PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
FXU vs. EWP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FXU vs. EWP

Last updated Jun 13, 2026

FXU (First Trust Utilities AlphaDEX Fund) and EWP (iShares MSCI Spain ETF) are both exchange-traded funds - FXU is a Utilities Equities fund tracking the StrataQuant Utilities Index, while EWP is a Europe Equities fund tracking the MSCI Spain Index. Both are passively managed. Over the past 10 years, FXU returned 9.38%/yr vs 12.33%/yr for EWP. At a 0.46 correlation, their price movements are largely independent. FXU charges 0.62%/yr vs 0.50%/yr for EWP.

Performance

FXU vs. EWP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Utilities AlphaDEX Fund (FXU) and iShares MSCI Spain ETF (EWP). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, FXU achieves a 8.19% return, which is significantly lower than EWP's 8.89% return. Over the past 10 years, FXU has underperformed EWP with an annualized return of 9.38%, while EWP has yielded a comparatively higher 12.33% annualized return.

FXU

1D
0.87%
1M
0.66%
YTD
8.19%
6M
8.80%
1Y
17.67%
3Y*
17.64%
5Y*
11.71%
10Y*
9.38%

EWP

1D
0.63%
1M
4.32%
YTD
8.89%
6M
11.54%
1Y
39.17%
3Y*
32.21%
5Y*
17.57%
10Y*
12.33%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FXU vs. EWP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FXU
First Trust Utilities AlphaDEX Fund		8.19%21.86%22.50%-2.12%3.68%17.67%1.53%11.67%5.43%0.98%
EWP
iShares MSCI Spain ETF		8.89%78.03%5.70%30.26%-5.18%0.25%-3.94%11.93%-15.32%26.98%

Correlation

The correlation between FXU and EWP is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.17

Correlation (3Y)
Calculated over the trailing 3-year period

0.31

Correlation (5Y)
Calculated over the trailing 5-year period

0.39

Correlation (10Y)
Calculated over the trailing 10-year period

0.38

Correlation (All Time)
Calculated using the full available price history since May 10, 2007

0.46

Over the past year, the correlation between FXU and EWP has dropped to 0.17 - well below their long-term average of 0.46, suggesting their price drivers have been diverging.

FXU vs. EWP - Sectors Allocation Comparison

Sectors
FXU
EWP

Utilities

92.0%
21.2%

Industrials

4.2%
16.1%

Energy

3.7%
5.3%

Basic Materials

-

-

Communication Services

-

2.9%

Consumer Cyclical

-

4.0%

Consumer Defensive

-

-

Financial Services

-

41.4%

Healthcare

-

1.3%

Real Estate

-

2.9%

Technology

-

4.9%

Utilities

FXU
92.0%
EWP
21.2%

Industrials

FXU
4.2%
EWP
16.1%

Energy

FXU
3.7%
EWP
5.3%

Basic Materials

FXU

-

EWP

-

Communication Services

FXU

-

EWP
2.9%

Consumer Cyclical

FXU

-

EWP
4.0%

Consumer Defensive

FXU

-

EWP

-

Financial Services

FXU

-

EWP
41.4%

Healthcare

FXU

-

EWP
1.3%

Real Estate

FXU

-

EWP
2.9%

Technology

FXU

-

EWP
4.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

First Trust Utilities AlphaDEX Fund

iShares MSCI Spain ETF

Often compared with FXU:
FXU vs. UTESFXU vs. XLUFXU vs. VPUFXU vs. IDUFXU vs. JXIFXU vs. PUIFXU vs. VOO
Often compared with EWP:
EWP vs. EWGEWP vs. EWIEWP vs. EPOLEWP vs. EIRLEWP vs. VOOEWP vs. FEZEWP vs. EWQ

Return for Risk

FXU vs. EWP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FXU
FXU Risk / Return Rank: 3939
Overall Rank
FXU Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
FXU Sortino Ratio Rank: 3737
Sortino Ratio Rank
FXU Omega Ratio Rank: 3636
Omega Ratio Rank
FXU Calmar Ratio Rank: 4444
Calmar Ratio Rank
FXU Martin Ratio Rank: 3737
Martin Ratio Rank
EWP
EWP Risk / Return Rank: 6969
Overall Rank
EWP Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
EWP Sortino Ratio Rank: 6666
Sortino Ratio Rank
EWP Omega Ratio Rank: 6565
Omega Ratio Rank
EWP Calmar Ratio Rank: 7373
Calmar Ratio Rank
EWP Martin Ratio Rank: 7171
Martin Ratio Rank
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.

