MEMX vs. FDTS

Last updated Jun 14, 2026

MEMX (Matthews Emerging Markets Ex China Active ETF) and FDTS (First Trust Developed Markets ex-US Small Cap AlphaDEX Fund) are both exchange-traded funds - MEMX is a Emerging Markets Diversified fund actively managed by Matthews, while FDTS is a Foreign Small & Mid Cap Equities fund tracking the NASDAQ AlphaDEX DM Ex-US Small Cap Index. MEMX is actively managed, while FDTS is passively managed. Over the past 3 years, MEMX returned 24.90%/yr vs 24.70%/yr for FDTS. A 0.72 correlation means they provide meaningful diversification when combined. MEMX charges 0.79%/yr vs 0.80%/yr for FDTS.

Performance

MEMX vs. FDTS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews Emerging Markets Ex China Active ETF (MEMX) and First Trust Developed Markets ex-US Small Cap AlphaDEX Fund (FDTS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MEMX achieves a 29.81% return, which is significantly higher than FDTS's 18.78% return.

MEMX

• 1D: 0.55%
• 1M: 5.01%
• YTD: 29.81%
• 6M: 38.48%
• 1Y: 63.43%
• 3Y*: 24.90%
• 5Y*: —
• 10Y*: —

FDTS

• 1D: -0.17%
• 1M: -2.15%
• YTD: 18.78%
• 6M: 20.77%
• 1Y: 44.72%
• 3Y*: 24.70%
• 5Y*: 10.78%
• 10Y*: 10.96%

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

MEMX vs. FDTS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MEMX Matthews Emerging Markets Ex China Active ETF	29.81%	35.88%	5.50%	11.33%
FDTS First Trust Developed Markets ex-US Small Cap AlphaDEX Fund	18.78%	51.17%	2.44%	9.02%

Correlation

The correlation between MEMX and FDTS is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (All Time) Calculated using the full available price history since Jan 11, 2023	0.72

The correlation between MEMX and FDTS has been stable across timeframes, ranging from 0.72 to 0.76 - a consistent structural relationship.

Return for Risk

MEMX vs. FDTS — Risk / Return Rank

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

MEMX

MEMX Risk / Return Rank: 86
MEMX Sharpe Ratio Rank: 89
MEMX Sortino Ratio Rank: 83
MEMX Omega Ratio Rank: 87
MEMX Calmar Ratio Rank: 85
MEMX Martin Ratio Rank: 86

FDTS

FDTS Risk / Return Rank: 79
FDTS Sharpe Ratio Rank: 84
FDTS Sortino Ratio Rank: 81
FDTS Omega Ratio Rank: 81
FDTS Calmar Ratio Rank: 76
FDTS Martin Ratio Rank: 72

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.

MEMX vs. FDTS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Emerging Markets Ex China Active ETF (MEMX) and First Trust Developed Markets ex-US Small Cap AlphaDEX Fund (FDTS). 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.

	MEMX	FDTS	Difference
Sharpe ratio: Return per unit of total volatility	2.61	2.37	+0.24
Sortino ratio: Return per unit of downside risk	3.26	3.15	+0.11
Omega ratio: Gain probability vs. loss probability	1.47	1.42	+0.06
Calmar ratio: Return relative to maximum drawdown	4.16	3.43	+0.74
Martin ratio: Return relative to average drawdown	15.97	11.78	+4.19

MEMX vs. FDTS - Sharpe Ratio Comparison

The current MEMX Sharpe Ratio is 2.61, which is comparable to the FDTS Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of MEMX and FDTS, 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

MEMX vs. FDTS - Drawdown Comparison

The maximum MEMX drawdown since its inception was -19.27%, smaller than the maximum FDTS drawdown of -51.26%. Use the drawdown chart below to compare losses from any high point for MEMX and FDTS.

Drawdown Indicators

	MEMX	FDTS	Difference
Max Drawdown Largest peak-to-trough decline	-19.27%	-51.26%	+31.99%
Max Drawdown (1Y) Largest decline over 1 year	-14.70%	-12.61%	-2.09%
Max Drawdown (3Y) Largest decline over 3 years	-19.27%	-13.19%	-6.08%
Max Drawdown (5Y) Largest decline over 5 years	—	-33.11%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-51.26%	—
Current Drawdown Current decline from peak	-3.40%	-4.77%	+1.37%
Average Drawdown Average peak-to-trough decline	-3.50%	-10.64%	+7.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.83%	3.66%	+0.17%

Volatility

MEMX vs. FDTS - Volatility Comparison

Matthews Emerging Markets Ex China Active ETF (MEMX) has a higher volatility of 11.94% compared to First Trust Developed Markets ex-US Small Cap AlphaDEX Fund (FDTS) at 8.44%. This indicates that MEMX's price experiences larger fluctuations and is considered to be riskier than FDTS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MEMX	FDTS	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.94%	8.44%	+3.50%
Volatility (6M) Calculated over the trailing 6-month period	21.24%	15.54%	+5.70%
Volatility (1Y) Calculated over the trailing 1-year period	23.42%	18.27%	+5.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.73%	29.42%	-11.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.73%	24.92%	-7.19%

MEMX vs. FDTS - Expense Ratio Comparison

MEMX has a 0.79% expense ratio, which is lower than FDTS's 0.80% expense ratio.

Dividends

MEMX vs. FDTS - Dividend Comparison

MEMX's dividend yield for the trailing twelve months is around 3.76%, more than FDTS's 2.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDTS First Trust Developed Markets ex-US Small Cap AlphaDEX Fund	2.53%	2.94%	3.94%	2.90%	3.71%	3.01%	2.02%	2.30%	1.96%	2.08%	1.78%	1.73%
MEMX Matthews Emerging Markets Ex China Active ETF	3.76%	4.88%	0.99%	1.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MEMX and FDTS in my portfolio?

MEMX and FDTS have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MEMX or FDTS?

MEMX has higher volatility (11.94%) compared to FDTS (8.44%). In terms of maximum drawdown, MEMX dropped -19.27% vs FDTS's -51.26%.

Which ETF is better, MEMX or FDTS?

On 3-year performance, MEMX leads with 24.90% vs 24.70% for FDTS. On fees, MEMX is cheaper at 0.79% per year. On volatility, FDTS has been the lower-risk option at 8.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MEMX or FDTS?

Over the 3-year period, MEMX has performed better with a 24.90% return vs 24.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MEMX or FDTS?

MEMX is cheaper with a 0.79% expense ratio, compared with 0.80% for FDTS.

Which ETF pays a higher dividend yield, MEMX or FDTS?

MEMX has the higher dividend yield at 3.76%, compared with 2.53% for FDTS.

What is the main difference between MEMX and FDTS?

MEMX is categorized as Emerging Markets Diversified, while FDTS is Foreign Small & Mid Cap Equities. They also come from different issuers: Matthews and First Trust. Their fees differ too: 0.79% for MEMX and 0.80% for FDTS.

Which has better risk-adjusted returns?

MEMX currently has the higher Sharpe Ratio (2.61 vs 2.37), 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.