FNX vs. FDLS

Last updated Jun 5, 2026

FNX (First Trust Mid Cap Core AlphaDEX Fund) and FDLS (Inspire Fidelis Multi Factor ETF) are both Mid Cap Blend Equities funds - FNX tracks the NASDAQ AlphaDEX Mid Cap Core Index while FDLS tracks the WI Fidelis Multi-Cap, Multi-Factor Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, FNX returned 17.56%/yr vs 20.38%/yr for FDLS. Their correlation of 0.91 suggests significant overlap in exposure. FNX charges 0.60%/yr vs 0.76%/yr for FDLS.

Performance

FNX vs. FDLS - Performance Comparison

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

Returns By Period

In the year-to-date period, FNX achieves a 12.62% return, which is significantly lower than FDLS's 14.19% return.

FNX

• 1D: 0.72%
• 1M: 1.59%
• YTD: 12.62%
• 6M: 12.05%
• 1Y: 27.83%
• 3Y*: 17.56%
• 5Y*: 8.47%
• 10Y*: 11.88%

FDLS

• 1D: 0.94%
• 1M: -1.02%
• YTD: 14.19%
• 6M: 14.01%
• 1Y: 34.93%
• 3Y*: 20.38%
• 5Y*: —
• 10Y*: —

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

FNX vs. FDLS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FNX First Trust Mid Cap Core AlphaDEX Fund	12.62%	9.87%	12.21%	20.39%	-5.24%
FDLS Inspire Fidelis Multi Factor ETF	14.19%	22.47%	7.41%	20.70%	-1.68%

Correlation

The correlation between FNX and FDLS is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (All Time) Calculated using the full available price history since Aug 25, 2022	0.91

The correlation between FNX and FDLS has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.

FNX vs. FDLS - Sectors Allocation Comparison

Sectors	FNX	FDLS
Industrials	19.3%	18.8%
Financial Services	18.6%	14.3%
Consumer Cyclical	14.4%	4.4%
Healthcare	10.4%	11.7%
Technology	9.5%	25.7%
Real Estate	8.6%	2.1%
Energy	6.2%	7.1%
Consumer Defensive	4.0%	4.9%
Basic Materials	3.1%	5.0%
Utilities	2.7%	1.7%
Communication Services	2.2%	3.3%

Return for Risk

FNX vs. FDLS — Risk / Return Rank

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

FNX

FNX Risk / Return Rank: 55
FNX Sharpe Ratio Rank: 51
FNX Sortino Ratio Rank: 53
FNX Omega Ratio Rank: 49
FNX Calmar Ratio Rank: 62
FNX Martin Ratio Rank: 59

FDLS

FDLS Risk / Return Rank: 68
FDLS Sharpe Ratio Rank: 64
FDLS Sortino Ratio Rank: 65
FDLS Omega Ratio Rank: 62
FDLS Calmar Ratio Rank: 74
FDLS Martin Ratio Rank: 78

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. FDLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Mid Cap Core AlphaDEX Fund (FNX) and Inspire Fidelis Multi Factor ETF (FDLS). 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	FDLS	Difference
Sharpe ratio: Return per unit of total volatility	1.74	2.10	-0.36
Sortino ratio: Return per unit of downside risk	2.54	2.96	-0.42
Omega ratio: Gain probability vs. loss probability	1.30	1.37	-0.07
Calmar ratio: Return relative to maximum drawdown	3.03	3.68	-0.65
Martin ratio: Return relative to average drawdown	10.42	14.74	-4.33
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. FDLS - Sharpe Ratio Comparison

The current FNX Sharpe Ratio is 1.74, which is comparable to the FDLS Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of FNX and FDLS, 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	FDLS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.74	2.10	-0.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.42	—	—
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	0.87	-0.45

Drawdowns

FNX vs. FDLS - Drawdown Comparison

The maximum FNX drawdown since its inception was -57.11%, which is greater than FDLS's maximum drawdown of -23.32%. Use the drawdown chart below to compare losses from any high point for FNX and FDLS.

Drawdown Indicators

	FNX	FDLS	Difference
Max Drawdown Largest peak-to-trough decline	-57.11%	-23.32%	-33.79%
Max Drawdown (1Y) Largest decline over 1 year	-9.24%	-9.55%	+0.31%
Max Drawdown (3Y) Largest decline over 3 years	-24.97%	-23.32%	-1.65%
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	-0.05%	-1.74%	+1.69%
Average Drawdown Average peak-to-trough decline	-8.40%	-3.88%	-4.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.68%	2.38%	+0.30%

Volatility

FNX vs. FDLS - Volatility Comparison

First Trust Mid Cap Core AlphaDEX Fund (FNX) and Inspire Fidelis Multi Factor ETF (FDLS) have volatilities of 4.33% and 4.33%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNX	FDLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.33%	4.33%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	11.43%	12.47%	-1.04%
Volatility (1Y) Calculated over the trailing 1-year period	16.08%	16.70%	-0.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.49%	19.07%	+1.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.96%	19.07%	+2.89%

FNX vs. FDLS - Expense Ratio Comparison

FNX has a 0.60% expense ratio, which is lower than FDLS's 0.76% expense ratio.

Dividends

FNX vs. FDLS - Dividend Comparison

FNX's dividend yield for the trailing twelve months is around 0.82%, less than FDLS's 0.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDLS Inspire Fidelis Multi Factor ETF	0.86%	0.86%	7.26%	0.97%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FNX First Trust Mid Cap Core AlphaDEX Fund	0.82%	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 FDLS in my portfolio?

FNX and FDLS have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FNX or FDLS?

FDLS has higher volatility (4.33%) compared to FNX (4.33%). In terms of maximum drawdown, FNX dropped -57.11% vs FDLS's -23.32%.

Which ETF is better, FNX or FDLS?

On 3-year performance, FDLS leads with 20.38% vs 17.56% for FNX. On fees, FNX is cheaper at 0.60% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNX or FDLS?

Over the 3-year period, FDLS has performed better with a 20.38% return vs 17.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNX or FDLS?

FNX is cheaper with a 0.60% expense ratio, compared with 0.76% for FDLS.

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

FDLS has the higher dividend yield at 0.86%, compared with 0.82% for FNX.

What is the main difference between FNX and FDLS?

FNX tracks NASDAQ AlphaDEX Mid Cap Core Index, while FDLS tracks WI Fidelis Multi-Cap, Multi-Factor Index - Benchmark TR Gross. They also come from different issuers: First Trust and Inspire. Their fees differ too: 0.60% for FNX and 0.76% for FDLS.

Which has better risk-adjusted returns?

FDLS currently has the higher Sharpe Ratio (2.10 vs 1.74), 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.