FNX vs. CTEF

Last updated Jun 4, 2026

FNX (First Trust Mid Cap Core AlphaDEX Fund) and CTEF (Castellan Targeted Equity ETF) are both Mid Cap Blend Equities funds. FNX is passively managed, while CTEF is actively managed. A 0.69 correlation means they provide meaningful diversification when combined. FNX charges 0.60%/yr vs 0.45%/yr for CTEF.

Performance

FNX vs. CTEF - Performance Comparison

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

Returns By Period

In the year-to-date period, FNX achieves a 11.81% return, which is significantly lower than CTEF's 29.35% return.

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%

CTEF

• 1D: -0.41%
• 1M: 10.65%
• YTD: 29.35%
• 6M: 31.78%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FNX vs. CTEF - Yearly Performance Comparison

	2026 (YTD)	2025
FNX First Trust Mid Cap Core AlphaDEX Fund	11.81%	12.99%
CTEF Castellan Targeted Equity ETF	29.35%	33.22%

Correlation

The correlation between FNX and CTEF is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 20, 2025	0.69

Return for Risk

FNX vs. CTEF — 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

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. CTEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Mid Cap Core AlphaDEX Fund (FNX) and Castellan Targeted Equity ETF (CTEF). 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	CTEF	Difference
Sharpe ratio: Return per unit of total volatility	1.66	—	—
Sortino ratio: Return per unit of downside risk	2.44	—	—
Omega ratio: Gain probability vs. loss probability	1.29	—	—
Calmar ratio: Return relative to maximum drawdown	2.89	—	—
Martin ratio: Return relative to average drawdown	9.95	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	FNX	CTEF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.66	—	—
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	3.54	-3.12

Drawdowns

FNX vs. CTEF - Drawdown Comparison

The maximum FNX drawdown since its inception was -57.11%, which is greater than CTEF's maximum drawdown of -15.00%. Use the drawdown chart below to compare losses from any high point for FNX and CTEF.

Drawdown Indicators

	FNX	CTEF	Difference
Max Drawdown Largest peak-to-trough decline	-57.11%	-15.00%	-42.11%
Max Drawdown (1Y) Largest decline over 1 year	-9.24%	—	—
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%	-0.41%	-0.36%
Average Drawdown Average peak-to-trough decline	-8.41%	-1.80%	-6.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.68%	—	—

Volatility

Volatility by Period

	FNX	CTEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.63%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.43%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	16.11%	21.81%	-5.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.49%	21.81%	-1.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.97%	21.81%	+0.16%

FNX vs. CTEF - Expense Ratio Comparison

FNX has a 0.60% expense ratio, which is higher than CTEF's 0.45% expense ratio.

Dividends

FNX vs. CTEF - Dividend Comparison

FNX's dividend yield for the trailing twelve months is around 0.83%, more than CTEF's 0.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CTEF Castellan Targeted Equity ETF	0.06%	0.08%	0.00%	0.00%	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 CTEF in my portfolio?

FNX and CTEF have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FNX or CTEF?

On fees, CTEF is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FNX or CTEF?

CTEF is cheaper with a 0.45% expense ratio, compared with 0.60% for FNX.

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

FNX has the higher dividend yield at 0.83%, compared with 0.06% for CTEF.

What is the main difference between FNX and CTEF?

They also come from different issuers: First Trust and Castellan. Their fees differ too: 0.60% for FNX and 0.45% for CTEF.