FNX vs. MYY
FNX (First Trust Mid Cap Core AlphaDEX Fund) and MYY (ProShares Short S&P Mid Cap400) are both exchange-traded funds - FNX is a Mid Cap Blend Equities fund tracking the NASDAQ AlphaDEX Mid Cap Core Index, while MYY is a Inverse Equities fund tracking the S&P Mid Cap 400 (-100%). Both are passively managed. Over the past 10 years, FNX returned 11.90%/yr vs -10.86%/yr for MYY. At a correlation of -0.94, they often move in opposite directions. FNX charges 0.60%/yr vs 0.95%/yr for MYY.
Performance
FNX vs. MYY - Performance Comparison
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Returns By Period
In the year-to-date period, FNX achieves a 14.72% return, which is significantly higher than MYY's -11.79% return. Over the past 10 years, FNX has outperformed MYY with an annualized return of 11.90%, while MYY has yielded a comparatively lower -10.86% annualized return.
FNX
- 1D
- 0.53%
- 1M
- 0.66%
- 6M
- 7.29%
- YTD
- 14.72%
- 1Y
- 24.70%
- 3Y*
- 14.63%
- 5Y*
- 9.73%
- 10Y*
- 11.90%
MYY
- 1D
- -0.42%
- 1M
- 0.37%
- 6M
- -6.31%
- YTD
- -11.79%
- 1Y
- -14.85%
- 3Y*
- -8.11%
- 5Y*
- -6.74%
- 10Y*
- -10.86%
FNX vs. MYY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FNX First Trust Mid Cap Core AlphaDEX Fund | 14.72% | 9.87% | 12.21% | 20.39% | -13.57% | 25.05% | 16.04% | 26.97% | -11.23% | 17.66% |
MYY ProShares Short S&P Mid Cap400 | -11.79% | -4.05% | -7.08% | -9.46% | 10.23% | -23.04% | -25.94% | -19.98% | 12.79% | -14.63% |
Correlation
The correlation between FNX and MYY is -0.97, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| 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 | -0.97 |
Correlation (All Time) Calculated using the full available price history since May 10, 2007 | -0.94 |
The correlation between FNX and MYY has been stable across timeframes, ranging from -0.98 to -0.94 - a consistent structural relationship.
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Return for Risk
FNX vs. MYY — Risk / Return Rank
FNX
MYY
FNX vs. MYY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Mid Cap Core AlphaDEX Fund (FNX) and ProShares Short S&P Mid Cap400 (MYY). 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 | MYY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.48 | ||
| Sortino ratioReturn per unit of downside risk | +3.54 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 0.86 | +0.41 |
| Calmar ratioReturn relative to maximum drawdown | 2.69 | -0.82 | +3.50 |
| Martin ratioReturn relative to average drawdown | 9.13 | -1.52 | +10.65 |
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Drawdowns
FNX vs. MYY - Drawdown Comparison
The maximum FNX drawdown since its inception was -57.11%, smaller than the maximum MYY drawdown of -95.20%. Use the drawdown chart below to compare losses from any high point for FNX and MYY.
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Drawdown Indicators
| FNX | MYY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.11% | -95.20% | +38.09% |
Max Drawdown (1Y)Largest decline over 1 year | -9.24% | -18.25% | +9.01% |
Max Drawdown (3Y)Largest decline over 3 years | -24.97% | -35.14% | +10.17% |
Max Drawdown (5Y)Largest decline over 5 years | -24.97% | -37.79% | +12.82% |
Max Drawdown (10Y)Largest decline over 10 years | -43.95% | -71.93% | +27.98% |
Current DrawdownCurrent decline from peak | -1.67% | -95.11% | +93.44% |
Average DrawdownAverage peak-to-trough decline | -8.36% | -72.27% | +63.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.71% | 9.82% | -7.11% |
Volatility
FNX vs. MYY - Volatility Comparison
First Trust Mid Cap Core AlphaDEX Fund (FNX) and ProShares Short S&P Mid Cap400 (MYY) have volatilities of 3.35% and 3.41%, 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
| FNX | MYY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.35% | 3.41% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 11.54% | 11.68% | -0.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.17% | 15.70% | +0.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.47% | 19.59% | +0.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.90% | 21.20% | +0.70% |
FNX vs. MYY - Expense Ratio Comparison
FNX has a 0.60% expense ratio, which is lower than MYY's 0.95% expense ratio.
Dividends
FNX vs. MYY - Dividend Comparison
FNX's dividend yield for the trailing twelve months is around 0.81%, less than MYY's 4.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
MYY ProShares Short S&P Mid Cap400 | 4.32% | 4.20% | 4.92% | 5.08% | 0.40% | 0.00% | 0.05% | 1.52% | 0.34% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FNX and MYY have a correlation of -0.97, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MYY has higher volatility (3.41%) compared to FNX (3.35%). In terms of maximum drawdown, FNX dropped -57.11% vs MYY's -95.20%.
On 10-year performance, FNX leads with 11.90% vs -10.86% for MYY. 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.
Over the 10-year period, FNX has performed better with a 11.90% return vs -10.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FNX is cheaper with a 0.60% expense ratio, compared with 0.95% for MYY.
MYY has the higher dividend yield at 4.32%, compared with 0.81% for FNX.
FNX is categorized as Mid Cap Blend Equities, while MYY is Inverse Equities. FNX tracks NASDAQ AlphaDEX Mid Cap Core Index, while MYY tracks S&P Mid Cap 400 (-100%). They also come from different issuers: First Trust and ProShares. Their fees differ too: 0.60% for FNX and 0.95% for MYY.
FNX currently has the higher Sharpe Ratio (1.53 vs -0.95), 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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