FSZ vs. FLGR

Last updated Aug 4, 2026

FSZ (First Trust Switzerland AlphaDEX Fund) and FLGR (Franklin FTSE Germany ETF) are both Europe Equities funds - FSZ tracks the NASDAQ AlphaDEX Switzerland Index while FLGR tracks the FTSE Germany RIC Capped Index. Both are passively managed. Over the past 5 years, FSZ returned 5.68%/yr vs 7.67%/yr for FLGR. Their 0.71 correlation means they have sometimes moved together and sometimes differently. FSZ charges 0.80%/yr vs 0.09%/yr for FLGR.

Performance

FSZ vs. FLGR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Switzerland AlphaDEX Fund (FSZ) and Franklin FTSE Germany ETF (FLGR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with FSZ having a 4.14% return and FLGR slightly lower at 3.94%.

FSZ

• 1D: 0.41%
• 1M: -1.37%
• 6M: 0.72%
• YTD: 4.14%
• 1Y: 10.51%
• 3Y*: 12.11%
• 5Y*: 5.68%
• 10Y*: 9.88%
• ALL TIME*: 9.31%

FLGR

• 1D: 1.07%
• 1M: 2.46%
• 6M: 1.50%
• YTD: 3.94%
• 1Y: 8.57%
• 3Y*: 18.47%
• 5Y*: 7.67%
• 10Y*: —
• ALL TIME*: 6.21%

*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)
FLGR Franklin FTSE Germany ETF	$116.66K	$114.16K	$161.06K
FSZ First Trust Switzerland AlphaDEX Fund	$60.67K	$60.90K	$87.60K

FSZ vs. FLGR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSZ First Trust Switzerland AlphaDEX Fund	4.14%	30.10%	-1.85%	21.30%	-20.12%	20.18%	13.83%	25.88%	-15.22%	1.99%
FLGR Franklin FTSE Germany ETF	3.94%	36.67%	10.63%	24.22%	-21.96%	5.40%	12.11%	19.99%	-21.50%	-0.16%

Correlation

The correlation between FSZ and FLGR is 0.73, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.73
Correlation (3Y) Balances recent behavior with more history.	0.71
Correlation (5Y) Shows whether the relationship held over a longer period.	0.73
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017	0.71

The correlation between FSZ and FLGR has been stable across timeframes, ranging from 0.71 to 0.73 - a consistent structural relationship.

FSZ vs. FLGR - Sectors Allocation Comparison

Sectors	FSZ	FLGR
Healthcare	23.1%	6.6%
Industrials	22.2%	30.4%
Financial Services	18.8%	22.4%
Consumer Cyclical	11.0%	7.7%
Basic Materials	8.0%	5.2%
Consumer Defensive	6.3%	1.5%
Communication Services	3.5%	5.4%
Real Estate	3.2%	1.2%
Utilities	2.6%	4.7%
Technology	1.4%	14.8%
Energy	-	-

Return for Risk

FSZ vs. FLGR — Risk / Return Rank

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

FSZ

FSZ Risk / Return Rank: 30
FSZ Sharpe Ratio Rank: 30
FSZ Sortino Ratio Rank: 30
FSZ Omega Ratio Rank: 28
FSZ Calmar Ratio Rank: 30
FSZ Martin Ratio Rank: 30

FLGR

FLGR Risk / Return Rank: 22
FLGR Sharpe Ratio Rank: 22
FLGR Sortino Ratio Rank: 22
FLGR Omega Ratio Rank: 22
FLGR Calmar Ratio Rank: 21
FLGR Martin Ratio Rank: 23

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.

FSZ vs. FLGR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Switzerland AlphaDEX Fund (FSZ) and Franklin FTSE Germany ETF (FLGR). 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.

