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FNK vs. XSVM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FNK vs. XSVM

Last updated Aug 2, 2026
Documentation

FNK (First Trust Mid Cap Value AlphaDEX Fund) and XSVM (Invesco S&P SmallCap 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 XSVM is a Momentum fund tracking the S&P SmallCap 600 High Momentum Value Index. Both are passively managed. Over the past 10 years, FNK returned 10.03%/yr vs 13.34%/yr for XSVM. Their correlation of 0.86 means they have usually moved in the same direction. FNK charges 0.70%/yr vs 0.37%/yr for XSVM.

Performance

FNK vs. XSVM - 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 Value with Momentum ETF (XSVM). 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 lower than XSVM's 25.81% return. Over the past 10 years, FNK has underperformed XSVM with an annualized return of 10.03%, while XSVM has yielded a comparatively higher 13.34% annualized 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%

XSVM

1D
-0.35%
1M
2.37%
6M
17.50%
YTD
25.81%
1Y
41.62%
3Y*
14.54%
5Y*
9.57%
10Y*
13.34%
ALL TIME*
9.32%
*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

XSVM

Invesco S&P SmallCap Value with Momentum ETF
$2.60M$2.40M$2.07M

FNK vs. XSVM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
XSVM
Invesco S&P SmallCap Value with Momentum ETF		25.81%7.47%2.30%20.20%-13.63%56.36%5.08%30.01%-12.33%3.62%

Correlation

The correlation between FNK and XSVM is 0.87, 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.

0.87

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

0.91

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

0.92

Correlation (10Y)
Provides a long-term view across more market conditions.

0.89

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

0.86

The correlation between FNK and XSVM has been stable across timeframes, ranging from 0.86 to 0.92 - a consistent structural relationship.

FNK vs. XSVM - Sectors Allocation Comparison

Sectors
FNK
XSVM

Financial Services

26.5%
45.1%

Consumer Cyclical

16.8%
18.1%

Industrials

10.2%
5.3%

Energy

8.8%
5.7%

Real Estate

7.1%
9.7%

Technology

7.1%
2.6%

Basic Materials

6.2%
3.0%

Consumer Defensive

5.3%
4.1%

Utilities

4.9%
2.1%

Healthcare

4.4%
1.7%

Communication Services

1.3%
2.6%

Financial Services

FNK
26.5%
XSVM
45.1%

Consumer Cyclical

FNK
16.8%
XSVM
18.1%

Industrials

FNK
10.2%
XSVM
5.3%

Energy

FNK
8.8%
XSVM
5.7%

Real Estate

FNK
7.1%
XSVM
9.7%

Technology

FNK
7.1%
XSVM
2.6%

Basic Materials

FNK
6.2%
XSVM
3.0%

Consumer Defensive

FNK
5.3%
XSVM
4.1%

Utilities

FNK
4.9%
XSVM
2.1%

Healthcare

FNK
4.4%
XSVM
1.7%

Communication Services

FNK
1.3%
XSVM
2.6%

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 SmallCap Value with Momentum ETF

Often compared with FNK:
FNK vs. MDYVFNK vs. FNCMXFNK vs. GETGXFNK vs. FLQMFNK vs. VOEFNK vs. DISVXFNK vs. DISV
Often compared with XSVM:
XSVM vs. XSMOXSVM vs. AVUVXSVM vs. RWJXSVM vs. XSHQXSVM vs. SPHBXSVM vs. DGRSXSVM vs. RYPRX

Return for Risk

FNK vs. XSVM — 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
XSVM
XSVM Risk / Return Rank: 8989
Overall Rank
XSVM Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
XSVM Sortino Ratio Rank: 9191
Sortino Ratio Rank
XSVM Omega Ratio Rank: 8787
Omega Ratio Rank
XSVM Calmar Ratio Rank: 9191
Calmar Ratio Rank
XSVM Martin Ratio Rank: 8787
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. XSVM - 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 Value with Momentum ETF (XSVM). 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.

