IPKW vs. FDT

Last updated Jun 4, 2026

IPKW (Invesco International BuyBack Achievers™ ETF) and FDT (First Trust Developed Markets ex-US AlphaDEX Fund) are both exchange-traded funds - IPKW is a Global Equities fund tracking the NASDAQ International BuyBack Achievers Index, while FDT is a Foreign Large Cap Equities fund tracking the NASDAQ AlphaDEX DM Ex-US Index. Both are passively managed. Over the past 10 years, IPKW returned 11.44%/yr vs 10.91%/yr for FDT. Their correlation of 0.85 suggests significant overlap in exposure. IPKW charges 0.55%/yr vs 0.80%/yr for FDT.

Performance

IPKW vs. FDT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco International BuyBack Achievers™ ETF (IPKW) and First Trust Developed Markets ex-US AlphaDEX Fund (FDT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IPKW achieves a 6.08% return, which is significantly lower than FDT's 25.50% return. Both investments have delivered pretty close results over the past 10 years, with IPKW having a 11.44% annualized return and FDT not far behind at 10.91%.

IPKW

• 1D: -1.07%
• 1M: 0.86%
• YTD: 6.08%
• 6M: 9.96%
• 1Y: 26.14%
• 3Y*: 23.62%
• 5Y*: 9.19%
• 10Y*: 11.44%

FDT

• 1D: -0.64%
• 1M: 5.22%
• YTD: 25.50%
• 6M: 28.63%
• 1Y: 55.05%
• 3Y*: 30.08%
• 5Y*: 12.55%
• 10Y*: 10.91%

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

IPKW vs. FDT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IPKW Invesco International BuyBack Achievers™ ETF	6.08%	45.50%	10.56%	15.12%	-12.81%	11.41%	16.18%	20.26%	-21.59%	34.21%
FDT First Trust Developed Markets ex-US AlphaDEX Fund	25.50%	52.21%	6.97%	15.03%	-19.51%	11.43%	4.29%	16.82%	-19.98%	34.42%

Correlation

The correlation between IPKW and FDT is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Feb 28, 2014	0.85

The correlation between IPKW and FDT has been stable across timeframes, ranging from 0.81 to 0.85 - a consistent structural relationship.

IPKW vs. FDT - Sectors Allocation Comparison

Sectors	IPKW	FDT
Financial Services	32.3%	10.2%
Energy	21.4%	9.2%
Consumer Cyclical	15.8%	11.5%
Industrials	11.4%	34.0%
Communication Services	6.3%	2.7%
Technology	3.8%	8.1%
Utilities	3.5%	5.2%
Basic Materials	2.9%	9.6%
Real Estate	1.1%	5.3%
Healthcare	1.0%	1.4%
Consumer Defensive	0.4%	2.8%

Return for Risk

IPKW vs. FDT — Risk / Return Rank

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

IPKW

IPKW Risk / Return Rank: 54
IPKW Sharpe Ratio Rank: 53
IPKW Sortino Ratio Rank: 53
IPKW Omega Ratio Rank: 53
IPKW Calmar Ratio Rank: 58
IPKW Martin Ratio Rank: 56

FDT

FDT Risk / Return Rank: 84
FDT Sharpe Ratio Rank: 88
FDT Sortino Ratio Rank: 84
FDT Omega Ratio Rank: 86
FDT Calmar Ratio Rank: 79
FDT Martin Ratio Rank: 81

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.

IPKW vs. FDT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco International BuyBack Achievers™ ETF (IPKW) and First Trust Developed Markets ex-US AlphaDEX Fund (FDT). 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.

	IPKW	FDT	Difference
Sharpe ratio: Return per unit of total volatility	1.84	3.00	-1.17
Sortino ratio: Return per unit of downside risk	2.58	3.85	-1.26
Omega ratio: Gain probability vs. loss probability	1.33	1.54	-0.20
Calmar ratio: Return relative to maximum drawdown	2.87	4.13	-1.25
Martin ratio: Return relative to average drawdown	9.91	16.12	-6.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IPKW vs. FDT - Sharpe Ratio Comparison

The current IPKW Sharpe Ratio is 1.84, which is lower than the FDT Sharpe Ratio of 3.00. The chart below compares the historical Sharpe Ratios of IPKW and FDT, 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

	IPKW	FDT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.84	3.00	-1.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.69	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.59	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.40	+0.20

Drawdowns

IPKW vs. FDT - Drawdown Comparison

The maximum IPKW drawdown since its inception was -47.24%, roughly equal to the maximum FDT drawdown of -46.10%. Use the drawdown chart below to compare losses from any high point for IPKW and FDT.

