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FNK vs. ISVL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FNK vs. ISVL

Last updated Aug 2, 2026
Documentation

FNK (First Trust Mid Cap Value AlphaDEX Fund) and ISVL (iShares International Developed Small Cap Value Factor ETF) are both Small Cap Value Equities funds - FNK tracks the NASDAQ AlphaDEX Mid Cap Value Index while ISVL tracks the FTSE Developed ex US ex Korea Small Cap Focused Value Index (USD) (Net). Both are passively managed. Over the past 5 years, FNK returned 9.09%/yr vs 11.04%/yr for ISVL. Their 0.69 correlation means they have sometimes moved together and sometimes differently. FNK charges 0.70%/yr vs 0.31%/yr for ISVL.

Performance

FNK vs. ISVL - 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 International Developed Small Cap Value Factor ETF (ISVL). 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 14.72% return, which is significantly higher than ISVL's 11.86% return.

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%

ISVL

1D
-0.25%
1M
2.47%
6M
4.89%
YTD
11.86%
1Y
28.25%
3Y*
21.24%
5Y*
11.04%
10Y*
—
ALL TIME*
12.03%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. 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

ISVL

iShares International Developed Small Cap Value Factor ETF
$896.60K$851.74K$961.36K

FNK vs. ISVL - Yearly Performance Comparison

2026 (YTD)20252024202320222021
FNK
First Trust Mid Cap Value AlphaDEX Fund		14.72%5.65%6.65%21.03%-7.24%15.04%
ISVL
iShares International Developed Small Cap Value Factor ETF		11.86%42.84%4.58%17.56%-13.69%8.32%

Correlation

The correlation between FNK and ISVL is 0.48, which is low. Their historical price movements had little consistent relationship.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.48

Correlation (3Y)
Balances recent behavior with more history.

0.61

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.69

Correlation (All Time)
Calculated using the full available price history since Mar 25, 2021

0.69

Over the past year, the correlation between FNK and ISVL has dropped to 0.48 - well below their long-term average of 0.69, suggesting their price drivers have been diverging.

FNK vs. ISVL - Sectors Allocation Comparison

Sectors
FNK
ISVL

Financial Services

26.5%
21.7%

Consumer Cyclical

16.8%
10.7%

Industrials

10.2%
23.7%

Energy

8.8%
6.1%

Real Estate

7.1%
10.8%

Technology

7.1%
4.7%

Basic Materials

6.2%
9.0%

Consumer Defensive

5.3%
5.4%

Utilities

4.9%
1.3%

Healthcare

4.4%
3.7%

Communication Services

1.3%
2.8%

Financial Services

FNK
26.5%
ISVL
21.7%

Consumer Cyclical

FNK
16.8%
ISVL
10.7%

Industrials

FNK
10.2%
ISVL
23.7%

Energy

FNK
8.8%
ISVL
6.1%

Real Estate

FNK
7.1%
ISVL
10.8%

Technology

FNK
7.1%
ISVL
4.7%

Basic Materials

FNK
6.2%
ISVL
9.0%

Consumer Defensive

FNK
5.3%
ISVL
5.4%

Utilities

FNK
4.9%
ISVL
1.3%

Healthcare

FNK
4.4%
ISVL
3.7%

Communication Services

FNK
1.3%
ISVL
2.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

First Trust Mid Cap Value AlphaDEX Fund

iShares International Developed Small Cap Value Factor ETF

Often compared with FNK:
FNK vs. MDYVFNK vs. FNCMXFNK vs. GETGXFNK vs. FLQMFNK vs. VOEFNK vs. DISVXFNK vs. DISV
Often compared with ISVL:
ISVL vs. AVDVISVL vs. ISCFISVL vs. DLSISVL vs. VSSISVL vs. HSCZISVL vs. TISVXISVL vs. DDLS

Return for Risk

FNK vs. ISVL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
FNK
FNK Risk / Return Rank: 6868
Overall Rank
FNK Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
FNK Sortino Ratio Rank: 7474
Sortino Ratio Rank
FNK Omega Ratio Rank: 6565
Omega Ratio Rank
FNK Calmar Ratio Rank: 7171
Calmar Ratio Rank
FNK Martin Ratio Rank: 6262
Martin Ratio Rank
ISVL
ISVL Risk / Return Rank: 7878
Overall Rank
ISVL Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
ISVL Sortino Ratio Rank: 8383
Sortino Ratio Rank
ISVL Omega Ratio Rank: 8282
Omega Ratio Rank
ISVL Calmar Ratio Rank: 6767
Calmar Ratio Rank
ISVL Martin Ratio Rank: 7373
Martin Ratio Rank
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. ISVL - 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 International Developed Small Cap Value Factor ETF (ISVL). 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.

