CSMD vs. FNY

Last updated Aug 2, 2026

CSMD (Congress SMID Growth ETF) and FNY (First Trust Mid Cap Growth AlphaDEX Fund) are both Mid Cap Growth Equities funds. CSMD is actively managed, while FNY is passively managed. Over the past year, CSMD returned 6.14% vs 23.84% for FNY. Their correlation of 0.91 means they have usually moved in the same direction. CSMD charges 0.68%/yr vs 0.70%/yr for FNY.

Performance

CSMD vs. FNY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Congress SMID Growth ETF (CSMD) and First Trust Mid Cap Growth AlphaDEX Fund (FNY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CSMD achieves a 6.61% return, which is significantly lower than FNY's 12.14% return.

CSMD

• 1D: 0.54%
• 1M: -5.76%
• 6M: 0.90%
• YTD: 6.61%
• 1Y: 6.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.82%

FNY

• 1D: -0.55%
• 1M: -4.39%
• 6M: 7.99%
• YTD: 12.14%
• 1Y: 23.84%
• 3Y*: 15.84%
• 5Y*: 7.06%
• 10Y*: 12.99%
• ALL TIME*: 11.35%

*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)
CSMD Congress SMID Growth ETF	$1.22M	$1.16M	$1.45M
FNY First Trust Mid Cap Growth AlphaDEX Fund	$2.35M	$2.51M	$2.64M

CSMD vs. FNY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CSMD Congress SMID Growth ETF	6.61%	5.68%	12.70%	6.54%
FNY First Trust Mid Cap Growth AlphaDEX Fund	12.14%	14.03%	18.09%	9.39%

Correlation

The correlation between CSMD and FNY is 0.90, 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.	0.90
Correlation (All Time) Calculated using the full available price history since Aug 22, 2023	0.91

The correlation between CSMD and FNY has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.

CSMD vs. FNY - Sectors Allocation Comparison

Sectors	CSMD	FNY
Industrials	23.6%	24.1%
Technology	22.1%	18.9%
Healthcare	20.7%	20.2%
Consumer Cyclical	7.4%	12.4%
Consumer Defensive	7.1%	2.0%
Financial Services	6.9%	9.3%
Basic Materials	5.9%	1.5%
Energy	3.6%	1.8%
Real Estate	1.7%	5.9%
Communication Services	-	3.3%
Utilities	-	0.5%

Return for Risk

CSMD vs. FNY — Risk / Return Rank

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

CSMD

CSMD Risk / Return Rank: 17
CSMD Sharpe Ratio Rank: 17
CSMD Sortino Ratio Rank: 17
CSMD Omega Ratio Rank: 16
CSMD Calmar Ratio Rank: 17
CSMD Martin Ratio Rank: 18

FNY

FNY Risk / Return Rank: 43
FNY Sharpe Ratio Rank: 41
FNY Sortino Ratio Rank: 41
FNY Omega Ratio Rank: 37
FNY Calmar Ratio Rank: 50
FNY Martin Ratio Rank: 49

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.

CSMD vs. FNY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Congress SMID Growth ETF (CSMD) and First Trust Mid Cap Growth AlphaDEX Fund (FNY). 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.

	CSMD	FNY	Difference
Sharpe ratio: Return per unit of total volatility	0.25	1.01	-0.76
Sortino ratio: Return per unit of downside risk	0.51	1.53	-1.02
Omega ratio: Gain probability vs. loss probability	1.06	1.18	-0.12
Calmar ratio: Return relative to maximum drawdown	0.35	1.79	-1.44
Martin ratio: Return relative to average drawdown	1.01	5.68	-4.67

CSMD vs. FNY - Sharpe Ratio Comparison

The current CSMD Sharpe Ratio is 0.25, which is lower than the FNY Sharpe Ratio of 1.01. The chart below compares the historical Sharpe Ratios of CSMD and FNY, 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

CSMD vs. FNY - Drawdown Comparison

The maximum CSMD drawdown since its inception was -22.54%, smaller than the maximum FNY drawdown of -38.91%. Use the drawdown chart below to compare losses from any high point for CSMD and FNY.

Drawdown Indicators

	CSMD	FNY	Difference
Max Drawdown Largest peak-to-trough decline	-22.54%	-38.91%	+16.37%
Max Drawdown (1Y) Largest decline over 1 year	-14.79%	-12.01%	-2.78%
Max Drawdown (3Y) Largest decline over 3 years	—	-24.97%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.94%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-38.91%	—
Current Drawdown Current decline from peak	-7.62%	-7.75%	+0.13%
Average Drawdown Average peak-to-trough decline	-4.68%	-7.56%	+2.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.15%	3.78%	+1.37%

Volatility

CSMD vs. FNY - Volatility Comparison

The current volatility for Congress SMID Growth ETF (CSMD) is 5.19%, while First Trust Mid Cap Growth AlphaDEX Fund (FNY) has a volatility of 6.14%. This indicates that CSMD experiences smaller price fluctuations and is considered to be less risky than FNY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CSMD	FNY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.19%	6.14%	-0.95%
Volatility (6M) Calculated over the trailing 6-month period	16.05%	16.50%	-0.45%
Volatility (1Y) Calculated over the trailing 1-year period	20.58%	21.29%	-0.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.97%	22.46%	-2.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.97%	22.46%	-2.49%

CSMD vs. FNY - Expense Ratio Comparison

CSMD has a 0.68% expense ratio, which is lower than FNY's 0.70% expense ratio.

Dividends

CSMD vs. FNY - Dividend Comparison

Neither CSMD nor FNY has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSMD Congress SMID Growth ETF	0.00%	0.00%	0.40%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FNY First Trust Mid Cap Growth AlphaDEX Fund	0.00%	0.03%	0.56%	0.24%	0.24%	0.00%	0.25%	0.28%	0.06%	0.21%	0.60%	0.46%

Frequently Asked Questions

Can I hold both CSMD and FNY in my portfolio?

With a correlation of 0.90, CSMD and FNY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, CSMD or FNY?

FNY has higher volatility (6.14%) compared to CSMD (5.19%). In terms of maximum drawdown, CSMD dropped -22.54% vs FNY's -38.91%.

Which ETF is better, CSMD or FNY?

On 1-year performance, FNY leads with 23.84% vs 6.14% for CSMD. On fees, CSMD is cheaper at 0.68% per year. On volatility, CSMD has been the lower-risk option at 5.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CSMD or FNY?

Over the 1-year period, FNY has performed better with a 23.84% return vs 6.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CSMD or FNY?

CSMD is cheaper with a 0.68% expense ratio, compared with 0.70% for FNY.

Which ETF pays a higher dividend yield, CSMD or FNY?

CSMD and FNY have nearly identical dividend yields, around 0.00%.

What is the main difference between CSMD and FNY?

They also come from different issuers: Congress and First Trust. Their fees differ too: 0.68% for CSMD and 0.70% for FNY.

Which has better risk-adjusted returns?

FNY currently has the higher Sharpe Ratio (1.01 vs 0.25), 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.