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FAD vs. FEMG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FAD vs. FEMG

Last updated Jun 4, 2026

FAD (First Trust Multi Cap Growth AlphaDEX Fund) and FEMG (Fidelity Enhanced Mid Cap Growth ETF) are both Mid Cap Growth Equities funds. FAD is passively managed, while FEMG is actively managed. A 0.59 correlation means they provide meaningful diversification when combined. FAD charges 0.63%/yr vs 0.23%/yr for FEMG.

Performance

FAD vs. FEMG - Performance Comparison

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

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Returns By Period

FAD

1D
-0.15%
1M
6.70%
YTD
17.25%
6M
17.16%
1Y
34.52%
3Y*
24.16%
5Y*
11.25%
10Y*
14.53%

FEMG

1D
-0.84%
1M
3.74%
YTD
—
6M
—
1Y
—
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

FAD vs. FEMG - Yearly Performance Comparison

2026 (YTD)
FAD
First Trust Multi Cap Growth AlphaDEX Fund		6.66%
FEMG
Fidelity Enhanced Mid Cap Growth ETF		4.23%

Correlation

The correlation between FAD and FEMG is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (All Time)
Calculated using the full available price history since May 1, 2026

0.59

FAD vs. FEMG - Sectors Allocation Comparison

Sectors
FAD
FEMG

Industrials

26.1%
26.5%

Technology

24.1%
24.0%

Healthcare

15.4%
12.6%

Consumer Cyclical

10.8%
17.4%

Financial Services

8.0%
6.0%

Real Estate

4.1%
1.8%

Communication Services

3.1%
2.7%

Basic Materials

3.0%
0.7%

Consumer Defensive

2.4%
1.4%

Energy

1.6%
3.3%

Utilities

1.6%
2.9%

Industrials

FAD
26.1%
FEMG
26.5%

Technology

FAD
24.1%
FEMG
24.0%

Healthcare

FAD
15.4%
FEMG
12.6%

Consumer Cyclical

FAD
10.8%
FEMG
17.4%

Financial Services

FAD
8.0%
FEMG
6.0%

Real Estate

FAD
4.1%
FEMG
1.8%

Communication Services

FAD
3.1%
FEMG
2.7%

Basic Materials

FAD
3.0%
FEMG
0.7%

Consumer Defensive

FAD
2.4%
FEMG
1.4%

Energy

FAD
1.6%
FEMG
3.3%

Utilities

FAD
1.6%
FEMG
2.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

First Trust Multi Cap Growth AlphaDEX Fund

Fidelity Enhanced Mid Cap Growth ETF

Often compared with FAD:
FAD vs. PEXLFAD vs. SPYFAD vs. IUSGFAD vs. XMMOFAD vs. IMCGFAD vs. XMHQFAD vs. VDIGX
Often compared with FEMG:
FEMG vs. KOMPFEMG vs. JHMMFEMG vs. FBTCFEMG vs. MDYGFEMG vs. QQJGFEMG vs. FELGFEMG vs. PAMC

Return for Risk

FAD vs. FEMG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FAD
FAD Risk / Return Rank: 5959
Overall Rank
FAD Sharpe Ratio Rank: 5555
Sharpe Ratio Rank
FAD Sortino Ratio Rank: 5353
Sortino Ratio Rank
FAD Omega Ratio Rank: 5151
Omega Ratio Rank
FAD Calmar Ratio Rank: 6666
Calmar Ratio Rank
FAD Martin Ratio Rank: 6868
Martin Ratio Rank
FEMG
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.

FAD vs. FEMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Multi Cap Growth AlphaDEX Fund (FAD) and Fidelity Enhanced Mid Cap Growth ETF (FEMG). 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.

FADFEMGDifference
Sharpe ratioReturn per unit of total volatility
1.88

—

—

Sortino ratioReturn per unit of downside risk
2.59

—

—

Omega ratioGain probability vs. loss probability

1.32

—

—

Calmar ratioReturn relative to maximum drawdown

3.25

—

—

Martin ratioReturn relative to average drawdown

12.54

—

—

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FAD vs. FEMG - Sharpe Ratio Comparison

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Sharpe Ratios by Period

FADFEMGDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.88

—

—

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.55

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.69

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.50

4.78

-4.28

Drawdowns

FAD vs. FEMG - Drawdown Comparison

The maximum FAD drawdown since its inception was -54.33%, which is greater than FEMG's maximum drawdown of -3.29%. Use the drawdown chart below to compare losses from any high point for FAD and FEMG.

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Drawdown Indicators

FADFEMGDifference

Max Drawdown

Largest peak-to-trough decline

-54.33%

-3.29%

-51.04%

Max Drawdown (1Y)

Largest decline over 1 year

-10.66%

—

—

Max Drawdown (3Y)

Largest decline over 3 years

-23.55%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-31.99%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-37.25%

—

—

Current Drawdown

Current decline from peak

-0.15%

-1.18%

+1.03%

Average Drawdown

Average peak-to-trough decline

-9.64%

-0.96%

-8.68%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.76%

—

—

Volatility

FAD vs. FEMG - Volatility Comparison

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Volatility by Period

FADFEMGDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.01%

—

—

Volatility (6M)

Calculated over the trailing 6-month period

14.14%

—

—

Volatility (1Y)

Calculated over the trailing 1-year period

18.50%

12.29%

+6.21%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.53%

12.29%

+8.24%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.18%

12.29%

+8.89%

FAD vs. FEMG - Expense Ratio Comparison

FAD has a 0.63% expense ratio, which is higher than FEMG's 0.23% expense ratio.

Dividends

FAD vs. FEMG - Dividend Comparison

FAD's dividend yield for the trailing twelve months is around 0.09%, while FEMG has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
FAD
First Trust Multi Cap Growth AlphaDEX Fund		0.09%0.09%0.59%0.51%0.60%0.09%0.32%0.48%0.20%0.22%0.64%0.41%
FEMG
Fidelity Enhanced Mid Cap Growth ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

FAD and FEMG have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, FEMG is cheaper at 0.23% per year. The better choice depends on whether you care most about return, fees, risk, or income.

FEMG is cheaper with a 0.23% expense ratio, compared with 0.63% for FAD.

FAD has the higher dividend yield at 0.09%, compared with 0.00% for FEMG.

They also come from different issuers: First Trust and Fidelity. Their fees differ too: 0.63% for FAD and 0.23% for FEMG.

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