FEMS vs VOO
First Trust Emerging Markets Small Cap AlphaDEX Fund vs Vanguard S&P 500 ETF
Which is better, FEMS or VOO?
Small Cap Value against Large Cap Blend.
VOO has a lower expense ratio. VOO led over 1Y, 3Y, 5Y and the full window. FEMS is less concentrated, with 13.7% of the fund in its ten largest positions against 36.4%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | FEMS | VOO |
|---|---|---|
| Expense Ratio | 0.80% | 0.03%Best |
| AUM | $248M | $997.4B |
| Dividend Yield | 4.43% | 1.08% |
| Holdings | 218 | 509 |
| YTD Return | +12.47% | +13.37%Best |
| 1Y Return | +12.91% | +20.08%Best |
| 3Y Return (annualized) | +10.65% | +21.29%Best |
| 5Y Return (annualized) | +5.48% | +12.89%Best |
| Volatility (annualized) | 19.2% | 14.0%Best |
| Max Drawdown | -52.3% | -34.3%Best |
| $10,000 over 5 years | $13,057 | $18,335Best |
| Top 10 Weight | 13.7%Best | 36.4% |
| Fund Family | First Trust Portfolios (US) | Vanguard (US) |
| Category | Equity | Equity |
| Style | Small Cap Value | Large Cap Blend |
| Inception | Feb 15, 2012 | Sep 7, 2010 |
Volatility and max drawdown are measured over the window both funds cover: Feb 17, 2012 to Sep 4, 2026 (14.5 years).
FEMS vs VOO growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 14.5 years both funds cover.
FEMS vs VOO Performance
First Trust Emerging Markets Small Cap AlphaDEX Fund (FEMS) is an ETF from First Trust Portfolios (US) and Vanguard S&P 500 ETF (VOO) is an ETF from Vanguard (US). Over the past year FEMS returned +12.91% while VOO returned +20.08%. Year to date, FEMS is up 12.47% versus a gain of 13.37% for VOO.
Over three years, FEMS compounded at +10.65% per year against +21.29% for VOO; over five years the annualized figures are +5.48% and +12.89% respectively. Across the full 15-year window we track, VOO has the edge at +13.28% annualized vs +4.81%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FEMS has been the more volatile fund, with annualized monthly volatility of 19.2% compared with 14.0% for VOO. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -52.3% for FEMS and -34.3% for VOO. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.62. They move together some of the time, and apart the rest.
Fees and Cost Over Time
FEMS charges 0.80% per year while VOO charges 0.03%. On a $10,000 position that is $80 vs $3 annually, a gap of $77 per year that compounds over a long holding period. On income, FEMS currently yields 4.43% against 1.08% for VOO.
Holdings Overlap
0.9% of FEMS's money is in holdings VOO also owns. 0.1% of VOO's money is in holdings FEMS also owns.
We cannot see either book well enough to say how much of this pair is duplicated.
The two holdings books were reported 91 days apart, FEMS as of Mar 31, 2026 and VOO as of Jun 30, 2026, so some of the difference between them is the time between the two reports rather than the funds.
1 positions in common, counted across the 203 positions we hold weights for in FEMS and 504 in VOO, against full books of 218 and 509.
What only one of them owns
Our book lists 493 positions for VOO that do not appear in our book for FEMS (99.2% of the fund), and 5 for FEMS that do not appear in VOO (2.7%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in FEMS | Weight in VOO | Difference |
|---|---|---|---|
| RCLRoyal Caribbean Cruises Ltd | 0.91% | 0.12% | 0.79% |
You are not choosing between two funds in isolation.
Whichever of FEMS and VOO you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, FEMS or VOO?
FEMS has an expense ratio of 0.80% while VOO charges 0.03%. VOO is the cheaper option, by $77 a year on a $10,000 investment.
Which performed better, FEMS or VOO?
Over the past year FEMS returned +12.91% vs +20.08% for VOO, so VOO leads on 1-year performance. Over the longest common window we track (15 years), FEMS annualized +4.81% vs +13.28% for VOO. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FEMS or VOO?
FEMS has been the more volatile fund at 19.2% annualized versus 14.0% for VOO. Worst drawdown: FEMS -52.3% vs VOO -34.3%.
Should I hold both FEMS and VOO?
FEMS and VOO have a monthly-return correlation of 0.62, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, FEMS or VOO?
FEMS yields 4.43% while VOO yields 1.08%, so FEMS currently pays the higher dividend yield.
Is VOO better than FEMS?
VOO has a lower expense ratio. VOO led over 1Y, 3Y, 5Y and the full window. FEMS is less concentrated, with 13.7% of the fund in its ten largest positions against 36.4%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.