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FNX vs. IJH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FNX vs. IJH

Last updated Jun 5, 2026

FNX (First Trust Mid Cap Core AlphaDEX Fund) and IJH (iShares Core S&P Mid-Cap ETF) are both Mid Cap Blend Equities funds - FNX tracks the NASDAQ AlphaDEX Mid Cap Core Index while IJH tracks the S&P MidCap 400 Index. Both are passively managed. Over the past 10 years, FNX returned 11.88%/yr vs 11.23%/yr for IJH. Their correlation of 0.94 suggests significant overlap in exposure. FNX charges 0.60%/yr vs 0.05%/yr for IJH.

Performance

FNX vs. IJH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Mid Cap Core AlphaDEX Fund (FNX) and iShares Core S&P Mid-Cap ETF (IJH). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FNX achieves a 12.62% return, which is significantly lower than IJH's 14.60% return. Over the past 10 years, FNX has outperformed IJH with an annualized return of 11.88%, while IJH has yielded a comparatively lower 11.23% annualized 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%

IJH

1D
0.44%
1M
2.99%
YTD
14.60%
6M
14.27%
1Y
26.23%
3Y*
16.69%
5Y*
8.26%
10Y*
11.23%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FNX vs. IJH - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FNX
First Trust Mid Cap Core AlphaDEX Fund		12.62%9.87%12.21%20.39%-13.57%25.05%16.04%26.97%-11.23%17.66%
IJH
iShares Core S&P Mid-Cap ETF		14.60%7.42%13.92%16.40%-13.11%24.72%13.60%26.10%-11.19%16.26%

Correlation

The correlation between FNX and IJH is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.97

Correlation (3Y)
Calculated over the trailing 3-year period

0.97

Correlation (5Y)
Calculated over the trailing 5-year period

0.98

Correlation (10Y)
Calculated over the trailing 10-year period

0.98

Correlation (All Time)
Calculated using the full available price history since May 11, 2007

0.94

The correlation between FNX and IJH has been stable across timeframes, ranging from 0.94 to 0.98 - a consistent structural relationship.

FNX vs. IJH - Sectors Allocation Comparison

Sectors
FNX
IJH

Industrials

19.3%
25.0%

Financial Services

18.6%
14.4%

Consumer Cyclical

14.4%
10.7%

Healthcare

10.4%
8.6%

Technology

9.5%
15.7%

Real Estate

8.6%
7.5%

Energy

6.2%
5.5%

Consumer Defensive

4.0%
3.8%

Basic Materials

3.1%
4.8%

Utilities

2.7%
3.1%

Communication Services

2.2%
1.0%

Industrials

FNX
19.3%
IJH
25.0%

Financial Services

FNX
18.6%
IJH
14.4%

Consumer Cyclical

FNX
14.4%
IJH
10.7%

Healthcare

FNX
10.4%
IJH
8.6%

Technology

FNX
9.5%
IJH
15.7%

Real Estate

FNX
8.6%
IJH
7.5%

Energy

FNX
6.2%
IJH
5.5%

Consumer Defensive

FNX
4.0%
IJH
3.8%

Basic Materials

FNX
3.1%
IJH
4.8%

Utilities

FNX
2.7%
IJH
3.1%

Communication Services

FNX
2.2%
IJH
1.0%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

First Trust Mid Cap Core AlphaDEX Fund

iShares Core S&P Mid-Cap ETF

Often compared with FNX:
FNX vs. FNCMXFNX vs. MDYFNX vs. FLQMFNX vs. AVMVFNX vs. SPYFNX vs. VOFNX vs. VOE
Often compared with IJH:
IJH vs. VOIJH vs. IJRIJH vs. MDYIJH vs. IJJIJH vs. IJKIJH vs. IVOOIJH vs. SCHM

Return for Risk

FNX vs. IJH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FNX
FNX Risk / Return Rank: 5555
Overall Rank
FNX Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
FNX Sortino Ratio Rank: 5353
Sortino Ratio Rank
FNX Omega Ratio Rank: 4949
Omega Ratio Rank
FNX Calmar Ratio Rank: 6262
Calmar Ratio Rank
FNX Martin Ratio Rank: 5959
Martin Ratio Rank
IJH
IJH Risk / Return Rank: 5555
Overall Rank
IJH Sharpe Ratio Rank: 5050
Sharpe Ratio Rank
IJH Sortino Ratio Rank: 5252
Sortino Ratio Rank
IJH Omega Ratio Rank: 4949
Omega Ratio Rank
IJH Calmar Ratio Rank: 6161
Calmar Ratio Rank
IJH Martin Ratio Rank: 6262
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. IJH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Mid Cap Core AlphaDEX Fund (FNX) and iShares Core S&P Mid-Cap ETF (IJH). 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.

