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FNX vs. MDY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FNX vs. MDY

Last updated Jun 23, 2026

FNX (First Trust Mid Cap Core AlphaDEX Fund) and MDY (SPDR S&P MidCap 400 ETF) are both Mid Cap Blend Equities funds - FNX tracks the NASDAQ AlphaDEX Mid Cap Core Index while MDY tracks the S&P MidCap 400 Index. Both are passively managed. Over the past 10 years, FNX returned 12.51%/yr vs 11.52%/yr for MDY. Their correlation of 0.94 suggests significant overlap in exposure. FNX charges 0.60%/yr vs 0.23%/yr for MDY.

Performance

FNX vs. MDY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Mid Cap Core AlphaDEX Fund (FNX) and SPDR S&P MidCap 400 ETF (MDY). 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 14.46% return, which is significantly lower than MDY's 15.58% return. Over the past 10 years, FNX has outperformed MDY with an annualized return of 12.51%, while MDY has yielded a comparatively lower 11.52% 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%

MDY

1D
0.41%
1M
3.71%
YTD
15.58%
6M
13.18%
1Y
27.09%
3Y*
16.19%
5Y*
8.64%
10Y*
11.52%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FNX vs. MDY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
MDY
SPDR S&P MidCap 400 ETF		15.58%7.19%13.64%16.07%-13.28%24.53%13.50%25.78%-11.29%15.93%

Correlation

The correlation between FNX and MDY 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 10, 2007

0.94

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

FNX vs. MDY - Sectors Allocation Comparison

Sectors
FNX
MDY

Financial Services

18.7%
13.3%

Industrials

18.2%
24.8%

Consumer Cyclical

15.4%
10.7%

Technology

13.3%
17.4%

Healthcare

10.1%
9.1%

Real Estate

7.1%
7.4%

Energy

5.7%
5.0%

Basic Materials

3.2%
4.9%

Consumer Defensive

3.2%
3.4%

Utilities

2.8%
3.0%

Communication Services

2.4%
1.0%

Financial Services

FNX
18.7%
MDY
13.3%

Industrials

FNX
18.2%
MDY
24.8%

Consumer Cyclical

FNX
15.4%
MDY
10.7%

Technology

FNX
13.3%
MDY
17.4%

Healthcare

FNX
10.1%
MDY
9.1%

Real Estate

FNX
7.1%
MDY
7.4%

Energy

FNX
5.7%
MDY
5.0%

Basic Materials

FNX
3.2%
MDY
4.9%

Consumer Defensive

FNX
3.2%
MDY
3.4%

Utilities

FNX
2.8%
MDY
3.0%

Communication Services

FNX
2.4%
MDY
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

SPDR S&P MidCap 400 ETF

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Often compared with MDY:
MDY vs. SPYMDY vs. IJHMDY vs. IWMMDY vs. SPMDMDY vs. VOMDY vs. VOOMDY vs. XMVM

Return for Risk

FNX vs. MDY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FNX
FNX Risk / Return Rank: 5858
Overall Rank
FNX Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
FNX Sortino Ratio Rank: 5656
Sortino Ratio Rank
FNX Omega Ratio Rank: 5050
Omega Ratio Rank
FNX Calmar Ratio Rank: 6666
Calmar Ratio Rank
FNX Martin Ratio Rank: 6363
Martin Ratio Rank
MDY
MDY Risk / Return Rank: 5757
Overall Rank
MDY Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
MDY Sortino Ratio Rank: 5454
Sortino Ratio Rank
MDY Omega Ratio Rank: 4949
Omega Ratio Rank
MDY Calmar Ratio Rank: 6464
Calmar Ratio Rank
MDY Martin Ratio Rank: 6363
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. MDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Mid Cap Core AlphaDEX Fund (FNX) and SPDR S&P MidCap 400 ETF (MDY). 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.

FNXMDYDifference
Sharpe ratioReturn per unit of total volatility
1.79
1.73

+0.06

Sortino ratioReturn per unit of downside risk
2.60
2.51

+0.09

Omega ratioGain probability vs. loss probability

1.31

1.30

0.00

Calmar ratioReturn relative to maximum drawdown

3.17

3.08

+0.08

Martin ratioReturn relative to average drawdown

10.89

11.23

-0.34

FNX vs. MDY - Sharpe Ratio Comparison

The current FNX Sharpe Ratio is 1.79, which is comparable to the MDY Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of FNX and MDY, 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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Drawdowns

FNX vs. MDY - Drawdown Comparison

The maximum FNX drawdown since its inception was -57.11%, roughly equal to the maximum MDY drawdown of -55.33%. Use the drawdown chart below to compare losses from any high point for FNX and MDY.

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Drawdown Indicators

FNXMDYDifference

Max Drawdown

Largest peak-to-trough decline

-57.11%

-55.33%

-1.78%

Max Drawdown (1Y)

Largest decline over 1 year

-9.24%

-8.82%

-0.42%

Max Drawdown (3Y)

Largest decline over 3 years

-24.97%

-24.03%

-0.94%

Max Drawdown (5Y)

Largest decline over 5 years

-24.97%

-24.03%

-0.94%

Max Drawdown (10Y)

Largest decline over 10 years

-43.95%

-42.22%

-1.73%

Current Drawdown

Current decline from peak

0.00%

-0.12%

+0.12%

Average Drawdown

Average peak-to-trough decline

-8.38%

-7.02%

-1.36%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.68%

2.42%

+0.26%

Volatility

FNX vs. MDY - Volatility Comparison

First Trust Mid Cap Core AlphaDEX Fund (FNX) and SPDR S&P MidCap 400 ETF (MDY) have volatilities of 4.52% and 4.53%, 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

FNXMDYDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.52%

4.53%

-0.01%

Volatility (6M)

Calculated over the trailing 6-month period

11.70%

11.65%

+0.05%

Volatility (1Y)

Calculated over the trailing 1-year period

16.41%

15.80%

+0.61%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.51%

19.78%

+0.73%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.99%

21.22%

+0.77%

FNX vs. MDY - Expense Ratio Comparison

FNX has a 0.60% expense ratio, which is higher than MDY's 0.23% expense ratio.

Dividends

FNX vs. MDY - Dividend Comparison

FNX's dividend yield for the trailing twelve months is around 0.81%, less than MDY's 1.01% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
MDY
SPDR S&P MidCap 400 ETF		1.01%1.15%1.18%1.21%1.37%0.96%1.12%1.34%1.39%1.18%1.31%1.35%

Frequently Asked Questions

With a correlation of 0.97, FNX and MDY 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.

MDY has higher volatility (4.53%) compared to FNX (4.52%). In terms of maximum drawdown, FNX dropped -57.11% vs MDY's -55.33%.

On 10-year performance, FNX leads with 12.51% vs 11.52% for MDY. On fees, MDY is cheaper at 0.23% 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 12.51% return vs 11.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

MDY is cheaper with a 0.23% expense ratio, compared with 0.60% for FNX.

MDY has the higher dividend yield at 1.01%, compared with 0.81% for FNX.

FNX tracks NASDAQ AlphaDEX Mid Cap Core Index, while MDY tracks S&P MidCap 400 Index. They also come from different issuers: First Trust and State Street. Their fees differ too: 0.60% for FNX and 0.23% for MDY.

FNX currently has the higher Sharpe Ratio (1.79 vs 1.73), 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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