First Trust Emerging Markets AlphaDEX Fund (FEM) Performance
FEM total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +17.9% since Dec 31, 2025
- 1 year
- +22.4% total return
- 5 years
- +7.9% a year
- 10 years
- +8.0% a year
- Since first price
- +3.8% a year since 2011
FEM trailing returns vs SPY, QQQ, AGG
| Period | FEM total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −2.3% | −3.1% | −1.0% | −5.0% | +0.9% |
| 3 months | +1.6% | +0.8% | +3.2% | +1.9% | −0.4% |
| 6 months | −0.6% | −2.1% | +7.8% | +8.4% | −1.5% |
| YTD | +17.9% | +16.0% | +12.3% | +15.1% | −1.0% |
| 1 year | +22.4% | +19.6% | +14.4% | +15.9% | −1.1% |
| 3 years | +75.2%+20.5%/yr | +60.5% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +46.1%+7.9%/yr | +18.9% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +116.7%+8.0%/yr | +50.6% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | +131.3%+5.8%/yr | +39.8% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionApr 19, 2011 | +78.4%+3.8%/yr | +7.6% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: FEM vs SPY
From Apr 19, 2011: FEM grew to $17,843, SPY to $75,916.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
FEM returns by calendar year
8 of 14 full years positive. Best 2017 (+41.0%), worst 2018 (−15.5%). 2026 is year to date.
FEM annual returns table
| Year | FEM | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +17.9% | −10.9% | +12.3% | +15.1% | −1.0% |
| 2025 | +28.4% | −16.4% | +17.7% | +20.8% | +7.2% |
| 2024 | +3.0% | −11.8% | +24.9% | +25.6% | +1.3% |
| 2023 | +10.8% | −13.3% | +26.2% | +54.9% | +5.7% |
| 2022 | −14.2% | −28.6% | −18.2% | −32.6% | −13.0% |
| 2021 | +7.4% | −13.4% | +28.7% | +27.4% | −1.8% |
| 2020 | −1.7% | −43.0% | +18.3% | +48.6% | +7.5% |
| 2019 | +20.5% | −12.4% | +31.2% | +39.0% | +8.5% |
| 2018 | −15.5% | −26.2% | −4.6% | −0.1% | +0.1% |
| 2017 | +41.0% | −7.1% | +21.7% | +32.7% | +3.6% |
| 2016 | +15.7% | −10.5% | +12.0% | +7.1% | +2.4% |
| 2015 | −13.9% | −31.2% | +1.2% | +9.4% | +0.5% |
| 2014 | −11.0% | −20.1% | +13.5% | +19.2% | +6.0% |
| 2013 | −3.3% | −18.6% | +32.3% | +36.6% | −2.0% |
| 2012 | +21.1% | −20.5% | +16.0% | +18.1% | +3.8% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
FEM largest drawdowns
Now 5.3% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jan 26, 2018 | −46.2% | Mar 18, 2020 | May 7, 2021 | 2.1 years | 3.3 years |
| Apr 27, 2011 | −41.8% | Jan 20, 2016 | Aug 24, 2017 | 4.7 years | 6.3 years |
| Sep 13, 2021 | −31.7% | Oct 14, 2022 | May 17, 2024 | 1.1 years | 2.7 years |
| May 17, 2024 | −18.8% | Apr 8, 2025 | Jun 11, 2025 | 11 months | 1.1 years |
| May 11, 2026 | −10.9% | Jul 29, 2026 | Sep 4, 2026 | 3 months | 4 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
FEM risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2011 |
|---|---|---|---|---|
| Annualized return | +19.0% | +8.0% | +8.4% | +3.7% |
| Volatility (annualized) | 14.0% | 17.1% | 18.7% | 19.6% |
| Sharpe ratio | 1.01 | 0.33 | 0.40 | 0.21 |
| Sortino ratio | 2.05 | 0.54 | 0.62 | 0.31 |
| Best month | +11.5% | +15.9% | +15.9% | +15.9% |
| Worst month | −5.5% | −10.0% | −23.6% | −23.6% |
| Best 12 months | +52.6% | +52.6% | +54.7% | +54.7% |
| Worst 12 months | −1.2% | −27.0% | −27.1% | −27.1% |
| Positive months | 58% | 48% | 52% | 50% |
| Beta vs S&P 500 | 0.57 | 0.62 | 0.81 | — |
| Correlation with S&P 500 | 0.51 | 0.57 | 0.67 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
FEM rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 175 | −27.1% | +4.4% | +54.7% | 59% |
| 3-year (a year) | 151 | −12.1% | +2.5% | +22.0% | 70% |
| 5-year (a year) | 127 | −7.0% | +3.9% | +12.6% | 83% |
| 10-year (a year) | 67 | +0.7% | +3.4% | +10.3% | 100% |
Every holding period starting at a month-end since 2011. Returns for 3 years and longer are annualized.
FEM performance overview
First Trust Emerging Markets AlphaDEX Fund (FEM) returned +22.4% over the past year and +8.0% a year over ten years, with distributions reinvested. Since its first recorded price in 2011 it has returned +3.8% a year, turning $10,000 into about $17,843. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −46.2%, from Jan 26, 2018 to Mar 18, 2020, and it took 1.1 years to get back to the old high. FEM finished 8 of its 14 full calendar years with a gain; the best year was 2017 (+41.0%) and the worst 2018 (−15.5%). Volatility has been 19.6% a year.
Related: FEM chart, FEM holdings, FEM dividends. See the FEM overview for the latest quote and fund facts.
FEM performance FAQ
What is the FEM return over the past year?
FEM returned +22.4% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 19.6%.
What is the average annual return of FEM?
FEM has returned +7.9% a year over 5 years, +8.0% a year over 10 years, +3.8% a year since April 19, 2011 (total return, distributions reinvested).
How much would $10,000 invested in FEM be worth?
$10,000 invested in FEM at its first recorded close on April 19, 2011 would be worth about $17,843 on October 23, 2026 with distributions reinvested.
What was the worst year for FEM?
The worst calendar year was 2018, with a total return of −15.5%. The best was 2017 at +41.0%.
What is the biggest drawdown of FEM?
The largest peak-to-trough decline was −46.2% between January 26, 2018 and March 18, 2020. It recovered to the old high on May 7, 2021, 1.1 years after the bottom.
How volatile is FEM?
Over the past 3 years FEM had an annualized volatility of 14.0% and a Sharpe ratio of 1.01 (excess return over 1–3 month T-bills per unit of risk).