FSZ vs. EUDV

Last updated Jun 4, 2026

FSZ (First Trust Switzerland AlphaDEX Fund) and EUDV (ProShares MSCI Europe Dividend Growers ETF) are both Europe Equities funds - FSZ tracks the NASDAQ AlphaDEX Switzerland Index while EUDV tracks the MSCI Europe Dividend Masters Index. Both are passively managed. Over the past 10 years, FSZ returned 9.42%/yr vs 5.17%/yr for EUDV. A 0.72 correlation means they provide meaningful diversification when combined. FSZ charges 0.80%/yr vs 0.55%/yr for EUDV.

Performance

FSZ vs. EUDV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Switzerland AlphaDEX Fund (FSZ) and ProShares MSCI Europe Dividend Growers ETF (EUDV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSZ achieves a 2.04% return, which is significantly higher than EUDV's 1.21% return. Over the past 10 years, FSZ has outperformed EUDV with an annualized return of 9.42%, while EUDV has yielded a comparatively lower 5.17% annualized return.

FSZ

• 1D: -0.66%
• 1M: 1.60%
• YTD: 2.04%
• 6M: 6.03%
• 1Y: 9.94%
• 3Y*: 12.14%
• 5Y*: 5.94%
• 10Y*: 9.42%

EUDV

• 1D: -1.30%
• 1M: -0.65%
• YTD: 1.21%
• 6M: 2.16%
• 1Y: -0.12%
• 3Y*: 7.36%
• 5Y*: 2.28%
• 10Y*: 5.17%

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

FSZ vs. EUDV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSZ First Trust Switzerland AlphaDEX Fund	2.04%	30.10%	-1.85%	21.30%	-20.12%	20.18%	13.83%	25.88%	-15.22%	31.30%
EUDV ProShares MSCI Europe Dividend Growers ETF	1.21%	14.05%	0.03%	20.41%	-24.87%	19.56%	5.81%	25.89%	-11.12%	21.57%

Correlation

The correlation between FSZ and EUDV is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Sep 14, 2015	0.72

The correlation between FSZ and EUDV shifts across timeframes, from 0.72 (all time) to 0.82 (1 year), reflecting how their relationship changes across market environments.

FSZ vs. EUDV - Sectors Allocation Comparison

Sectors	FSZ	EUDV
Industrials	22.0%	21.0%
Healthcare	22.0%	16.1%
Financial Services	18.9%	14.1%
Consumer Cyclical	10.0%	-
Basic Materials	8.2%	11.0%
Consumer Defensive	6.6%	10.9%
Communication Services	3.9%	4.2%
Real Estate	3.7%	2.0%
Utilities	3.1%	9.5%
Technology	1.6%	11.3%
Energy	-	2.2%

Return for Risk

FSZ vs. EUDV — Risk / Return Rank

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

FSZ

FSZ Risk / Return Rank: 20
FSZ Sharpe Ratio Rank: 21
FSZ Sortino Ratio Rank: 20
FSZ Omega Ratio Rank: 19
FSZ Calmar Ratio Rank: 21
FSZ Martin Ratio Rank: 20

EUDV

EUDV Risk / Return Rank: 8
EUDV Sharpe Ratio Rank: 9
EUDV Sortino Ratio Rank: 8
EUDV Omega Ratio Rank: 8
EUDV Calmar Ratio Rank: 9
EUDV Martin Ratio Rank: 9

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.

FSZ vs. EUDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Switzerland AlphaDEX Fund (FSZ) and ProShares MSCI Europe Dividend Growers ETF (EUDV). 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.

