MEMX vs. FPA
MEMX (Matthews Emerging Markets Ex China Active ETF) and FPA (First Trust Asia Pacific ex-Japan AlphaDEX Fund) are both exchange-traded funds - MEMX is a Emerging Markets Diversified fund actively managed by Matthews, while FPA is a Asia Pacific Equities fund tracking the NASDAQ AlphaDEX Asia Pacific Ex-Japan Index. MEMX is actively managed, while FPA is passively managed. Over the past 3 years, MEMX returned 24.90%/yr vs 29.68%/yr for FPA. A 0.66 correlation means they provide meaningful diversification when combined. MEMX charges 0.79%/yr vs 0.80%/yr for FPA.
Performance
MEMX vs. FPA - Performance Comparison
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Returns By Period
In the year-to-date period, MEMX achieves a 29.81% return, which is significantly lower than FPA's 47.02% return.
MEMX
- 1D
- 0.55%
- 1M
- 5.01%
- YTD
- 29.81%
- 6M
- 38.48%
- 1Y
- 63.43%
- 3Y*
- 24.90%
- 5Y*
- —
- 10Y*
- —
FPA
- 1D
- -0.27%
- 1M
- 3.70%
- YTD
- 47.02%
- 6M
- 47.32%
- 1Y
- 65.35%
- 3Y*
- 29.68%
- 5Y*
- 12.60%
- 10Y*
- 11.11%
MEMX vs. FPA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
MEMX Matthews Emerging Markets Ex China Active ETF | 29.81% | 35.88% | 5.50% | 11.33% |
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund | 47.02% | 43.16% | 3.95% | 7.12% |
Correlation
The correlation between MEMX and FPA is 0.73, 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 | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2023 | 0.66 |
The correlation between MEMX and FPA has been stable across timeframes, ranging from 0.66 to 0.73 - a consistent structural relationship.
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Return for Risk
MEMX vs. FPA — Risk / Return Rank
MEMX
FPA
MEMX vs. FPA - 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 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.
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 | FPA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.21 | ||
| Sortino ratioReturn per unit of downside risk | +0.24 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.42 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 4.16 | 4.32 | -0.16 |
| Martin ratioReturn relative to average drawdown | 15.97 | 14.88 | +1.09 |
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Drawdowns
MEMX vs. FPA - Drawdown Comparison
The maximum MEMX drawdown since its inception was -19.27%, smaller than the maximum FPA drawdown of -52.91%. Use the drawdown chart below to compare losses from any high point for MEMX and FPA.
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Drawdown Indicators
| MEMX | FPA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.27% | -52.91% | +33.64% |
Max Drawdown (1Y)Largest decline over 1 year | -14.70% | -15.37% | +0.67% |
Max Drawdown (3Y)Largest decline over 3 years | -19.27% | -20.66% | +1.39% |
Max Drawdown (5Y)Largest decline over 5 years | — | -34.54% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -52.91% | — |
Current DrawdownCurrent decline from peak | -3.40% | -6.94% | +3.54% |
Average DrawdownAverage peak-to-trough decline | -3.50% | -13.47% | +9.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.83% | 4.46% | -0.63% |
Volatility
MEMX vs. FPA - Volatility Comparison
The current volatility for Matthews Emerging Markets Ex China Active ETF (MEMX) is 11.94%, while First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA) has a volatility of 14.55%. This indicates that MEMX 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.
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Volatility by Period
| MEMX | FPA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.94% | 14.55% | -2.61% |
Volatility (6M)Calculated over the trailing 6-month period | 21.24% | 24.45% | -3.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.42% | 27.61% | -4.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.73% | 24.43% | -6.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.73% | 22.63% | -4.90% |
MEMX vs. FPA - Expense Ratio Comparison
MEMX has a 0.79% expense ratio, which is lower than FPA's 0.80% expense ratio.
Dividends
MEMX vs. FPA - Dividend Comparison
MEMX's dividend yield for the trailing twelve months is around 3.76%, more than FPA's 3.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund | 3.63% | 4.71% | 3.40% | 3.02% | 4.22% | 5.12% | 1.59% | 3.90% | 2.81% | 3.15% | 2.42% | 1.74% |
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
MEMX and FPA have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FPA has higher volatility (14.55%) compared to MEMX (11.94%). In terms of maximum drawdown, MEMX dropped -19.27% vs FPA's -52.91%.
On 3-year performance, FPA leads with 29.68% vs 24.90% for MEMX. On fees, MEMX is cheaper at 0.79% per year. On volatility, MEMX has been the lower-risk option at 11.94%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, FPA has performed better with a 29.68% return vs 24.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MEMX is cheaper with a 0.79% expense ratio, compared with 0.80% for FPA.
MEMX has the higher dividend yield at 3.76%, compared with 3.63% for FPA.
MEMX is categorized as Emerging Markets Diversified, while FPA is Asia Pacific Equities. They also come from different issuers: Matthews and First Trust. Their fees differ too: 0.79% for MEMX and 0.80% for FPA.
MEMX currently has the higher Sharpe Ratio (2.61 vs 2.41), 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.
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