NBCE vs. FCA

Last updated Aug 4, 2026

NBCE (Neuberger Berman China Equity ETF) and FCA (First Trust China AlphaDEX Fund) are both China Equities funds. NBCE is actively managed, while FCA is passively managed. Over the past year, NBCE returned 41.71% vs 11.09% for FCA. Their 0.62 correlation means they have sometimes moved together and sometimes differently. NBCE charges 0.74%/yr vs 0.80%/yr for FCA.

Performance

NBCE vs. FCA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neuberger Berman China Equity ETF (NBCE) and First Trust China AlphaDEX Fund (FCA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NBCE achieves a 14.31% return, which is significantly higher than FCA's -2.52% return.

NBCE

• 1D: -1.21%
• 1M: -10.16%
• 6M: 9.48%
• YTD: 14.31%
• 1Y: 41.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 18.47%

FCA

• 1D: -0.80%
• 1M: 2.06%
• 6M: -12.24%
• YTD: -2.52%
• 1Y: 11.09%
• 3Y*: 14.32%
• 5Y*: 2.73%
• 10Y*: 7.64%
• ALL TIME*: 2.76%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FCA First Trust China AlphaDEX Fund	$160.45K	$273.90K	$1.98M
NBCE Neuberger Berman China Equity ETF	$51.90K	$60.15K	$41.04K

NBCE vs. FCA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NBCE Neuberger Berman China Equity ETF	14.31%	39.08%	3.35%	-2.22%
FCA First Trust China AlphaDEX Fund	-2.52%	45.20%	14.07%	-0.25%

Correlation

The correlation between NBCE and FCA is 0.58, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.58
Correlation (All Time) Calculated using the full available price history since Oct 16, 2023	0.62

The correlation between NBCE and FCA has been stable across timeframes, ranging from 0.58 to 0.62 - a consistent structural relationship.

NBCE vs. FCA - Sectors Allocation Comparison

Sectors	NBCE	FCA
Technology	41.1%	15.2%
Industrials	14.7%	22.3%
Financial Services	14.3%	21.0%
Basic Materials	12.1%	17.2%
Consumer Defensive	4.3%	0.5%
Consumer Cyclical	4.3%	1.0%
Healthcare	3.4%	3.2%
Energy	2.4%	13.5%
Utilities	1.4%	2.4%
Real Estate	1.2%	1.0%
Communication Services	0.8%	2.7%

Return for Risk

NBCE vs. FCA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NBCE

NBCE Risk / Return Rank: 68
NBCE Sharpe Ratio Rank: 72
NBCE Sortino Ratio Rank: 67
NBCE Omega Ratio Rank: 70
NBCE Calmar Ratio Rank: 63
NBCE Martin Ratio Rank: 67

FCA

FCA Risk / Return Rank: 21
FCA Sharpe Ratio Rank: 22
FCA Sortino Ratio Rank: 21
FCA Omega Ratio Rank: 21
FCA Calmar Ratio Rank: 18
FCA Martin Ratio Rank: 20

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NBCE vs. FCA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman China Equity ETF (NBCE) and First Trust China AlphaDEX Fund (FCA). 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.

	NBCE	FCA	Difference
Sharpe ratio: Return per unit of total volatility	1.78	0.48	+1.30
Sortino ratio: Return per unit of downside risk	2.38	0.78	+1.60
Omega ratio: Gain probability vs. loss probability	1.32	1.10	+0.22
Calmar ratio: Return relative to maximum drawdown	2.38	0.46	+1.92
Martin ratio: Return relative to average drawdown	8.73	1.31	+7.42

NBCE vs. FCA - Sharpe Ratio Comparison

The current NBCE Sharpe Ratio is 1.78, which is higher than the FCA Sharpe Ratio of 0.48. The chart below compares the historical Sharpe Ratios of NBCE and FCA, 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

NBCE vs. FCA - Drawdown Comparison

The maximum NBCE drawdown since its inception was -28.42%, smaller than the maximum FCA drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for NBCE and FCA.

Drawdown Indicators

	NBCE	FCA	Difference
Max Drawdown Largest peak-to-trough decline	-28.42%	-45.56%	+17.14%
Max Drawdown (1Y) Largest decline over 1 year	-17.60%	-24.11%	+6.51%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.13%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-42.47%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-42.47%	—
Current Drawdown Current decline from peak	-16.15%	-20.36%	+4.21%
Average Drawdown Average peak-to-trough decline	-9.04%	-21.60%	+12.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.79%	8.47%	-3.68%

Volatility

NBCE vs. FCA - Volatility Comparison

Neuberger Berman China Equity ETF (NBCE) has a higher volatility of 10.43% compared to First Trust China AlphaDEX Fund (FCA) at 5.93%. This indicates that NBCE's price experiences larger fluctuations and is considered to be riskier than FCA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NBCE	FCA	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.43%	5.93%	+4.50%
Volatility (6M) Calculated over the trailing 6-month period	19.58%	17.73%	+1.85%
Volatility (1Y) Calculated over the trailing 1-year period	23.62%	23.38%	+0.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.02%	27.76%	-2.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.02%	26.75%	-1.73%

NBCE vs. FCA - Expense Ratio Comparison

NBCE has a 0.74% expense ratio, which is lower than FCA's 0.80% expense ratio.

Dividends

NBCE vs. FCA - Dividend Comparison

NBCE's dividend yield for the trailing twelve months is around 1.16%, less than FCA's 2.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCA First Trust China AlphaDEX Fund	2.90%	2.67%	5.17%	5.70%	6.00%	4.91%	4.12%	3.73%	3.10%	2.30%	2.51%	4.13%
NBCE Neuberger Berman China Equity ETF	1.16%	1.32%	1.20%	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 NBCE and FCA in my portfolio?

NBCE and FCA have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NBCE or FCA?

NBCE has higher volatility (10.43%) compared to FCA (5.93%). In terms of maximum drawdown, NBCE dropped -28.42% vs FCA's -45.56%.

Which ETF is better, NBCE or FCA?

On 1-year performance, NBCE leads with 41.71% vs 11.09% for FCA. On fees, NBCE is cheaper at 0.74% per year. On volatility, FCA has been the lower-risk option at 5.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NBCE or FCA?

Over the 1-year period, NBCE has performed better with a 41.71% return vs 11.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NBCE or FCA?

NBCE is cheaper with a 0.74% expense ratio, compared with 0.80% for FCA.

Which ETF pays a higher dividend yield, NBCE or FCA?

FCA has the higher dividend yield at 2.90%, compared with 1.16% for NBCE.

What is the main difference between NBCE and FCA?

They also come from different issuers: Neuberger Berman and First Trust. Their fees differ too: 0.74% for NBCE and 0.80% for FCA.

Which has better risk-adjusted returns?

NBCE currently has the higher Sharpe Ratio (1.78 vs 0.48), 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.