Drawdown Indicators

	IPKW	FDT	Difference
Max Drawdown Largest peak-to-trough decline	-47.24%	-46.10%	-1.14%
Max Drawdown (1Y) Largest decline over 1 year	-9.14%	-13.41%	+4.27%
Max Drawdown (3Y) Largest decline over 3 years	-17.77%	-14.29%	-3.48%
Max Drawdown (5Y) Largest decline over 5 years	-33.18%	-33.18%	0.00%
Max Drawdown (10Y) Largest decline over 10 years	-47.24%	-46.10%	-1.14%
Current Drawdown Current decline from peak	-2.45%	-1.59%	-0.86%
Average Drawdown Average peak-to-trough decline	-9.00%	-10.78%	+1.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.64%	3.43%	-0.79%

Volatility

IPKW vs. FDT - Volatility Comparison

The current volatility for Invesco International BuyBack Achievers™ ETF (IPKW) is 4.37%, while First Trust Developed Markets ex-US AlphaDEX Fund (FDT) has a volatility of 7.23%. This indicates that IPKW experiences smaller price fluctuations and is considered to be less risky than FDT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IPKW	FDT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.37%	7.23%	-2.86%
Volatility (6M) Calculated over the trailing 6-month period	11.86%	15.91%	-4.05%
Volatility (1Y) Calculated over the trailing 1-year period	14.31%	18.42%	-4.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.01%	18.23%	-1.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.91%	18.52%	-0.61%

IPKW vs. FDT - Expense Ratio Comparison

IPKW has a 0.55% expense ratio, which is lower than FDT's 0.80% expense ratio.

Dividends

IPKW vs. FDT - Dividend Comparison

IPKW's dividend yield for the trailing twelve months is around 3.52%, more than FDT's 2.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDT First Trust Developed Markets ex-US AlphaDEX Fund	2.84%	3.27%	3.89%	4.36%	2.29%	3.80%	2.42%	2.78%	2.13%	1.57%	1.76%	1.83%
IPKW Invesco International BuyBack Achievers™ ETF	3.52%	3.55%	4.12%	2.66%	3.77%	7.37%	1.45%	2.41%	2.61%	0.93%	2.82%	1.31%

Frequently Asked Questions

Can I hold both IPKW and FDT in my portfolio?

IPKW and FDT have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IPKW or FDT?

FDT has higher volatility (7.23%) compared to IPKW (4.37%). In terms of maximum drawdown, IPKW dropped -47.24% vs FDT's -46.10%.

Which ETF is better, IPKW or FDT?

On 10-year performance, IPKW leads with 11.44% vs 10.91% for FDT. On fees, IPKW is cheaper at 0.55% per year. On volatility, IPKW has been the lower-risk option at 4.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IPKW or FDT?

Over the 10-year period, IPKW has performed better with a 11.44% return vs 10.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IPKW or FDT?

IPKW is cheaper with a 0.55% expense ratio, compared with 0.80% for FDT.

Which ETF pays a higher dividend yield, IPKW or FDT?

IPKW has the higher dividend yield at 3.52%, compared with 2.84% for FDT.

What is the main difference between IPKW and FDT?

IPKW is categorized as Global Equities, while FDT is Foreign Large Cap Equities. IPKW tracks NASDAQ International BuyBack Achievers Index, while FDT tracks NASDAQ AlphaDEX DM Ex-US Index. They also come from different issuers: Invesco and First Trust. Their fees differ too: 0.55% for IPKW and 0.80% for FDT.

Which has better risk-adjusted returns?

FDT currently has the higher Sharpe Ratio (3.00 vs 1.84), 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.