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FNX vs. FDL
Performance
Return for Risk
Dividends
Drawdowns
Volatility

FNX vs. FDL

Last updated Apr 2, 2026

Compare and contrast key facts about First Trust Mid Cap Core AlphaDEX Fund (FNX) and First Trust Morningstar Dividend Leaders Index Fund (FDL).

FNX and FDL 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. FDL is a passively managed fund by First Trust that tracks the performance of the Morningstar Dividend Leaders Index. It was launched on Mar 9, 2006. Both FNX and FDL 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. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Mid Cap Core AlphaDEX Fund (FNX) and First Trust Morningstar Dividend Leaders Index Fund (FDL). The values are adjusted to include any dividend payments, if applicable.

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FNX vs. FDL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FNX
First Trust Mid Cap Core AlphaDEX Fund		2.63%9.87%12.21%20.39%-13.57%25.05%16.04%26.97%-11.23%17.66%
FDL
First Trust Morningstar Dividend Leaders Index Fund		14.21%14.79%17.98%2.94%6.66%26.10%-4.30%24.41%-5.99%12.02%

Returns By Period

In the year-to-date period, FNX achieves a 2.63% return, which is significantly lower than FDL's 14.21% return. Both investments have delivered pretty close results over the past 10 years, with FNX having a 11.22% annualized return and FDL not far ahead at 11.48%.

FNX

1D
0.58%
1M
-5.18%
YTD
2.63%
6M
2.91%
1Y
19.09%
3Y*
14.02%
5Y*
7.52%
10Y*
11.22%

FDL

1D
-1.10%
1M
-1.21%
YTD
14.21%
6M
16.89%
1Y
21.28%
3Y*
17.56%
5Y*
13.87%
10Y*
11.48%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

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First Trust Mid Cap Core AlphaDEX Fund

First Trust Morningstar Dividend Leaders Index Fund

Often compared with FNX:
FNX vs. FNCMXFNX vs. SPYFNX vs. MDYFNX vs. VOFNX vs. FLQMFNX vs. VOEFNX vs. AVMV
Often compared with FDL:
FDL vs. SCHDFDL vs. FDVVFDL vs. VYMFDL vs. LVHDFDL vs. SPYDFDL vs. VOOFDL vs. SPHD

FNX vs. FDL - Expense Ratio Comparison

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

FNX
First Trust Mid Cap Core AlphaDEX Fund
FDL
First Trust Morningstar Dividend Leaders Index Fund

Return for Risk

FNX vs. FDL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FNX
FNX Risk / Return Rank: 4848
Overall Rank
FNX Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
FNX Sortino Ratio Rank: 4949
Sortino Ratio Rank
FNX Omega Ratio Rank: 4646
Omega Ratio Rank
FNX Calmar Ratio Rank: 4848
Calmar Ratio Rank
FNX Martin Ratio Rank: 5252
Martin Ratio Rank
FDL
FDL Risk / Return Rank: 7272
Overall Rank
FDL Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
FDL Sortino Ratio Rank: 7676
Sortino Ratio Rank
FDL Omega Ratio Rank: 7373
Omega Ratio Rank
FDL Calmar Ratio Rank: 6767
Calmar Ratio Rank
FDL Martin Ratio Rank: 6767
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.

FNX vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Mid Cap Core AlphaDEX Fund (FNX) and First Trust Morningstar Dividend Leaders Index Fund (FDL). 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.

FNXFDLDifference

Sharpe ratio

Return per unit of total volatility

0.90

1.43

-0.53

Sortino ratio

Return per unit of downside risk

1.38

2.00

-0.62

Omega ratio

Gain probability vs. loss probability

1.19

1.28

-0.09

Calmar ratio

Return relative to maximum drawdown

1.33

1.77

-0.44

Martin ratio

Return relative to average drawdown

5.37

7.07

-1.70

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. FDL - Sharpe Ratio Comparison

The current FNX Sharpe Ratio is 0.90, which is lower than the FDL Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of FNX and FDL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

FNXFDLDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.90

1.43

-0.53

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.37

0.97

-0.60

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.51

0.67

-0.16

Sharpe Ratio (All Time)

Calculated using the full available price history

0.40

0.46

-0.06

Correlation

The correlation between FNX and FDL is 0.71, 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. FDL - Dividend Comparison

FNX's dividend yield for the trailing twelve months is around 0.90%, less than FDL's 3.65% yield.

TTM20252024202320222021202020192018201720162015
FNX
First Trust Mid Cap Core AlphaDEX Fund		0.90%0.88%1.26%1.11%1.19%0.94%1.04%1.21%1.01%0.90%1.07%1.07%
FDL
First Trust Morningstar Dividend Leaders Index Fund		3.65%4.04%4.96%4.58%3.58%4.59%4.48%3.75%3.97%3.18%2.93%3.65%

Drawdowns

FNX vs. FDL - Drawdown Comparison

The maximum FNX drawdown since its inception was -57.11%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for FNX and FDL.

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Drawdown Indicators

FNXFDLDifference

Max Drawdown

Largest peak-to-trough decline

-57.11%

-65.93%

+8.82%

Max Drawdown (1Y)

Largest decline over 1 year

-14.59%

-11.58%

-3.01%

Max Drawdown (5Y)

Largest decline over 5 years

-24.97%

-16.46%

-8.51%

Max Drawdown (10Y)

Largest decline over 10 years

-43.95%

-41.40%

-2.55%

Current Drawdown

Current decline from peak

-6.13%

-1.21%

-4.92%

Average Drawdown

Average peak-to-trough decline

-8.47%

-9.72%

+1.25%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.62%

2.90%

+0.72%

Volatility

FNX vs. FDL - Volatility Comparison

First Trust Mid Cap Core AlphaDEX Fund (FNX) has a higher volatility of 6.07% compared to First Trust Morningstar Dividend Leaders Index Fund (FDL) at 2.71%. This indicates that FNX's price experiences larger fluctuations and is considered to be riskier than FDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FNXFDLDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.07%

2.71%

+3.36%

Volatility (6M)

Calculated over the trailing 6-month period

12.23%

8.23%

+4.00%

Volatility (1Y)

Calculated over the trailing 1-year period

21.23%

14.94%

+6.29%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.51%

14.32%

+6.19%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.94%

17.09%

+4.85%