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FNK vs. FYT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FNK vs. FYT

Last updated Jun 25, 2026

FNK (First Trust Mid Cap Value AlphaDEX Fund) and FYT (First Trust Small Cap Value AlphaDEX Fund) are both Small Cap Value Equities funds from First Trust - FNK tracks the NASDAQ AlphaDEX Mid Cap Value Index while FYT tracks the NASDAQ AlphaDEX Small Cap Value Index. Both are passively managed. Over the past 10 years, FNK returned 10.05%/yr vs 10.97%/yr for FYT. Their correlation of 0.90 suggests significant overlap in exposure. FNK charges 0.70%/yr vs 0.72%/yr for FYT.

Performance

FNK vs. FYT - Performance Comparison

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

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Returns By Period

In the year-to-date period, FNK achieves a 10.22% return, which is significantly lower than FYT's 21.99% return. Over the past 10 years, FNK has underperformed FYT with an annualized return of 10.05%, while FYT has yielded a comparatively higher 10.97% annualized return.

FNK

1D
1.03%
1M
3.02%
YTD
10.22%
6M
8.84%
1Y
20.42%
3Y*
13.76%
5Y*
8.02%
10Y*
10.05%

FYT

1D
1.59%
1M
5.25%
YTD
21.99%
6M
20.26%
1Y
39.35%
3Y*
17.67%
5Y*
7.44%
10Y*
10.97%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FNK vs. FYT - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FNK
First Trust Mid Cap Value AlphaDEX Fund		10.22%5.65%6.65%21.03%-7.24%33.60%1.23%20.56%-14.72%11.81%
FYT
First Trust Small Cap Value AlphaDEX Fund		21.99%4.00%3.24%22.90%-14.05%29.33%9.82%25.80%-14.73%7.14%

Correlation

The correlation between FNK and FYT is 0.94, 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

0.94

Correlation (3Y)
Calculated over the trailing 3-year period

0.95

Correlation (5Y)
Calculated over the trailing 5-year period

0.96

Correlation (10Y)
Calculated over the trailing 10-year period

0.94

Correlation (All Time)
Calculated using the full available price history since Apr 20, 2011

0.90

The correlation between FNK and FYT has been stable across timeframes, ranging from 0.90 to 0.96 - a consistent structural relationship.

FNK vs. FYT - Sectors Allocation Comparison

Sectors
FNK
FYT

Financial Services

25.8%
25.5%

Consumer Cyclical

20.3%
13.3%

Industrials

10.7%
12.9%

Energy

9.3%
7.2%

Real Estate

9.0%
9.1%

Technology

7.7%
8.4%

Utilities

4.3%
2.7%

Healthcare

3.9%
6.1%

Basic Materials

3.8%
4.6%

Consumer Defensive

3.7%
7.2%

Communication Services

1.4%
2.7%

Financial Services

FNK
25.8%
FYT
25.5%

Consumer Cyclical

FNK
20.3%
FYT
13.3%

Industrials

FNK
10.7%
FYT
12.9%

Energy

FNK
9.3%
FYT
7.2%

Real Estate

FNK
9.0%
FYT
9.1%

Technology

FNK
7.7%
FYT
8.4%

Utilities

FNK
4.3%
FYT
2.7%

Healthcare

FNK
3.9%
FYT
6.1%

Basic Materials

FNK
3.8%
FYT
4.6%

Consumer Defensive

FNK
3.7%
FYT
7.2%

Communication Services

FNK
1.4%
FYT
2.7%

Compare stocks, funds, or ETFs

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First Trust Mid Cap Value AlphaDEX Fund

First Trust Small Cap Value AlphaDEX Fund

Often compared with FNK:
FNK vs. MDYVFNK vs. FNCMXFNK vs. GETGXFNK vs. FLQMFNK vs. VOEFNK vs. VOOFNK vs. DISV
Often compared with FYT:
FYT vs. AVUVFYT vs. VTIFYT vs. SLYGFYT vs. VBRFYT vs. SPYFYT vs. FNCMXFYT vs. VIOG

Return for Risk

FNK vs. FYT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FNK
FNK Risk / Return Rank: 4545
Overall Rank
FNK Sharpe Ratio Rank: 4242
Sharpe Ratio Rank
FNK Sortino Ratio Rank: 4747
Sortino Ratio Rank
FNK Omega Ratio Rank: 4141
Omega Ratio Rank
FNK Calmar Ratio Rank: 5151
Calmar Ratio Rank
FNK Martin Ratio Rank: 4444
Martin Ratio Rank
FYT
FYT Risk / Return Rank: 7979
Overall Rank
FYT Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
FYT Sortino Ratio Rank: 7979
Sortino Ratio Rank
FYT Omega Ratio Rank: 7171
Omega Ratio Rank
FYT Calmar Ratio Rank: 8989
Calmar Ratio Rank
FYT Martin Ratio Rank: 7979
Martin Ratio Rank
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.

