FNK vs. RWJ

Last updated Jun 4, 2026

FNK (First Trust Mid Cap Value AlphaDEX Fund) and RWJ (Invesco S&P SmallCap 600 Revenue ETF) are both Small Cap Value Equities funds - FNK tracks the NASDAQ AlphaDEX Mid Cap Value Index while RWJ tracks the S&P SmallCap 600 Revenue-Weighted Index. Both are passively managed. Over the past 10 years, FNK returned 9.29%/yr vs 13.02%/yr for RWJ. Their correlation of 0.87 suggests significant overlap in exposure. FNK charges 0.70%/yr vs 0.39%/yr for RWJ.

Performance

FNK vs. RWJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Mid Cap Value AlphaDEX Fund (FNK) and Invesco S&P SmallCap 600 Revenue ETF (RWJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNK achieves a 7.22% return, which is significantly lower than RWJ's 15.88% return. Over the past 10 years, FNK has underperformed RWJ with an annualized return of 9.29%, while RWJ has yielded a comparatively higher 13.02% annualized return.

FNK

• 1D: -0.38%
• 1M: 0.68%
• YTD: 7.22%
• 6M: 7.56%
• 1Y: 19.55%
• 3Y*: 13.11%
• 5Y*: 6.97%
• 10Y*: 9.29%

RWJ

• 1D: -1.07%
• 1M: 1.90%
• YTD: 15.88%
• 6M: 14.97%
• 1Y: 36.55%
• 3Y*: 16.43%
• 5Y*: 7.73%
• 10Y*: 13.02%

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

FNK vs. RWJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNK First Trust Mid Cap Value AlphaDEX Fund	7.22%	5.65%	6.65%	21.03%	-7.24%	33.60%	1.23%	20.56%	-14.72%	11.81%
RWJ Invesco S&P SmallCap 600 Revenue ETF	15.88%	7.75%	11.81%	16.21%	-10.97%	52.82%	20.83%	20.29%	-16.95%	5.30%

Correlation

The correlation between FNK and RWJ is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Apr 21, 2011	0.87

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

FNK vs. RWJ - Sectors Allocation Comparison

Sectors	FNK	RWJ
Financial Services	25.2%	11.0%
Consumer Cyclical	19.0%	23.9%
Industrials	12.8%	16.2%
Energy	8.4%	7.4%
Real Estate	7.5%	4.0%
Technology	7.1%	9.9%
Healthcare	5.3%	11.2%
Utilities	4.4%	0.9%
Basic Materials	4.0%	5.2%
Consumer Defensive	3.5%	6.9%
Communication Services	1.3%	3.3%

Return for Risk

FNK vs. RWJ — Risk / Return Rank

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

FNK

FNK Risk / Return Rank: 38
FNK Sharpe Ratio Rank: 35
FNK Sortino Ratio Rank: 39
FNK Omega Ratio Rank: 35
FNK Calmar Ratio Rank: 43
FNK Martin Ratio Rank: 39

RWJ

RWJ Risk / Return Rank: 57
RWJ Sharpe Ratio Rank: 55
RWJ Sortino Ratio Rank: 57
RWJ Omega Ratio Rank: 52
RWJ Calmar Ratio Rank: 65
RWJ 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. RWJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Mid Cap Value AlphaDEX Fund (FNK) and Invesco S&P SmallCap 600 Revenue ETF (RWJ). 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	RWJ	Difference
Sharpe ratio: Return per unit of total volatility	1.29	1.90	-0.61
Sortino ratio: Return per unit of downside risk	2.02	2.75	-0.73
Omega ratio: Gain probability vs. loss probability	1.23	1.33	-0.10
Calmar ratio: Return relative to maximum drawdown	2.15	3.25	-1.10
Martin ratio: Return relative to average drawdown	6.23	10.39	-4.16
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. RWJ - Sharpe Ratio Comparison

The current FNK Sharpe Ratio is 1.29, which is lower than the RWJ Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of FNK and RWJ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FNK	RWJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.29	1.90	-0.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.33	0.33	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.39	0.50	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.46	-0.06

Drawdowns

FNK vs. RWJ - Drawdown Comparison

The maximum FNK drawdown since its inception was -50.70%, smaller than the maximum RWJ drawdown of -55.97%. Use the drawdown chart below to compare losses from any high point for FNK and RWJ.