FXU vs. EWP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Utilities AlphaDEX Fund (FXU) and iShares MSCI Spain ETF (EWP). 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.

FXUEWPDifference
Sharpe ratioReturn per unit of total volatility
1.26
1.94

-0.68

Sortino ratioReturn per unit of downside risk
1.75
2.62

-0.87

Omega ratioGain probability vs. loss probability

1.21

1.34

-0.12

Calmar ratioReturn relative to maximum drawdown

1.93

3.26

-1.33

Martin ratioReturn relative to average drawdown

5.17

11.51

-6.34

FXU vs. EWP - Sharpe Ratio Comparison

The current FXU Sharpe Ratio is 1.26, which is lower than the EWP Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of FXU and EWP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

FXU vs. EWP - Drawdown Comparison

The maximum FXU drawdown since its inception was -49.00%, smaller than the maximum EWP drawdown of -61.19%. Use the drawdown chart below to compare losses from any high point for FXU and EWP.

Loading charts...

Drawdown Indicators

FXUEWPDifference

Max Drawdown

Largest peak-to-trough decline

-49.00%

-61.19%

+12.19%

Max Drawdown (1Y)

Largest decline over 1 year

-8.63%

-11.38%

+2.75%

Max Drawdown (3Y)

Largest decline over 3 years

-17.46%

-12.19%

-5.27%

Max Drawdown (5Y)

Largest decline over 5 years

-21.87%

-33.76%

+11.89%

Max Drawdown (10Y)

Largest decline over 10 years

-34.81%

-46.36%

+11.55%

Current Drawdown

Current decline from peak

-5.57%

0.00%

-5.57%

Average Drawdown

Average peak-to-trough decline

-7.63%

-21.41%

+13.78%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.22%

3.22%

0.00%

Volatility

FXU vs. EWP - Volatility Comparison

The current volatility for First Trust Utilities AlphaDEX Fund (FXU) is 5.01%, while iShares MSCI Spain ETF (EWP) has a volatility of 6.21%. This indicates that FXU experiences smaller price fluctuations and is considered to be less risky than EWP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

FXUEWPDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.01%

6.21%

-1.20%

Volatility (6M)

Calculated over the trailing 6-month period

10.33%

16.09%

-5.76%

Volatility (1Y)

Calculated over the trailing 1-year period

13.30%

19.13%

-5.83%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.61%

20.31%

-3.70%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.34%

22.22%

-3.88%

FXU vs. EWP - Expense Ratio Comparison

FXU has a 0.62% expense ratio, which is higher than EWP's 0.50% expense ratio.

Dividends

FXU vs. EWP - Dividend Comparison

FXU's dividend yield for the trailing twelve months is around 2.16%, more than EWP's 2.09% yield.

PositionTTM20252024202320222021202020192018201720162015
EWP
iShares MSCI Spain ETF		2.09%2.27%4.35%2.70%3.07%3.29%2.56%3.72%3.69%2.72%4.65%3.85%
FXU
First Trust Utilities AlphaDEX Fund		2.16%2.29%2.41%2.52%2.03%2.00%3.97%2.34%2.40%3.81%2.62%3.90%

Frequently Asked Questions

FXU and EWP have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWP has higher volatility (6.21%) compared to FXU (5.01%). In terms of maximum drawdown, FXU dropped -49.00% vs EWP's -61.19%.

On 10-year performance, EWP leads with 12.33% vs 9.38% for FXU. On fees, EWP is cheaper at 0.50% per year. On volatility, FXU has been the lower-risk option at 5.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWP has performed better with a 12.33% return vs 9.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWP is cheaper with a 0.50% expense ratio, compared with 0.62% for FXU.

FXU has the higher dividend yield at 2.16%, compared with 2.09% for EWP.

FXU is categorized as Utilities Equities, while EWP is Europe Equities. FXU tracks StrataQuant Utilities Index, while EWP tracks MSCI Spain Index. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.62% for FXU and 0.50% for EWP.

EWP currently has the higher Sharpe Ratio (1.94 vs 1.26), 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.

Portfolio Optimizer

Find the right allocation for FXU and EWP

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer