FPXI vs. FPXE

Last updated Aug 2, 2026

FPXI (First Trust International Equity Opportunities ETF) and FPXE (First Trust IPOX Europe Equity Opportunities ETF) are both exchange-traded funds - FPXI is a Foreign Large Cap Equities fund tracking the IPOX International Index, while FPXE is a Europe Equities fund tracking the IPOX 100 Europe Index. Both are passively managed. Over the past 5 years, FPXI returned 1.52%/yr vs 2.28%/yr for FPXE. Their 0.73 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.70% expense ratio.

Performance

FPXI vs. FPXE - Performance Comparison

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

Returns By Period

In the year-to-date period, FPXI achieves a 16.35% return, which is significantly higher than FPXE's 5.85% return.

FPXI

• 1D: 0.37%
• 1M: -11.41%
• 6M: 7.34%
• YTD: 16.35%
• 1Y: 27.53%
• 3Y*: 18.20%
• 5Y*: 1.52%
• 10Y*: 11.20%
• ALL TIME*: 8.36%

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%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FPXE First Trust IPOX Europe Equity Opportunities ETF	$9.85K	$12.44K	$27.30K
FPXI First Trust International Equity Opportunities ETF	$2.77M	$3.96M	$4.56M

FPXI vs. FPXE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FPXI First Trust International Equity Opportunities ETF	16.35%	26.37%	12.62%	9.56%	-31.83%	-15.73%	71.50%	33.69%	-9.93%
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%

Correlation

The correlation between FPXI and FPXE is 0.81, 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.	0.81
Correlation (3Y) Balances recent behavior with more history.	0.83
Correlation (5Y) Shows whether the relationship held over a longer period.	0.82
Correlation (All Time) Calculated using the full available price history since Oct 5, 2018	0.73

The correlation between FPXI and FPXE has been stable across timeframes, ranging from 0.73 to 0.83 - a consistent structural relationship.

FPXI vs. FPXE - Sectors Allocation Comparison

Sectors	FPXI	FPXE
Technology	42.9%	20.0%
Industrials	21.0%	19.7%
Healthcare	9.1%	17.3%
Basic Materials	6.6%	7.5%
Consumer Cyclical	6.3%	11.8%
Financial Services	6.2%	14.1%
Energy	3.7%	3.6%
Consumer Defensive	2.2%	1.9%
Communication Services	1.3%	2.1%
Utilities	0.7%	1.5%
Real Estate	0.5%	0.7%

Return for Risk

FPXI vs. FPXE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FPXI

FPXI Risk / Return Rank: 35
FPXI Sharpe Ratio Rank: 35
FPXI Sortino Ratio Rank: 36
FPXI Omega Ratio Rank: 35
FPXI Calmar Ratio Rank: 32
FPXI Martin Ratio Rank: 38

FPXE

FPXE Risk / Return Rank: 20
FPXE Sharpe Ratio Rank: 19
FPXE Sortino Ratio Rank: 19
FPXE Omega Ratio Rank: 19
FPXE Calmar Ratio Rank: 22
FPXE Martin Ratio Rank: 22

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.

FPXI vs. FPXE - Risk-Adjusted Trends Comparison

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

	FPXI	FPXE	Difference
Sharpe ratio: Return per unit of total volatility	0.86	0.35	+0.51
Sortino ratio: Return per unit of downside risk	1.34	0.66	+0.68
Omega ratio: Gain probability vs. loss probability	1.16	1.08	+0.09
Calmar ratio: Return relative to maximum drawdown	1.08	0.62	+0.46
Martin ratio: Return relative to average drawdown	3.95	1.64	+2.32

FPXI vs. FPXE - Sharpe Ratio Comparison

The current FPXI Sharpe Ratio is 0.86, which is higher than the FPXE Sharpe Ratio of 0.35. The chart below compares the historical Sharpe Ratios of FPXI and FPXE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FPXI vs. FPXE - Drawdown Comparison

The maximum FPXI drawdown since its inception was -55.78%, which is greater than FPXE's maximum drawdown of -49.55%. Use the drawdown chart below to compare losses from any high point for FPXI and FPXE.

Drawdown Indicators

	FPXI	FPXE	Difference
Max Drawdown Largest peak-to-trough decline	-55.78%	-49.55%	-6.23%
Max Drawdown (1Y) Largest decline over 1 year	-24.12%	-11.33%	-12.79%
Max Drawdown (3Y) Largest decline over 3 years	-24.12%	-19.28%	-4.84%
Max Drawdown (5Y) Largest decline over 5 years	-50.75%	-49.55%	-1.20%
Max Drawdown (10Y) Largest decline over 10 years	-55.78%	—	—
Current Drawdown Current decline from peak	-20.48%	-8.62%	-11.86%
Average Drawdown Average peak-to-trough decline	-20.12%	-14.50%	-5.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.58%	4.30%	+2.28%

Volatility

FPXI vs. FPXE - Volatility Comparison

First Trust International Equity Opportunities ETF (FPXI) has a higher volatility of 13.35% compared to First Trust IPOX Europe Equity Opportunities ETF (FPXE) at 6.73%. This indicates that FPXI's price experiences larger fluctuations and is considered to be riskier than FPXE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPXI	FPXE	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.35%	6.73%	+6.62%
Volatility (6M) Calculated over the trailing 6-month period	27.34%	18.19%	+9.15%
Volatility (1Y) Calculated over the trailing 1-year period	30.34%	20.22%	+10.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.12%	22.05%	+1.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.90%	22.23%	-0.33%

FPXI vs. FPXE - Expense Ratio Comparison

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

Dividends

FPXI vs. FPXE - Dividend Comparison

FPXI's dividend yield for the trailing twelve months is around 0.68%, less than FPXE's 1.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
FPXI First Trust International Equity Opportunities ETF	0.68%	0.70%	0.93%	0.71%	1.13%	0.71%	0.18%	0.67%	1.75%	0.75%	2.09%	1.34%

Frequently Asked Questions

Can I hold both FPXI and FPXE in my portfolio?

FPXI and FPXE have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPXI or FPXE?

FPXI has higher volatility (13.35%) compared to FPXE (6.73%). In terms of maximum drawdown, FPXI dropped -55.78% vs FPXE's -49.55%.

Which ETF is better, FPXI or FPXE?

On 5-year performance, FPXE leads with 2.28% vs 1.52% for FPXI. Both ETFs have the same 0.70% expense ratio. On volatility, FPXE has been the lower-risk option at 6.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FPXI or FPXE?

Over the 5-year period, FPXE has performed better with a 2.28% return vs 1.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FPXI or FPXE?

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

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

FPXE has the higher dividend yield at 1.45%, compared with 0.68% for FPXI.

What is the main difference between FPXI and FPXE?

FPXI is categorized as Foreign Large Cap Equities, while FPXE is Europe Equities. FPXI tracks IPOX International Index, while FPXE tracks IPOX 100 Europe Index.

Which has better risk-adjusted returns?

FPXI currently has the higher Sharpe Ratio (0.86 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.