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FPXE vs. FEP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FPXE vs. FEP

Last updated Aug 2, 2026
Documentation

FPXE (First Trust IPOX Europe Equity Opportunities ETF) and FEP (First Trust Europe AlphaDEX Fund) are both Europe Equities funds from First Trust - FPXE tracks the IPOX 100 Europe Index while FEP tracks the Defined Europe Index. Both are passively managed. Over the past 5 years, FPXE returned 2.28%/yr vs 10.19%/yr for FEP. Their 0.72 correlation means they have sometimes moved together and sometimes differently. FPXE charges 0.70%/yr vs 0.80%/yr for FEP.

Performance

FPXE vs. FEP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust IPOX Europe Equity Opportunities ETF (FPXE) and First Trust Europe AlphaDEX Fund (FEP). 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 5.85% return, which is significantly lower than FEP's 11.59% return.

FPXE

1D
-0.30%
1M
-4.48%
6M
2.65%
YTD
5.85%
1Y
8.18%
3Y*
15.91%
5Y*
2.28%
10Y*
—
ALL TIME*
8.68%

FEP

1D
-0.14%
1M
2.41%
6M
5.11%
YTD
11.59%
1Y
28.08%
3Y*
22.63%
5Y*
10.19%
10Y*
10.76%
ALL TIME*
7.19%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

FEP

First Trust Europe AlphaDEX Fund
$974.88K$1.10M$1.43M

FPXE

First Trust IPOX Europe Equity Opportunities ETF
$9.85K$12.44K$27.30K

FPXE vs. FEP - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
FPXE
First Trust IPOX Europe Equity Opportunities ETF		5.85%24.46%16.31%14.45%-35.13%9.00%35.00%34.55%-14.89%
FEP
First Trust Europe AlphaDEX Fund		11.59%55.72%3.38%16.85%-22.97%17.03%4.12%24.83%-17.05%

Correlation

The correlation between FPXE and FEP is 0.83, 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.

0.83

Correlation (3Y)
Balances recent behavior with more history.

0.76

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.80

Correlation (All Time)
Calculated using the full available price history since Oct 5, 2018

0.72

The correlation between FPXE and FEP shifts across timeframes, from 0.72 (all time) to 0.83 (1 year), reflecting how their relationship changes across market environments.

FPXE vs. FEP - Sectors Allocation Comparison

Sectors
FPXE
FEP

Technology

20.0%
3.2%

Industrials

19.7%
26.5%

Healthcare

17.3%
5.1%

Financial Services

14.1%
10.4%

Consumer Cyclical

11.8%
10.5%

Basic Materials

7.5%
10.5%

Energy

3.6%
9.8%

Communication Services

2.1%
3.6%

Consumer Defensive

1.9%
8.3%

Utilities

1.5%
7.0%

Real Estate

0.7%
5.1%

Technology

FPXE
20.0%
FEP
3.2%

Industrials

FPXE
19.7%
FEP
26.5%

Healthcare

FPXE
17.3%
FEP
5.1%

Financial Services

FPXE
14.1%
FEP
10.4%

Consumer Cyclical

FPXE
11.8%
FEP
10.5%

Basic Materials

FPXE
7.5%
FEP
10.5%

Energy

FPXE
3.6%
FEP
9.8%

Communication Services

FPXE
2.1%
FEP
3.6%

Consumer Defensive

FPXE
1.9%
FEP
8.3%

Utilities

FPXE
1.5%
FEP
7.0%

Real Estate

FPXE
0.7%
FEP
5.1%

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

First Trust Europe AlphaDEX Fund

Often compared with FPXE:
FPXE vs. FPXIFPXE vs. SMHFPXE vs. SPYFPXE vs. LVHIFPXE vs. SPOTFPXE vs. VEUR.LFPXE vs. FLEU
Often compared with FEP:
FEP vs. DFEFEP vs. FEUZFEP vs. HEDJFEP vs. DWMFFEP vs. QYLDFEP vs. DBEUFEP vs. VGK

Return for Risk

FPXE vs. FEP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
FPXE
FPXE Risk / Return Rank: 2020
Overall Rank
FPXE Sharpe Ratio Rank: 1919
Sharpe Ratio Rank
FPXE Sortino Ratio Rank: 1919
Sortino Ratio Rank
FPXE Omega Ratio Rank: 1919
Omega Ratio Rank
FPXE Calmar Ratio Rank: 2222
Calmar Ratio Rank
FPXE Martin Ratio Rank: 2222
Martin Ratio Rank
FEP
FEP Risk / Return Rank: 7070
Overall Rank
FEP Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
FEP Sortino Ratio Rank: 7171
Sortino Ratio Rank
FEP Omega Ratio Rank: 7070
Omega Ratio Rank
FEP Calmar Ratio Rank: 6666
Calmar Ratio Rank
FEP Martin Ratio Rank: 7070
Martin Ratio Rank
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.