FNKISVLDifference
Sharpe ratioReturn per unit of total volatility
1.55
1.93

-0.38

Sortino ratioReturn per unit of downside risk
2.40
2.74

-0.34

Omega ratioGain probability vs. loss probability

1.28

1.35

-0.07

Calmar ratioReturn relative to maximum drawdown

2.50

2.31

+0.19

Martin ratioReturn relative to average drawdown

7.45

8.98

-1.53

FNK vs. ISVL - Sharpe Ratio Comparison

The current FNK Sharpe Ratio is 1.55, which is comparable to the ISVL Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of FNK and ISVL, 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. ISVL - Drawdown Comparison

The maximum FNK drawdown since its inception was -50.70%, which is greater than ISVL's maximum drawdown of -30.48%. Use the drawdown chart below to compare losses from any high point for FNK and ISVL.

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Drawdown Indicators

FNKISVLDifference

Max Drawdown

Largest peak-to-trough decline

-50.70%

-30.48%

-20.22%

Max Drawdown (1Y)

Largest decline over 1 year

-9.13%

-12.48%

+3.35%

Max Drawdown (3Y)

Largest decline over 3 years

-25.16%

-12.50%

-12.66%

Max Drawdown (5Y)

Largest decline over 5 years

-25.16%

-30.48%

+5.32%

Max Drawdown (10Y)

Largest decline over 10 years

-50.70%

—

—

Current Drawdown

Current decline from peak

-1.34%

-0.25%

-1.09%

Average Drawdown

Average peak-to-trough decline

-6.78%

-6.50%

-0.28%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.06%

3.20%

-0.14%

Volatility

FNK vs. ISVL - Volatility Comparison

The current volatility for First Trust Mid Cap Value AlphaDEX Fund (FNK) is 3.86%, while iShares International Developed Small Cap Value Factor ETF (ISVL) has a volatility of 4.45%. This indicates that FNK experiences smaller price fluctuations and is considered to be less risky than ISVL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FNKISVLDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.86%

4.45%

-0.59%

Volatility (6M)

Calculated over the trailing 6-month period

9.46%

12.85%

-3.39%

Volatility (1Y)

Calculated over the trailing 1-year period

14.75%

14.98%

-0.23%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.89%

16.91%

+3.98%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.75%

16.72%

+7.03%

FNK vs. ISVL - Expense Ratio Comparison

FNK has a 0.70% expense ratio, which is higher than ISVL's 0.31% expense ratio.

Dividends

FNK vs. ISVL - Dividend Comparison

FNK's dividend yield for the trailing twelve months is around 1.43%, less than ISVL's 3.09% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
ISVL
iShares International Developed Small Cap Value Factor ETF		3.09%2.69%3.92%3.82%3.37%2.82%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

FNK and ISVL have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ISVL has higher volatility (4.45%) compared to FNK (3.86%). In terms of maximum drawdown, FNK dropped -50.70% vs ISVL's -30.48%.

On 5-year performance, ISVL leads with 11.04% vs 9.09% for FNK. On fees, ISVL is cheaper at 0.31% per year. On volatility, FNK has been the lower-risk option at 3.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, ISVL has performed better with a 11.04% return vs 9.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ISVL is cheaper with a 0.31% expense ratio, compared with 0.70% for FNK.

ISVL has the higher dividend yield at 3.09%, compared with 1.43% for FNK.

FNK tracks NASDAQ AlphaDEX Mid Cap Value Index, while ISVL tracks FTSE Developed ex US ex Korea Small Cap Focused Value Index (USD) (Net). They also come from different issuers: First Trust and iShares. Their fees differ too: 0.70% for FNK and 0.31% for ISVL.

ISVL currently has the higher Sharpe Ratio (1.93 vs 1.55), 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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