FAB vs. TMDV

Last updated Jun 4, 2026

FAB (First Trust Multi Cap Value AlphaDEX Fund) and TMDV (ProShares Russell U.S. Dividend Growers ETF) are both Mid Cap Value Equities funds - FAB tracks the NASDAQ AlphaDEX Multi Cap Value Index while TMDV tracks the Russell 3000 Dividend Elite Index. Both are passively managed. Over the past 5 years, FAB returned 7.87%/yr vs 2.41%/yr for TMDV. Their correlation of 0.87 suggests significant overlap in exposure. FAB charges 0.64%/yr vs 0.35%/yr for TMDV.

Performance

FAB vs. TMDV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Multi Cap Value AlphaDEX Fund (FAB) and ProShares Russell U.S. Dividend Growers ETF (TMDV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FAB achieves a 10.72% return, which is significantly higher than TMDV's 4.53% return.

FAB

• 1D: -0.79%
• 1M: 0.77%
• YTD: 10.72%
• 6M: 11.08%
• 1Y: 26.09%
• 3Y*: 15.20%
• 5Y*: 7.87%
• 10Y*: 10.39%

TMDV

• 1D: -0.33%
• 1M: 0.05%
• YTD: 4.53%
• 6M: 4.29%
• 1Y: 5.96%
• 3Y*: 4.85%
• 5Y*: 2.41%
• 10Y*: —

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

FAB vs. TMDV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FAB First Trust Multi Cap Value AlphaDEX Fund	10.72%	9.86%	7.82%	15.81%	-6.79%	30.83%	2.40%	3.46%
TMDV ProShares Russell U.S. Dividend Growers ETF	4.53%	2.91%	2.64%	2.25%	-5.10%	23.45%	4.82%	3.26%

Correlation

The correlation between FAB and TMDV is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Nov 8, 2019	0.87

The correlation between FAB and TMDV has been stable across timeframes, ranging from 0.85 to 0.87 - a consistent structural relationship.

FAB vs. TMDV - Sectors Allocation Comparison

Sectors	FAB	TMDV
Financial Services	23.9%	16.0%
Consumer Cyclical	13.9%	5.8%
Industrials	12.0%	15.9%
Energy	8.3%	3.0%
Technology	7.9%	1.5%
Real Estate	7.7%	4.6%
Healthcare	7.1%	5.6%
Utilities	6.2%	12.3%
Consumer Defensive	5.9%	23.8%
Basic Materials	3.9%	11.7%
Communication Services	2.7%	-

Return for Risk

FAB vs. TMDV — Risk / Return Rank

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

FAB

FAB Risk / Return Rank: 63
FAB Sharpe Ratio Rank: 56
FAB Sortino Ratio Rank: 62
FAB Omega Ratio Rank: 54
FAB Calmar Ratio Rank: 78
FAB Martin Ratio Rank: 67

TMDV

TMDV Risk / Return Rank: 16
TMDV Sharpe Ratio Rank: 16
TMDV Sortino Ratio Rank: 17
TMDV Omega Ratio Rank: 15
TMDV Calmar Ratio Rank: 17
TMDV Martin Ratio Rank: 16

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.

FAB vs. TMDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Multi Cap Value AlphaDEX Fund (FAB) and ProShares Russell U.S. Dividend Growers ETF (TMDV). 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.

	FAB	TMDV	Difference
Sharpe ratio: Return per unit of total volatility	1.91	0.50	+1.41
Sortino ratio: Return per unit of downside risk	2.92	0.82	+2.10
Omega ratio: Gain probability vs. loss probability	1.34	1.09	+0.24
Calmar ratio: Return relative to maximum drawdown	3.94	0.61	+3.33
Martin ratio: Return relative to average drawdown	12.25	1.50	+10.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FAB vs. TMDV - Sharpe Ratio Comparison

The current FAB Sharpe Ratio is 1.91, which is higher than the TMDV Sharpe Ratio of 0.50. The chart below compares the historical Sharpe Ratios of FAB and TMDV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FAB	TMDV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.91	0.50	+1.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.42	0.17	+0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.30	+0.04

Drawdowns

FAB vs. TMDV - Drawdown Comparison

The maximum FAB drawdown since its inception was -63.29%, which is greater than TMDV's maximum drawdown of -33.42%. Use the drawdown chart below to compare losses from any high point for FAB and TMDV.

Drawdown Indicators

	FAB	TMDV	Difference
Max Drawdown Largest peak-to-trough decline	-63.29%	-33.42%	-29.87%
Max Drawdown (1Y) Largest decline over 1 year	-6.65%	-9.82%	+3.17%
Max Drawdown (3Y) Largest decline over 3 years	-22.91%	-16.02%	-6.89%
Max Drawdown (5Y) Largest decline over 5 years	-22.91%	-17.11%	-5.80%
Max Drawdown (10Y) Largest decline over 10 years	-47.08%	—	—
Current Drawdown Current decline from peak	-0.98%	-6.56%	+5.58%
Average Drawdown Average peak-to-trough decline	-9.25%	-5.43%	-3.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.14%	3.99%	-1.85%

Volatility

FAB vs. TMDV - Volatility Comparison

First Trust Multi Cap Value AlphaDEX Fund (FAB) has a higher volatility of 3.15% compared to ProShares Russell U.S. Dividend Growers ETF (TMDV) at 2.97%. This indicates that FAB's price experiences larger fluctuations and is considered to be riskier than TMDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FAB	TMDV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.15%	2.97%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	8.64%	8.53%	+0.11%
Volatility (1Y) Calculated over the trailing 1-year period	13.81%	12.10%	+1.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.72%	14.43%	+4.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.06%	18.64%	+3.42%

FAB vs. TMDV - Expense Ratio Comparison

FAB has a 0.64% expense ratio, which is higher than TMDV's 0.35% expense ratio.

Dividends

FAB vs. TMDV - Dividend Comparison

FAB's dividend yield for the trailing twelve months is around 1.59%, less than TMDV's 2.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FAB First Trust Multi Cap Value AlphaDEX Fund	1.59%	1.57%	2.00%	1.94%	1.80%	1.32%	1.59%	1.75%	1.96%	1.42%	1.40%	1.62%
TMDV ProShares Russell U.S. Dividend Growers ETF	2.62%	2.65%	2.70%	2.45%	2.46%	2.14%	2.28%	0.16%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FAB and TMDV in my portfolio?

FAB and TMDV have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FAB or TMDV?

FAB has higher volatility (3.15%) compared to TMDV (2.97%). In terms of maximum drawdown, FAB dropped -63.29% vs TMDV's -33.42%.

Which ETF is better, FAB or TMDV?

On 5-year performance, FAB leads with 7.87% vs 2.41% for TMDV. On fees, TMDV is cheaper at 0.35% per year. On volatility, TMDV has been the lower-risk option at 2.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FAB or TMDV?

Over the 5-year period, FAB has performed better with a 7.87% return vs 2.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FAB or TMDV?

TMDV is cheaper with a 0.35% expense ratio, compared with 0.64% for FAB.

Which ETF pays a higher dividend yield, FAB or TMDV?

TMDV has the higher dividend yield at 2.62%, compared with 1.59% for FAB.

What is the main difference between FAB and TMDV?

FAB tracks NASDAQ AlphaDEX Multi Cap Value Index, while TMDV tracks Russell 3000 Dividend Elite Index. They also come from different issuers: First Trust and ProShares. Their fees differ too: 0.64% for FAB and 0.35% for TMDV.

Which has better risk-adjusted returns?

FAB currently has the higher Sharpe Ratio (1.91 vs 0.50), 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.