FSZ vs. HEDJ

Last updated Apr 1, 2026

Compare and contrast key facts about First Trust Switzerland AlphaDEX Fund (FSZ) and WisdomTree Europe Hedged Equity Fund (HEDJ).

FSZ and HEDJ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FSZ is a passively managed fund by First Trust that tracks the performance of the NASDAQ AlphaDEX Switzerland Index. It was launched on Feb 14, 2012. HEDJ is a passively managed fund by WisdomTree that tracks the performance of the WisdomTree Europe Hedged Equity Index. It was launched on Dec 31, 2009. Both FSZ and HEDJ are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

FSZ vs. HEDJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Switzerland AlphaDEX Fund (FSZ) and WisdomTree Europe Hedged Equity Fund (HEDJ). The values are adjusted to include any dividend payments, if applicable.

FSZ vs. HEDJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSZ First Trust Switzerland AlphaDEX Fund	-0.28%	30.10%	-1.85%	21.30%	-20.12%	20.18%	13.83%	25.88%	-15.22%	31.30%
HEDJ WisdomTree Europe Hedged Equity Fund	-0.45%	23.55%	5.28%	26.89%	-10.09%	23.54%	-3.35%	27.50%	-9.27%	13.51%

Returns By Period

In the year-to-date period, FSZ achieves a -0.28% return, which is significantly higher than HEDJ's -0.45% return. Over the past 10 years, FSZ has underperformed HEDJ with an annualized return of 9.39%, while HEDJ has yielded a comparatively higher 10.28% annualized return.

FSZ

• 1D: 1.51%
• 1M: -5.19%
• YTD: -0.28%
• 6M: 4.73%
• 1Y: 20.11%
• 3Y*: 11.56%
• 5Y*: 7.17%
• 10Y*: 9.39%

HEDJ

• 1D: 0.99%
• 1M: -3.98%
• YTD: -0.45%
• 6M: 4.12%
• 1Y: 12.61%
• 3Y*: 11.82%
• 5Y*: 10.49%
• 10Y*: 10.28%

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

FSZ vs. HEDJ - Expense Ratio Comparison

FSZ has a 0.80% expense ratio, which is higher than HEDJ's 0.58% expense ratio.

FSZ

First Trust Switzerland AlphaDEX Fund

HEDJ

WisdomTree Europe Hedged Equity Fund

Return for Risk

FSZ vs. HEDJ — Risk / Return Rank

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

FSZ

FSZ Risk / Return Rank: 65
FSZ Sharpe Ratio Rank: 72
FSZ Sortino Ratio Rank: 71
FSZ Omega Ratio Rank: 68
FSZ Calmar Ratio Rank: 67
FSZ Martin Ratio Rank: 50

HEDJ

HEDJ Risk / Return Rank: 37
HEDJ Sharpe Ratio Rank: 33
HEDJ Sortino Ratio Rank: 35
HEDJ Omega Ratio Rank: 34
HEDJ Calmar Ratio Rank: 40
HEDJ Martin Ratio Rank: 42

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. HEDJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Switzerland AlphaDEX Fund (FSZ) and WisdomTree Europe Hedged Equity Fund (HEDJ). 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	HEDJ	Difference
Sharpe ratio Return per unit of total volatility	1.29	0.67	+0.63
Sortino ratio Return per unit of downside risk	1.78	1.06	+0.72
Omega ratio Gain probability vs. loss probability	1.25	1.15	+0.10
Calmar ratio Return relative to maximum drawdown	1.72	1.08	+0.64
Martin ratio Return relative to average drawdown	4.84	4.09	+0.75
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. HEDJ - Sharpe Ratio Comparison

The current FSZ Sharpe Ratio is 1.29, which is higher than the HEDJ Sharpe Ratio of 0.67. The chart below compares the historical Sharpe Ratios of FSZ and HEDJ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FSZ	HEDJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.29	0.67	+0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	0.64	-0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.56	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.46	+0.05

Correlation

The correlation between FSZ and HEDJ is 0.61, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

FSZ vs. HEDJ - Dividend Comparison

FSZ's dividend yield for the trailing twelve months is around 2.44%, more than HEDJ's 1.64% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSZ First Trust Switzerland AlphaDEX Fund	2.44%	1.80%	1.80%	2.11%	3.50%	1.62%	1.53%	2.01%	2.29%	1.49%	1.93%	1.08%
HEDJ WisdomTree Europe Hedged Equity Fund	1.64%	1.63%	3.28%	3.31%	2.83%	2.08%	2.65%	1.82%	2.73%	2.27%	2.74%	9.43%

Drawdowns

FSZ vs. HEDJ - Drawdown Comparison

The maximum FSZ drawdown since its inception was -33.97%, smaller than the maximum HEDJ drawdown of -38.18%. Use the drawdown chart below to compare losses from any high point for FSZ and HEDJ.

Drawdown Indicators

	FSZ	HEDJ	Difference
Max Drawdown Largest peak-to-trough decline	-33.97%	-38.18%	+4.21%
Max Drawdown (1Y) Largest decline over 1 year	-10.39%	-12.20%	+1.81%
Max Drawdown (5Y) Largest decline over 5 years	-33.96%	-22.17%	-11.79%
Max Drawdown (10Y) Largest decline over 10 years	-33.97%	-38.18%	+4.21%
Current Drawdown Current decline from peak	-7.26%	-6.60%	-0.66%
Average Drawdown Average peak-to-trough decline	-7.02%	-5.96%	-1.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.70%	3.24%	+0.46%

Volatility

FSZ vs. HEDJ - Volatility Comparison

The current volatility for First Trust Switzerland AlphaDEX Fund (FSZ) is 5.05%, while WisdomTree Europe Hedged Equity Fund (HEDJ) has a volatility of 6.41%. This indicates that FSZ experiences smaller price fluctuations and is considered to be less risky than HEDJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSZ	HEDJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.05%	6.41%	-1.36%
Volatility (6M) Calculated over the trailing 6-month period	9.14%	10.76%	-1.62%
Volatility (1Y) Calculated over the trailing 1-year period	15.87%	19.04%	-3.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.33%	16.48%	+2.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.88%	18.34%	+0.54%