FNX vs. SPMD
FNX (First Trust Mid Cap Core AlphaDEX Fund) and SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) are both Mid Cap Blend Equities funds - FNX tracks the NASDAQ AlphaDEX Mid Cap Core Index while SPMD tracks the S&P MidCap 400 Index. Both are passively managed. Over the past 10 years, FNX returned 11.90%/yr vs 11.51%/yr for SPMD. Their correlation of 0.90 suggests significant overlap in exposure. FNX charges 0.60%/yr vs 0.05%/yr for SPMD.
Performance
FNX vs. SPMD - Performance Comparison
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Returns By Period
In the year-to-date period, FNX achieves a 11.81% return, which is significantly lower than SPMD's 14.16% return. Both investments have delivered pretty close results over the past 10 years, with FNX having a 11.90% annualized return and SPMD not far behind at 11.51%.
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%
SPMD
- 1D
- -0.08%
- 1M
- 3.86%
- YTD
- 14.16%
- 6M
- 14.41%
- 1Y
- 25.49%
- 3Y*
- 16.15%
- 5Y*
- 8.20%
- 10Y*
- 11.51%
FNX vs. SPMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 14.16% | 7.44% | 13.91% | 16.48% | -13.13% | 24.76% | 13.46% | 25.19% | -10.34% | 15.12% |
Correlation
The correlation between FNX and SPMD 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 | 0.96 |
Correlation (All Time) Calculated using the full available price history since May 11, 2007 | 0.90 |
The correlation between FNX and SPMD has been stable across timeframes, ranging from 0.90 to 0.98 - a consistent structural relationship.
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Return for Risk
FNX vs. SPMD — Risk / Return Rank
FNX
SPMD
FNX vs. SPMD - 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 Portfolio S&P 400 Mid Cap ETF (SPMD). 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 | SPMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.29 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.89 | 2.89 | 0.00 |
| Martin ratioReturn relative to average drawdown | 9.95 | 10.61 | -0.66 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FNX | SPMD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.66 | 1.65 | +0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.41 | 0.42 | -0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.54 | 0.55 | 0.00 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.45 | -0.03 |
Drawdowns
FNX vs. SPMD - Drawdown Comparison
The maximum FNX drawdown since its inception was -57.11%, roughly equal to the maximum SPMD drawdown of -57.62%. Use the drawdown chart below to compare losses from any high point for FNX and SPMD.
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Drawdown Indicators
| FNX | SPMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.11% | -57.62% | +0.51% |
Max Drawdown (1Y)Largest decline over 1 year | -9.24% | -8.86% | -0.38% |
Max Drawdown (3Y)Largest decline over 3 years | -24.97% | -24.08% | -0.89% |
Max Drawdown (5Y)Largest decline over 5 years | -24.97% | -24.08% | -0.89% |
Max Drawdown (10Y)Largest decline over 10 years | -43.95% | -41.86% | -2.09% |
Current DrawdownCurrent decline from peak | -0.77% | -0.08% | -0.69% |
Average DrawdownAverage peak-to-trough decline | -8.41% | -8.12% | -0.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.68% | 2.41% | +0.27% |
Volatility
FNX vs. SPMD - Volatility Comparison
First Trust Mid Cap Core AlphaDEX Fund (FNX) has a higher volatility of 4.63% compared to SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) at 4.38%. This indicates that FNX's price experiences larger fluctuations and is considered to be riskier than SPMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FNX | SPMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.63% | 4.38% | +0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 11.43% | 11.37% | +0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.11% | 15.57% | +0.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.49% | 19.70% | +0.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.97% | 21.18% | +0.79% |
FNX vs. SPMD - Expense Ratio Comparison
FNX has a 0.60% expense ratio, which is higher than SPMD's 0.05% expense ratio.
Dividends
FNX vs. SPMD - Dividend Comparison
FNX's dividend yield for the trailing twelve months is around 0.83%, less than SPMD's 1.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 1.23% | 1.39% | 1.42% | 1.47% | 1.64% | 1.24% | 1.30% | 1.57% | 1.85% | 1.97% | 2.13% | 5.33% |
Frequently Asked Questions
With a correlation of 0.97, FNX and SPMD 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.
FNX has higher volatility (4.63%) compared to SPMD (4.38%). In terms of maximum drawdown, FNX dropped -57.11% vs SPMD's -57.62%.
On 10-year performance, FNX leads with 11.90% vs 11.51% for SPMD. On fees, SPMD is cheaper at 0.05% per year. On volatility, SPMD has been the lower-risk option at 4.38%. 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 11.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMD is cheaper with a 0.05% expense ratio, compared with 0.60% for FNX.
SPMD has the higher dividend yield at 1.23%, compared with 0.83% for FNX.
FNX tracks NASDAQ AlphaDEX Mid Cap Core Index, while SPMD 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 0.05% for SPMD.
FNX currently has the higher Sharpe Ratio (1.66 vs 1.65), 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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