REFA vs. FPXI
REFA (Columbia Research Enhanced International Equity ETF) and FPXI (First Trust International Equity Opportunities ETF) are both Foreign Large Cap Equities funds - REFA tracks the Beta Advantage Research Enhanced International Equity Index while FPXI tracks the IPOX International Index. Both are passively managed. A 0.75 correlation means they provide meaningful diversification when combined. REFA charges 0.32%/yr vs 0.70%/yr for FPXI.
Performance
REFA vs. FPXI - Performance Comparison
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Returns By Period
In the year-to-date period, REFA achieves a 11.14% return, which is significantly lower than FPXI's 31.33% return.
REFA
- 1D
- 1.35%
- 1M
- 2.81%
- 6M
- 9.75%
- YTD
- 11.14%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FPXI
- 1D
- -5.08%
- 1M
- -2.29%
- 6M
- 28.85%
- YTD
- 31.33%
- 1Y
- 39.68%
- 3Y*
- 25.81%
- 5Y*
- 3.40%
- 10Y*
- 13.10%
REFA vs. FPXI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
REFA Columbia Research Enhanced International Equity ETF | 11.14% | 0.33% |
FPXI First Trust International Equity Opportunities ETF | 31.33% | -1.69% |
Correlation
The correlation between REFA and FPXI is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Dec 11, 2025 | 0.75 |
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Return for Risk
REFA vs. FPXI — Risk / Return Rank
REFA
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
FPXI
REFA vs. FPXI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Columbia Research Enhanced International Equity ETF (REFA) and First Trust International Equity Opportunities ETF (FPXI). 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.
| REFA | FPXI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.26 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.78 | — |
| Martin ratioReturn relative to average drawdown | — | 9.13 | — |
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Drawdowns
REFA vs. FPXI - Drawdown Comparison
The maximum REFA drawdown since its inception was -11.23%, smaller than the maximum FPXI drawdown of -55.78%. Use the drawdown chart below to compare losses from any high point for REFA and FPXI.
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Drawdown Indicators
| REFA | FPXI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.23% | -55.78% | +44.55% |
Max Drawdown (1Y)Largest decline over 1 year | — | -14.77% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -20.58% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -50.75% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -55.78% | — |
Current DrawdownCurrent decline from peak | -0.36% | -10.23% | +9.87% |
Average DrawdownAverage peak-to-trough decline | -2.79% | -20.14% | +17.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 4.49% | — |
Volatility
REFA vs. FPXI - Volatility Comparison
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Volatility by Period
| REFA | FPXI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 15.81% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 24.76% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 18.61% | 27.75% | -9.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.61% | 22.62% | -4.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.61% | 21.58% | -2.97% |
REFA vs. FPXI - Expense Ratio Comparison
REFA has a 0.32% expense ratio, which is lower than FPXI's 0.70% expense ratio.
Dividends
REFA vs. FPXI - Dividend Comparison
REFA's dividend yield for the trailing twelve months is around 0.03%, less than FPXI's 0.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FPXI First Trust International Equity Opportunities ETF | 0.60% | 0.70% | 0.93% | 0.71% | 1.13% | 0.71% | 0.18% | 0.67% | 1.75% | 0.75% | 2.09% | 1.34% |
REFA Columbia Research Enhanced International Equity ETF | 0.03% | 0.03% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
REFA and FPXI have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, REFA is cheaper at 0.32% per year. The better choice depends on whether you care most about return, fees, risk, or income.
REFA is cheaper with a 0.32% expense ratio, compared with 0.70% for FPXI.
FPXI has the higher dividend yield at 0.60%, compared with 0.03% for REFA.
REFA tracks Beta Advantage Research Enhanced International Equity Index, while FPXI tracks IPOX International Index. They also come from different issuers: Columbia Threadneedle and First Trust. Their fees differ too: 0.32% for REFA and 0.70% for FPXI.
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