TUR vs. FEM

Last updated Apr 1, 2026

Compare and contrast key facts about iShares MSCI Turkey ETF (TUR) and First Trust Emerging Markets AlphaDEX Fund (FEM).

TUR and FEM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TUR is a passively managed fund by iShares that tracks the performance of the MSCI Turkey Investable Market Index. It was launched on Mar 26, 2008. FEM is a passively managed fund by First Trust that tracks the performance of the NASDAQ AlphaDEX EM Index. It was launched on Apr 18, 2011. Both TUR and FEM are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

TUR vs. FEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Turkey ETF (TUR) and First Trust Emerging Markets AlphaDEX Fund (FEM). The values are adjusted to include any dividend payments, if applicable.

TUR vs. FEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TUR iShares MSCI Turkey ETF	12.29%	-1.54%	12.91%	-8.83%	105.75%	-27.41%	-1.19%	14.49%	-41.46%	37.58%
FEM First Trust Emerging Markets AlphaDEX Fund	9.64%	28.36%	3.01%	10.84%	-14.24%	7.40%	-1.68%	20.55%	-15.51%	41.05%

Returns By Period

In the year-to-date period, TUR achieves a 12.29% return, which is significantly higher than FEM's 9.64% return. Over the past 10 years, TUR has underperformed FEM with an annualized return of 1.66%, while FEM has yielded a comparatively higher 8.47% annualized return.

TUR

• 1D: 3.48%
• 1M: -4.87%
• YTD: 12.29%
• 6M: 14.07%
• 1Y: 20.81%
• 3Y*: 8.89%
• 5Y*: 13.63%
• 10Y*: 1.66%

FEM

• 1D: 1.40%
• 1M: -4.37%
• YTD: 9.64%
• 6M: 11.51%
• 1Y: 35.39%
• 3Y*: 16.74%
• 5Y*: 6.92%
• 10Y*: 8.47%

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

TUR vs. FEM - Expense Ratio Comparison

TUR has a 0.59% expense ratio, which is lower than FEM's 0.80% expense ratio.

FEM

First Trust Emerging Markets AlphaDEX Fund

TUR

iShares MSCI Turkey ETF

Return for Risk

TUR vs. FEM — Risk / Return Rank

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

TUR

TUR Risk / Return Rank: 56
TUR Sharpe Ratio Rank: 55
TUR Sortino Ratio Rank: 62
TUR Omega Ratio Rank: 48
TUR Calmar Ratio Rank: 71
TUR Martin Ratio Rank: 46

FEM

FEM Risk / Return Rank: 88
FEM Sharpe Ratio Rank: 88
FEM Sortino Ratio Rank: 87
FEM Omega Ratio Rank: 88
FEM Calmar Ratio Rank: 87
FEM Martin Ratio Rank: 92

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.

TUR vs. FEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Turkey ETF (TUR) and First Trust Emerging Markets AlphaDEX Fund (FEM). 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.

	TUR	FEM	Difference
Sharpe ratio Return per unit of total volatility	0.93	1.85	-0.91
Sortino ratio Return per unit of downside risk	1.53	2.34	-0.81
Omega ratio Gain probability vs. loss probability	1.18	1.36	-0.18
Calmar ratio Return relative to maximum drawdown	1.75	2.66	-0.91
Martin ratio Return relative to average drawdown	4.17	12.54	-8.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TUR vs. FEM - Sharpe Ratio Comparison

The current TUR Sharpe Ratio is 0.93, which is lower than the FEM Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of TUR and FEM, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TUR	FEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.93	1.85	-0.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.38	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.05	0.41	-0.36
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	0.16	-0.13

Correlation

The correlation between TUR and FEM is 0.54, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

TUR vs. FEM - Dividend Comparison

TUR's dividend yield for the trailing twelve months is around 2.14%, less than FEM's 2.84% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TUR iShares MSCI Turkey ETF	2.14%	2.40%	1.79%	4.43%	1.97%	4.22%	0.87%	3.29%	4.05%	2.64%	2.89%	3.04%
FEM First Trust Emerging Markets AlphaDEX Fund	2.84%	3.13%	3.66%	4.96%	6.15%	4.15%	2.68%	3.31%	3.52%	2.45%	2.25%	3.61%

Drawdowns

TUR vs. FEM - Drawdown Comparison

The maximum TUR drawdown since its inception was -72.34%, which is greater than FEM's maximum drawdown of -46.23%. Use the drawdown chart below to compare losses from any high point for TUR and FEM.

Drawdown Indicators

	TUR	FEM	Difference
Max Drawdown Largest peak-to-trough decline	-72.34%	-46.23%	-26.11%
Max Drawdown (1Y) Largest decline over 1 year	-12.24%	-13.19%	+0.95%
Max Drawdown (5Y) Largest decline over 5 years	-31.63%	-31.72%	+0.09%
Max Drawdown (10Y) Largest decline over 10 years	-59.25%	-46.23%	-13.02%
Current Drawdown Current decline from peak	-29.33%	-5.40%	-23.93%
Average Drawdown Average peak-to-trough decline	-40.05%	-15.20%	-24.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.12%	2.79%	+2.33%

Volatility

TUR vs. FEM - Volatility Comparison

iShares MSCI Turkey ETF (TUR) and First Trust Emerging Markets AlphaDEX Fund (FEM) have volatilities of 8.57% and 8.51%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TUR	FEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.57%	8.51%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	14.61%	13.64%	+0.97%
Volatility (1Y) Calculated over the trailing 1-year period	22.36%	19.24%	+3.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.79%	18.21%	+15.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.34%	20.95%	+13.39%