharpe Ratio Rank: 3232
Sharpe Ratio Rank
FPXE Sortino Ratio Rank: 3333
Sortino Ratio Rank
FPXE Omega Ratio Rank: 3131
Omega Ratio Rank
FPXE Calmar Ratio Rank: 3737
Calmar Ratio Rank
FPXE Martin Ratio Rank: 3737
Martin Ratio Rank
EWU
EWU Risk / Return Rank: 4141
Overall Rank
EWU Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
EWU Sortino Ratio Rank: 3939
Sortino Ratio Rank
EWU Omega Ratio Rank: 3939
Omega Ratio Rank
EWU Calmar Ratio Rank: 4242
Calmar Ratio Rank
EWU Martin Ratio Rank: 4646
Martin Ratio Rank
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 vs. EWU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust IPOX Europe Equity Opportunities ETF (FPXE) and iShares MSCI United Kingdom ETF (EWU). 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.

FPXEEWUDifference
Sharpe ratioReturn per unit of total volatility
1.14
1.44

-0.29

Sortino ratioReturn per unit of downside risk
1.74
2.05

-0.31

Omega ratioGain probability vs. loss probability

1.21

1.26

-0.05

Calmar ratioReturn relative to maximum drawdown

1.84

2.08

-0.24

Martin ratioReturn relative to average drawdown

5.73

7.54

-1.81

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FPXE vs. EWU - Sharpe Ratio Comparison

The current FPXE Sharpe Ratio is 1.14, which is comparable to the EWU Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of FPXE and EWU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

FPXEEWUDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.14

1.44

-0.29

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.24

0.65

-0.41

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.41

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.45

0.26

+0.19

Drawdowns

FPXE vs. EWU - Drawdown Comparison

The maximum FPXE drawdown since its inception was -49.55%, smaller than the maximum EWU drawdown of -63.99%. Use the drawdown chart below to compare losses from any high point for FPXE and EWU.

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Drawdown Indicators

FPXEEWUDifference

Max Drawdown

Largest peak-to-trough decline

-49.55%

-63.99%

+14.44%

Max Drawdown (1Y)

Largest decline over 1 year

-11.33%

-9.92%

-1.41%

Max Drawdown (3Y)

Largest decline over 3 years

-19.28%

-12.63%

-6.65%

Max Drawdown (5Y)

Largest decline over 5 years

-49.55%

-24.91%

-24.64%

Max Drawdown (10Y)

Largest decline over 10 years

—

-43.33%

—

Current Drawdown

Current decline from peak

-1.12%

-4.64%

+3.52%

Average Drawdown

Average peak-to-trough decline

-14.69%

-14.16%

-0.53%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.62%

2.73%

+0.89%

Volatility

FPXE vs. EWU - Volatility Comparison

First Trust IPOX Europe Equity Opportunities ETF (FPXE) has a higher volatility of 6.87% compared to iShares MSCI United Kingdom ETF (EWU) at 5.56%. This indicates that FPXE's price experiences larger fluctuations and is considered to be riskier than EWU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FPXEEWUDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.87%

5.56%

+1.31%

Volatility (6M)

Calculated over the trailing 6-month period

15.69%

12.30%

+3.39%

Volatility (1Y)

Calculated over the trailing 1-year period

18.23%

14.39%

+3.84%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.71%

16.43%

+5.28%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.16%

18.84%

+3.32%

FPXE vs. EWU - Expense Ratio Comparison

FPXE has a 0.70% expense ratio, which is higher than EWU's 0.50% expense ratio.

Dividends

FPXE vs. EWU - Dividend Comparison

FPXE's dividend yield for the trailing twelve months is around 1.01%, less than EWU's 3.53% yield.

PositionTTM20252024202320222021202020192018201720162015
EWU
iShares MSCI United Kingdom ETF		3.53%3.73%4.16%4.14%3.43%4.35%2.48%4.13%4.98%3.91%3.97%4.11%
FPXE
First Trust IPOX Europe Equity Opportunities ETF		1.01%1.15%2.10%2.03%1.81%0.47%1.35%2.06%0.00%0.00%0.00%0.00%

Frequently Asked Questions

FPXE and EWU have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FPXE has higher volatility (6.87%) compared to EWU (5.56%). In terms of maximum drawdown, FPXE dropped -49.55% vs EWU's -63.99%.

On 5-year performance, EWU leads with 10.64% vs 5.11% for FPXE. On fees, EWU is cheaper at 0.50% per year. On volatility, EWU has been the lower-risk option at 5.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, EWU has performed better with a 10.64% return vs 5.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWU is cheaper with a 0.50% expense ratio, compared with 0.70% for FPXE.

EWU has the higher dividend yield at 3.53%, compared with 1.01% for FPXE.

FPXE tracks IPOX 100 Europe Index, while EWU tracks MSCI United Kingdom Index. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.70% for FPXE and 0.50% for EWU.

EWU currently has the higher Sharpe Ratio (1.44 vs 1.14), 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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