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FNK vs. XMVM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FNK vs. XMVM

Last updated Jun 24, 2026

FNK (First Trust Mid Cap Value AlphaDEX Fund) and XMVM (Invesco S&P MidCap Value with Momentum ETF) are both exchange-traded funds - FNK is a Small Cap Value Equities fund tracking the NASDAQ AlphaDEX Mid Cap Value Index, while XMVM is a Momentum fund tracking the S&P MidCap 400 High Momentum Value Index. Both are passively managed. Over the past 10 years, FNK returned 9.93%/yr vs 12.13%/yr for XMVM. Their correlation of 0.88 suggests significant overlap in exposure. FNK charges 0.70%/yr vs 0.39%/yr for XMVM.

Performance

FNK vs. XMVM - 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 MidCap Value with Momentum ETF (XMVM). 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 9.10% return, which is significantly lower than XMVM's 10.77% return. Over the past 10 years, FNK has underperformed XMVM with an annualized return of 9.93%, while XMVM has yielded a comparatively higher 12.13% annualized return.

FNK

1D
0.42%
1M
1.97%
YTD
9.10%
6M
8.06%
1Y
20.05%
3Y*
13.38%
5Y*
8.07%
10Y*
9.93%

XMVM

1D
0.27%
1M
2.58%
YTD
10.77%
6M
8.75%
1Y
30.72%
3Y*
18.96%
5Y*
11.21%
10Y*
12.13%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FNK vs. XMVM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FNK
First Trust Mid Cap Value AlphaDEX Fund		9.10%5.65%6.65%21.03%-7.24%33.60%1.23%20.56%-14.72%11.81%
XMVM
Invesco S&P MidCap Value with Momentum ETF		10.77%18.46%11.73%16.31%-8.21%35.15%5.68%30.38%-9.62%2.79%

Correlation

The correlation between FNK and XMVM is 0.86, 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

0.86

Correlation (3Y)
Calculated over the trailing 3-year period

0.92

Correlation (5Y)
Calculated over the trailing 5-year period

0.94

Correlation (10Y)
Calculated over the trailing 10-year period

0.91

Correlation (All Time)
Calculated using the full available price history since Apr 20, 2011

0.88

The correlation between FNK and XMVM has been stable across timeframes, ranging from 0.86 to 0.94 - a consistent structural relationship.

FNK vs. XMVM - Sectors Allocation Comparison

Sectors
FNK
XMVM

Financial Services

25.8%
41.9%

Consumer Cyclical

20.3%
15.0%

Industrials

10.7%
8.8%

Energy

9.3%
8.0%

Real Estate

9.0%
4.2%

Technology

7.7%
4.0%

Utilities

4.3%
9.5%

Healthcare

3.9%
0.7%

Basic Materials

3.8%
0.8%

Consumer Defensive

3.7%
7.1%

Communication Services

1.4%
0.9%

Financial Services

FNK
25.8%
XMVM
41.9%

Consumer Cyclical

FNK
20.3%
XMVM
15.0%

Industrials

FNK
10.7%
XMVM
8.8%

Energy

FNK
9.3%
XMVM
8.0%

Real Estate

FNK
9.0%
XMVM
4.2%

Technology

FNK
7.7%
XMVM
4.0%

Utilities

FNK
4.3%
XMVM
9.5%

Healthcare

FNK
3.9%
XMVM
0.7%

Basic Materials

FNK
3.8%
XMVM
0.8%

Consumer Defensive

FNK
3.7%
XMVM
7.1%

Communication Services

FNK
1.4%
XMVM
0.9%

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

Invesco S&P MidCap Value with Momentum ETF

Often compared with FNK:
FNK vs. MDYVFNK vs. FNCMXFNK vs. GETGXFNK vs. FLQMFNK vs. VOEFNK vs. VOOFNK vs. DISV
Often compared with XMVM:
XMVM vs. AVUVXMVM vs. MDYXMVM vs. RFVXMVM vs. RWKXMVM vs. MDYVXMVM vs. SYLDXMVM vs. MDYG

Return for Risk

FNK vs. XMVM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FNK
FNK Risk / Return Rank: 4242
Overall Rank
FNK Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
FNK Sortino Ratio Rank: 4343
Sortino Ratio Rank
FNK Omega Ratio Rank: 3838
Omega Ratio Rank
FNK Calmar Ratio Rank: 4848
Calmar Ratio Rank
FNK Martin Ratio Rank: 4242
Martin Ratio Rank
XMVM
XMVM Risk / Return Rank: 6565
Overall Rank
XMVM Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
XMVM Sortino Ratio Rank: 6767
Sortino Ratio Rank
XMVM Omega Ratio Rank: 6363
Omega Ratio Rank
XMVM Calmar Ratio Rank: 7171
Calmar Ratio Rank
XMVM Martin Ratio Rank: 6161
Martin Ratio Rank
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. XMVM - 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 MidCap Value with Momentum ETF (XMVM). 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.

