FPXI vs. VEA

Last updated Jun 4, 2026

FPXI (First Trust International Equity Opportunities ETF) and VEA (Vanguard FTSE Developed Markets ETF) are both Foreign Large Cap Equities funds - FPXI tracks the IPOX International Index while VEA tracks the FTSE Developed All Cap ex US Index. Both are passively managed. Over the past 10 years, FPXI returned 12.89%/yr vs 10.17%/yr for VEA. A 0.72 correlation means they provide meaningful diversification when combined. FPXI charges 0.70%/yr vs 0.03%/yr for VEA.

Performance

FPXI vs. VEA - Performance Comparison

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

Returns By Period

In the year-to-date period, FPXI achieves a 34.41% return, which is significantly higher than VEA's 14.92% return. Over the past 10 years, FPXI has outperformed VEA with an annualized return of 12.89%, while VEA has yielded a comparatively lower 10.17% annualized return.

FPXI

• 1D: -0.36%
• 1M: 13.37%
• YTD: 34.41%
• 6M: 33.60%
• 1Y: 49.62%
• 3Y*: 27.44%
• 5Y*: 4.04%
• 10Y*: 12.89%

VEA

• 1D: -0.90%
• 1M: 5.54%
• YTD: 14.92%
• 6M: 18.15%
• 1Y: 32.48%
• 3Y*: 19.77%
• 5Y*: 9.60%
• 10Y*: 10.17%

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

FPXI vs. VEA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FPXI First Trust International Equity Opportunities ETF	34.41%	26.37%	12.62%	9.56%	-31.83%	-15.73%	71.50%	33.69%	-13.07%	39.32%
VEA Vanguard FTSE Developed Markets ETF	14.92%	35.16%	3.15%	17.93%	-15.34%	11.66%	9.71%	22.62%	-14.75%	26.42%

Correlation

The correlation between FPXI and VEA is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Nov 10, 2014	0.72

The correlation between FPXI and VEA has been stable across timeframes, ranging from 0.72 to 0.80 - a consistent structural relationship.

FPXI vs. VEA - Sectors Allocation Comparison

Sectors	FPXI	VEA
Technology	31.4%	13.8%
Industrials	22.6%	19.2%
Basic Materials	14.8%	7.5%
Healthcare	11.9%	8.2%
Consumer Cyclical	7.2%	7.5%
Financial Services	5.0%	23.3%
Communication Services	2.5%	3.4%
Energy	2.3%	5.4%
Utilities	0.9%	3.3%
Consumer Defensive	0.8%	5.6%
Real Estate	0.6%	2.7%

Return for Risk

FPXI vs. VEA — Risk / Return Rank

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

FPXI

FPXI Risk / Return Rank: 63
FPXI Sharpe Ratio Rank: 63
FPXI Sortino Ratio Rank: 61
FPXI Omega Ratio Rank: 58
FPXI Calmar Ratio Rank: 68
FPXI Martin Ratio Rank: 64

VEA

VEA Risk / Return Rank: 59
VEA Sharpe Ratio Rank: 60
VEA Sortino Ratio Rank: 60
VEA Omega Ratio Rank: 60
VEA Calmar Ratio Rank: 55
VEA Martin Ratio Rank: 60

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.

FPXI vs. VEA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust International Equity Opportunities ETF (FPXI) and Vanguard FTSE Developed Markets ETF (VEA). 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.

	FPXI	VEA	Difference
Sharpe ratio: Return per unit of total volatility	2.13	2.09	+0.04
Sortino ratio: Return per unit of downside risk	2.89	2.87	+0.01
Omega ratio: Gain probability vs. loss probability	1.35	1.38	-0.02
Calmar ratio: Return relative to maximum drawdown	3.38	2.81	+0.57
Martin ratio: Return relative to average drawdown	11.66	10.94	+0.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FPXI vs. VEA - Sharpe Ratio Comparison

The current FPXI Sharpe Ratio is 2.13, which is comparable to the VEA Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of FPXI and VEA, 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

	FPXI	VEA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	2.09	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	0.58	-0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.59	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.25	+0.24

Drawdowns

FPXI vs. VEA - Drawdown Comparison

The maximum FPXI drawdown since its inception was -55.78%, smaller than the maximum VEA drawdown of -60.68%. Use the drawdown chart below to compare losses from any high point for FPXI and VEA.

