FSZ vs. RFEU

Last updated Jun 24, 2026

FSZ (First Trust Switzerland AlphaDEX Fund) and RFEU (First Trust RiverFront Dynamic Europe ETF) are both Europe Equities funds from First Trust. FSZ is passively managed, while RFEU is actively managed. Over the past 10 years, FSZ returned 10.25%/yr vs 8.10%/yr for RFEU. A 0.70 correlation means they provide meaningful diversification when combined. FSZ charges 0.80%/yr vs 0.83%/yr for RFEU.

Performance

FSZ vs. RFEU - Performance Comparison

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

Returns By Period

In the year-to-date period, FSZ achieves a 2.53% return, which is significantly higher than RFEU's 1.50% return. Over the past 10 years, FSZ has outperformed RFEU with an annualized return of 10.25%, while RFEU has yielded a comparatively lower 8.10% annualized return.

FSZ

• 1D: -0.05%
• 1M: 0.06%
• YTD: 2.53%
• 6M: 1.73%
• 1Y: 11.07%
• 3Y*: 13.17%
• 5Y*: 6.20%
• 10Y*: 10.25%

RFEU

• 1D: 0.00%
• 1M: 0.00%
• YTD: 1.50%
• 6M: 1.83%
• 1Y: 13.93%
• 3Y*: 12.26%
• 5Y*: 3.77%
• 10Y*: 8.10%

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

FSZ vs. RFEU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSZ First Trust Switzerland AlphaDEX Fund	2.53%	30.10%	-1.85%	21.30%	-20.12%	20.18%	13.83%	25.88%	-15.22%	31.30%
RFEU First Trust RiverFront Dynamic Europe ETF	1.50%	30.78%	-1.78%	16.19%	-24.17%	22.83%	6.25%	23.21%	-17.57%	26.58%

Correlation

The correlation between FSZ and RFEU is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Apr 14, 2016	0.70

Over the past year, the correlation between FSZ and RFEU has dropped to 0.50 - well below their long-term average of 0.70, suggesting their price drivers have been diverging.

FSZ vs. RFEU - Sectors Allocation Comparison

Sectors	FSZ	RFEU
Financial Services	22.0%	18.9%
Industrials	17.1%	15.4%
Healthcare	14.6%	13.3%
Basic Materials	9.8%	1.2%
Consumer Cyclical	7.3%	10.6%
Consumer Defensive	4.9%	9.3%
Technology	4.9%	12.5%
Communication Services	2.4%	3.8%
Real Estate	2.4%	-
Utilities	2.4%	6.4%
Energy	-	8.7%

Return for Risk

FSZ vs. RFEU — Risk / Return Rank

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

FSZ

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

RFEU

RFEU Risk / Return Rank: 67
RFEU Sharpe Ratio Rank: 59
RFEU Sortino Ratio Rank: 64
RFEU Omega Ratio Rank: 79
RFEU Calmar Ratio Rank: 65
RFEU Martin Ratio Rank: 67

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. RFEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Switzerland AlphaDEX Fund (FSZ) and First Trust RiverFront Dynamic Europe ETF (RFEU). 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	RFEU	Difference
Sharpe ratio: Return per unit of total volatility	0.78	1.84	-1.06
Sortino ratio: Return per unit of downside risk	1.21	2.71	-1.50
Omega ratio: Gain probability vs. loss probability	1.14	1.43	-0.28
Calmar ratio: Return relative to maximum drawdown	1.07	2.98	-1.91
Martin ratio: Return relative to average drawdown	2.61	11.26	-8.65

FSZ vs. RFEU - Sharpe Ratio Comparison

The current FSZ Sharpe Ratio is 0.78, which is lower than the RFEU Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of FSZ and RFEU, 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. RFEU - Drawdown Comparison

The maximum FSZ drawdown since its inception was -33.97%, smaller than the maximum RFEU drawdown of -39.74%. Use the drawdown chart below to compare losses from any high point for FSZ and RFEU.

Drawdown Indicators

	FSZ	RFEU	Difference
Max Drawdown Largest peak-to-trough decline	-33.97%	-39.74%	+5.77%
Max Drawdown (1Y) Largest decline over 1 year	-10.39%	-5.15%	-5.24%
Max Drawdown (3Y) Largest decline over 3 years	-13.93%	-13.48%	-0.45%
Max Drawdown (5Y) Largest decline over 5 years	-33.96%	-35.92%	+1.96%
Max Drawdown (10Y) Largest decline over 10 years	-33.97%	-39.74%	+5.77%
Current Drawdown Current decline from peak	-4.66%	-0.11%	-4.55%
Average Drawdown Average peak-to-trough decline	-6.98%	-9.57%	+2.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.24%	1.35%	+2.89%

Volatility

FSZ vs. RFEU - Volatility Comparison

First Trust Switzerland AlphaDEX Fund (FSZ) has a higher volatility of 4.07% compared to First Trust RiverFront Dynamic Europe ETF (RFEU) at 0.00%. This indicates that FSZ's price experiences larger fluctuations and is considered to be riskier than RFEU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSZ	RFEU	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.07%	0.00%	+4.07%
Volatility (6M) Calculated over the trailing 6-month period	11.05%	3.51%	+7.54%
Volatility (1Y) Calculated over the trailing 1-year period	14.34%	8.39%	+5.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.35%	16.76%	+2.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.75%	17.53%	+1.22%

FSZ vs. RFEU - Expense Ratio Comparison

FSZ has a 0.80% expense ratio, which is lower than RFEU's 0.83% expense ratio.

Dividends

FSZ vs. RFEU - Dividend Comparison

FSZ's dividend yield for the trailing twelve months is around 2.38%, less than RFEU's 2.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSZ First Trust Switzerland AlphaDEX Fund	2.38%	1.80%	1.80%	2.11%	3.50%	1.62%	1.53%	2.01%	2.29%	1.49%	1.93%	1.08%
RFEU First Trust RiverFront Dynamic Europe ETF	2.83%	2.87%	5.45%	3.37%	4.98%	1.82%	2.32%	3.08%	2.84%	1.35%	3.16%	0.00%

Frequently Asked Questions

Can I hold both FSZ and RFEU in my portfolio?

FSZ and RFEU have a correlation of 0.50, 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 RFEU?

FSZ has higher volatility (4.07%) compared to RFEU (0.00%). In terms of maximum drawdown, FSZ dropped -33.97% vs RFEU's -39.74%.

Which ETF is better, FSZ or RFEU?

On 10-year performance, FSZ leads with 10.25% vs 8.10% for RFEU. On fees, FSZ is cheaper at 0.80% per year. On volatility, RFEU has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FSZ or RFEU?

Over the 10-year period, FSZ has performed better with a 10.25% return vs 8.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FSZ or RFEU?

FSZ is cheaper with a 0.80% expense ratio, compared with 0.83% for RFEU.

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

RFEU has the higher dividend yield at 2.83%, compared with 2.38% for FSZ.

What is the main difference between FSZ and RFEU?

Their fees differ too: 0.80% for FSZ and 0.83% for RFEU.

Which has better risk-adjusted returns?

RFEU currently has the higher Sharpe Ratio (1.84 vs 0.78), 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.