Drawdown Indicators

	FNK	RWJ	Difference
Max Drawdown Largest peak-to-trough decline	-50.70%	-55.97%	+5.27%
Max Drawdown (1Y) Largest decline over 1 year	-9.13%	-11.31%	+2.18%
Max Drawdown (3Y) Largest decline over 3 years	-25.16%	-29.29%	+4.13%
Max Drawdown (5Y) Largest decline over 5 years	-25.16%	-29.29%	+4.13%
Max Drawdown (10Y) Largest decline over 10 years	-50.70%	-51.33%	+0.63%
Current Drawdown Current decline from peak	-2.16%	-1.07%	-1.09%
Average Drawdown Average peak-to-trough decline	-6.84%	-9.24%	+2.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.15%	3.53%	-0.38%

Volatility

FNK vs. RWJ - Volatility Comparison

The current volatility for First Trust Mid Cap Value AlphaDEX Fund (FNK) is 3.53%, while Invesco S&P SmallCap 600 Revenue ETF (RWJ) has a volatility of 4.64%. This indicates that FNK experiences smaller price fluctuations and is considered to be less risky than RWJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNK	RWJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.53%	4.64%	-1.11%
Volatility (6M) Calculated over the trailing 6-month period	9.69%	12.29%	-2.60%
Volatility (1Y) Calculated over the trailing 1-year period	15.36%	19.40%	-4.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.04%	23.71%	-2.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.86%	26.14%	-2.28%

FNK vs. RWJ - Expense Ratio Comparison

FNK has a 0.70% expense ratio, which is higher than RWJ's 0.39% expense ratio.

Dividends

FNK vs. RWJ - Dividend Comparison

FNK's dividend yield for the trailing twelve months is around 1.56%, more than RWJ's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNK First Trust Mid Cap Value AlphaDEX Fund	1.56%	1.53%	1.63%	1.76%	1.66%	1.27%	1.61%	1.82%	1.76%	1.40%	1.38%	1.45%
RWJ Invesco S&P SmallCap 600 Revenue ETF	1.01%	1.11%	1.15%	1.34%	1.02%	0.61%	0.89%	1.22%	1.44%	1.11%	0.60%	0.74%

Frequently Asked Questions

Can I hold both FNK and RWJ in my portfolio?

With a correlation of 0.92, FNK and RWJ 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, FNK or RWJ?

RWJ has higher volatility (4.64%) compared to FNK (3.53%). In terms of maximum drawdown, FNK dropped -50.70% vs RWJ's -55.97%.

Which ETF is better, FNK or RWJ?

On 10-year performance, RWJ leads with 13.02% vs 9.29% for FNK. On fees, RWJ is cheaper at 0.39% per year. On volatility, FNK has been the lower-risk option at 3.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNK or RWJ?

Over the 10-year period, RWJ has performed better with a 13.02% return vs 9.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNK or RWJ?

RWJ is cheaper with a 0.39% expense ratio, compared with 0.70% for FNK.

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

FNK has the higher dividend yield at 1.56%, compared with 1.01% for RWJ.

What is the main difference between FNK and RWJ?

FNK tracks NASDAQ AlphaDEX Mid Cap Value Index, while RWJ tracks S&P SmallCap 600 Revenue-Weighted Index. They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.70% for FNK and 0.39% for RWJ.

Which has better risk-adjusted returns?

RWJ currently has the higher Sharpe Ratio (1.90 vs 1.29), 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.