HEZU vs. FEP

Last updated Apr 2, 2026

Compare and contrast key facts about iShares Currency Hedged MSCI Eurozone ETF (HEZU) and First Trust Europe AlphaDEX Fund (FEP).

HEZU and FEP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HEZU is a passively managed fund by iShares that tracks the performance of the MSCI EMU 100% USD Hedged Index. It was launched on Jul 9, 2014. FEP is a passively managed fund by First Trust that tracks the performance of the Defined Europe Index. It was launched on Apr 26, 2011. Both HEZU and FEP 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

HEZU vs. FEP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Currency Hedged MSCI Eurozone ETF (HEZU) and First Trust Europe AlphaDEX Fund (FEP). The values are adjusted to include any dividend payments, if applicable.

HEZU vs. FEP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HEZU iShares Currency Hedged MSCI Eurozone ETF	1.17%	25.93%	10.63%	22.98%	-9.54%	23.51%	0.52%	29.48%	-10.23%	14.26%
FEP First Trust Europe AlphaDEX Fund	3.30%	55.72%	3.38%	16.85%	-22.97%	17.03%	4.12%	24.83%	-19.00%	36.27%

Returns By Period

In the year-to-date period, HEZU achieves a 1.17% return, which is significantly lower than FEP's 3.30% return. Over the past 10 years, HEZU has outperformed FEP with an annualized return of 11.43%, while FEP has yielded a comparatively lower 9.94% annualized return.

HEZU

• 1D: 1.30%
• 1M: -3.80%
• YTD: 1.17%
• 6M: 4.77%
• 1Y: 16.24%
• 3Y*: 15.13%
• 5Y*: 11.76%
• 10Y*: 11.43%

FEP

• 1D: 1.54%
• 1M: -4.13%
• YTD: 3.30%
• 6M: 8.62%
• 1Y: 40.34%
• 3Y*: 21.59%
• 5Y*: 9.91%
• 10Y*: 9.94%

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

HEZU vs. FEP - Expense Ratio Comparison

HEZU has a 0.52% expense ratio, which is lower than FEP's 0.80% expense ratio.

FEP

First Trust Europe AlphaDEX Fund

HEZU

iShares Currency Hedged MSCI Eurozone ETF

Return for Risk

HEZU vs. FEP — Risk / Return Rank

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

HEZU

HEZU Risk / Return Rank: 50
HEZU Sharpe Ratio Rank: 47
HEZU Sortino Ratio Rank: 47
HEZU Omega Ratio Rank: 48
HEZU Calmar Ratio Rank: 54
HEZU Martin Ratio Rank: 53

FEP

FEP Risk / Return Rank: 91
FEP Sharpe Ratio Rank: 91
FEP Sortino Ratio Rank: 90
FEP Omega Ratio Rank: 91
FEP Calmar Ratio Rank: 91
FEP Martin Ratio Rank: 90

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.

HEZU vs. FEP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI Eurozone ETF (HEZU) and First Trust Europe AlphaDEX Fund (FEP). 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.

	HEZU	FEP	Difference
Sharpe ratio Return per unit of total volatility	0.90	2.08	-1.18
Sortino ratio Return per unit of downside risk	1.34	2.66	-1.33
Omega ratio Gain probability vs. loss probability	1.19	1.41	-0.21
Calmar ratio Return relative to maximum drawdown	1.47	3.31	-1.84
Martin ratio Return relative to average drawdown	5.46	12.59	-7.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HEZU vs. FEP - Sharpe Ratio Comparison

The current HEZU Sharpe Ratio is 0.90, which is lower than the FEP Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of HEZU and FEP, 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

	HEZU	FEP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.90	2.08	-1.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	0.51	+0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	0.48	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.32	+0.22

Correlation

The correlation between HEZU and FEP is 0.79, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

HEZU vs. FEP - Dividend Comparison

HEZU's dividend yield for the trailing twelve months is around 2.89%, less than FEP's 3.17% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HEZU iShares Currency Hedged MSCI Eurozone ETF	2.89%	2.92%	2.77%	2.52%	23.26%	2.25%	2.32%	5.40%	3.48%	1.92%	3.11%	2.68%
FEP First Trust Europe AlphaDEX Fund	3.17%	3.33%	4.94%	3.27%	3.00%	3.49%	2.32%	2.63%	2.62%	1.65%	2.14%	2.20%

Drawdowns

HEZU vs. FEP - Drawdown Comparison

The maximum HEZU drawdown since its inception was -38.80%, smaller than the maximum FEP drawdown of -46.05%. Use the drawdown chart below to compare losses from any high point for HEZU and FEP.

Drawdown Indicators

	HEZU	FEP	Difference
Max Drawdown Largest peak-to-trough decline	-38.80%	-46.05%	+7.25%
Max Drawdown (1Y) Largest decline over 1 year	-11.62%	-12.31%	+0.69%
Max Drawdown (5Y) Largest decline over 5 years	-22.79%	-38.99%	+16.20%
Max Drawdown (10Y) Largest decline over 10 years	-38.80%	-46.05%	+7.25%
Current Drawdown Current decline from peak	-6.39%	-6.38%	-0.01%
Average Drawdown Average peak-to-trough decline	-5.89%	-12.14%	+6.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.14%	3.23%	-0.09%

Volatility

HEZU vs. FEP - Volatility Comparison

The current volatility for iShares Currency Hedged MSCI Eurozone ETF (HEZU) is 6.56%, while First Trust Europe AlphaDEX Fund (FEP) has a volatility of 8.46%. This indicates that HEZU experiences smaller price fluctuations and is considered to be less risky than FEP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HEZU	FEP	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.56%	8.46%	-1.90%
Volatility (6M) Calculated over the trailing 6-month period	10.58%	12.63%	-2.05%
Volatility (1Y) Calculated over the trailing 1-year period	18.11%	19.48%	-1.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.22%	19.57%	-3.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.37%	20.65%	-2.28%