INQQ vs. FPA

Last updated Jun 3, 2026

INQQ (India Internet & Ecommerce ETF) and FPA (First Trust Asia Pacific ex-Japan AlphaDEX Fund) are both Asia Pacific Equities funds - INQQ tracks the INQQ The India Internet & Ecommerce Index - Benchmark TR Gross while FPA tracks the NASDAQ AlphaDEX Asia Pacific Ex-Japan Index. Both are passively managed. Over the past 3 years, INQQ returned 3.41%/yr vs 33.58%/yr for FPA. At a 0.34 correlation, their price movements are largely independent. INQQ charges 0.86%/yr vs 0.80%/yr for FPA.

Performance

INQQ vs. FPA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in India Internet & Ecommerce ETF (INQQ) and First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INQQ achieves a -17.05% return, which is significantly lower than FPA's 52.36% return.

INQQ

• 1D: 0.14%
• 1M: -4.76%
• YTD: -17.05%
• 6M: -19.37%
• 1Y: -22.24%
• 3Y*: 3.41%
• 5Y*: —
• 10Y*: —

FPA

• 1D: -3.56%
• 1M: 9.83%
• YTD: 52.36%
• 6M: 52.58%
• 1Y: 83.84%
• 3Y*: 33.58%
• 5Y*: 13.37%
• 10Y*: 11.32%

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

INQQ vs. FPA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
INQQ India Internet & Ecommerce ETF	-17.05%	-7.05%	19.12%	31.45%	-34.73%
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund	52.36%	43.16%	3.95%	9.97%	-14.43%

Correlation

The correlation between INQQ and FPA is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (All Time) Calculated using the full available price history since Apr 7, 2022	0.34

INQQ vs. FPA - Sectors Allocation Comparison

Sectors	INQQ	FPA
Financial Services	35.3%	9.6%
Consumer Cyclical	26.7%	8.8%
Technology	12.6%	16.1%
Communication Services	8.7%	2.6%
Energy	8.2%	6.7%
Healthcare	6.4%	1.0%
Consumer Defensive	2.1%	3.2%
Basic Materials	-	4.9%
Industrials	-	37.1%
Real Estate	-	6.9%
Utilities	-	5.7%

Return for Risk

INQQ vs. FPA — Risk / Return Rank

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

INQQ

INQQ Risk / Return Rank: 1
INQQ Sharpe Ratio Rank: 0
INQQ Sortino Ratio Rank: 1
INQQ Omega Ratio Rank: 1
INQQ Calmar Ratio Rank: 3
INQQ Martin Ratio Rank: 1

FPA

FPA Risk / Return Rank: 89
FPA Sharpe Ratio Rank: 92
FPA Sortino Ratio Rank: 87
FPA Omega Ratio Rank: 87
FPA Calmar Ratio Rank: 90
FPA 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.

INQQ vs. FPA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for India Internet & Ecommerce ETF (INQQ) and First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA). 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.

	INQQ	FPA	Difference
Sharpe ratio Return per unit of total volatility	-1.28	3.30	-4.58
Sortino ratio Return per unit of downside risk	-1.84	3.99	-5.83
Omega ratio Gain probability vs. loss probability	0.79	1.55	-0.76
Calmar ratio Return relative to maximum drawdown	-0.73	5.61	-6.34
Martin ratio Return relative to average drawdown	-1.57	20.86	-22.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

INQQ vs. FPA - Sharpe Ratio Comparison

The current INQQ Sharpe Ratio is -1.28, which is lower than the FPA Sharpe Ratio of 3.30. The chart below compares the historical Sharpe Ratios of INQQ and FPA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	INQQ	FPA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.28	3.30	-4.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.56	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.51	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.28	0.33	-0.61

Drawdowns

INQQ vs. FPA - Drawdown Comparison

The maximum INQQ drawdown since its inception was -40.53%, smaller than the maximum FPA drawdown of -52.91%. Use the drawdown chart below to compare losses from any high point for INQQ and FPA.

Drawdown Indicators

	INQQ	FPA	Difference
Max Drawdown Largest peak-to-trough decline	-40.53%	-52.91%	+12.38%
Max Drawdown (1Y) Largest decline over 1 year	-30.41%	-15.37%	-15.04%
Max Drawdown (3Y) Largest decline over 3 years	-32.45%	-20.66%	-11.79%
Max Drawdown (5Y) Largest decline over 5 years	—	-35.21%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-52.91%	—
Current Drawdown Current decline from peak	-27.01%	-3.56%	-23.45%
Average Drawdown Average peak-to-trough decline	-17.04%	-13.49%	-3.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.10%	4.13%	+9.97%

Volatility

INQQ vs. FPA - Volatility Comparison

The current volatility for India Internet & Ecommerce ETF (INQQ) is 5.59%, while First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA) has a volatility of 12.98%. This indicates that INQQ experiences smaller price fluctuations and is considered to be less risky than FPA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INQQ	FPA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.59%	12.98%	-7.39%
Volatility (6M) Calculated over the trailing 6-month period	14.48%	21.92%	-7.44%
Volatility (1Y) Calculated over the trailing 1-year period	17.42%	25.56%	-8.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.95%	23.98%	-4.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.95%	22.40%	-2.45%

INQQ vs. FPA - Expense Ratio Comparison

INQQ has a 0.86% expense ratio, which is higher than FPA's 0.80% expense ratio.

Dividends

INQQ vs. FPA - Dividend Comparison

INQQ's dividend yield for the trailing twelve months is around 2.69%, less than FPA's 3.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund	3.50%	4.71%	3.40%	3.02%	4.22%	5.12%	1.59%	3.90%	2.81%	3.15%	2.42%	1.74%
INQQ India Internet & Ecommerce ETF	2.69%	2.23%	1.18%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both INQQ and FPA in my portfolio?

INQQ and FPA have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INQQ or FPA?

FPA has higher volatility (12.98%) compared to INQQ (5.59%). In terms of maximum drawdown, INQQ dropped -40.53% vs FPA's -52.91%.

Which ETF is better, INQQ or FPA?

On 3-year performance, FPA leads with 33.58% vs 3.41% for INQQ. On fees, FPA is cheaper at 0.80% per year. On volatility, INQQ has been the lower-risk option at 5.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INQQ or FPA?

Over the 3-year period, FPA has performed better with a 33.58% return vs 3.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INQQ or FPA?

FPA is cheaper with a 0.80% expense ratio, compared with 0.86% for INQQ.

Which ETF pays a higher dividend yield, INQQ or FPA?

FPA has the higher dividend yield at 3.50%, compared with 2.69% for INQQ.

What is the main difference between INQQ and FPA?

INQQ tracks INQQ The India Internet & Ecommerce Index - Benchmark TR Gross, while FPA tracks NASDAQ AlphaDEX Asia Pacific Ex-Japan Index. They also come from different issuers: India and First Trust. Their fees differ too: 0.86% for INQQ and 0.80% for FPA.

Which has better risk-adjusted returns?

FPA currently has the higher Sharpe Ratio (3.30 vs -1.28), 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.