FNKXMVMDifference
Sharpe ratioReturn per unit of total volatility
1.32
2.03

-0.71

Sortino ratioReturn per unit of downside risk
2.06
2.92

-0.86

Omega ratioGain probability vs. loss probability

1.24

1.36

-0.12

Calmar ratioReturn relative to maximum drawdown

2.21

3.36

-1.16

Martin ratioReturn relative to average drawdown

6.37

10.39

-4.02

FNK vs. XMVM - Sharpe Ratio Comparison

The current FNK Sharpe Ratio is 1.32, which is lower than the XMVM Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of FNK and XMVM, 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. XMVM - Drawdown Comparison

The maximum FNK drawdown since its inception was -50.70%, smaller than the maximum XMVM drawdown of -62.83%. Use the drawdown chart below to compare losses from any high point for FNK and XMVM.

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Drawdown Indicators

FNKXMVMDifference

Max Drawdown

Largest peak-to-trough decline

-50.70%

-62.83%

+12.13%

Max Drawdown (1Y)

Largest decline over 1 year

-9.13%

-9.18%

+0.05%

Max Drawdown (3Y)

Largest decline over 3 years

-25.16%

-24.12%

-1.04%

Max Drawdown (5Y)

Largest decline over 5 years

-25.16%

-24.12%

-1.04%

Max Drawdown (10Y)

Largest decline over 10 years

-50.70%

-45.07%

-5.63%

Current Drawdown

Current decline from peak

-1.61%

-1.22%

-0.39%

Average Drawdown

Average peak-to-trough decline

-6.82%

-10.25%

+3.43%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.16%

2.96%

+0.20%

Volatility

FNK vs. XMVM - Volatility Comparison

First Trust Mid Cap Value AlphaDEX Fund (FNK) and Invesco S&P MidCap Value with Momentum ETF (XMVM) have volatilities of 3.37% and 3.29%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FNKXMVMDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.37%

3.29%

+0.08%

Volatility (6M)

Calculated over the trailing 6-month period

9.68%

9.65%

+0.03%

Volatility (1Y)

Calculated over the trailing 1-year period

15.27%

15.26%

+0.01%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.00%

21.45%

-0.45%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.83%

22.81%

+1.02%

FNK vs. XMVM - Expense Ratio Comparison

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

Dividends

FNK vs. XMVM - Dividend Comparison

FNK's dividend yield for the trailing twelve months is around 1.54%, less than XMVM's 1.89% yield.

PositionTTM20252024202320222021202020192018201720162015
FNK
First Trust Mid Cap Value AlphaDEX Fund		1.54%1.53%1.63%1.76%1.66%1.27%1.61%1.82%1.76%1.40%1.38%1.45%
XMVM
Invesco S&P MidCap Value with Momentum ETF		1.89%2.07%1.43%1.57%1.76%1.10%1.37%1.73%2.87%2.22%2.27%2.58%

Frequently Asked Questions

FNK and XMVM have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FNK has higher volatility (3.37%) compared to XMVM (3.29%). In terms of maximum drawdown, FNK dropped -50.70% vs XMVM's -62.83%.

On 10-year performance, XMVM leads with 12.13% vs 9.93% for FNK. On fees, XMVM is cheaper at 0.39% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, XMVM has performed better with a 12.13% return vs 9.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

XMVM has the higher dividend yield at 1.89%, compared with 1.54% for FNK.

FNK is categorized as Small Cap Value Equities, while XMVM is Momentum. FNK tracks NASDAQ AlphaDEX Mid Cap Value Index, while XMVM tracks S&P MidCap 400 High Momentum Value Index. They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.70% for FNK and 0.39% for XMVM.

XMVM currently has the higher Sharpe Ratio (2.03 vs 1.32), 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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