MSAP.L vs. FEM.L

Last updated Jul 21, 2026

MSAP.L (Invesco MSCI Saudi Arabia UCITS ETF USD (Acc)) and FEM.L (First Trust Emerging Markets AlphaDEX UCITS ETF Acc) are both Emerging Markets Equities funds - MSAP.L tracks the MSCI Saudi Arabia 20/35 Capped Index while FEM.L tracks the MSCI EM NR USD. Both are passively managed. Over the past 5 years, MSAP.L returned 2.71%/yr vs 6.85%/yr for FEM.L. At a 0.33 correlation, their price movements are largely independent. MSAP.L charges 0.50%/yr vs 0.80%/yr for FEM.L.

Performance

MSAP.L vs. FEM.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco MSCI Saudi Arabia UCITS ETF USD (Acc) (MSAP.L) and First Trust Emerging Markets AlphaDEX UCITS ETF Acc (FEM.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSAP.L achieves a 4.46% return, which is significantly lower than FEM.L's 12.02% return.

MSAP.L

• 1D: 0.41%
• 1M: -5.06%
• 6M: -1.46%
• YTD: 4.46%
• 1Y: 3.70%
• 3Y*: -1.71%
• 5Y*: 2.71%
• 10Y*: —
• ALL TIME*: 0.81%

FEM.L

• 1D: -2.28%
• 1M: -7.05%
• 6M: 5.82%
• YTD: 12.02%
• 1Y: 25.46%
• 3Y*: 13.86%
• 5Y*: 6.85%
• 10Y*: 7.60%
• ALL TIME*: 2.60%

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

MSAP.L vs. FEM.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
MSAP.L Invesco MSCI Saudi Arabia UCITS ETF USD (Acc)	4.46%	-12.17%	1.88%	3.56%	6.09%	37.74%	-2.87%	2.76%	-24.41%
FEM.L First Trust Emerging Markets AlphaDEX UCITS ETF Acc	12.02%	18.46%	5.12%	4.21%	-3.80%	8.72%	-3.95%	15.10%	-12.64%

Correlation

The correlation between MSAP.L and FEM.L is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.25
Correlation (All Time) Calculated using the full available price history since Jun 13, 2018	0.33

Over the past year, the correlation between MSAP.L and FEM.L has dropped to 0.09 - well below their long-term average of 0.33, suggesting their price drivers have been diverging.

MSAP.L vs. FEM.L - Sectors Allocation Comparison

Sectors	MSAP.L	FEM.L
Financial Services	46.0%	7.5%
Energy	15.3%	12.2%
Basic Materials	14.5%	7.2%
Communication Services	10.2%	4.6%
Utilities	4.9%	6.0%
Healthcare	2.1%	2.7%
Consumer Defensive	1.8%	2.9%
Consumer Cyclical	1.6%	5.4%
Technology	1.4%	29.9%
Industrials	1.3%	19.1%
Real Estate	0.8%	2.5%

Return for Risk

MSAP.L vs. FEM.L — Risk / Return Rank

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

MSAP.L

MSAP.L Risk / Return Rank: 15
MSAP.L Sharpe Ratio Rank: 15
MSAP.L Sortino Ratio Rank: 15
MSAP.L Omega Ratio Rank: 14
MSAP.L Calmar Ratio Rank: 15
MSAP.L Martin Ratio Rank: 15

FEM.L

FEM.L Risk / Return Rank: 66
FEM.L Sharpe Ratio Rank: 61
FEM.L Sortino Ratio Rank: 57
FEM.L Omega Ratio Rank: 59
FEM.L Calmar Ratio Rank: 81
FEM.L Martin Ratio Rank: 74

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.

MSAP.L vs. FEM.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI Saudi Arabia UCITS ETF USD (Acc) (MSAP.L) and First Trust Emerging Markets AlphaDEX UCITS ETF Acc (FEM.L). 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.

	MSAP.L	FEM.L	Difference
Sharpe ratio: Return per unit of total volatility	0.25	1.51	-1.26
Sortino ratio: Return per unit of downside risk	0.48	2.05	-1.57
Omega ratio: Gain probability vs. loss probability	1.05	1.27	-0.22
Calmar ratio: Return relative to maximum drawdown	0.30	3.12	-2.82
Martin ratio: Return relative to average drawdown	0.68	9.81	-9.14

MSAP.L vs. FEM.L - Sharpe Ratio Comparison

The current MSAP.L Sharpe Ratio is 0.25, which is lower than the FEM.L Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of MSAP.L and FEM.L, 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

MSAP.L vs. FEM.L - Drawdown Comparison

The maximum MSAP.L drawdown since its inception was -46.44%, smaller than the maximum FEM.L drawdown of -54.05%. Use the drawdown chart below to compare losses from any high point for MSAP.L and FEM.L.

Drawdown Indicators

	MSAP.L	FEM.L	Difference
Max Drawdown Largest peak-to-trough decline	-46.44%	-54.05%	+7.61%
Max Drawdown (1Y) Largest decline over 1 year	-12.24%	-8.24%	-4.00%
Max Drawdown (3Y) Largest decline over 3 years	-20.20%	-17.83%	-2.37%
Max Drawdown (5Y) Largest decline over 5 years	-30.35%	-17.83%	-12.52%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.42%	—
Current Drawdown Current decline from peak	-24.39%	-8.24%	-16.15%
Average Drawdown Average peak-to-trough decline	-19.40%	-17.73%	-1.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.47%	2.63%	+2.84%

Volatility

MSAP.L vs. FEM.L - Volatility Comparison

The current volatility for Invesco MSCI Saudi Arabia UCITS ETF USD (Acc) (MSAP.L) is 3.33%, while First Trust Emerging Markets AlphaDEX UCITS ETF Acc (FEM.L) has a volatility of 6.59%. This indicates that MSAP.L experiences smaller price fluctuations and is considered to be less risky than FEM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSAP.L	FEM.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.33%	6.59%	-3.26%
Volatility (6M) Calculated over the trailing 6-month period	9.87%	13.72%	-3.85%
Volatility (1Y) Calculated over the trailing 1-year period	14.69%	17.02%	-2.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.67%	16.31%	-0.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.31%	18.67%	+1.64%

MSAP.L vs. FEM.L - Expense Ratio Comparison

MSAP.L has a 0.50% expense ratio, which is lower than FEM.L's 0.80% expense ratio.

Dividends

MSAP.L vs. FEM.L - Dividend Comparison

Neither MSAP.L nor FEM.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both MSAP.L and FEM.L in my portfolio?

MSAP.L and FEM.L have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MSAP.L or FEM.L?

On fees, MSAP.L is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MSAP.L or FEM.L?

MSAP.L is cheaper with a 0.50% expense ratio, compared with 0.80% for FEM.L.

What is the main difference between MSAP.L and FEM.L?

MSAP.L tracks MSCI Saudi Arabia 20/35 Capped Index, while FEM.L tracks MSCI EM NR USD. They also come from different issuers: Invesco and First Trust. Their fees differ too: 0.50% for MSAP.L and 0.80% for FEM.L.