FNX vs. FLQM

Last updated Aug 2, 2026

FNX (First Trust Mid Cap Core AlphaDEX Fund) and FLQM (Franklin LibertyQ U.S. Mid Cap Equity ETF) are both Mid Cap Blend Equities funds - FNX tracks the NASDAQ AlphaDEX Mid Cap Core Index while FLQM tracks the LibertyQ U.S. Mid Cap Equity Index. Both are passively managed. Over the past 5 years, FNX returned 8.88%/yr vs 7.28%/yr for FLQM. Their correlation of 0.82 means they have usually moved in the same direction. FNX charges 0.60%/yr vs 0.30%/yr for FLQM.

Performance

FNX vs. FLQM - Performance Comparison

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

Returns By Period

In the year-to-date period, FNX achieves a 14.22% return, which is significantly higher than FLQM's 7.46% return.

FNX

• 1D: -0.37%
• 1M: -0.54%
• 6M: 8.67%
• YTD: 14.22%
• 1Y: 25.61%
• 3Y*: 13.85%
• 5Y*: 8.88%
• 10Y*: 11.92%
• ALL TIME*: 9.56%

FLQM

• 1D: -0.51%
• 1M: 1.32%
• 6M: 6.05%
• YTD: 7.46%
• 1Y: 12.52%
• 3Y*: 10.57%
• 5Y*: 7.28%
• 10Y*: —
• ALL TIME*: 11.18%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FLQM Franklin LibertyQ U.S. Mid Cap Equity ETF	$4.73M	$5.15M	$5.86M
FNX First Trust Mid Cap Core AlphaDEX Fund	$1.47M	$1.96M	$2.41M

FNX vs. FLQM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNX First Trust Mid Cap Core AlphaDEX Fund	14.22%	9.87%	12.21%	20.39%	-13.57%	25.05%	16.04%	26.97%	-11.23%	11.36%
FLQM Franklin LibertyQ U.S. Mid Cap Equity ETF	7.46%	5.16%	14.32%	17.47%	-12.95%	28.76%	15.50%	28.56%	-4.24%	10.32%

Correlation

The correlation between FNX and FLQM is 0.75, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.75
Correlation (3Y) Balances recent behavior with more history.	0.87
Correlation (5Y) Shows whether the relationship held over a longer period.	0.90
Correlation (All Time) Calculated using the full available price history since Apr 28, 2017	0.82

The correlation between FNX and FLQM shifts across timeframes, from 0.75 (1 year) to 0.90 (5 years), reflecting how their relationship changes across market environments.

FNX vs. FLQM - Sectors Allocation Comparison

Sectors	FNX	FLQM
Financial Services	19.2%	16.9%
Industrials	18.1%	17.7%
Consumer Cyclical	15.7%	15.4%
Technology	13.0%	11.7%
Healthcare	10.8%	15.2%
Real Estate	7.1%	3.6%
Energy	5.2%	5.0%
Consumer Defensive	3.1%	8.9%
Basic Materials	2.8%	1.1%
Utilities	2.7%	2.1%
Communication Services	2.2%	2.4%

Return for Risk

FNX vs. FLQM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FNX

FNX Risk / Return Rank: 66
FNX Sharpe Ratio Rank: 62
FNX Sortino Ratio Rank: 66
FNX Omega Ratio Rank: 58
FNX Calmar Ratio Rank: 73
FNX Martin Ratio Rank: 70

FLQM

FLQM Risk / Return Rank: 39
FLQM Sharpe Ratio Rank: 38
FLQM Sortino Ratio Rank: 41
FLQM Omega Ratio Rank: 35
FLQM Calmar Ratio Rank: 43
FLQM Martin Ratio Rank: 40

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FNX vs. FLQM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Mid Cap Core AlphaDEX Fund (FNX) and Franklin LibertyQ U.S. Mid Cap Equity ETF (FLQM). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FNX	FLQM	Difference
Sharpe ratio: Return per unit of total volatility	1.46	0.94	+0.52
Sortino ratio: Return per unit of downside risk	2.18	1.51	+0.68
Omega ratio: Gain probability vs. loss probability	1.26	1.17	+0.09
Calmar ratio: Return relative to maximum drawdown	2.55	1.55	+1.00
Martin ratio: Return relative to average drawdown	8.68	4.31	+4.38

