FAD vs. MDYG

Last updated Aug 2, 2026

FAD (First Trust Multi Cap Growth AlphaDEX Fund) and MDYG (SPDR S&P 400 Mid Cap Growth ETF) are both Mid Cap Growth Equities funds - FAD tracks the NASDAQ AlphaDEX Multi Cap Growth Index while MDYG tracks the S&P MidCap 400 Growth Index. Both are passively managed. Over the past 10 years, FAD returned 13.70%/yr vs 10.93%/yr for MDYG. Their correlation of 0.87 means they have usually moved in the same direction. FAD charges 0.63%/yr vs 0.15%/yr for MDYG.

Performance

FAD vs. MDYG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Multi Cap Growth AlphaDEX Fund (FAD) and SPDR S&P 400 Mid Cap Growth ETF (MDYG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FAD achieves a 13.47% return, which is significantly lower than MDYG's 15.86% return. Over the past 10 years, FAD has outperformed MDYG with an annualized return of 13.70%, while MDYG has yielded a comparatively lower 10.93% annualized return.

FAD

• 1D: -0.06%
• 1M: -4.21%
• 6M: 10.52%
• YTD: 13.47%
• 1Y: 24.70%
• 3Y*: 19.42%
• 5Y*: 9.39%
• 10Y*: 13.70%
• ALL TIME*: 10.35%

MDYG

• 1D: -0.08%
• 1M: -2.79%
• 6M: 11.45%
• YTD: 15.86%
• 1Y: 22.86%
• 3Y*: 13.90%
• 5Y*: 7.45%
• 10Y*: 10.93%
• ALL TIME*: 10.28%

*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)
FAD First Trust Multi Cap Growth AlphaDEX Fund	$3.18M	$2.71M	$2.70M
MDYG SPDR S&P 400 Mid Cap Growth ETF	$9.81M	$8.69M	$9.37M

FAD vs. MDYG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FAD First Trust Multi Cap Growth AlphaDEX Fund	13.47%	17.23%	23.85%	19.07%	-24.06%	21.17%	34.92%	26.66%	-6.45%	25.75%
MDYG SPDR S&P 400 Mid Cap Growth ETF	15.86%	7.22%	15.84%	17.30%	-18.92%	18.46%	22.57%	26.10%	-10.46%	19.61%

Correlation

The correlation between FAD and MDYG is 0.93, 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.	0.93
Correlation (3Y) Balances recent behavior with more history.	0.93
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (10Y) Provides a long-term view across more market conditions.	0.92
Correlation (All Time) Calculated using the full available price history since May 11, 2007	0.87

The correlation between FAD and MDYG has been stable across timeframes, ranging from 0.87 to 0.94 - a consistent structural relationship.

FAD vs. MDYG - Sectors Allocation Comparison

Sectors	FAD	MDYG
Technology	28.2%	23.9%
Industrials	24.4%	30.6%
Healthcare	15.9%	13.6%
Consumer Cyclical	9.9%	7.3%
Financial Services	7.6%	6.7%
Real Estate	3.8%	5.2%
Communication Services	2.8%	2.2%
Basic Materials	2.5%	4.1%
Consumer Defensive	2.1%	1.6%
Energy	1.4%	3.0%
Utilities	1.4%	1.8%

Return for Risk

FAD vs. MDYG — Risk / Return Rank

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

FAD

FAD Risk / Return Rank: 49
FAD Sharpe Ratio Rank: 44
FAD Sortino Ratio Rank: 44
FAD Omega Ratio Rank: 42
FAD Calmar Ratio Rank: 59
FAD Martin Ratio Rank: 55

MDYG

MDYG Risk / Return Rank: 54
MDYG Sharpe Ratio Rank: 48
MDYG Sortino Ratio Rank: 50
MDYG Omega Ratio Rank: 46
MDYG Calmar Ratio Rank: 61
MDYG Martin Ratio Rank: 65

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.

FAD vs. MDYG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Multi Cap Growth AlphaDEX Fund (FAD) and SPDR S&P 400 Mid Cap Growth ETF (MDYG). 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.