FPXE vs. FEP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust IPOX Europe Equity Opportunities ETF (FPXE) and First Trust Europe AlphaDEX Fund (FEP). 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.

FPXEFEPDifference
Sharpe ratioReturn per unit of total volatility
0.35
1.63

-1.28

Sortino ratioReturn per unit of downside risk
0.66
2.29

-1.64

Omega ratioGain probability vs. loss probability

1.08

1.29

-0.22

Calmar ratioReturn relative to maximum drawdown

0.62

2.28

-1.66

Martin ratioReturn relative to average drawdown

1.64

8.53

-6.90

FPXE vs. FEP - Sharpe Ratio Comparison

The current FPXE Sharpe Ratio is 0.35, which is lower than the FEP Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of FPXE and FEP, 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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Drawdowns

FPXE vs. FEP - Drawdown Comparison

The maximum FPXE drawdown since its inception was -49.55%, which is greater than FEP's maximum drawdown of -46.05%. Use the drawdown chart below to compare losses from any high point for FPXE and FEP.

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Drawdown Indicators

FPXEFEPDifference

Max Drawdown

Largest peak-to-trough decline

-49.55%

-46.05%

-3.50%

Max Drawdown (1Y)

Largest decline over 1 year

-11.33%

-12.13%

+0.80%

Max Drawdown (3Y)

Largest decline over 3 years

-19.28%

-15.83%

-3.45%

Max Drawdown (5Y)

Largest decline over 5 years

-49.55%

-38.99%

-10.56%

Max Drawdown (10Y)

Largest decline over 10 years

—

-46.05%

—

Current Drawdown

Current decline from peak

-8.62%

-0.14%

-8.48%

Average Drawdown

Average peak-to-trough decline

-14.50%

-11.92%

-2.58%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.30%

3.24%

+1.06%

Volatility

FPXE vs. FEP - Volatility Comparison

First Trust IPOX Europe Equity Opportunities ETF (FPXE) has a higher volatility of 6.73% compared to First Trust Europe AlphaDEX Fund (FEP) at 3.97%. This indicates that FPXE's price experiences larger fluctuations and is considered to be riskier than FEP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FPXEFEPDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.73%

3.97%

+2.76%

Volatility (6M)

Calculated over the trailing 6-month period

18.19%

14.75%

+3.44%

Volatility (1Y)

Calculated over the trailing 1-year period

20.22%

16.97%

+3.25%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.05%

19.67%

+2.38%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.23%

20.19%

+2.04%

FPXE vs. FEP - Expense Ratio Comparison

FPXE has a 0.70% expense ratio, which is lower than FEP's 0.80% expense ratio.

Dividends

FPXE vs. FEP - Dividend Comparison

FPXE's dividend yield for the trailing twelve months is around 1.45%, less than FEP's 2.71% yield.

PositionTTM20252024202320222021202020192018201720162015
FEP
First Trust Europe AlphaDEX Fund		2.71%3.33%4.94%3.27%3.00%3.49%2.32%2.63%2.62%1.65%2.14%2.20%
FPXE
First Trust IPOX Europe Equity Opportunities ETF		1.45%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 FEP have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FPXE has higher volatility (6.73%) compared to FEP (3.97%). In terms of maximum drawdown, FPXE dropped -49.55% vs FEP's -46.05%.

On 5-year performance, FEP leads with 10.19% vs 2.28% for FPXE. On fees, FPXE is cheaper at 0.70% per year. On volatility, FEP has been the lower-risk option at 3.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, FEP has performed better with a 10.19% return vs 2.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FPXE is cheaper with a 0.70% expense ratio, compared with 0.80% for FEP.

FEP has the higher dividend yield at 2.71%, compared with 1.45% for FPXE.

FPXE tracks IPOX 100 Europe Index, while FEP tracks Defined Europe Index. Their fees differ too: 0.70% for FPXE and 0.80% for FEP.

FEP currently has the higher Sharpe Ratio (1.63 vs 0.35), 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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