FNX vs. FLQM - Sharpe Ratio Comparison

The current FNX Sharpe Ratio is 1.46, which is higher than the FLQM Sharpe Ratio of 0.94. The chart below compares the historical Sharpe Ratios of FNX and FLQM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FNX vs. FLQM - Drawdown Comparison

The maximum FNX drawdown since its inception was -57.11%, which is greater than FLQM's maximum drawdown of -37.26%. Use the drawdown chart below to compare losses from any high point for FNX and FLQM.

Drawdown Indicators

	FNX	FLQM	Difference
Max Drawdown Largest peak-to-trough decline	-57.11%	-37.26%	-19.85%
Max Drawdown (1Y) Largest decline over 1 year	-9.24%	-7.57%	-1.67%
Max Drawdown (3Y) Largest decline over 3 years	-24.97%	-19.70%	-5.27%
Max Drawdown (5Y) Largest decline over 5 years	-24.97%	-22.51%	-2.46%
Max Drawdown (10Y) Largest decline over 10 years	-43.95%	—	—
Current Drawdown Current decline from peak	-2.10%	-2.04%	-0.06%
Average Drawdown Average peak-to-trough decline	-8.35%	-4.86%	-3.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.71%	2.72%	-0.01%

Volatility

FNX vs. FLQM - Volatility Comparison

The current volatility for First Trust Mid Cap Core AlphaDEX Fund (FNX) is 3.13%, while Franklin LibertyQ U.S. Mid Cap Equity ETF (FLQM) has a volatility of 4.57%. This indicates that FNX experiences smaller price fluctuations and is considered to be less risky than FLQM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNX	FLQM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.13%	4.57%	-1.44%
Volatility (6M) Calculated over the trailing 6-month period	11.39%	9.01%	+2.38%
Volatility (1Y) Calculated over the trailing 1-year period	16.15%	12.49%	+3.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.40%	16.45%	+3.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.90%	18.41%	+3.49%

FNX vs. FLQM - Expense Ratio Comparison

FNX has a 0.60% expense ratio, which is higher than FLQM's 0.30% expense ratio.

Dividends

FNX vs. FLQM - Dividend Comparison

FNX's dividend yield for the trailing twelve months is around 0.81%, less than FLQM's 1.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLQM Franklin LibertyQ U.S. Mid Cap Equity ETF	1.64%	1.49%	1.28%	1.27%	1.33%	1.05%	1.10%	1.37%	1.42%	1.15%	0.00%	0.00%
FNX First Trust Mid Cap Core AlphaDEX Fund	0.81%	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 FLQM in my portfolio?

FNX and FLQM have a correlation of 0.75, 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 FLQM?

FLQM has higher volatility (4.57%) compared to FNX (3.13%). In terms of maximum drawdown, FNX dropped -57.11% vs FLQM's -37.26%.

Which ETF is better, FNX or FLQM?

On 5-year performance, FNX leads with 8.88% vs 7.28% for FLQM. On fees, FLQM is cheaper at 0.30% per year. On volatility, FNX has been the lower-risk option at 3.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNX or FLQM?

Over the 5-year period, FNX has performed better with a 8.88% return vs 7.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNX or FLQM?

FLQM is cheaper with a 0.30% expense ratio, compared with 0.60% for FNX.

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

FLQM has the higher dividend yield at 1.64%, compared with 0.81% for FNX.

What is the main difference between FNX and FLQM?

FNX tracks NASDAQ AlphaDEX Mid Cap Core Index, while FLQM tracks LibertyQ U.S. Mid Cap Equity Index. They also come from different issuers: First Trust and Franklin Templeton. Their fees differ too: 0.60% for FNX and 0.30% for FLQM.

Which has better risk-adjusted returns?

FNX currently has the higher Sharpe Ratio (1.46 vs 0.94), 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.