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FNX vs. PWC
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FNX vs. PWC

Last updated Jun 4, 2026

FNX (First Trust Mid Cap Core AlphaDEX Fund) and PWC (Invesco Dynamic Market ETF) are both Mid Cap Blend Equities funds - FNX tracks the NASDAQ AlphaDEX Mid Cap Core Index while PWC tracks the Dynamic Market Intellidex Index. Both are passively managed. Over the past 10 years, FNX returned 11.90%/yr vs 9.52%/yr for PWC. Their correlation of 0.83 suggests significant overlap in exposure. Both charge a 0.60% expense ratio.

Performance

FNX vs. PWC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Mid Cap Core AlphaDEX Fund (FNX) and Invesco Dynamic Market ETF (PWC). 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 11.81% return, which is significantly higher than PWC's 5.85% return. Over the past 10 years, FNX has outperformed PWC with an annualized return of 11.90%, while PWC has yielded a comparatively lower 9.52% annualized return.

FNX

1D
-0.18%
1M
2.71%
YTD
11.81%
6M
11.61%
1Y
26.57%
3Y*
16.99%
5Y*
8.31%
10Y*
11.90%

PWC

1D
-0.13%
1M
0.31%
YTD
5.85%
6M
6.04%
1Y
8.50%
3Y*
13.71%
5Y*
6.10%
10Y*
9.52%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FNX vs. PWC - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FNX
First Trust Mid Cap Core AlphaDEX Fund		11.81%9.87%12.21%20.39%-13.57%25.05%16.04%26.97%-11.23%17.66%
PWC
Invesco Dynamic Market ETF		5.85%6.15%17.46%19.03%-16.01%19.38%8.52%13.47%-6.40%20.16%

Correlation

The correlation between FNX and PWC is 0.72, 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

0.72

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

0.79

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

0.85

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

0.84

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

0.83

The correlation between FNX and PWC shifts across timeframes, from 0.72 (1 year) to 0.85 (5 years), reflecting how their relationship changes across market environments.

FNX vs. PWC - Sectors Allocation Comparison

Sectors
FNX
PWC

Industrials

19.3%
10.3%

Financial Services

18.6%
14.0%

Consumer Cyclical

14.4%
11.5%

Healthcare

10.4%
12.7%

Technology

9.5%
26.1%

Real Estate

8.6%
5.6%

Energy

6.2%
5.5%

Consumer Defensive

4.0%
6.8%

Basic Materials

3.1%
3.5%

Utilities

2.7%
2.7%

Communication Services

2.2%
7.0%

Industrials

FNX
19.3%
PWC
10.3%

Financial Services

FNX
18.6%
PWC
14.0%

Consumer Cyclical

FNX
14.4%
PWC
11.5%

Healthcare

FNX
10.4%
PWC
12.7%

Technology

FNX
9.5%
PWC
26.1%

Real Estate

FNX
8.6%
PWC
5.6%

Energy

FNX
6.2%
PWC
5.5%

Consumer Defensive

FNX
4.0%
PWC
6.8%

Basic Materials

FNX
3.1%
PWC
3.5%

Utilities

FNX
2.7%
PWC
2.7%

Communication Services

FNX
2.2%
PWC
7.0%

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

Invesco Dynamic Market ETF

Often compared with FNX:
FNX vs. FNCMXFNX vs. MDYFNX vs. FLQMFNX vs. AVMVFNX vs. SPYFNX vs. VOFNX vs. VOE
Often compared with PWC:
PWC vs. FWRG.LPWC vs. SPYPWC vs. SCHGPWC vs. SOXXPWC vs. CGDVPWC vs. TUSAPWC vs. TXS

Return for Risk

FNX vs. PWC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FNX
FNX Risk / Return Rank: 5252
Overall Rank
FNX Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
FNX Sortino Ratio Rank: 5050
Sortino Ratio Rank
FNX Omega Ratio Rank: 4646
Omega Ratio Rank
FNX Calmar Ratio Rank: 5959
Calmar Ratio Rank
FNX Martin Ratio Rank: 5656
Martin Ratio Rank
PWC
PWC Risk / Return Rank: 2525
Overall Rank
PWC Sharpe Ratio Rank: 2525
Sharpe Ratio Rank
PWC Sortino Ratio Rank: 2424
Sortino Ratio Rank
PWC Omega Ratio Rank: 2222
Omega Ratio Rank
PWC Calmar Ratio Rank: 2828
Calmar Ratio Rank
PWC Martin Ratio Rank: 2828
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. PWC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Mid Cap Core AlphaDEX Fund (FNX) and Invesco Dynamic Market ETF (PWC). 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.