FNXIJHDifference
Sharpe ratioReturn per unit of total volatility
1.74
1.70

+0.04

Sortino ratioReturn per unit of downside risk
2.54
2.48

+0.06

Omega ratioGain probability vs. loss probability

1.30

1.30

0.00

Calmar ratioReturn relative to maximum drawdown

3.03

2.98

+0.04

Martin ratioReturn relative to average drawdown

10.42

10.93

-0.51

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. IJH - Sharpe Ratio Comparison

The current FNX Sharpe Ratio is 1.74, which is comparable to the IJH Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of FNX and IJH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

FNXIJHDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.74

1.70

+0.04

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.42

0.42

-0.01

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.54

0.53

+0.01

Sharpe Ratio (All Time)

Calculated using the full available price history

0.42

0.46

-0.04

Drawdowns

FNX vs. IJH - Drawdown Comparison

The maximum FNX drawdown since its inception was -57.11%, roughly equal to the maximum IJH drawdown of -55.07%. Use the drawdown chart below to compare losses from any high point for FNX and IJH.

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Drawdown Indicators

FNXIJHDifference

Max Drawdown

Largest peak-to-trough decline

-57.11%

-55.07%

-2.04%

Max Drawdown (1Y)

Largest decline over 1 year

-9.24%

-8.83%

-0.41%

Max Drawdown (3Y)

Largest decline over 3 years

-24.97%

-24.10%

-0.87%

Max Drawdown (5Y)

Largest decline over 5 years

-24.97%

-24.10%

-0.87%

Max Drawdown (10Y)

Largest decline over 10 years

-43.95%

-42.18%

-1.77%

Current Drawdown

Current decline from peak

-0.05%

0.00%

-0.05%

Average Drawdown

Average peak-to-trough decline

-8.40%

-7.57%

-0.83%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.68%

2.41%

+0.27%

Volatility

FNX vs. IJH - Volatility Comparison

First Trust Mid Cap Core AlphaDEX Fund (FNX) and iShares Core S&P Mid-Cap ETF (IJH) have volatilities of 4.33% and 4.24%, 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.

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Volatility by Period

FNXIJHDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.33%

4.24%

+0.09%

Volatility (6M)

Calculated over the trailing 6-month period

11.43%

11.31%

+0.12%

Volatility (1Y)

Calculated over the trailing 1-year period

16.08%

15.50%

+0.58%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.49%

19.74%

+0.75%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.96%

21.17%

+0.79%

FNX vs. IJH - Expense Ratio Comparison

FNX has a 0.60% expense ratio, which is higher than IJH's 0.05% expense ratio.

Dividends

FNX vs. IJH - Dividend Comparison

FNX's dividend yield for the trailing twelve months is around 0.82%, less than IJH's 1.18% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
IJH
iShares Core S&P Mid-Cap ETF		1.18%1.36%1.33%1.46%1.68%1.18%1.28%1.63%1.72%1.19%1.60%1.56%

Frequently Asked Questions

With a correlation of 0.97, FNX and IJH move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

FNX has higher volatility (4.33%) compared to IJH (4.24%). In terms of maximum drawdown, FNX dropped -57.11% vs IJH's -55.07%.

On 10-year performance, FNX leads with 11.88% vs 11.23% for IJH. On fees, IJH is cheaper at 0.05% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, FNX has performed better with a 11.88% return vs 11.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IJH is cheaper with a 0.05% expense ratio, compared with 0.60% for FNX.

IJH has the higher dividend yield at 1.18%, compared with 0.82% for FNX.

FNX tracks NASDAQ AlphaDEX Mid Cap Core Index, while IJH tracks S&P MidCap 400 Index. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.60% for FNX and 0.05% for IJH.

FNX currently has the higher Sharpe Ratio (1.74 vs 1.70), 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.

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