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FNX vs. SCHM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FNX vs. SCHM

Last updated Jun 26, 2026

FNX (First Trust Mid Cap Core AlphaDEX Fund) and SCHM (Schwab US Mid-Cap ETF) are both Mid Cap Blend Equities funds - FNX tracks the NASDAQ AlphaDEX Mid Cap Core Index while SCHM tracks the Dow Jones US Total Stock Market Mid-Cap. Both are passively managed. Over the past 10 years, FNX returned 13.03%/yr vs 12.31%/yr for SCHM. With a 0.98 correlation, they move nearly in lockstep. FNX charges 0.60%/yr vs 0.04%/yr for SCHM.

Performance

FNX vs. SCHM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Mid Cap Core AlphaDEX Fund (FNX) and Schwab US Mid-Cap ETF (SCHM). 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 15.76% return, which is significantly lower than SCHM's 22.04% return. Over the past 10 years, FNX has outperformed SCHM with an annualized return of 13.03%, while SCHM has yielded a comparatively lower 12.31% annualized return.

FNX

1D
0.99%
1M
3.25%
YTD
15.76%
6M
13.36%
1Y
29.74%
3Y*
17.67%
5Y*
8.91%
10Y*
13.03%

SCHM

1D
1.96%
1M
4.00%
YTD
22.04%
6M
19.62%
1Y
34.41%
3Y*
18.54%
5Y*
8.42%
10Y*
12.31%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FNX vs. SCHM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FNX
First Trust Mid Cap Core AlphaDEX Fund		15.76%9.87%12.21%20.39%-13.57%25.05%16.04%26.97%-11.23%17.66%
SCHM
Schwab US Mid-Cap ETF		22.04%10.17%11.98%16.69%-17.07%19.36%15.26%27.48%-8.77%19.60%

Correlation

The correlation between FNX and SCHM is 0.96 - 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

0.96

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

0.97

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

0.97

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

0.97

Correlation (All Time)
Calculated using the full available price history since Jan 13, 2011

0.98

The correlation between FNX and SCHM has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

FNX vs. SCHM - Sectors Allocation Comparison

Sectors
FNX
SCHM

Financial Services

18.7%
10.9%

Industrials

18.2%
21.7%

Consumer Cyclical

15.4%
10.8%

Technology

13.3%
22.1%

Healthcare

10.1%
10.9%

Real Estate

7.1%
6.4%

Energy

5.7%
3.4%

Basic Materials

3.2%
4.7%

Consumer Defensive

3.2%
3.4%

Utilities

2.8%
2.9%

Communication Services

2.4%
2.6%

Financial Services

FNX
18.7%
SCHM
10.9%

Industrials

FNX
18.2%
SCHM
21.7%

Consumer Cyclical

FNX
15.4%
SCHM
10.8%

Technology

FNX
13.3%
SCHM
22.1%

Healthcare

FNX
10.1%
SCHM
10.9%

Real Estate

FNX
7.1%
SCHM
6.4%

Energy

FNX
5.7%
SCHM
3.4%

Basic Materials

FNX
3.2%
SCHM
4.7%

Consumer Defensive

FNX
3.2%
SCHM
3.4%

Utilities

FNX
2.8%
SCHM
2.9%

Communication Services

FNX
2.4%
SCHM
2.6%

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

Schwab US 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 SCHM:
SCHM vs. VOSCHM vs. SCHASCHM vs. VOOSCHM vs. IJHSCHM vs. SWMCXSCHM vs. VOTSCHM vs. SPMD

Return for Risk

FNX vs. SCHM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FNX
FNX Risk / Return Rank: 6666
Overall Rank
FNX Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
FNX Sortino Ratio Rank: 6666
Sortino Ratio Rank
FNX Omega Ratio Rank: 5858
Omega Ratio Rank
FNX Calmar Ratio Rank: 7373
Calmar Ratio Rank
FNX Martin Ratio Rank: 7070
Martin Ratio Rank
SCHM
SCHM Risk / Return Rank: 7878
Overall Rank
SCHM Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
SCHM Sortino Ratio Rank: 7777
Sortino Ratio Rank
SCHM Omega Ratio Rank: 7272
Omega Ratio Rank
SCHM Calmar Ratio Rank: 8181
Calmar Ratio Rank
SCHM Martin Ratio Rank: 8484
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. SCHM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Mid Cap Core AlphaDEX Fund (FNX) and Schwab US Mid-Cap ETF (SCHM). 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.