FNXPWCDifference
Sharpe ratioReturn per unit of total volatility
1.66
0.88

+0.78

Sortino ratioReturn per unit of downside risk
2.44
1.33

+1.11

Omega ratioGain probability vs. loss probability

1.29

1.15

+0.14

Calmar ratioReturn relative to maximum drawdown

2.89

1.32

+1.57

Martin ratioReturn relative to average drawdown

9.95

4.06

+5.88

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. PWC - Sharpe Ratio Comparison

The current FNX Sharpe Ratio is 1.66, which is higher than the PWC Sharpe Ratio of 0.88. The chart below compares the historical Sharpe Ratios of FNX and PWC, 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

FNXPWCDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.66

0.88

+0.78

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.41

0.38

+0.03

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.54

0.51

+0.04

Sharpe Ratio (All Time)

Calculated using the full available price history

0.42

0.11

+0.31

Drawdowns

FNX vs. PWC - Drawdown Comparison

The maximum FNX drawdown since its inception was -57.11%, smaller than the maximum PWC drawdown of -78.13%. Use the drawdown chart below to compare losses from any high point for FNX and PWC.

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Drawdown Indicators

FNXPWCDifference

Max Drawdown

Largest peak-to-trough decline

-57.11%

-78.13%

+21.02%

Max Drawdown (1Y)

Largest decline over 1 year

-9.24%

-6.45%

-2.79%

Max Drawdown (3Y)

Largest decline over 3 years

-24.97%

-15.12%

-9.85%

Max Drawdown (5Y)

Largest decline over 5 years

-24.97%

-26.58%

+1.61%

Max Drawdown (10Y)

Largest decline over 10 years

-43.95%

-39.45%

-4.50%

Current Drawdown

Current decline from peak

-0.77%

-2.37%

+1.60%

Average Drawdown

Average peak-to-trough decline

-8.41%

-36.21%

+27.80%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.68%

2.10%

+0.58%

Volatility

FNX vs. PWC - Volatility Comparison

First Trust Mid Cap Core AlphaDEX Fund (FNX) has a higher volatility of 4.63% compared to Invesco Dynamic Market ETF (PWC) at 2.14%. This indicates that FNX's price experiences larger fluctuations and is considered to be riskier than PWC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FNXPWCDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.63%

2.14%

+2.49%

Volatility (6M)

Calculated over the trailing 6-month period

11.43%

7.19%

+4.24%

Volatility (1Y)

Calculated over the trailing 1-year period

16.11%

9.75%

+6.36%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.49%

16.07%

+4.42%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.97%

18.81%

+3.16%

FNX vs. PWC - Expense Ratio Comparison

Both FNX and PWC have an expense ratio of 0.60%.

Dividends

FNX vs. PWC - Dividend Comparison

FNX's dividend yield for the trailing twelve months is around 0.83%, less than PWC's 1.68% yield.

PositionTTM20252024202320222021202020192018201720162015
FNX
First Trust Mid Cap Core AlphaDEX Fund		0.83%0.88%1.26%1.11%1.19%0.94%1.04%1.21%1.01%0.90%1.07%1.07%
PWC
Invesco Dynamic Market ETF		1.68%1.77%1.58%1.67%1.51%0.56%1.09%0.95%1.44%1.75%1.35%1.02%

Frequently Asked Questions

FNX and PWC have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FNX has higher volatility (4.63%) compared to PWC (2.14%). In terms of maximum drawdown, FNX dropped -57.11% vs PWC's -78.13%.

On 10-year performance, FNX leads with 11.90% vs 9.52% for PWC. Both ETFs have the same 0.60% expense ratio. On volatility, PWC has been the lower-risk option at 2.14%. 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 9.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FNX and PWC have the same expense ratio: 0.60% per year.

PWC has the higher dividend yield at 1.68%, compared with 0.83% for FNX.

FNX tracks NASDAQ AlphaDEX Mid Cap Core Index, while PWC tracks Dynamic Market Intellidex Index. They also come from different issuers: First Trust and Invesco.

FNX currently has the higher Sharpe Ratio (1.66 vs 0.88), 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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