Drawdown Indicators

	FPXI	VEA	Difference
Max Drawdown Largest peak-to-trough decline	-55.78%	-60.68%	+4.90%
Max Drawdown (1Y) Largest decline over 1 year	-14.77%	-11.63%	-3.14%
Max Drawdown (3Y) Largest decline over 3 years	-20.58%	-13.45%	-7.13%
Max Drawdown (5Y) Largest decline over 5 years	-50.75%	-29.71%	-21.04%
Max Drawdown (10Y) Largest decline over 10 years	-55.78%	-35.73%	-20.05%
Current Drawdown Current decline from peak	-0.36%	-0.90%	+0.54%
Average Drawdown Average peak-to-trough decline	-20.26%	-13.29%	-6.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.27%	2.98%	+1.29%

Volatility

FPXI vs. VEA - Volatility Comparison

First Trust International Equity Opportunities ETF (FPXI) has a higher volatility of 8.88% compared to Vanguard FTSE Developed Markets ETF (VEA) at 5.66%. This indicates that FPXI's price experiences larger fluctuations and is considered to be riskier than VEA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPXI	VEA	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.88%	5.66%	+3.22%
Volatility (6M) Calculated over the trailing 6-month period	19.74%	13.32%	+6.42%
Volatility (1Y) Calculated over the trailing 1-year period	23.42%	15.66%	+7.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.57%	16.55%	+5.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.18%	17.36%	+3.82%

FPXI vs. VEA - Expense Ratio Comparison

FPXI has a 0.70% expense ratio, which is higher than VEA's 0.03% expense ratio.

Dividends

FPXI vs. VEA - Dividend Comparison

FPXI's dividend yield for the trailing twelve months is around 0.59%, less than VEA's 2.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPXI First Trust International Equity Opportunities ETF	0.59%	0.70%	0.93%	0.71%	1.13%	0.71%	0.18%	0.67%	1.75%	0.75%	2.09%	1.34%
VEA Vanguard FTSE Developed Markets ETF	2.62%	3.22%	3.35%	3.15%	2.91%	3.16%	2.04%	3.04%	3.35%	2.77%	3.05%	2.92%

Frequently Asked Questions

Can I hold both FPXI and VEA in my portfolio?

FPXI and VEA have a correlation of 0.80, 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 VEA?

FPXI has higher volatility (8.88%) compared to VEA (5.66%). In terms of maximum drawdown, FPXI dropped -55.78% vs VEA's -60.68%.

Which ETF is better, FPXI or VEA?

On 10-year performance, FPXI leads with 12.89% vs 10.17% for VEA. On fees, VEA is cheaper at 0.03% per year. On volatility, VEA has been the lower-risk option at 5.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FPXI or VEA?

Over the 10-year period, FPXI has performed better with a 12.89% return vs 10.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FPXI or VEA?

VEA is cheaper with a 0.03% expense ratio, compared with 0.70% for FPXI.

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

VEA has the higher dividend yield at 2.62%, compared with 0.59% for FPXI.

What is the main difference between FPXI and VEA?

FPXI tracks IPOX International Index, while VEA tracks FTSE Developed All Cap ex US Index. They also come from different issuers: First Trust and Vanguard. Their fees differ too: 0.70% for FPXI and 0.03% for VEA.

Which has better risk-adjusted returns?

FPXI currently has the higher Sharpe Ratio (2.13 vs 2.09), 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.