MKOR vs. FPA

Last updated Jun 26, 2026

MKOR (Matthews Korea Active ETF) and FPA (First Trust Asia Pacific ex-Japan AlphaDEX Fund) are both Asia Pacific Equities funds. MKOR is actively managed, while FPA is passively managed. Over the past year, MKOR returned 139.15% vs 57.18% for FPA. A 0.74 correlation means they provide meaningful diversification when combined. MKOR charges 0.79%/yr vs 0.80%/yr for FPA.

Performance

MKOR vs. FPA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews Korea Active ETF (MKOR) 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, MKOR achieves a 90.76% return, which is significantly higher than FPA's 44.67% return.

MKOR

• 1D: 2.68%
• 1M: -1.16%
• YTD: 90.76%
• 6M: 95.59%
• 1Y: 139.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FPA

• 1D: 0.87%
• 1M: -4.42%
• YTD: 44.67%
• 6M: 43.79%
• 1Y: 57.18%
• 3Y*: 30.66%
• 5Y*: 12.45%
• 10Y*: 11.19%

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

MKOR vs. FPA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MKOR Matthews Korea Active ETF	90.76%	70.33%	-15.76%	-2.52%
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund	44.67%	43.16%	3.95%	-1.21%

Correlation

The correlation between MKOR and FPA is 0.84, 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	0.84
Correlation (All Time) Calculated using the full available price history since Jul 17, 2023	0.74

The correlation between MKOR and FPA has been stable across timeframes, ranging from 0.74 to 0.84 - a consistent structural relationship.

MKOR vs. FPA - Sectors Allocation Comparison

Sectors	MKOR	FPA
Technology	51.4%	25.2%
Industrials	16.7%	32.7%
Financial Services	9.5%	8.6%
Consumer Cyclical	7.3%	9.3%
Communication Services	2.8%	2.6%
Consumer Defensive	1.8%	2.7%
Basic Materials	1.6%	4.2%
Healthcare	1.4%	0.8%
Energy	0.6%	5.4%
Utilities	0.5%	5.1%
Real Estate	-	6.2%

Return for Risk

MKOR vs. FPA — Risk / Return Rank

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

MKOR

MKOR Risk / Return Rank: 93
MKOR Sharpe Ratio Rank: 95
MKOR Sortino Ratio Rank: 88
MKOR Omega Ratio Rank: 91
MKOR Calmar Ratio Rank: 95
MKOR Martin Ratio Rank: 95

FPA

FPA Risk / Return Rank: 72
FPA Sharpe Ratio Rank: 71
FPA Sortino Ratio Rank: 64
FPA Omega Ratio Rank: 70
FPA Calmar Ratio Rank: 81
FPA Martin Ratio Rank: 76

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.

MKOR vs. FPA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Korea Active ETF (MKOR) 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.

	MKOR	FPA	Difference
Sharpe ratio: Return per unit of total volatility	3.35	2.00	+1.35
Sortino ratio: Return per unit of downside risk	3.50	2.58	+0.91
Omega ratio: Gain probability vs. loss probability	1.51	1.36	+0.15
Calmar ratio: Return relative to maximum drawdown	6.79	3.74	+3.05
Martin ratio: Return relative to average drawdown	24.50	12.55	+11.95

MKOR vs. FPA - Sharpe Ratio Comparison

The current MKOR Sharpe Ratio is 3.35, which is higher than the FPA Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of MKOR 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.

Drawdowns

MKOR vs. FPA - Drawdown Comparison

The maximum MKOR drawdown since its inception was -22.09%, smaller than the maximum FPA drawdown of -52.91%. Use the drawdown chart below to compare losses from any high point for MKOR and FPA.

Drawdown Indicators

	MKOR	FPA	Difference
Max Drawdown Largest peak-to-trough decline	-22.09%	-52.91%	+30.82%
Max Drawdown (1Y) Largest decline over 1 year	-20.62%	-15.37%	-5.25%
Max Drawdown (3Y) Largest decline over 3 years	—	-20.66%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-34.38%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-52.91%	—
Current Drawdown Current decline from peak	-7.46%	-8.42%	+0.96%
Average Drawdown Average peak-to-trough decline	-6.28%	-13.46%	+7.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.70%	4.57%	+1.13%

Volatility

MKOR vs. FPA - Volatility Comparison

Matthews Korea Active ETF (MKOR) has a higher volatility of 21.99% compared to First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA) at 15.58%. This indicates that MKOR's price experiences larger fluctuations and is considered to be riskier than FPA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MKOR	FPA	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.99%	15.58%	+6.41%
Volatility (6M) Calculated over the trailing 6-month period	39.05%	26.03%	+13.02%
Volatility (1Y) Calculated over the trailing 1-year period	41.85%	28.76%	+13.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.29%	24.79%	+4.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.29%	22.75%	+6.54%

MKOR vs. FPA - Expense Ratio Comparison

MKOR has a 0.79% expense ratio, which is lower than FPA's 0.80% expense ratio.

Dividends

MKOR vs. FPA - Dividend Comparison

MKOR's dividend yield for the trailing twelve months is around 1.38%, less than FPA's 3.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund	3.98%	4.71%	3.40%	3.02%	4.22%	5.12%	1.59%	3.90%	2.81%	3.15%	2.42%	1.74%
MKOR Matthews Korea Active ETF	1.38%	2.62%	5.28%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MKOR and FPA in my portfolio?

MKOR and FPA have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MKOR or FPA?

MKOR has higher volatility (21.99%) compared to FPA (15.58%). In terms of maximum drawdown, MKOR dropped -22.09% vs FPA's -52.91%.

Which ETF is better, MKOR or FPA?

On 1-year performance, MKOR leads with 139.15% vs 57.18% for FPA. On fees, MKOR is cheaper at 0.79% per year. On volatility, FPA has been the lower-risk option at 15.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MKOR or FPA?

Over the 1-year period, MKOR has performed better with a 139.15% return vs 57.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MKOR or FPA?

MKOR is cheaper with a 0.79% expense ratio, compared with 0.80% for FPA.

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

FPA has the higher dividend yield at 3.98%, compared with 1.38% for MKOR.

What is the main difference between MKOR and FPA?

They also come from different issuers: Matthews and First Trust. Their fees differ too: 0.79% for MKOR and 0.80% for FPA.

Which has better risk-adjusted returns?

MKOR currently has the higher Sharpe Ratio (3.35 vs 2.00), 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.