	FSZ	EUDV	Difference
Sharpe ratio: Return per unit of total volatility	0.70	-0.01	+0.71
Sortino ratio: Return per unit of downside risk	1.10	0.08	+1.01
Omega ratio: Gain probability vs. loss probability	1.13	1.01	+0.12
Calmar ratio: Return relative to maximum drawdown	0.96	-0.01	+0.97
Martin ratio: Return relative to average drawdown	2.41	-0.03	+2.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSZ vs. EUDV - Sharpe Ratio Comparison

The current FSZ Sharpe Ratio is 0.70, which is higher than the EUDV Sharpe Ratio of -0.01. The chart below compares the historical Sharpe Ratios of FSZ and EUDV, 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

	FSZ	EUDV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.70	-0.01	+0.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	0.14	+0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.30	+0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.27	+0.25

Drawdowns

FSZ vs. EUDV - Drawdown Comparison

The maximum FSZ drawdown since its inception was -33.97%, smaller than the maximum EUDV drawdown of -37.51%. Use the drawdown chart below to compare losses from any high point for FSZ and EUDV.

Drawdown Indicators

	FSZ	EUDV	Difference
Max Drawdown Largest peak-to-trough decline	-33.97%	-37.51%	+3.54%
Max Drawdown (1Y) Largest decline over 1 year	-10.39%	-10.63%	+0.24%
Max Drawdown (3Y) Largest decline over 3 years	-13.93%	-13.69%	-0.24%
Max Drawdown (5Y) Largest decline over 5 years	-33.96%	-37.51%	+3.55%
Max Drawdown (10Y) Largest decline over 10 years	-33.97%	-37.51%	+3.54%
Current Drawdown Current decline from peak	-5.11%	-4.67%	-0.44%
Average Drawdown Average peak-to-trough decline	-7.00%	-8.61%	+1.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.14%	4.22%	-0.08%

Volatility

FSZ vs. EUDV - Volatility Comparison

First Trust Switzerland AlphaDEX Fund (FSZ) and ProShares MSCI Europe Dividend Growers ETF (EUDV) have volatilities of 4.72% and 4.55%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSZ	EUDV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.72%	4.55%	+0.17%
Volatility (6M) Calculated over the trailing 6-month period	10.70%	11.16%	-0.46%
Volatility (1Y) Calculated over the trailing 1-year period	14.25%	14.06%	+0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.34%	16.14%	+3.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.95%	17.42%	+1.53%

FSZ vs. EUDV - Expense Ratio Comparison

FSZ has a 0.80% expense ratio, which is higher than EUDV's 0.55% expense ratio.

Dividends

FSZ vs. EUDV - Dividend Comparison

FSZ's dividend yield for the trailing twelve months is around 2.39%, more than EUDV's 1.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EUDV ProShares MSCI Europe Dividend Growers ETF	1.71%	1.74%	1.92%	1.87%	1.77%	2.30%	1.27%	2.20%	2.22%	2.33%	2.53%	0.37%
FSZ First Trust Switzerland AlphaDEX Fund	2.39%	1.80%	1.80%	2.11%	3.50%	1.62%	1.53%	2.01%	2.29%	1.49%	1.93%	1.08%

Frequently Asked Questions

Can I hold both FSZ and EUDV in my portfolio?

FSZ and EUDV have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSZ or EUDV?

FSZ has higher volatility (4.72%) compared to EUDV (4.55%). In terms of maximum drawdown, FSZ dropped -33.97% vs EUDV's -37.51%.

Which ETF is better, FSZ or EUDV?

On 10-year performance, FSZ leads with 9.42% vs 5.17% for EUDV. On fees, EUDV is cheaper at 0.55% per year. On volatility, EUDV has been the lower-risk option at 4.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FSZ or EUDV?

Over the 10-year period, FSZ has performed better with a 9.42% return vs 5.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FSZ or EUDV?

EUDV is cheaper with a 0.55% expense ratio, compared with 0.80% for FSZ.

Which ETF pays a higher dividend yield, FSZ or EUDV?

FSZ has the higher dividend yield at 2.39%, compared with 1.71% for EUDV.

What is the main difference between FSZ and EUDV?

FSZ tracks NASDAQ AlphaDEX Switzerland Index, while EUDV tracks MSCI Europe Dividend Masters Index. They also come from different issuers: First Trust and ProShares. Their fees differ too: 0.80% for FSZ and 0.55% for EUDV.

Which has better risk-adjusted returns?

FSZ currently has the higher Sharpe Ratio (0.70 vs -0.01), 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.