FNX vs. BMVP

Last updated Apr 1, 2026

Compare and contrast key facts about First Trust Mid Cap Core AlphaDEX Fund (FNX) and Invesco Bloomberg MVP Multi-factor ETF (BMVP).

FNX and BMVP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FNX is a passively managed fund by First Trust that tracks the performance of the NASDAQ AlphaDEX Mid Cap Core Index. It was launched on May 8, 2007. BMVP is a passively managed fund by Invesco that tracks the performance of the Bloomberg MVP Index. It was launched on May 1, 2003. Both FNX and BMVP are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

FNX vs. BMVP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Mid Cap Core AlphaDEX Fund (FNX) and Invesco Bloomberg MVP Multi-factor ETF (BMVP). The values are adjusted to include any dividend payments, if applicable.

FNX vs. BMVP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNX First Trust Mid Cap Core AlphaDEX Fund	2.05%	9.87%	12.21%	20.39%	-13.57%	25.05%	16.04%	26.97%	-11.23%	17.66%
BMVP Invesco Bloomberg MVP Multi-factor ETF	2.60%	6.15%	17.46%	19.03%	-16.01%	19.38%	8.52%	13.47%	-6.40%	20.16%

Returns By Period

In the year-to-date period, FNX achieves a 2.05% return, which is significantly lower than BMVP's 2.60% return. Over the past 10 years, FNX has outperformed BMVP with an annualized return of 11.15%, while BMVP has yielded a comparatively lower 9.15% annualized return.

FNX

• 1D: 2.75%
• 1M: -5.37%
• YTD: 2.05%
• 6M: 2.82%
• 1Y: 18.78%
• 3Y*: 13.81%
• 5Y*: 7.40%
• 10Y*: 11.15%

BMVP

• 1D: 1.17%
• 1M: -5.11%
• YTD: 2.60%
• 6M: 2.73%
• 1Y: 6.46%
• 3Y*: 12.67%
• 5Y*: 6.65%
• 10Y*: 9.15%

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

FNX vs. BMVP - Expense Ratio Comparison

FNX has a 0.60% expense ratio, which is higher than BMVP's 0.29% expense ratio.

FNX

First Trust Mid Cap Core AlphaDEX Fund

BMVP

Invesco Bloomberg MVP Multi-factor ETF

Return for Risk

FNX vs. BMVP — 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: 50
FNX Sortino Ratio Rank: 52
FNX Omega Ratio Rank: 49
FNX Calmar Ratio Rank: 53
FNX Martin Ratio Rank: 57

BMVP

BMVP Risk / Return Rank: 28
BMVP Sharpe Ratio Rank: 26
BMVP Sortino Ratio Rank: 26
BMVP Omega Ratio Rank: 26
BMVP Calmar Ratio Rank: 29
BMVP Martin Ratio Rank: 35

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. BMVP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Mid Cap Core AlphaDEX Fund (FNX) and Invesco Bloomberg MVP Multi-factor ETF (BMVP). 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	BMVP	Difference
Sharpe ratio Return per unit of total volatility	0.89	0.46	+0.43
Sortino ratio Return per unit of downside risk	1.36	0.74	+0.63
Omega ratio Gain probability vs. loss probability	1.19	1.10	+0.08
Calmar ratio Return relative to maximum drawdown	1.34	0.70	+0.64
Martin ratio Return relative to average drawdown	5.45	3.23	+2.21
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. BMVP - Sharpe Ratio Comparison

The current FNX Sharpe Ratio is 0.89, which is higher than the BMVP Sharpe Ratio of 0.46. The chart below compares the historical Sharpe Ratios of FNX and BMVP, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FNX	BMVP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.89	0.46	+0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	0.41	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.49	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.11	+0.29

Correlation

The correlation between FNX and BMVP is 0.84, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FNX vs. BMVP - Dividend Comparison

FNX's dividend yield for the trailing twelve months is around 0.91%, less than BMVP's 1.73% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNX First Trust Mid Cap Core AlphaDEX Fund	0.91%	0.88%	1.26%	1.11%	1.19%	0.94%	1.04%	1.21%	1.01%	0.90%	1.07%	1.07%
BMVP Invesco Bloomberg MVP Multi-factor ETF	1.73%	1.77%	1.58%	1.67%	1.51%	0.56%	1.09%	0.95%	1.44%	1.75%	1.35%	1.02%

Drawdowns

FNX vs. BMVP - Drawdown Comparison

The maximum FNX drawdown since its inception was -57.11%, smaller than the maximum BMVP drawdown of -78.13%. Use the drawdown chart below to compare losses from any high point for FNX and BMVP.

Drawdown Indicators

	FNX	BMVP	Difference
Max Drawdown Largest peak-to-trough decline	-57.11%	-78.13%	+21.02%
Max Drawdown (1Y) Largest decline over 1 year	-14.59%	-11.26%	-3.33%
Max Drawdown (5Y) Largest decline over 5 years	-24.97%	-26.58%	+1.61%
Max Drawdown (10Y) Largest decline over 10 years	-43.95%	-39.45%	-4.50%
Current Drawdown Current decline from peak	-6.67%	-5.36%	-1.31%
Average Drawdown Average peak-to-trough decline	-8.47%	-36.46%	+27.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.60%	2.45%	+1.15%

Volatility

FNX vs. BMVP - Volatility Comparison

First Trust Mid Cap Core AlphaDEX Fund (FNX) has a higher volatility of 6.19% compared to Invesco Bloomberg MVP Multi-factor ETF (BMVP) at 3.07%. This indicates that FNX's price experiences larger fluctuations and is considered to be riskier than BMVP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNX	BMVP	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.19%	3.07%	+3.12%
Volatility (6M) Calculated over the trailing 6-month period	12.22%	7.37%	+4.85%
Volatility (1Y) Calculated over the trailing 1-year period	21.23%	14.30%	+6.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.52%	16.29%	+4.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.94%	18.84%	+3.10%