FNK vs. VTWV

Last updated Aug 2, 2026

FNK (First Trust Mid Cap Value AlphaDEX Fund) and VTWV (Vanguard Russell 2000 Value ETF) are both Small Cap Value Equities funds - FNK tracks the NASDAQ AlphaDEX Mid Cap Value Index while VTWV tracks the Russell 2000 Value Index. Both are passively managed. Over the past 10 years, FNK returned 10.03%/yr vs 10.42%/yr for VTWV. Their correlation of 0.87 means they have usually moved in the same direction. FNK charges 0.70%/yr vs 0.06%/yr for VTWV.

Performance

FNK vs. VTWV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Mid Cap Value AlphaDEX Fund (FNK) and Vanguard Russell 2000 Value ETF (VTWV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNK achieves a 14.72% return, which is significantly lower than VTWV's 22.89% return. Both investments have delivered pretty close results over the past 10 years, with FNK having a 10.03% annualized return and VTWV not far ahead at 10.42%.

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%

VTWV

• 1D: -0.38%
• 1M: -0.07%
• 6M: 15.09%
• YTD: 22.89%
• 1Y: 43.58%
• 3Y*: 16.02%
• 5Y*: 9.00%
• 10Y*: 10.42%
• ALL TIME*: 10.75%

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

Liquidity Comparison

Position	Avg. 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
VTWV Vanguard Russell 2000 Value ETF	$6.82M	$6.63M	$5.67M

FNK vs. VTWV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNK First Trust Mid Cap Value AlphaDEX Fund	14.72%	5.65%	6.65%	21.03%	-7.24%	33.60%	1.23%	20.56%	-14.72%	11.81%
VTWV Vanguard Russell 2000 Value ETF	22.89%	12.72%	7.83%	14.67%	-14.46%	27.90%	4.88%	22.44%	-13.34%	8.06%

Correlation

The correlation between FNK and VTWV is 0.83, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.83
Correlation (3Y) Balances recent behavior with more history.	0.91
Correlation (5Y) Shows whether the relationship held over a longer period.	0.93
Correlation (10Y) Provides a long-term view across more market conditions.	0.92
Correlation (All Time) Calculated using the full available price history since Apr 20, 2011	0.87

The correlation between FNK and VTWV has been stable across timeframes, ranging from 0.83 to 0.93 - a consistent structural relationship.

FNK vs. VTWV - Sectors Allocation Comparison

Sectors	FNK	VTWV
Financial Services	26.5%	27.6%
Consumer Cyclical	16.8%	10.1%
Industrials	10.2%	12.0%
Energy	8.8%	5.6%
Real Estate	7.1%	11.3%
Technology	7.1%	7.3%
Basic Materials	6.2%	4.2%
Consumer Defensive	5.3%	3.2%
Utilities	4.9%	5.1%
Healthcare	4.4%	10.9%
Communication Services	1.3%	2.5%

Return for Risk

FNK vs. VTWV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FNK

FNK Risk / Return Rank: 68
FNK Sharpe Ratio Rank: 68
FNK Sortino Ratio Rank: 74
FNK Omega Ratio Rank: 65
FNK Calmar Ratio Rank: 71
FNK Martin Ratio Rank: 62

VTWV

VTWV Risk / Return Rank: 92
VTWV Sharpe Ratio Rank: 91
VTWV Sortino Ratio Rank: 91
VTWV Omega Ratio Rank: 88
VTWV Calmar Ratio Rank: 94
VTWV Martin Ratio Rank: 93

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. VTWV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Mid Cap Value AlphaDEX Fund (FNK) and Vanguard Russell 2000 Value ETF (VTWV). 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.

	FNK	VTWV	Difference
Sharpe ratio: Return per unit of total volatility	1.55	2.31	-0.75
Sortino ratio: Return per unit of downside risk	2.40	3.28	-0.88
Omega ratio: Gain probability vs. loss probability	1.28	1.40	-0.12
Calmar ratio: Return relative to maximum drawdown	2.50	4.73	-2.23
Martin ratio: Return relative to average drawdown	7.45	17.24	-9.79

FNK vs. VTWV - Sharpe Ratio Comparison

The current FNK Sharpe Ratio is 1.55, which is lower than the VTWV Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of FNK and VTWV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FNK vs. VTWV - Drawdown Comparison

The maximum FNK drawdown since its inception was -50.70%, which is greater than VTWV's maximum drawdown of -45.73%. Use the drawdown chart below to compare losses from any high point for FNK and VTWV.

Drawdown Indicators

	FNK	VTWV	Difference
Max Drawdown Largest peak-to-trough decline	-50.70%	-45.73%	-4.97%
Max Drawdown (1Y) Largest decline over 1 year	-9.13%	-8.64%	-0.49%
Max Drawdown (3Y) Largest decline over 3 years	-25.16%	-26.72%	+1.56%
Max Drawdown (5Y) Largest decline over 5 years	-25.16%	-26.72%	+1.56%
Max Drawdown (10Y) Largest decline over 10 years	-50.70%	-45.73%	-4.97%
Current Drawdown Current decline from peak	-1.34%	-1.38%	+0.04%
Average Drawdown Average peak-to-trough decline	-6.78%	-7.74%	+0.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.06%	2.37%	+0.69%

Volatility

FNK vs. VTWV - Volatility Comparison

First Trust Mid Cap Value AlphaDEX Fund (FNK) has a higher volatility of 3.86% compared to Vanguard Russell 2000 Value ETF (VTWV) at 3.31%. This indicates that FNK's price experiences larger fluctuations and is considered to be riskier than VTWV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNK	VTWV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.86%	3.31%	+0.55%
Volatility (6M) Calculated over the trailing 6-month period	9.46%	12.16%	-2.70%
Volatility (1Y) Calculated over the trailing 1-year period	14.75%	17.75%	-3.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.89%	21.53%	-0.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.75%	23.48%	+0.27%

FNK vs. VTWV - Expense Ratio Comparison

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

Dividends

FNK vs. VTWV - Dividend Comparison

FNK's dividend yield for the trailing twelve months is around 1.43%, less than VTWV's 1.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VTWV Vanguard Russell 2000 Value ETF	1.60%	1.79%	1.78%	2.02%	2.07%	1.60%	1.49%	1.82%	2.04%	1.63%	1.57%	2.03%

Frequently Asked Questions

Can I hold both FNK and VTWV in my portfolio?

FNK and VTWV have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FNK or VTWV?

FNK has higher volatility (3.86%) compared to VTWV (3.31%). In terms of maximum drawdown, FNK dropped -50.70% vs VTWV's -45.73%.

Which ETF is better, FNK or VTWV?

On 10-year performance, VTWV leads with 10.42% vs 10.03% for FNK. On fees, VTWV is cheaper at 0.06% per year. On volatility, VTWV has been the lower-risk option at 3.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNK or VTWV?

Over the 10-year period, VTWV has performed better with a 10.42% return vs 10.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNK or VTWV?

VTWV is cheaper with a 0.06% expense ratio, compared with 0.70% for FNK.

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

VTWV has the higher dividend yield at 1.60%, compared with 1.43% for FNK.

What is the main difference between FNK and VTWV?

FNK tracks NASDAQ AlphaDEX Mid Cap Value Index, while VTWV tracks Russell 2000 Value Index. They also come from different issuers: First Trust and Vanguard. Their fees differ too: 0.70% for FNK and 0.06% for VTWV.

Which has better risk-adjusted returns?

VTWV currently has the higher Sharpe Ratio (2.31 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.