FNK vs. FSEV

Last updated Aug 2, 2026

FNK (First Trust Mid Cap Value AlphaDEX Fund) and FSEV (Fidelity Enhanced Small Cap Value ETF) are both Small Cap Value Equities funds. FNK is passively managed, while FSEV is actively managed. Their 0.70 correlation means they have sometimes moved together and sometimes differently. FNK charges 0.70%/yr vs 0.28%/yr for FSEV.

Performance

FNK vs. FSEV - Performance Comparison

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

Returns By Period

FNK

• 1D: -0.21%
• 1M: 2.77%
• 6M: 9.21%
• YTD: 14.72%
• 1Y: 24.65%
• 3Y*: 10.96%
• 5Y*: 9.09%
• 10Y*: 10.03%
• ALL TIME*: 9.34%

FSEV

• 1D: -0.12%
• 1M: 0.91%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
FNK First Trust Mid Cap Value AlphaDEX Fund	$141.83K	$192.54K	$284.84K
FSEV Fidelity Enhanced Small Cap Value ETF	$42.23K	$50.63K	$44.19K

FNK vs. FSEV - Yearly Performance Comparison

	2026 (YTD)
FNK First Trust Mid Cap Value AlphaDEX Fund	6.91%
FSEV Fidelity Enhanced Small Cap Value ETF	6.47%

Correlation

The correlation between FNK and FSEV is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 30, 2026	0.70

FNK vs. FSEV - Sectors Allocation Comparison

Sectors	FNK	FSEV
Financial Services	26.5%	27.0%
Consumer Cyclical	16.8%	9.7%
Industrials	10.2%	12.1%
Energy	8.8%	4.8%
Real Estate	7.1%	7.8%
Technology	7.1%	9.9%
Basic Materials	6.2%	4.5%
Consumer Defensive	5.3%	1.8%
Utilities	4.9%	3.8%
Healthcare	4.4%	9.4%
Communication Services	1.3%	2.1%

Return for Risk

FNK vs. FSEV — Risk / Return Rank

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

FNK

FNK Risk / Return Rank: 68
FNK Sharpe Ratio Rank: 68
FNK Sortino Ratio Rank: 74
FNK Omega Ratio Rank: 65
FNK Calmar Ratio Rank: 71
FNK Martin Ratio Rank: 62

FSEV

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

FNK vs. FSEV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Mid Cap Value AlphaDEX Fund (FNK) and Fidelity Enhanced Small Cap Value ETF (FSEV). 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.

	FNK	FSEV	Difference
Sharpe ratio: Return per unit of total volatility	1.55	—	—
Sortino ratio: Return per unit of downside risk	2.40	—	—
Omega ratio: Gain probability vs. loss probability	1.28	—	—
Calmar ratio: Return relative to maximum drawdown	2.50	—	—
Martin ratio: Return relative to average drawdown	7.45	—	—

Drawdowns

FNK vs. FSEV - Drawdown Comparison

The maximum FNK drawdown since its inception was -50.70%, which is greater than FSEV's maximum drawdown of -4.16%. Use the drawdown chart below to compare losses from any high point for FNK and FSEV.

Drawdown Indicators

	FNK	FSEV	Difference
Max Drawdown Largest peak-to-trough decline	-50.70%	-4.16%	-46.54%
Max Drawdown (1Y) Largest decline over 1 year	-9.13%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-25.16%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.16%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-50.70%	—	—
Current Drawdown Current decline from peak	-1.34%	-1.11%	-0.23%
Average Drawdown Average peak-to-trough decline	-6.78%	-0.99%	-5.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.06%	—	—

Volatility

Volatility by Period

	FNK	FSEV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.86%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.46%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	14.75%	14.86%	-0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.89%	14.86%	+6.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.75%	14.86%	+8.89%

FNK vs. FSEV - Expense Ratio Comparison

FNK has a 0.70% expense ratio, which is higher than FSEV's 0.28% expense ratio.

Dividends

FNK vs. FSEV - Dividend Comparison

FNK's dividend yield for the trailing twelve months is around 1.43%, more than FSEV's 0.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNK First Trust Mid Cap Value AlphaDEX Fund	1.43%	1.53%	1.63%	1.76%	1.66%	1.27%	1.61%	1.82%	1.76%	1.40%	1.38%	1.45%
FSEV Fidelity Enhanced Small Cap Value ETF	0.27%	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

Can I hold both FNK and FSEV in my portfolio?

FNK and FSEV have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FNK or FSEV?

On fees, FSEV is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FNK or FSEV?

FSEV is cheaper with a 0.28% expense ratio, compared with 0.70% for FNK.

Which ETF pays a higher dividend yield, FNK or FSEV?

FNK has the higher dividend yield at 1.43%, compared with 0.27% for FSEV.

What is the main difference between FNK and FSEV?

They also come from different issuers: First Trust and Fidelity. Their fees differ too: 0.70% for FNK and 0.28% for FSEV.