FAD vs. IMCG

Last updated Apr 1, 2026

Compare and contrast key facts about First Trust Multi Cap Growth AlphaDEX Fund (FAD) and iShares Morningstar Mid-Cap Growth ETF (IMCG).

FAD and IMCG are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FAD is a passively managed fund by First Trust that tracks the performance of the NASDAQ AlphaDEX Multi Cap Growth Index. It was launched on May 8, 2007. IMCG is a passively managed fund by iShares that tracks the performance of the Morningstar US Mid Cap Broad Growth Index. It was launched on Jun 28, 2004. Both FAD and IMCG are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

FAD vs. IMCG - Performance Comparison

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

FAD vs. IMCG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FAD First Trust Multi Cap Growth AlphaDEX Fund	-1.80%	17.23%	23.85%	19.07%	-24.06%	21.17%	34.92%	26.66%	-6.45%	25.75%
IMCG iShares Morningstar Mid-Cap Growth ETF	-1.19%	6.55%	18.14%	20.73%	-25.79%	15.39%	45.64%	35.70%	-3.68%	25.57%

Returns By Period

In the year-to-date period, FAD achieves a -1.80% return, which is significantly lower than IMCG's -1.19% return. Both investments have delivered pretty close results over the past 10 years, with FAD having a 12.73% annualized return and IMCG not far behind at 12.58%.

FAD

• 1D: 3.83%
• 1M: -5.64%
• YTD: -1.80%
• 6M: -0.99%
• 1Y: 22.98%
• 3Y*: 17.93%
• 5Y*: 8.03%
• 10Y*: 12.73%

IMCG

• 1D: 3.63%
• 1M: -6.39%
• YTD: -1.19%
• 6M: -4.39%
• 1Y: 11.14%
• 3Y*: 11.94%
• 5Y*: 5.08%
• 10Y*: 12.58%

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

FAD vs. IMCG - Expense Ratio Comparison

FAD has a 0.63% expense ratio, which is higher than IMCG's 0.06% expense ratio.

FAD

First Trust Multi Cap Growth AlphaDEX Fund

IMCG

iShares Morningstar Mid-Cap Growth ETF

Return for Risk

FAD vs. IMCG — Risk / Return Rank

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

FAD

FAD Risk / Return Rank: 64
FAD Sharpe Ratio Rank: 60
FAD Sortino Ratio Rank: 61
FAD Omega Ratio Rank: 57
FAD Calmar Ratio Rank: 70
FAD Martin Ratio Rank: 70

IMCG

IMCG Risk / Return Rank: 35
IMCG Sharpe Ratio Rank: 32
IMCG Sortino Ratio Rank: 34
IMCG Omega Ratio Rank: 33
IMCG Calmar Ratio Rank: 37
IMCG Martin Ratio Rank: 41

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. IMCG - Risk-Adjusted Trends Comparison

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

	FAD	IMCG	Difference
Sharpe ratio Return per unit of total volatility	1.05	0.55	+0.50
Sortino ratio Return per unit of downside risk	1.55	0.92	+0.62
Omega ratio Gain probability vs. loss probability	1.21	1.12	+0.09
Calmar ratio Return relative to maximum drawdown	1.78	0.87	+0.90
Martin ratio Return relative to average drawdown	7.13	3.61	+3.52
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. IMCG - Sharpe Ratio Comparison

The current FAD Sharpe Ratio is 1.05, which is higher than the IMCG Sharpe Ratio of 0.55. The chart below compares the historical Sharpe Ratios of FAD and IMCG, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FAD	IMCG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.05	0.55	+0.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	0.25	+0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.62	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.50	-0.04

Correlation

The correlation between FAD and IMCG is 0.87, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FAD vs. IMCG - Dividend Comparison

FAD's dividend yield for the trailing twelve months is around 0.11%, less than IMCG's 0.80% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FAD First Trust Multi Cap Growth AlphaDEX Fund	0.11%	0.09%	0.59%	0.51%	0.60%	0.09%	0.32%	0.48%	0.20%	0.22%	0.64%	0.41%
IMCG iShares Morningstar Mid-Cap Growth ETF	0.80%	0.78%	0.78%	0.85%	0.91%	0.41%	0.09%	0.30%	0.35%	0.45%	0.52%	0.38%

Drawdowns

FAD vs. IMCG - Drawdown Comparison

The maximum FAD drawdown since its inception was -54.33%, smaller than the maximum IMCG drawdown of -58.96%. Use the drawdown chart below to compare losses from any high point for FAD and IMCG.

Drawdown Indicators

	FAD	IMCG	Difference
Max Drawdown Largest peak-to-trough decline	-54.33%	-58.96%	+4.63%
Max Drawdown (1Y) Largest decline over 1 year	-13.08%	-12.99%	-0.09%
Max Drawdown (5Y) Largest decline over 5 years	-31.99%	-35.08%	+3.09%
Max Drawdown (10Y) Largest decline over 10 years	-37.25%	-35.08%	-2.17%
Current Drawdown Current decline from peak	-7.24%	-6.90%	-0.34%
Average Drawdown Average peak-to-trough decline	-9.72%	-9.29%	-0.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.26%	3.14%	+0.12%

Volatility

FAD vs. IMCG - Volatility Comparison

First Trust Multi Cap Growth AlphaDEX Fund (FAD) has a higher volatility of 7.87% compared to iShares Morningstar Mid-Cap Growth ETF (IMCG) at 7.19%. This indicates that FAD's price experiences larger fluctuations and is considered to be riskier than IMCG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FAD	IMCG	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.87%	7.19%	+0.68%
Volatility (6M) Calculated over the trailing 6-month period	14.67%	12.08%	+2.59%
Volatility (1Y) Calculated over the trailing 1-year period	21.90%	20.27%	+1.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.50%	20.09%	+0.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.07%	20.44%	+0.63%