FNXSCHMDifference
Sharpe ratioReturn per unit of total volatility
1.83
2.12

-0.29

Sortino ratioReturn per unit of downside risk
2.65
2.95

-0.30

Omega ratioGain probability vs. loss probability

1.31

1.37

-0.05

Calmar ratioReturn relative to maximum drawdown

3.23

3.71

-0.48

Martin ratioReturn relative to average drawdown

11.12

14.81

-3.69

FNX vs. SCHM - Sharpe Ratio Comparison

The current FNX Sharpe Ratio is 1.83, which is comparable to the SCHM Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of FNX and SCHM, 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. SCHM - Drawdown Comparison

The maximum FNX drawdown since its inception was -57.11%, which is greater than SCHM's maximum drawdown of -42.43%. Use the drawdown chart below to compare losses from any high point for FNX and SCHM.

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Drawdown Indicators

FNXSCHMDifference

Max Drawdown

Largest peak-to-trough decline

-57.11%

-42.43%

-14.68%

Max Drawdown (1Y)

Largest decline over 1 year

-9.24%

-9.32%

+0.08%

Max Drawdown (3Y)

Largest decline over 3 years

-24.97%

-23.27%

-1.70%

Max Drawdown (5Y)

Largest decline over 5 years

-24.97%

-26.46%

+1.49%

Max Drawdown (10Y)

Largest decline over 10 years

-43.95%

-42.43%

-1.52%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-8.38%

-5.64%

-2.74%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.68%

2.33%

+0.35%

Volatility

FNX vs. SCHM - Volatility Comparison

The current volatility for First Trust Mid Cap Core AlphaDEX Fund (FNX) is 4.45%, while Schwab US Mid-Cap ETF (SCHM) has a volatility of 5.91%. This indicates that FNX experiences smaller price fluctuations and is considered to be less risky than SCHM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FNXSCHMDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.45%

5.91%

-1.46%

Volatility (6M)

Calculated over the trailing 6-month period

11.71%

12.69%

-0.98%

Volatility (1Y)

Calculated over the trailing 1-year period

16.38%

16.37%

+0.01%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.51%

19.68%

+0.83%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.95%

20.49%

+1.46%

FNX vs. SCHM - Expense Ratio Comparison

FNX has a 0.60% expense ratio, which is higher than SCHM's 0.04% expense ratio.

Dividends

FNX vs. SCHM - Dividend Comparison

FNX's dividend yield for the trailing twelve months is around 0.99%, less than SCHM's 1.21% yield.

PositionTTM20252024202320222021202020192018201720162015
FNX
First Trust Mid Cap Core AlphaDEX Fund		0.99%0.88%1.26%1.11%1.19%0.94%1.04%1.21%1.01%0.90%1.07%1.07%
SCHM
Schwab US Mid-Cap ETF		1.21%1.46%1.43%1.50%1.67%1.13%1.31%1.48%1.56%1.27%1.51%1.54%

Frequently Asked Questions

With a correlation of 0.96, FNX and SCHM 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.

SCHM has higher volatility (5.91%) compared to FNX (4.45%). In terms of maximum drawdown, FNX dropped -57.11% vs SCHM's -42.43%.

On 10-year performance, FNX leads with 13.03% vs 12.31% for SCHM. On fees, SCHM is cheaper at 0.04% per year. On volatility, FNX has been the lower-risk option at 4.45%. 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 13.03% return vs 12.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SCHM is cheaper with a 0.04% expense ratio, compared with 0.60% for FNX.

SCHM has the higher dividend yield at 1.21%, compared with 0.99% for FNX.

FNX tracks NASDAQ AlphaDEX Mid Cap Core Index, while SCHM tracks Dow Jones US Total Stock Market Mid-Cap. They also come from different issuers: First Trust and Charles Schwab. Their fees differ too: 0.60% for FNX and 0.04% for SCHM.

SCHM currently has the higher Sharpe Ratio (2.12 vs 1.83), 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.

Portfolio Optimizer

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