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FPXE vs. GRID
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FPXE vs. GRID

Last updated Jun 24, 2026

FPXE (First Trust IPOX Europe Equity Opportunities ETF) and GRID (First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund) are both exchange-traded funds - FPXE is a Europe Equities fund tracking the IPOX 100 Europe Index, while GRID is a Alternative Energy Equities fund tracking the Nasdaq Clean Edge Smart Grid Infrastructure Index. Both are passively managed. Over the past 5 years, FPXE returned 4.98%/yr vs 16.63%/yr for GRID. A 0.70 correlation means they provide meaningful diversification when combined. Both charge a 0.70% expense ratio.

Performance

FPXE vs. GRID - 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 NASDAQ Clean Edge Smart Grid Infrastructure Index Fund (GRID). 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 12.36% return, which is significantly lower than GRID's 23.40% return.

FPXE

1D
-2.62%
1M
-0.37%
YTD
12.36%
6M
11.77%
1Y
17.72%
3Y*
21.43%
5Y*
4.98%
10Y*
—

GRID

1D
-4.46%
1M
-1.96%
YTD
23.40%
6M
22.11%
1Y
42.41%
3Y*
24.21%
5Y*
16.63%
10Y*
19.95%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FPXE vs. GRID - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
FPXE
First Trust IPOX Europe Equity Opportunities ETF		12.36%24.46%16.31%14.45%-35.13%9.00%35.00%34.55%-14.89%
GRID
First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund		23.40%29.65%15.18%21.57%-13.89%27.65%48.84%42.80%-16.08%

Correlation

The correlation between FPXE and GRID is 0.79, 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

0.79

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

0.80

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

0.81

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

0.70

The correlation between FPXE and GRID shifts across timeframes, from 0.70 (all time) to 0.81 (5 years), reflecting how their relationship changes across market environments.

FPXE vs. GRID - Sectors Allocation Comparison

Sectors
FPXE
GRID

Industrials

22.4%
24.2%

Healthcare

19.0%

-

Technology

16.9%
12.5%

Consumer Cyclical

13.2%
2.3%

Financial Services

11.3%

-

Basic Materials

8.3%
0.0%

Communication Services

2.3%

-

Utilities

2.3%
3.9%

Energy

1.7%
1.6%

Real Estate

1.6%

-

Consumer Defensive

0.9%

-

Industrials

FPXE
22.4%
GRID
24.2%

Healthcare

FPXE
19.0%
GRID

-

Technology

FPXE
16.9%
GRID
12.5%

Consumer Cyclical

FPXE
13.2%
GRID
2.3%

Financial Services

FPXE
11.3%
GRID

-

Basic Materials

FPXE
8.3%
GRID
0.0%

Communication Services

FPXE
2.3%
GRID

-

Utilities

FPXE
2.3%
GRID
3.9%

Energy

FPXE
1.7%
GRID
1.6%

Real Estate

FPXE
1.6%
GRID

-

Consumer Defensive

FPXE
0.9%
GRID

-

Compare stocks, funds, or ETFs

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First Trust IPOX Europe Equity Opportunities ETF

First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund

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Often compared with GRID:
GRID vs. ICLNGRID vs. NLRGRID vs. VOOGRID vs. POWRGRID vs. VOLTGRID vs. FIWGRID vs. PAVE

Return for Risk

FPXE vs. GRID — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FPXE
FPXE Risk / Return Rank: 3030
Overall Rank
FPXE Sharpe Ratio Rank: 2727
Sharpe Ratio Rank
FPXE Sortino Ratio Rank: 2828
Sortino Ratio Rank
FPXE Omega Ratio Rank: 2727
Omega Ratio Rank
FPXE Calmar Ratio Rank: 3333
Calmar Ratio Rank
FPXE Martin Ratio Rank: 3535
Martin Ratio Rank
GRID
GRID Risk / Return Rank: 6565
Overall Rank
GRID Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
GRID Sortino Ratio Rank: 5757
Sortino Ratio Rank
GRID Omega Ratio Rank: 6060
Omega Ratio Rank
GRID Calmar Ratio Rank: 7474
Calmar Ratio Rank
GRID Martin Ratio Rank: 7272
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. GRID - 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 NASDAQ Clean Edge Smart Grid Infrastructure Index Fund (GRID). 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.

