FNK vs. ISCV

Last updated Apr 1, 2026

Compare and contrast key facts about First Trust Mid Cap Value AlphaDEX Fund (FNK) and iShares Morningstar Small Cap Value ETF (ISCV).

FNK and ISCV are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FNK is a passively managed fund by First Trust that tracks the performance of the NASDAQ AlphaDEX Mid Cap Value Index. It was launched on Apr 19, 2011. ISCV is a passively managed fund by iShares that tracks the performance of the Morningstar US Small Cap Broad Value Extended Index. It was launched on Jun 28, 2004. Both FNK and ISCV 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

FNK vs. ISCV - Performance Comparison

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

FNK vs. ISCV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNK First Trust Mid Cap Value AlphaDEX Fund	3.02%	5.65%	6.65%	21.03%	-7.24%	33.60%	1.23%	20.56%	-14.72%	11.81%
ISCV iShares Morningstar Small Cap Value ETF	1.87%	10.38%	9.31%	16.55%	-10.58%	29.15%	0.86%	19.51%	-17.39%	8.59%

Returns By Period

In the year-to-date period, FNK achieves a 3.02% return, which is significantly higher than ISCV's 1.87% return. Over the past 10 years, FNK has outperformed ISCV with an annualized return of 9.15%, while ISCV has yielded a comparatively lower 8.16% annualized return.

FNK

• 1D: 1.61%
• 1M: -4.17%
• YTD: 3.02%
• 6M: 4.27%
• 1Y: 15.07%
• 3Y*: 11.24%
• 5Y*: 7.47%
• 10Y*: 9.15%

ISCV

• 1D: 2.45%
• 1M: -4.55%
• YTD: 1.87%
• 6M: 5.45%
• 1Y: 19.73%
• 3Y*: 12.43%
• 5Y*: 6.29%
• 10Y*: 8.16%

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

FNK vs. ISCV - Expense Ratio Comparison

FNK has a 0.70% expense ratio, which is higher than ISCV's 0.06% expense ratio.

FNK

First Trust Mid Cap Value AlphaDEX Fund

ISCV

iShares Morningstar Small Cap Value ETF

Return for Risk

FNK vs. ISCV — Risk / Return Rank

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

FNK

FNK Risk / Return Rank: 39
FNK Sharpe Ratio Rank: 37
FNK Sortino Ratio Rank: 41
FNK Omega Ratio Rank: 40
FNK Calmar Ratio Rank: 39
FNK Martin Ratio Rank: 40

ISCV

ISCV Risk / Return Rank: 55
ISCV Sharpe Ratio Rank: 53
ISCV Sortino Ratio Rank: 56
ISCV Omega Ratio Rank: 52
ISCV Calmar Ratio Rank: 56
ISCV Martin Ratio Rank: 58

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. ISCV - Risk-Adjusted Trends Comparison

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

	FNK	ISCV	Difference
Sharpe ratio Return per unit of total volatility	0.69	0.91	-0.22
Sortino ratio Return per unit of downside risk	1.13	1.41	-0.28
Omega ratio Gain probability vs. loss probability	1.16	1.19	-0.03
Calmar ratio Return relative to maximum drawdown	0.99	1.36	-0.37
Martin ratio Return relative to average drawdown	3.75	5.42	-1.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FNK vs. ISCV - Sharpe Ratio Comparison

The current FNK Sharpe Ratio is 0.69, which is comparable to the ISCV Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of FNK and ISCV, 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

	FNK	ISCV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.69	0.91	-0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	0.30	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	0.35	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.35	+0.04

Correlation

The correlation between FNK and ISCV is 0.92, 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

FNK vs. ISCV - Dividend Comparison

FNK's dividend yield for the trailing twelve months is around 1.63%, less than ISCV's 2.03% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNK First Trust Mid Cap Value AlphaDEX Fund	1.63%	1.53%	1.63%	1.76%	1.66%	1.27%	1.61%	1.82%	1.76%	1.40%	1.38%	1.45%
ISCV iShares Morningstar Small Cap Value ETF	2.03%	2.04%	2.01%	2.21%	2.12%	1.95%	2.01%	2.36%	2.48%	1.74%	2.49%	2.60%

Drawdowns

FNK vs. ISCV - Drawdown Comparison

The maximum FNK drawdown since its inception was -50.70%, smaller than the maximum ISCV drawdown of -63.14%. Use the drawdown chart below to compare losses from any high point for FNK and ISCV.

Drawdown Indicators

	FNK	ISCV	Difference
Max Drawdown Largest peak-to-trough decline	-50.70%	-63.14%	+12.44%
Max Drawdown (1Y) Largest decline over 1 year	-15.86%	-14.70%	-1.16%
Max Drawdown (5Y) Largest decline over 5 years	-25.16%	-25.35%	+0.19%
Max Drawdown (10Y) Largest decline over 10 years	-50.70%	-51.56%	+0.86%
Current Drawdown Current decline from peak	-6.00%	-6.18%	+0.18%
Average Drawdown Average peak-to-trough decline	-6.89%	-9.20%	+2.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.20%	3.69%	+0.51%

Volatility

FNK vs. ISCV - Volatility Comparison

The current volatility for First Trust Mid Cap Value AlphaDEX Fund (FNK) is 4.49%, while iShares Morningstar Small Cap Value ETF (ISCV) has a volatility of 5.40%. This indicates that FNK experiences smaller price fluctuations and is considered to be less risky than ISCV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNK	ISCV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.49%	5.40%	-0.91%
Volatility (6M) Calculated over the trailing 6-month period	10.87%	12.01%	-1.14%
Volatility (1Y) Calculated over the trailing 1-year period	22.08%	21.81%	+0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.11%	20.96%	+0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.89%	23.32%	+0.57%