BSMC vs. FNK

Last updated Aug 4, 2026

BSMC (Brandes U.S. Small-Mid Cap Value ETF) and FNK (First Trust Mid Cap Value AlphaDEX Fund) are both Small Cap Value Equities funds. BSMC is actively managed, while FNK is passively managed. Over the past year, BSMC returned 32.91% vs 25.79% for FNK. Their correlation of 0.90 means they have usually moved in the same direction. Both charge a 0.70% expense ratio.

Performance

BSMC vs. FNK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Brandes U.S. Small-Mid Cap Value ETF (BSMC) and First Trust Mid Cap Value AlphaDEX Fund (FNK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BSMC achieves a 17.58% return, which is significantly higher than FNK's 15.77% return.

BSMC

• 1D: 1.16%
• 1M: 3.08%
• 6M: 10.68%
• YTD: 17.58%
• 1Y: 32.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 19.93%

FNK

• 1D: 0.91%
• 1M: 3.70%
• 6M: 9.71%
• YTD: 15.77%
• 1Y: 25.79%
• 3Y*: 11.54%
• 5Y*: 9.52%
• 10Y*: 9.81%
• ALL TIME*: 9.40%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BSMC Brandes U.S. Small-Mid Cap Value ETF	$434.93K	$465.46K	$441.00K
FNK First Trust Mid Cap Value AlphaDEX Fund	$167.32K	$198.23K	$288.96K

BSMC vs. FNK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BSMC Brandes U.S. Small-Mid Cap Value ETF	17.58%	15.52%	10.21%	11.69%
FNK First Trust Mid Cap Value AlphaDEX Fund	15.77%	5.65%	6.65%	19.14%

Correlation

The correlation between BSMC and FNK is 0.86, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.86
Correlation (All Time) Calculated using the full available price history since Oct 5, 2023	0.90

The correlation between BSMC and FNK has been stable across timeframes, ranging from 0.86 to 0.90 - a consistent structural relationship.

BSMC vs. FNK - Sectors Allocation Comparison

Sectors	BSMC	FNK
Healthcare	23.3%	4.4%
Industrials	16.0%	10.2%
Technology	15.1%	7.1%
Consumer Defensive	13.7%	5.3%
Financial Services	10.5%	26.5%
Consumer Cyclical	7.6%	16.8%
Energy	6.4%	8.8%
Basic Materials	3.8%	6.2%
Communication Services	3.6%	1.3%
Real Estate	-	7.1%
Utilities	-	4.9%

Return for Risk

BSMC vs. FNK — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BSMC

BSMC Risk / Return Rank: 88
BSMC Sharpe Ratio Rank: 89
BSMC Sortino Ratio Rank: 90
BSMC Omega Ratio Rank: 86
BSMC Calmar Ratio Rank: 87
BSMC Martin Ratio Rank: 87

FNK

FNK Risk / Return Rank: 73
FNK Sharpe Ratio Rank: 73
FNK Sortino Ratio Rank: 79
FNK Omega Ratio Rank: 71
FNK Calmar Ratio Rank: 76
FNK Martin Ratio Rank: 66

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BSMC vs. FNK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Brandes U.S. Small-Mid Cap Value ETF (BSMC) and First Trust Mid Cap Value AlphaDEX Fund (FNK). 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.

	BSMC	FNK	Difference
Sharpe ratio: Return per unit of total volatility	2.29	1.77	+0.52
Sortino ratio: Return per unit of downside risk	3.32	2.72	+0.61
Omega ratio: Gain probability vs. loss probability	1.40	1.32	+0.08
Calmar ratio: Return relative to maximum drawdown	3.67	2.84	+0.83
Martin ratio: Return relative to average drawdown	13.55	8.46	+5.09

BSMC vs. FNK - Sharpe Ratio Comparison

The current BSMC Sharpe Ratio is 2.29, which is comparable to the FNK Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of BSMC and FNK, 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

BSMC vs. FNK - Drawdown Comparison

The maximum BSMC drawdown since its inception was -19.15%, smaller than the maximum FNK drawdown of -50.70%. Use the drawdown chart below to compare losses from any high point for BSMC and FNK.

Drawdown Indicators

	BSMC	FNK	Difference
Max Drawdown Largest peak-to-trough decline	-19.15%	-50.70%	+31.55%
Max Drawdown (1Y) Largest decline over 1 year	-9.02%	-9.13%	+0.11%
Max Drawdown (3Y) Largest decline over 3 years	—	-25.16%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.16%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-50.70%	—
Current Drawdown Current decline from peak	-0.27%	-0.44%	+0.17%
Average Drawdown Average peak-to-trough decline	-2.57%	-6.78%	+4.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.44%	3.06%	-0.62%

Volatility

BSMC vs. FNK - Volatility Comparison

Brandes U.S. Small-Mid Cap Value ETF (BSMC) and First Trust Mid Cap Value AlphaDEX Fund (FNK) have volatilities of 4.10% and 3.92%, 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

	BSMC	FNK	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.10%	3.92%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	10.46%	9.49%	+0.97%
Volatility (1Y) Calculated over the trailing 1-year period	14.45%	14.68%	-0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.96%	20.90%	-4.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.96%	23.76%	-7.80%

BSMC vs. FNK - Expense Ratio Comparison

Both BSMC and FNK have an expense ratio of 0.70%.

Dividends

BSMC vs. FNK - Dividend Comparison

BSMC's dividend yield for the trailing twelve months is around 0.89%, less than FNK's 1.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BSMC Brandes U.S. Small-Mid Cap Value ETF	0.89%	1.17%	1.02%	0.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FNK First Trust Mid Cap Value AlphaDEX Fund	1.41%	1.53%	1.63%	1.76%	1.66%	1.27%	1.61%	1.82%	1.76%	1.40%	1.38%	1.45%

Frequently Asked Questions

Can I hold both BSMC and FNK in my portfolio?

BSMC and FNK have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BSMC or FNK?

BSMC has higher volatility (4.10%) compared to FNK (3.92%). In terms of maximum drawdown, BSMC dropped -19.15% vs FNK's -50.70%.

Which ETF is better, BSMC or FNK?

On 1-year performance, BSMC leads with 32.91% vs 25.79% for FNK. Both ETFs have the same 0.70% expense ratio. On volatility, FNK has been the lower-risk option at 3.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BSMC or FNK?

Over the 1-year period, BSMC has performed better with a 32.91% return vs 25.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BSMC or FNK?

BSMC and FNK have the same expense ratio: 0.70% per year.

Which ETF pays a higher dividend yield, BSMC or FNK?

FNK has the higher dividend yield at 1.41%, compared with 0.89% for BSMC.

What is the main difference between BSMC and FNK?

They also come from different issuers: Brandes and First Trust.

Which has better risk-adjusted returns?

BSMC currently has the higher Sharpe Ratio (2.29 vs 1.77), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.