FNK vs. FYT - Risk-Adjusted Trends Comparison

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

FNKFYTDifference
Sharpe ratioReturn per unit of total volatility
1.34
2.10

-0.76

Sortino ratioReturn per unit of downside risk
2.09
3.09

-1.00

Omega ratioGain probability vs. loss probability

1.24

1.37

-0.13

Calmar ratioReturn relative to maximum drawdown

2.25

4.74

-2.50

Martin ratioReturn relative to average drawdown

6.49

13.48

-6.99

FNK vs. FYT - Sharpe Ratio Comparison

The current FNK Sharpe Ratio is 1.34, which is lower than the FYT Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of FNK and FYT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

FNK vs. FYT - Drawdown Comparison

The maximum FNK drawdown since its inception was -50.70%, roughly equal to the maximum FYT drawdown of -50.48%. Use the drawdown chart below to compare losses from any high point for FNK and FYT.

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Drawdown Indicators

FNKFYTDifference

Max Drawdown

Largest peak-to-trough decline

-50.70%

-50.48%

-0.22%

Max Drawdown (1Y)

Largest decline over 1 year

-9.13%

-8.34%

-0.79%

Max Drawdown (3Y)

Largest decline over 3 years

-25.16%

-28.90%

+3.74%

Max Drawdown (5Y)

Largest decline over 5 years

-25.16%

-28.90%

+3.74%

Max Drawdown (10Y)

Largest decline over 10 years

-50.70%

-50.48%

-0.22%

Current Drawdown

Current decline from peak

-0.60%

0.00%

-0.60%

Average Drawdown

Average peak-to-trough decline

-6.82%

-8.51%

+1.69%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.16%

2.93%

+0.23%

Volatility

FNK vs. FYT - Volatility Comparison

The current volatility for First Trust Mid Cap Value AlphaDEX Fund (FNK) is 3.46%, while First Trust Small Cap Value AlphaDEX Fund (FYT) has a volatility of 4.51%. This indicates that FNK experiences smaller price fluctuations and is considered to be less risky than FYT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FNKFYTDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.46%

4.51%

-1.05%

Volatility (6M)

Calculated over the trailing 6-month period

9.73%

11.69%

-1.96%

Volatility (1Y)

Calculated over the trailing 1-year period

15.29%

18.81%

-3.52%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.00%

22.53%

-1.53%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.82%

25.94%

-2.12%

FNK vs. FYT - Expense Ratio Comparison

FNK has a 0.70% expense ratio, which is lower than FYT's 0.72% expense ratio.

Dividends

FNK vs. FYT - Dividend Comparison

FNK's dividend yield for the trailing twelve months is around 1.52%, more than FYT's 1.06% yield.

PositionTTM20252024202320222021202020192018201720162015
FNK
First Trust Mid Cap Value AlphaDEX Fund		1.52%1.53%1.63%1.76%1.66%1.27%1.61%1.82%1.76%1.40%1.38%1.45%
FYT
First Trust Small Cap Value AlphaDEX Fund		1.06%0.94%2.07%1.50%1.36%1.19%0.96%1.44%1.78%1.16%1.16%0.96%

Frequently Asked Questions

With a correlation of 0.94, FNK and FYT 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.

FYT has higher volatility (4.51%) compared to FNK (3.46%). In terms of maximum drawdown, FNK dropped -50.70% vs FYT's -50.48%.

On 10-year performance, FYT leads with 10.97% vs 10.05% for FNK. On fees, FNK is cheaper at 0.70% per year. On volatility, FNK has been the lower-risk option at 3.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, FYT has performed better with a 10.97% return vs 10.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FNK is cheaper with a 0.70% expense ratio, compared with 0.72% for FYT.

FNK has the higher dividend yield at 1.52%, compared with 1.06% for FYT.

FNK tracks NASDAQ AlphaDEX Mid Cap Value Index, while FYT tracks NASDAQ AlphaDEX Small Cap Value Index. Their fees differ too: 0.70% for FNK and 0.72% for FYT.

FYT currently has the higher Sharpe Ratio (2.10 vs 1.34), 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.

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