FPXE vs. VGK

Last updated Jun 4, 2026

FPXE (First Trust IPOX Europe Equity Opportunities ETF) and VGK (Vanguard FTSE Europe ETF) are both Europe Equities funds - FPXE tracks the IPOX 100 Europe Index while VGK tracks the FTSE Developed Europe All Cap Index. Both are passively managed. Over the past 5 years, FPXE returned 5.11%/yr vs 8.24%/yr for VGK. A 0.74 correlation means they provide meaningful diversification when combined. FPXE charges 0.70%/yr vs 0.06%/yr for VGK.

Performance

FPXE vs. VGK - Performance Comparison

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

Returns By Period

In the year-to-date period, FPXE achieves a 14.30% return, which is significantly higher than VGK's 5.62% return.

FPXE

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

VGK

• 1D: -1.19%
• 1M: 2.79%
• YTD: 5.62%
• 6M: 8.66%
• 1Y: 18.01%
• 3Y*: 16.32%
• 5Y*: 8.24%
• 10Y*: 9.26%

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

FPXE vs. VGK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
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%
VGK Vanguard FTSE Europe ETF	5.62%	35.83%	1.88%	20.19%	-15.98%	16.89%	5.43%	24.85%	-10.92%

Correlation

The correlation between FPXE and VGK is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since Oct 8, 2018	0.74

The correlation between FPXE and VGK has been stable across timeframes, ranging from 0.74 to 0.83 - a consistent structural relationship.

FPXE vs. VGK - Sectors Allocation Comparison

Sectors	FPXE	VGK
Industrials	24.6%	19.5%
Healthcare	19.7%	12.1%
Consumer Cyclical	13.6%	6.8%
Technology	12.5%	8.3%
Financial Services	11.5%	23.9%
Basic Materials	8.2%	5.4%
Communication Services	2.6%	3.3%
Utilities	2.6%	4.8%
Energy	2.0%	5.3%
Real Estate	1.6%	1.5%
Consumer Defensive	1.0%	8.5%

Return for Risk

FPXE vs. VGK — Risk / Return Rank

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

FPXE

FPXE Risk / Return Rank: 34
FPXE Sharpe Ratio Rank: 32
FPXE Sortino Ratio Rank: 33
FPXE Omega Ratio Rank: 31
FPXE Calmar Ratio Rank: 37
FPXE Martin Ratio Rank: 37

VGK

VGK Risk / Return Rank: 31
VGK Sharpe Ratio Rank: 31
VGK Sortino Ratio Rank: 31
VGK Omega Ratio Rank: 30
VGK Calmar Ratio Rank: 30
VGK Martin Ratio Rank: 35

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. VGK - Risk-Adjusted Trends Comparison

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

	FPXE	VGK	Difference
Sharpe ratio: Return per unit of total volatility	1.14	1.18	-0.03
Sortino ratio: Return per unit of downside risk	1.74	1.72	+0.02
Omega ratio: Gain probability vs. loss probability	1.21	1.21	0.00
Calmar ratio: Return relative to maximum drawdown	1.84	1.50	+0.34
Martin ratio: Return relative to average drawdown	5.73	5.56	+0.17
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. VGK - Sharpe Ratio Comparison

The current FPXE Sharpe Ratio is 1.14, which is comparable to the VGK Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of FPXE and VGK, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FPXE	VGK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.14	1.18	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	0.46	-0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.49	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.28	+0.18

Drawdowns

FPXE vs. VGK - Drawdown Comparison

The maximum FPXE drawdown since its inception was -49.55%, smaller than the maximum VGK drawdown of -63.61%. Use the drawdown chart below to compare losses from any high point for FPXE and VGK.

Drawdown Indicators

	FPXE	VGK	Difference
Max Drawdown Largest peak-to-trough decline	-49.55%	-63.61%	+14.06%
Max Drawdown (1Y) Largest decline over 1 year	-11.33%	-12.09%	+0.76%
Max Drawdown (3Y) Largest decline over 3 years	-19.28%	-14.31%	-4.97%
Max Drawdown (5Y) Largest decline over 5 years	-49.55%	-32.74%	-16.81%
Max Drawdown (10Y) Largest decline over 10 years	—	-37.24%	—
Current Drawdown Current decline from peak	-1.12%	-2.41%	+1.29%
Average Drawdown Average peak-to-trough decline	-14.69%	-13.34%	-1.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.62%	3.25%	+0.37%

Volatility

FPXE vs. VGK - Volatility Comparison

First Trust IPOX Europe Equity Opportunities ETF (FPXE) has a higher volatility of 6.87% compared to Vanguard FTSE Europe ETF (VGK) at 5.73%. This indicates that FPXE's price experiences larger fluctuations and is considered to be riskier than VGK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPXE	VGK	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.87%	5.73%	+1.14%
Volatility (6M) Calculated over the trailing 6-month period	15.69%	12.78%	+2.91%
Volatility (1Y) Calculated over the trailing 1-year period	18.23%	15.40%	+2.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.71%	17.90%	+3.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.16%	18.96%	+3.20%

FPXE vs. VGK - Expense Ratio Comparison

FPXE has a 0.70% expense ratio, which is higher than VGK's 0.06% expense ratio.

Dividends

FPXE vs. VGK - Dividend Comparison

FPXE's dividend yield for the trailing twelve months is around 1.01%, less than VGK's 2.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VGK Vanguard FTSE Europe ETF	2.82%	2.86%	3.61%	3.15%	3.25%	3.05%	2.11%	3.27%	3.95%	2.70%	3.52%	3.25%

Frequently Asked Questions

Can I hold both FPXE and VGK in my portfolio?

FPXE and VGK 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.

Which is riskier, FPXE or VGK?

FPXE has higher volatility (6.87%) compared to VGK (5.73%). In terms of maximum drawdown, FPXE dropped -49.55% vs VGK's -63.61%.

Which ETF is better, FPXE or VGK?

On 5-year performance, VGK leads with 8.24% vs 5.11% for FPXE. On fees, VGK is cheaper at 0.06% per year. On volatility, VGK has been the lower-risk option at 5.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FPXE or VGK?

Over the 5-year period, VGK has performed better with a 8.24% return vs 5.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FPXE or VGK?

VGK is cheaper with a 0.06% expense ratio, compared with 0.70% for FPXE.

Which ETF pays a higher dividend yield, FPXE or VGK?

VGK has the higher dividend yield at 2.82%, compared with 1.01% for FPXE.

What is the main difference between FPXE and VGK?

FPXE tracks IPOX 100 Europe Index, while VGK tracks FTSE Developed Europe All Cap Index. They also come from different issuers: First Trust and Vanguard. Their fees differ too: 0.70% for FPXE and 0.06% for VGK.

Which has better risk-adjusted returns?

VGK currently has the higher Sharpe Ratio (1.18 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.