FNX vs. OPTZ

Last updated Jun 5, 2026

FNX (First Trust Mid Cap Core AlphaDEX Fund) and OPTZ (Optimize Strategy Index ETF) are both Mid Cap Blend Equities funds - FNX tracks the NASDAQ AlphaDEX Mid Cap Core Index while OPTZ tracks the Optimize Strategy Index. Both are passively managed. Over the past year, FNX returned 27.83% vs 61.03% for OPTZ. Their correlation of 0.87 suggests significant overlap in exposure. FNX charges 0.60%/yr vs 0.25%/yr for OPTZ.

Performance

FNX vs. OPTZ - Performance Comparison

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

Returns By Period

In the year-to-date period, FNX achieves a 12.62% return, which is significantly lower than OPTZ's 31.19% 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%

OPTZ

• 1D: -0.24%
• 1M: 10.07%
• YTD: 31.19%
• 6M: 31.66%
• 1Y: 61.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FNX vs. OPTZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FNX First Trust Mid Cap Core AlphaDEX Fund	12.62%	9.87%	8.39%
OPTZ Optimize Strategy Index ETF	31.19%	22.83%	16.81%

Correlation

The correlation between FNX and OPTZ is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (All Time) Calculated using the full available price history since Apr 24, 2024	0.87

The correlation between FNX and OPTZ has been stable across timeframes, ranging from 0.84 to 0.87 - a consistent structural relationship.

FNX vs. OPTZ - Sectors Allocation Comparison

Sectors	FNX	OPTZ
Industrials	19.3%	8.9%
Financial Services	18.6%	9.1%
Consumer Cyclical	14.4%	9.5%
Healthcare	10.4%	10.5%
Technology	9.5%	50.6%
Real Estate	8.6%	1.5%
Energy	6.2%	1.5%
Consumer Defensive	4.0%	4.0%
Basic Materials	3.1%	1.3%
Utilities	2.7%	0.7%
Communication Services	2.2%	2.6%

Return for Risk

FNX vs. OPTZ — Risk / Return Rank

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

FNX

FNX Risk / Return Rank: 55
FNX Sharpe Ratio Rank: 51
FNX Sortino Ratio Rank: 53
FNX Omega Ratio Rank: 49
FNX Calmar Ratio Rank: 62
FNX Martin Ratio Rank: 59

OPTZ

OPTZ Risk / Return Rank: 92
OPTZ Sharpe Ratio Rank: 93
OPTZ Sortino Ratio Rank: 92
OPTZ Omega Ratio Rank: 90
OPTZ Calmar Ratio Rank: 91
OPTZ Martin Ratio Rank: 94

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. OPTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Mid Cap Core AlphaDEX Fund (FNX) and Optimize Strategy Index ETF (OPTZ). 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.

	FNX	OPTZ	Difference
Sharpe ratio: Return per unit of total volatility	1.74	3.40	-1.66
Sortino ratio: Return per unit of downside risk	2.54	4.47	-1.93
Omega ratio: Gain probability vs. loss probability	1.30	1.57	-0.26
Calmar ratio: Return relative to maximum drawdown	3.03	5.77	-2.74
Martin ratio: Return relative to average drawdown	10.42	26.24	-15.82
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. OPTZ - Sharpe Ratio Comparison

The current FNX Sharpe Ratio is 1.74, which is lower than the OPTZ Sharpe Ratio of 3.40. The chart below compares the historical Sharpe Ratios of FNX and OPTZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FNX	OPTZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.74	3.40	-1.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.42	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	1.70	-1.28

Drawdowns

FNX vs. OPTZ - Drawdown Comparison

The maximum FNX drawdown since its inception was -57.11%, which is greater than OPTZ's maximum drawdown of -25.75%. Use the drawdown chart below to compare losses from any high point for FNX and OPTZ.

Drawdown Indicators

	FNX	OPTZ	Difference
Max Drawdown Largest peak-to-trough decline	-57.11%	-25.75%	-31.36%
Max Drawdown (1Y) Largest decline over 1 year	-9.24%	-10.63%	+1.39%
Max Drawdown (3Y) Largest decline over 3 years	-24.97%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.97%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-43.95%	—	—
Current Drawdown Current decline from peak	-0.05%	-0.24%	+0.19%
Average Drawdown Average peak-to-trough decline	-8.40%	-3.38%	-5.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.68%	2.33%	+0.35%

Volatility

FNX vs. OPTZ - Volatility Comparison

The current volatility for First Trust Mid Cap Core AlphaDEX Fund (FNX) is 4.33%, while Optimize Strategy Index ETF (OPTZ) has a volatility of 5.99%. This indicates that FNX experiences smaller price fluctuations and is considered to be less risky than OPTZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNX	OPTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.33%	5.99%	-1.66%
Volatility (6M) Calculated over the trailing 6-month period	11.43%	13.52%	-2.09%
Volatility (1Y) Calculated over the trailing 1-year period	16.08%	18.05%	-1.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.49%	20.64%	-0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.96%	20.64%	+1.32%

FNX vs. OPTZ - Expense Ratio Comparison

FNX has a 0.60% expense ratio, which is higher than OPTZ's 0.25% expense ratio.

Dividends

FNX vs. OPTZ - Dividend Comparison

FNX's dividend yield for the trailing twelve months is around 0.82%, more than OPTZ's 0.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
OPTZ Optimize Strategy Index ETF	0.44%	0.58%	0.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FNX and OPTZ in my portfolio?

FNX and OPTZ have a correlation of 0.84, 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 OPTZ?

OPTZ has higher volatility (5.99%) compared to FNX (4.33%). In terms of maximum drawdown, FNX dropped -57.11% vs OPTZ's -25.75%.

Which ETF is better, FNX or OPTZ?

On 1-year performance, OPTZ leads with 61.03% vs 27.83% for FNX. On fees, OPTZ is cheaper at 0.25% per year. On volatility, FNX has been the lower-risk option at 4.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNX or OPTZ?

Over the 1-year period, OPTZ has performed better with a 61.03% return vs 27.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNX or OPTZ?

OPTZ is cheaper with a 0.25% expense ratio, compared with 0.60% for FNX.

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

FNX has the higher dividend yield at 0.82%, compared with 0.44% for OPTZ.

What is the main difference between FNX and OPTZ?

FNX tracks NASDAQ AlphaDEX Mid Cap Core Index, while OPTZ tracks Optimize Strategy Index. They also come from different issuers: First Trust and Optimize. Their fees differ too: 0.60% for FNX and 0.25% for OPTZ.

Which has better risk-adjusted returns?

OPTZ currently has the higher Sharpe Ratio (3.40 vs 1.74), 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.