UINC.L vs. FEXU.L

Last updated Jul 16, 2026

UINC.L (First Trust US Equity Income UCITS ETF) and FEXU.L (First Trust US Large Cap Core AlphaDEX UCITS ETF) are both exchange-traded funds - UINC.L is a Dividend fund tracking the First Trust US Equity Income UCITS ETF, while FEXU.L is a Large Cap Blend Equities fund tracking the Russell 1000 TR USD. Both are passively managed. Over the past 10 years, UINC.L returned 9.99%/yr vs 12.08%/yr for FEXU.L. A 0.74 correlation means they provide meaningful diversification when combined.

Performance

UINC.L vs. FEXU.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in First Trust US Equity Income UCITS ETF (UINC.L) and First Trust US Large Cap Core AlphaDEX UCITS ETF (FEXU.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

UINC.L is traded in GBp, while FEXU.L is traded in USD. To make them comparable, the FEXU.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, UINC.L achieves a 16.69% return, which is significantly higher than FEXU.L's 13.52% return. Over the past 10 years, UINC.L has underperformed FEXU.L with an annualized return of 9.99%, while FEXU.L has yielded a comparatively higher 12.08% annualized return.

UINC.L

• 1D: -0.42%
• 1M: 1.33%
• 6M: 13.40%
• YTD: 16.69%
• 1Y: 22.27%
• 3Y*: 14.34%
• 5Y*: 10.14%
• 10Y*: 9.99%

FEXU.L

• 1D: -1.69%
• 1M: -2.99%
• 6M: 10.29%
• YTD: 13.52%
• 1Y: 22.33%
• 3Y*: 16.49%
• 5Y*: 11.24%
• 10Y*: 12.08%

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

UINC.L vs. FEXU.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UINC.L First Trust US Equity Income UCITS ETF	16.69%	0.01%	8.49%	10.78%	4.24%	34.94%	-2.77%	12.59%	-3.41%	5.05%
FEXU.L First Trust US Large Cap Core AlphaDEX UCITS ETF	13.52%	7.02%	18.72%	8.93%	-1.84%	28.02%	10.19%	21.28%	-5.75%	11.04%

Correlation

The correlation between UINC.L and FEXU.L is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Apr 14, 2016	0.74

Over the past year, the correlation between UINC.L and FEXU.L has dropped to 0.45 - well below their long-term average of 0.74, suggesting their price drivers have been diverging.

Return for Risk

UINC.L vs. FEXU.L — Risk / Return Rank

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

UINC.L

UINC.L Risk / Return Rank: 81
UINC.L Sharpe Ratio Rank: 77
UINC.L Sortino Ratio Rank: 79
UINC.L Omega Ratio Rank: 71
UINC.L Calmar Ratio Rank: 92
UINC.L Martin Ratio Rank: 85

FEXU.L

FEXU.L Risk / Return Rank: 79
FEXU.L Sharpe Ratio Rank: 73
FEXU.L Sortino Ratio Rank: 79
FEXU.L Omega Ratio Rank: 68
FEXU.L Calmar Ratio Rank: 89
FEXU.L Martin Ratio Rank: 85

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.

UINC.L vs. FEXU.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust US Equity Income UCITS ETF (UINC.L) and First Trust US Large Cap Core AlphaDEX UCITS ETF (FEXU.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.

	UINC.L	FEXU.L	Difference
Sharpe ratio: Return per unit of total volatility	1.95	1.73	+0.22
Sortino ratio: Return per unit of downside risk	2.83	2.40	+0.43
Omega ratio: Gain probability vs. loss probability	1.34	1.30	+0.04
Calmar ratio: Return relative to maximum drawdown	4.79	4.54	+0.25
Martin ratio: Return relative to average drawdown	13.50	13.67	-0.17

UINC.L vs. FEXU.L - Sharpe Ratio Comparison

The current UINC.L Sharpe Ratio is 1.95, which is comparable to the FEXU.L Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of UINC.L and FEXU.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

UINC.L vs. FEXU.L - Drawdown Comparison

The maximum UINC.L drawdown since its inception was -38.33%, which is greater than FEXU.L's maximum drawdown of -32.12%. Use the drawdown chart below to compare losses from any high point for UINC.L and FEXU.L.

Drawdown Indicators

	UINC.L	FEXU.L	Difference
Max Drawdown Largest peak-to-trough decline	-38.33%	-32.12%	-6.21%
Max Drawdown (1Y) Largest decline over 1 year	-5.10%	-4.90%	-0.20%
Max Drawdown (3Y) Largest decline over 3 years	-23.09%	-21.55%	-1.54%
Max Drawdown (5Y) Largest decline over 5 years	-23.09%	-21.55%	-1.54%
Max Drawdown (10Y) Largest decline over 10 years	-38.33%	-32.12%	-6.21%
Current Drawdown Current decline from peak	-0.88%	-4.90%	+4.02%
Average Drawdown Average peak-to-trough decline	-8.26%	-4.16%	-4.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.81%	1.63%	+0.18%

Volatility

UINC.L vs. FEXU.L - Volatility Comparison

The current volatility for First Trust US Equity Income UCITS ETF (UINC.L) is 3.50%, while First Trust US Large Cap Core AlphaDEX UCITS ETF (FEXU.L) has a volatility of 4.59%. This indicates that UINC.L experiences smaller price fluctuations and is considered to be less risky than FEXU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UINC.L	FEXU.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.50%	4.59%	-1.09%
Volatility (6M) Calculated over the trailing 6-month period	9.01%	9.86%	-0.85%
Volatility (1Y) Calculated over the trailing 1-year period	12.64%	12.86%	-0.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.74%	15.78%	+0.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.57%	17.19%	+2.38%

Dividends

UINC.L vs. FEXU.L - Dividend Comparison

UINC.L's dividend yield for the trailing twelve months is around 2.82%, while FEXU.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FEXU.L First Trust US Large Cap Core AlphaDEX UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UINC.L First Trust US Equity Income UCITS ETF	2.82%	3.03%	2.84%	3.20%	3.25%	2.15%	3.40%	3.14%	3.01%	2.49%	1.60%

Frequently Asked Questions

Can I hold both UINC.L and FEXU.L in my portfolio?

UINC.L and FEXU.L have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between UINC.L and FEXU.L?

UINC.L is categorized as Dividend, while FEXU.L is Large Cap Blend Equities. UINC.L tracks First Trust US Equity Income UCITS ETF, while FEXU.L tracks Russell 1000 TR USD.