FNX vs. AVMV

Last updated Jun 4, 2026

FNX (First Trust Mid Cap Core AlphaDEX Fund) and AVMV (Avantis U.S. Mid Cap Value ETF) are both exchange-traded funds - FNX is a Mid Cap Blend Equities fund tracking the NASDAQ AlphaDEX Mid Cap Core Index, while AVMV is a Mid Cap Value Equities fund actively managed by Avantis. FNX is passively managed, while AVMV is actively managed. Over the past year, FNX returned 26.57% vs 25.32% for AVMV. Their correlation of 0.95 suggests significant overlap in exposure. FNX charges 0.60%/yr vs 0.20%/yr for AVMV.

Performance

FNX vs. AVMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Mid Cap Core AlphaDEX Fund (FNX) and Avantis U.S. Mid Cap Value ETF (AVMV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with FNX having a 11.81% return and AVMV slightly lower at 11.76%.

FNX

• 1D: -0.18%
• 1M: 2.71%
• YTD: 11.81%
• 6M: 11.61%
• 1Y: 26.57%
• 3Y*: 16.99%
• 5Y*: 8.31%
• 10Y*: 11.90%

AVMV

• 1D: -0.15%
• 1M: 1.85%
• YTD: 11.76%
• 6M: 12.65%
• 1Y: 25.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FNX vs. AVMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FNX First Trust Mid Cap Core AlphaDEX Fund	11.81%	9.87%	12.21%	19.03%
AVMV Avantis U.S. Mid Cap Value ETF	11.76%	10.46%	18.43%	15.56%

Correlation

The correlation between FNX and AVMV is 0.94, 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	0.94
Correlation (All Time) Calculated using the full available price history since Nov 10, 2023	0.95

The correlation between FNX and AVMV has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

FNX vs. AVMV - Sectors Allocation Comparison

Sectors	FNX	AVMV
Industrials	19.3%	14.7%
Financial Services	18.6%	23.6%
Consumer Cyclical	14.4%	18.0%
Healthcare	10.4%	6.4%
Technology	9.5%	7.3%
Real Estate	8.6%	1.0%
Energy	6.2%	14.7%
Consumer Defensive	4.0%	8.3%
Basic Materials	3.1%	3.8%
Utilities	2.7%	0.5%
Communication Services	2.2%	1.7%

Return for Risk

FNX vs. AVMV — Risk / Return Rank

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

FNX

FNX Risk / Return Rank: 52
FNX Sharpe Ratio Rank: 47
FNX Sortino Ratio Rank: 50
FNX Omega Ratio Rank: 46
FNX Calmar Ratio Rank: 59
FNX Martin Ratio Rank: 56

AVMV

AVMV Risk / Return Rank: 57
AVMV Sharpe Ratio Rank: 53
AVMV Sortino Ratio Rank: 55
AVMV Omega Ratio Rank: 51
AVMV Calmar Ratio Rank: 66
AVMV Martin Ratio Rank: 61

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.

FNX vs. AVMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Mid Cap Core AlphaDEX Fund (FNX) and Avantis U.S. Mid Cap Value ETF (AVMV). 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.

	FNX	AVMV	Difference
Sharpe ratio: Return per unit of total volatility	1.66	1.84	-0.18
Sortino ratio: Return per unit of downside risk	2.44	2.68	-0.24
Omega ratio: Gain probability vs. loss probability	1.29	1.32	-0.03
Calmar ratio: Return relative to maximum drawdown	2.89	3.34	-0.45
Martin ratio: Return relative to average drawdown	9.95	10.97	-1.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FNX vs. AVMV - Sharpe Ratio Comparison

The current FNX Sharpe Ratio is 1.66, which is comparable to the AVMV Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of FNX and AVMV, 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

	FNX	AVMV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.66	1.84	-0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	1.28	-0.86

Drawdowns

FNX vs. AVMV - Drawdown Comparison

The maximum FNX drawdown since its inception was -57.11%, which is greater than AVMV's maximum drawdown of -24.24%. Use the drawdown chart below to compare losses from any high point for FNX and AVMV.

Drawdown Indicators

	FNX	AVMV	Difference
Max Drawdown Largest peak-to-trough decline	-57.11%	-24.24%	-32.87%
Max Drawdown (1Y) Largest decline over 1 year	-9.24%	-7.63%	-1.61%
Max Drawdown (3Y) Largest decline over 3 years	-24.97%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.97%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-43.95%	—	—
Current Drawdown Current decline from peak	-0.77%	-0.15%	-0.62%
Average Drawdown Average peak-to-trough decline	-8.41%	-3.89%	-4.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.68%	2.31%	+0.37%

Volatility

FNX vs. AVMV - Volatility Comparison

First Trust Mid Cap Core AlphaDEX Fund (FNX) has a higher volatility of 4.63% compared to Avantis U.S. Mid Cap Value ETF (AVMV) at 3.11%. This indicates that FNX's price experiences larger fluctuations and is considered to be riskier than AVMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNX	AVMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.63%	3.11%	+1.52%
Volatility (6M) Calculated over the trailing 6-month period	11.43%	9.47%	+1.96%
Volatility (1Y) Calculated over the trailing 1-year period	16.11%	13.89%	+2.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.49%	17.97%	+2.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.97%	17.97%	+4.00%

FNX vs. AVMV - Expense Ratio Comparison

FNX has a 0.60% expense ratio, which is higher than AVMV's 0.20% expense ratio.

Dividends

FNX vs. AVMV - Dividend Comparison

FNX's dividend yield for the trailing twelve months is around 0.83%, less than AVMV's 1.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVMV Avantis U.S. Mid Cap Value ETF	1.02%	1.20%	1.30%	0.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FNX First Trust Mid Cap Core AlphaDEX Fund	0.83%	0.88%	1.26%	1.11%	1.19%	0.94%	1.04%	1.21%	1.01%	0.90%	1.07%	1.07%

Frequently Asked Questions

Can I hold both FNX and AVMV in my portfolio?

With a correlation of 0.94, FNX and AVMV 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, FNX or AVMV?

FNX has higher volatility (4.63%) compared to AVMV (3.11%). In terms of maximum drawdown, FNX dropped -57.11% vs AVMV's -24.24%.

Which ETF is better, FNX or AVMV?

On 1-year performance, FNX leads with 26.57% vs 25.32% for AVMV. On fees, AVMV is cheaper at 0.20% per year. On volatility, AVMV has been the lower-risk option at 3.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNX or AVMV?

Over the 1-year period, FNX has performed better with a 26.57% return vs 25.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNX or AVMV?

AVMV is cheaper with a 0.20% expense ratio, compared with 0.60% for FNX.

Which ETF pays a higher dividend yield, FNX or AVMV?

AVMV has the higher dividend yield at 1.02%, compared with 0.83% for FNX.

What is the main difference between FNX and AVMV?

FNX is categorized as Mid Cap Blend Equities, while AVMV is Mid Cap Value Equities. They also come from different issuers: First Trust and Avantis. Their fees differ too: 0.60% for FNX and 0.20% for AVMV.

Which has better risk-adjusted returns?

AVMV currently has the higher Sharpe Ratio (1.84 vs 1.66), 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.