XAGG vs. FPA

Last updated Jun 4, 2026

XAGG (Eaton Vance Income Opportunities ETF) and FPA (First Trust Asia Pacific ex-Japan AlphaDEX Fund) are both exchange-traded funds - XAGG is a Multisector Bonds fund actively managed by Eaton Vance, while FPA is a Asia Pacific Equities fund tracking the NASDAQ AlphaDEX Asia Pacific Ex-Japan Index. XAGG is actively managed, while FPA is passively managed. At a 0.46 correlation, their price movements are largely independent. XAGG charges 0.50%/yr vs 0.80%/yr for FPA.

Performance

XAGG vs. FPA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Income Opportunities ETF (XAGG) and First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XAGG achieves a 1.93% return, which is significantly lower than FPA's 51.47% return.

XAGG

• 1D: -0.15%
• 1M: 0.41%
• YTD: 1.93%
• 6M: 2.07%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FPA

• 1D: -0.59%
• 1M: 9.98%
• YTD: 51.47%
• 6M: 51.19%
• 1Y: 82.43%
• 3Y*: 33.32%
• 5Y*: 13.09%
• 10Y*: 11.25%

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

XAGG vs. FPA - Yearly Performance Comparison

	2026 (YTD)	2025
XAGG Eaton Vance Income Opportunities ETF	1.93%	1.61%
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund	51.47%	-2.38%

Correlation

The correlation between XAGG and FPA is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 11, 2025	0.46

Return for Risk

XAGG vs. FPA — Risk / Return Rank

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

FPA

FPA Risk / Return Rank: 88
FPA Sharpe Ratio Rank: 91
FPA Sortino Ratio Rank: 87
FPA Omega Ratio Rank: 86
FPA Calmar Ratio Rank: 89
FPA Martin Ratio Rank: 89

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.

XAGG vs. FPA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Income Opportunities ETF (XAGG) and First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	XAGG	FPA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.24	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.55	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.50	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.88	0.33	+1.55

Drawdowns

XAGG vs. FPA - Drawdown Comparison

The maximum XAGG drawdown since its inception was -2.88%, smaller than the maximum FPA drawdown of -52.91%. Use the drawdown chart below to compare losses from any high point for XAGG and FPA.

Drawdown Indicators

	XAGG	FPA	Difference
Max Drawdown Largest peak-to-trough decline	-2.88%	-52.91%	+50.03%
Max Drawdown (1Y) Largest decline over 1 year	—	-15.37%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-20.66%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-35.21%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-52.91%	—
Current Drawdown Current decline from peak	-0.49%	-4.12%	+3.63%
Average Drawdown Average peak-to-trough decline	-0.57%	-13.49%	+12.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.14%	—

Volatility

Volatility by Period

	XAGG	FPA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	12.96%	—
Volatility (6M) Calculated over the trailing 6-month period	—	21.92%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.48%	25.55%	-22.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.48%	23.98%	-20.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.48%	22.39%	-18.91%

XAGG vs. FPA - Expense Ratio Comparison

XAGG has a 0.50% expense ratio, which is lower than FPA's 0.80% expense ratio.

Dividends

XAGG vs. FPA - Dividend Comparison

XAGG's dividend yield for the trailing twelve months is around 3.86%, more than FPA's 3.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund	3.52%	4.71%	3.40%	3.02%	4.22%	5.12%	1.59%	3.90%	2.81%	3.15%	2.42%	1.74%
XAGG Eaton Vance Income Opportunities ETF	3.86%	1.02%	0.00%	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 XAGG and FPA in my portfolio?

XAGG and FPA have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XAGG or FPA?

On fees, XAGG 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, XAGG or FPA?

XAGG is cheaper with a 0.50% expense ratio, compared with 0.80% for FPA.

Which ETF pays a higher dividend yield, XAGG or FPA?

XAGG has the higher dividend yield at 3.86%, compared with 3.52% for FPA.

What is the main difference between XAGG and FPA?

XAGG is categorized as Multisector Bonds, while FPA is Asia Pacific Equities. They also come from different issuers: Eaton Vance and First Trust. Their fees differ too: 0.50% for XAGG and 0.80% for FPA.