FNK vs. USVM

Last updated Jun 4, 2026

FNK (First Trust Mid Cap Value AlphaDEX Fund) and USVM (VictoryShares US Small Mid Cap Value Momentum ETF) are both exchange-traded funds - FNK is a Small Cap Value Equities fund tracking the NASDAQ AlphaDEX Mid Cap Value Index, while USVM is a Momentum fund tracking the Nasdaq Victory US Small Mid Cap Value Momentum Index. Both are passively managed. Over the past 5 years, FNK returned 6.97%/yr vs 9.74%/yr for USVM. Their correlation of 0.89 suggests significant overlap in exposure. FNK charges 0.70%/yr vs 0.29%/yr for USVM.

Performance

FNK vs. USVM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Mid Cap Value AlphaDEX Fund (FNK) and VictoryShares US Small Mid Cap Value Momentum ETF (USVM). 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 USVM's 15.26% 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%

USVM

• 1D: -0.40%
• 1M: 2.60%
• YTD: 15.26%
• 6M: 15.00%
• 1Y: 30.42%
• 3Y*: 19.79%
• 5Y*: 9.74%
• 10Y*: —

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

FNK vs. USVM - 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%	4.97%
USVM VictoryShares US Small Mid Cap Value Momentum ETF	15.26%	10.56%	16.59%	18.90%	-13.23%	24.44%	11.56%	21.65%	-9.39%	2.21%

Correlation

The correlation between FNK and USVM is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Oct 27, 2017	0.89

The correlation between FNK and USVM has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.

FNK vs. USVM - Sectors Allocation Comparison

Sectors	FNK	USVM
Financial Services	25.2%	22.0%
Consumer Cyclical	19.0%	11.1%
Industrials	12.8%	12.1%
Energy	8.4%	4.4%
Real Estate	7.5%	11.9%
Technology	7.1%	11.6%
Healthcare	5.3%	11.0%
Utilities	4.4%	6.4%
Basic Materials	4.0%	1.8%
Consumer Defensive	3.5%	5.0%
Communication Services	1.3%	2.8%

Return for Risk

FNK vs. USVM — 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

USVM

USVM Risk / Return Rank: 65
USVM Sharpe Ratio Rank: 60
USVM Sortino Ratio Rank: 63
USVM Omega Ratio Rank: 57
USVM Calmar Ratio Rank: 73
USVM Martin Ratio Rank: 73

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. USVM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Mid Cap Value AlphaDEX Fund (FNK) and VictoryShares US Small Mid Cap Value Momentum ETF (USVM). 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	USVM	Difference
Sharpe ratio Return per unit of total volatility	1.29	2.05	-0.76
Sortino ratio Return per unit of downside risk	2.02	2.98	-0.96
Omega ratio Gain probability vs. loss probability	1.23	1.36	-0.13
Calmar ratio Return relative to maximum drawdown	2.15	3.66	-1.50
Martin ratio Return relative to average drawdown	6.23	13.76	-7.53
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. USVM - Sharpe Ratio Comparison

The current FNK Sharpe Ratio is 1.29, which is lower than the USVM Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of FNK and USVM, 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	USVM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.29	2.05	-0.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.33	0.50	-0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.39	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.49	-0.09

Drawdowns

FNK vs. USVM - Drawdown Comparison

The maximum FNK drawdown since its inception was -50.70%, which is greater than USVM's maximum drawdown of -42.38%. Use the drawdown chart below to compare losses from any high point for FNK and USVM.

Drawdown Indicators

	FNK	USVM	Difference
Max Drawdown Largest peak-to-trough decline	-50.70%	-42.38%	-8.32%
Max Drawdown (1Y) Largest decline over 1 year	-9.13%	-8.36%	-0.77%
Max Drawdown (3Y) Largest decline over 3 years	-25.16%	-24.34%	-0.82%
Max Drawdown (5Y) Largest decline over 5 years	-25.16%	-25.27%	+0.11%
Max Drawdown (10Y) Largest decline over 10 years	-50.70%	—	—
Current Drawdown Current decline from peak	-2.16%	-0.57%	-1.59%
Average Drawdown Average peak-to-trough decline	-6.84%	-7.90%	+1.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.15%	2.22%	+0.93%

Volatility

FNK vs. USVM - Volatility Comparison

The current volatility for First Trust Mid Cap Value AlphaDEX Fund (FNK) is 3.53%, while VictoryShares US Small Mid Cap Value Momentum ETF (USVM) has a volatility of 4.50%. This indicates that FNK experiences smaller price fluctuations and is considered to be less risky than USVM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNK	USVM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.53%	4.50%	-0.97%
Volatility (6M) Calculated over the trailing 6-month period	9.69%	10.73%	-1.04%
Volatility (1Y) Calculated over the trailing 1-year period	15.36%	14.93%	+0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.04%	19.65%	+1.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.86%	22.01%	+1.85%

FNK vs. USVM - Expense Ratio Comparison

FNK has a 0.70% expense ratio, which is higher than USVM's 0.29% expense ratio.

Dividends

FNK vs. USVM - Dividend Comparison

FNK's dividend yield for the trailing twelve months is around 1.56%, less than USVM's 1.76% 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%
USVM VictoryShares US Small Mid Cap Value Momentum ETF	1.76%	1.84%	1.75%	1.63%	1.43%	0.70%	1.21%	1.77%	1.43%	0.65%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FNK and USVM in my portfolio?

With a correlation of 0.90, FNK and USVM 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 USVM?

USVM has higher volatility (4.50%) compared to FNK (3.53%). In terms of maximum drawdown, FNK dropped -50.70% vs USVM's -42.38%.

Which ETF is better, FNK or USVM?

On 5-year performance, USVM leads with 9.74% vs 6.97% for FNK. On fees, USVM is cheaper at 0.29% 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 USVM?

Over the 5-year period, USVM has performed better with a 9.74% return vs 6.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNK or USVM?

USVM is cheaper with a 0.29% expense ratio, compared with 0.70% for FNK.

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

USVM has the higher dividend yield at 1.76%, compared with 1.56% for FNK.

What is the main difference between FNK and USVM?

FNK is categorized as Small Cap Value Equities, while USVM is Momentum. FNK tracks NASDAQ AlphaDEX Mid Cap Value Index, while USVM tracks Nasdaq Victory US Small Mid Cap Value Momentum Index. They also come from different issuers: First Trust and Victory Capital. Their fees differ too: 0.70% for FNK and 0.29% for USVM.

Which has better risk-adjusted returns?

USVM currently has the higher Sharpe Ratio (2.05 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.