FPXEGRIDDifference
Sharpe ratioReturn per unit of total volatility
0.92
2.01

-1.09

Sortino ratioReturn per unit of downside risk
1.44
2.63

-1.19

Omega ratioGain probability vs. loss probability

1.17

1.35

-0.18

Calmar ratioReturn relative to maximum drawdown

1.57

3.63

-2.06

Martin ratioReturn relative to average drawdown

4.83

12.92

-8.09

FPXE vs. GRID - Sharpe Ratio Comparison

The current FPXE Sharpe Ratio is 0.92, which is lower than the GRID Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of FPXE and GRID, 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. GRID - Drawdown Comparison

The maximum FPXE drawdown since its inception was -49.55%, which is greater than GRID's maximum drawdown of -40.56%. Use the drawdown chart below to compare losses from any high point for FPXE and GRID.

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Drawdown Indicators

FPXEGRIDDifference

Max Drawdown

Largest peak-to-trough decline

-49.55%

-40.56%

-8.99%

Max Drawdown (1Y)

Largest decline over 1 year

-11.33%

-11.73%

+0.40%

Max Drawdown (3Y)

Largest decline over 3 years

-19.28%

-20.77%

+1.49%

Max Drawdown (5Y)

Largest decline over 5 years

-49.55%

-29.64%

-19.91%

Max Drawdown (10Y)

Largest decline over 10 years

—

-40.56%

—

Current Drawdown

Current decline from peak

-3.00%

-5.55%

+2.55%

Average Drawdown

Average peak-to-trough decline

-14.60%

-8.42%

-6.18%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.68%

3.29%

+0.39%

Volatility

FPXE vs. GRID - Volatility Comparison

The current volatility for First Trust IPOX Europe Equity Opportunities ETF (FPXE) is 7.44%, while First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund (GRID) has a volatility of 10.12%. This indicates that FPXE experiences smaller price fluctuations and is considered to be less risky than GRID based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FPXEGRIDDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.44%

10.12%

-2.68%

Volatility (6M)

Calculated over the trailing 6-month period

17.09%

18.23%

-1.14%

Volatility (1Y)

Calculated over the trailing 1-year period

19.42%

21.26%

-1.84%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.92%

21.37%

+0.55%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.23%

22.80%

-0.57%

FPXE vs. GRID - Expense Ratio Comparison

Both FPXE and GRID have an expense ratio of 0.70%.

Dividends

FPXE vs. GRID - Dividend Comparison

FPXE's dividend yield for the trailing twelve months is around 1.02%, more than GRID's 0.80% yield.

PositionTTM20252024202320222021202020192018201720162015
FPXE
First Trust IPOX Europe Equity Opportunities ETF		1.02%1.15%2.10%2.03%1.81%0.47%1.35%2.06%0.00%0.00%0.00%0.00%
GRID
First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund		0.80%1.01%1.06%1.23%1.26%0.63%0.68%1.26%1.28%1.07%1.07%1.23%

Frequently Asked Questions

FPXE and GRID have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GRID has higher volatility (10.12%) compared to FPXE (7.44%). In terms of maximum drawdown, FPXE dropped -49.55% vs GRID's -40.56%.

On 5-year performance, GRID leads with 16.63% vs 4.98% for FPXE. Both ETFs have the same 0.70% expense ratio. On volatility, FPXE has been the lower-risk option at 7.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, GRID has performed better with a 16.63% return vs 4.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FPXE and GRID have the same expense ratio: 0.70% per year.

FPXE has the higher dividend yield at 1.02%, compared with 0.80% for GRID.

FPXE is categorized as Europe Equities, while GRID is Alternative Energy Equities. FPXE tracks IPOX 100 Europe Index, while GRID tracks Nasdaq Clean Edge Smart Grid Infrastructure Index.

GRID currently has the higher Sharpe Ratio (2.01 vs 0.92), 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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