FNKXSVMDifference
Sharpe ratioReturn per unit of total volatility
1.55
2.21

-0.66

Sortino ratioReturn per unit of downside risk
2.40
3.22

-0.82

Omega ratioGain probability vs. loss probability

1.28

1.39

-0.11

Calmar ratioReturn relative to maximum drawdown

2.50

3.91

-1.41

Martin ratioReturn relative to average drawdown

7.45

12.49

-5.04

FNK vs. XSVM - Sharpe Ratio Comparison

The current FNK Sharpe Ratio is 1.55, which is comparable to the XSVM Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of FNK and XSVM, 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. XSVM - Drawdown Comparison

The maximum FNK drawdown since its inception was -50.70%, smaller than the maximum XSVM drawdown of -62.57%. Use the drawdown chart below to compare losses from any high point for FNK and XSVM.

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Drawdown Indicators

FNKXSVMDifference

Max Drawdown

Largest peak-to-trough decline

-50.70%

-62.57%

+11.87%

Max Drawdown (1Y)

Largest decline over 1 year

-9.13%

-10.08%

+0.95%

Max Drawdown (3Y)

Largest decline over 3 years

-25.16%

-26.21%

+1.05%

Max Drawdown (5Y)

Largest decline over 5 years

-25.16%

-26.21%

+1.05%

Max Drawdown (10Y)

Largest decline over 10 years

-50.70%

-49.02%

-1.68%

Current Drawdown

Current decline from peak

-1.34%

-1.45%

+0.11%

Average Drawdown

Average peak-to-trough decline

-6.78%

-11.48%

+4.70%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.06%

3.15%

-0.09%

Volatility

FNK vs. XSVM - Volatility Comparison

The current volatility for First Trust Mid Cap Value AlphaDEX Fund (FNK) is 3.86%, while Invesco S&P SmallCap Value with Momentum ETF (XSVM) has a volatility of 4.18%. This indicates that FNK experiences smaller price fluctuations and is considered to be less risky than XSVM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FNKXSVMDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.86%

4.18%

-0.32%

Volatility (6M)

Calculated over the trailing 6-month period

9.46%

11.73%

-2.27%

Volatility (1Y)

Calculated over the trailing 1-year period

14.75%

17.89%

-3.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.89%

22.33%

-1.44%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.75%

25.00%

-1.25%

FNK vs. XSVM - Expense Ratio Comparison

FNK has a 0.70% expense ratio, which is higher than XSVM's 0.37% expense ratio.

Dividends

FNK vs. XSVM - Dividend Comparison

FNK's dividend yield for the trailing twelve months is around 1.43%, less than XSVM's 1.75% 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%
XSVM
Invesco S&P SmallCap Value with Momentum ETF		1.75%2.29%1.69%1.31%1.79%1.23%1.21%1.22%2.54%1.90%2.29%2.68%

Frequently Asked Questions

FNK and XSVM have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

XSVM has higher volatility (4.18%) compared to FNK (3.86%). In terms of maximum drawdown, FNK dropped -50.70% vs XSVM's -62.57%.

On 10-year performance, XSVM leads with 13.34% vs 10.03% for FNK. On fees, XSVM is cheaper at 0.37% 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 10-year period, XSVM has performed better with a 13.34% return vs 10.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

XSVM is cheaper with a 0.37% expense ratio, compared with 0.70% for FNK.

XSVM has the higher dividend yield at 1.75%, compared with 1.43% for FNK.

FNK is categorized as Small Cap Value Equities, while XSVM is Momentum. FNK tracks NASDAQ AlphaDEX Mid Cap Value Index, while XSVM tracks S&P SmallCap 600 High Momentum Value Index. They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.70% for FNK and 0.37% for XSVM.

XSVM currently has the higher Sharpe Ratio (2.21 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.

Portfolio Optimizer

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