	FSZ	FLGR	Difference
Sharpe ratio: Return per unit of total volatility	0.73	0.49	+0.24
Sortino ratio: Return per unit of downside risk	1.17	0.80	+0.36
Omega ratio: Gain probability vs. loss probability	1.13	1.10	+0.03
Calmar ratio: Return relative to maximum drawdown	1.02	0.60	+0.42
Martin ratio: Return relative to average drawdown	2.70	1.74	+0.96

FSZ vs. FLGR - Sharpe Ratio Comparison

The current FSZ Sharpe Ratio is 0.73, which is higher than the FLGR Sharpe Ratio of 0.49. The chart below compares the historical Sharpe Ratios of FSZ and FLGR, 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

FSZ vs. FLGR - Drawdown Comparison

The maximum FSZ drawdown since its inception was -33.97%, smaller than the maximum FLGR drawdown of -46.21%. Use the drawdown chart below to compare losses from any high point for FSZ and FLGR.

Drawdown Indicators

	FSZ	FLGR	Difference
Max Drawdown Largest peak-to-trough decline	-33.97%	-46.21%	+12.24%
Max Drawdown (1Y) Largest decline over 1 year	-10.39%	-14.44%	+4.05%
Max Drawdown (3Y) Largest decline over 3 years	-13.93%	-15.53%	+1.60%
Max Drawdown (5Y) Largest decline over 5 years	-33.96%	-42.69%	+8.73%
Max Drawdown (10Y) Largest decline over 10 years	-33.97%	—	—
Current Drawdown Current decline from peak	-3.16%	-0.92%	-2.24%
Average Drawdown Average peak-to-trough decline	-6.96%	-12.23%	+5.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.90%	4.93%	-1.03%

Volatility

FSZ vs. FLGR - Volatility Comparison

First Trust Switzerland AlphaDEX Fund (FSZ) has a higher volatility of 4.82% compared to Franklin FTSE Germany ETF (FLGR) at 4.59%. This indicates that FSZ's price experiences larger fluctuations and is considered to be riskier than FLGR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSZ	FLGR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.82%	4.59%	+0.23%
Volatility (6M) Calculated over the trailing 6-month period	11.54%	15.16%	-3.62%
Volatility (1Y) Calculated over the trailing 1-year period	14.50%	17.55%	-3.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.43%	20.37%	-0.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.71%	21.37%	-2.66%

FSZ vs. FLGR - Expense Ratio Comparison

FSZ has a 0.80% expense ratio, which is higher than FLGR's 0.09% expense ratio.

Dividends

FSZ vs. FLGR - Dividend Comparison

FSZ's dividend yield for the trailing twelve months is around 2.00%, less than FLGR's 3.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLGR Franklin FTSE Germany ETF	3.27%	1.72%	2.40%	2.99%	3.50%	2.67%	2.61%	2.52%	3.06%	0.00%	0.00%	0.00%
FSZ First Trust Switzerland AlphaDEX Fund	2.00%	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 FLGR in my portfolio?

FSZ and FLGR have a correlation of 0.73, 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 FLGR?

FSZ has higher volatility (4.82%) compared to FLGR (4.59%). In terms of maximum drawdown, FSZ dropped -33.97% vs FLGR's -46.21%.

Which ETF is better, FSZ or FLGR?

On 5-year performance, FLGR leads with 7.67% vs 5.68% for FSZ. On fees, FLGR is cheaper at 0.09% per year. On volatility, FLGR has been the lower-risk option at 4.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FSZ or FLGR?

Over the 5-year period, FLGR has performed better with a 7.67% return vs 5.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FSZ or FLGR?

FLGR is cheaper with a 0.09% expense ratio, compared with 0.80% for FSZ.

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

FLGR has the higher dividend yield at 3.27%, compared with 2.00% for FSZ.

What is the main difference between FSZ and FLGR?

FSZ tracks NASDAQ AlphaDEX Switzerland Index, while FLGR tracks FTSE Germany RIC Capped Index. They also come from different issuers: First Trust and Franklin Templeton. Their fees differ too: 0.80% for FSZ and 0.09% for FLGR.

Which has better risk-adjusted returns?

FSZ currently has the higher Sharpe Ratio (0.73 vs 0.49), 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.