FNX vs. FNCMX

Last updated Jun 23, 2026

FNX (First Trust Mid Cap Core AlphaDEX Fund) and FNCMX (Fidelity NASDAQ Composite Index Fund) are both funds - FNX is a Mid Cap Blend Equities fund tracking the NASDAQ AlphaDEX Mid Cap Core Index, while FNCMX is a Large Cap Growth Equities fund tracking the Nasdaq Composite Index. Both are passively managed. Over the past 10 years, FNX returned 12.51%/yr vs 19.45%/yr for FNCMX. A 0.78 correlation means they provide meaningful diversification when combined. FNX charges 0.60%/yr vs 0.29%/yr for FNCMX.

Performance

FNX vs. FNCMX - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with FNX having a 14.46% return and FNCMX slightly lower at 14.44%. Over the past 10 years, FNX has underperformed FNCMX with an annualized return of 12.51%, while FNCMX has yielded a comparatively higher 19.45% annualized return.

FNX

• 1D: 0.48%
• 1M: 3.65%
• YTD: 14.46%
• 6M: 11.83%
• 1Y: 29.14%
• 3Y*: 17.41%
• 5Y*: 9.06%
• 10Y*: 12.51%

FNCMX

• 1D: 1.91%
• 1M: 0.76%
• YTD: 14.44%
• 6M: 13.53%
• 1Y: 37.23%
• 3Y*: 25.62%
• 5Y*: 14.53%
• 10Y*: 19.45%

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

FNX vs. FNCMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNX First Trust Mid Cap Core AlphaDEX Fund	14.46%	9.87%	12.21%	20.39%	-13.57%	25.05%	16.04%	26.97%	-11.23%	17.66%
FNCMX Fidelity NASDAQ Composite Index Fund	14.44%	21.11%	29.48%	45.13%	-32.40%	22.21%	44.57%	36.63%	-3.07%	28.35%

Correlation

The correlation between FNX and FNCMX is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since May 10, 2007	0.78

The correlation between FNX and FNCMX shifts across timeframes, from 0.61 (1 year) to 0.78 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FNX vs. FNCMX — Risk / Return Rank

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

FNX

FNX Risk / Return Rank: 58
FNX Sharpe Ratio Rank: 54
FNX Sortino Ratio Rank: 56
FNX Omega Ratio Rank: 50
FNX Calmar Ratio Rank: 66
FNX Martin Ratio Rank: 63

FNCMX

FNCMX Risk / Return Rank: 56
FNCMX Sharpe Ratio Rank: 61
FNCMX Sortino Ratio Rank: 51
FNCMX Omega Ratio Rank: 53
FNCMX Calmar Ratio Rank: 59
FNCMX Martin Ratio Rank: 57

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. FNCMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Mid Cap Core AlphaDEX Fund (FNX) and Fidelity NASDAQ Composite Index Fund (FNCMX). 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	FNCMX	Difference
Sharpe ratio: Return per unit of total volatility	1.79	2.11	-0.32
Sortino ratio: Return per unit of downside risk	2.60	2.77	-0.18
Omega ratio: Gain probability vs. loss probability	1.31	1.37	-0.06
Calmar ratio: Return relative to maximum drawdown	3.17	2.82	+0.35
Martin ratio: Return relative to average drawdown	10.89	10.74	+0.15

FNX vs. FNCMX - Sharpe Ratio Comparison

The current FNX Sharpe Ratio is 1.79, which is comparable to the FNCMX Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of FNX and FNCMX, 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. FNCMX - Drawdown Comparison

The maximum FNX drawdown since its inception was -57.11%, roughly equal to the maximum FNCMX drawdown of -55.08%. Use the drawdown chart below to compare losses from any high point for FNX and FNCMX.

Drawdown Indicators

	FNX	FNCMX	Difference
Max Drawdown Largest peak-to-trough decline	-57.11%	-55.08%	-2.03%
Max Drawdown (1Y) Largest decline over 1 year	-9.24%	-13.01%	+3.77%
Max Drawdown (3Y) Largest decline over 3 years	-24.97%	-24.20%	-0.77%
Max Drawdown (5Y) Largest decline over 5 years	-24.97%	-35.64%	+10.67%
Max Drawdown (10Y) Largest decline over 10 years	-43.95%	-35.64%	-8.31%
Current Drawdown Current decline from peak	0.00%	-2.04%	+2.04%
Average Drawdown Average peak-to-trough decline	-8.38%	-7.85%	-0.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.68%	3.41%	-0.73%

Volatility

FNX vs. FNCMX - Volatility Comparison

The current volatility for First Trust Mid Cap Core AlphaDEX Fund (FNX) is 4.52%, while Fidelity NASDAQ Composite Index Fund (FNCMX) has a volatility of 7.38%. This indicates that FNX experiences smaller price fluctuations and is considered to be less risky than FNCMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNX	FNCMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.52%	7.38%	-2.86%
Volatility (6M) Calculated over the trailing 6-month period	11.70%	13.80%	-2.10%
Volatility (1Y) Calculated over the trailing 1-year period	16.41%	17.40%	-0.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.51%	22.64%	-2.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.99%	22.14%	-0.15%

FNX vs. FNCMX - Expense Ratio Comparison

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

Dividends

FNX vs. FNCMX - Dividend Comparison

FNX's dividend yield for the trailing twelve months is around 0.81%, more than FNCMX's 0.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNCMX Fidelity NASDAQ Composite Index Fund	0.45%	0.51%	0.61%	0.67%	0.88%	0.47%	0.67%	4.41%	1.93%	0.03%	1.01%	1.50%
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 FNCMX in my portfolio?

FNX and FNCMX have a correlation of 0.61, 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 FNCMX?

FNCMX has higher volatility (7.38%) compared to FNX (4.52%). In terms of maximum drawdown, FNX dropped -57.11% vs FNCMX's -55.08%.

Which has better risk-adjusted returns?

FNCMX currently has the higher Sharpe Ratio (2.11 vs 1.79), 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.