	FAD	MDYG	Difference
Sharpe ratio: Return per unit of total volatility	1.09	1.19	-0.10
Sortino ratio: Return per unit of downside risk	1.61	1.78	-0.18
Omega ratio: Gain probability vs. loss probability	1.19	1.21	-0.02
Calmar ratio: Return relative to maximum drawdown	2.10	2.14	-0.04
Martin ratio: Return relative to average drawdown	6.53	7.90	-1.36

FAD vs. MDYG - Sharpe Ratio Comparison

The current FAD Sharpe Ratio is 1.09, which is comparable to the MDYG Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of FAD and MDYG, 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

FAD vs. MDYG - Drawdown Comparison

The maximum FAD drawdown since its inception was -54.33%, smaller than the maximum MDYG drawdown of -58.44%. Use the drawdown chart below to compare losses from any high point for FAD and MDYG.

Drawdown Indicators

	FAD	MDYG	Difference
Max Drawdown Largest peak-to-trough decline	-54.33%	-58.44%	+4.11%
Max Drawdown (1Y) Largest decline over 1 year	-10.66%	-9.91%	-0.75%
Max Drawdown (3Y) Largest decline over 3 years	-23.55%	-25.45%	+1.90%
Max Drawdown (5Y) Largest decline over 5 years	-31.99%	-29.26%	-2.73%
Max Drawdown (10Y) Largest decline over 10 years	-37.25%	-39.27%	+2.02%
Current Drawdown Current decline from peak	-8.21%	-4.72%	-3.49%
Average Drawdown Average peak-to-trough decline	-9.60%	-7.98%	-1.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.42%	2.68%	+0.74%

Volatility

FAD vs. MDYG - Volatility Comparison

First Trust Multi Cap Growth AlphaDEX Fund (FAD) has a higher volatility of 6.04% compared to SPDR S&P 400 Mid Cap Growth ETF (MDYG) at 4.53%. This indicates that FAD's price experiences larger fluctuations and is considered to be riskier than MDYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FAD	MDYG	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.04%	4.53%	+1.51%
Volatility (6M) Calculated over the trailing 6-month period	16.39%	14.11%	+2.28%
Volatility (1Y) Calculated over the trailing 1-year period	20.54%	17.88%	+2.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.87%	20.72%	+0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.35%	21.08%	+0.27%

FAD vs. MDYG - Expense Ratio Comparison

FAD has a 0.63% expense ratio, which is higher than MDYG's 0.15% expense ratio.

Dividends

FAD vs. MDYG - Dividend Comparison

FAD's dividend yield for the trailing twelve months is around 0.10%, less than MDYG's 0.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FAD First Trust Multi Cap Growth AlphaDEX Fund	0.10%	0.09%	0.59%	0.51%	0.60%	0.09%	0.32%	0.48%	0.20%	0.22%	0.64%	0.41%
MDYG SPDR S&P 400 Mid Cap Growth ETF	0.59%	0.75%	0.87%	1.20%	1.16%	0.69%	0.71%	1.21%	1.36%	2.23%	1.25%	2.51%

Frequently Asked Questions

Can I hold both FAD and MDYG in my portfolio?

With a correlation of 0.93, FAD and MDYG 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, FAD or MDYG?

FAD has higher volatility (6.04%) compared to MDYG (4.53%). In terms of maximum drawdown, FAD dropped -54.33% vs MDYG's -58.44%.

Which ETF is better, FAD or MDYG?

On 10-year performance, FAD leads with 13.70% vs 10.93% for MDYG. On fees, MDYG is cheaper at 0.15% per year. On volatility, MDYG has been the lower-risk option at 4.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FAD or MDYG?

Over the 10-year period, FAD has performed better with a 13.70% return vs 10.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FAD or MDYG?

MDYG is cheaper with a 0.15% expense ratio, compared with 0.63% for FAD.

Which ETF pays a higher dividend yield, FAD or MDYG?

MDYG has the higher dividend yield at 0.59%, compared with 0.10% for FAD.

What is the main difference between FAD and MDYG?

FAD tracks NASDAQ AlphaDEX Multi Cap Growth Index, while MDYG tracks S&P MidCap 400 Growth Index. They also come from different issuers: First Trust and State Street. Their fees differ too: 0.63% for FAD and 0.15% for MDYG.

Which has better risk-adjusted returns?

MDYG currently has the higher Sharpe Ratio (1.19 vs 1.09), 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.