FNX vs. TUSA

Last updated Jul 17, 2026

FNX (First Trust Mid Cap Core AlphaDEX Fund) and TUSA (First Trust Total US Market AlphaDEX ETF) are both Mid Cap Blend Equities funds from First Trust - FNX tracks the NASDAQ AlphaDEX Mid Cap Core Index while TUSA tracks the NASDAQ AlphaDEX Total US Market Index. Both are passively managed. Over the past 10 years, FNX returned 11.90%/yr vs 11.09%/yr for TUSA. A 0.69 correlation means they provide meaningful diversification when combined. FNX charges 0.60%/yr vs 0.70%/yr for TUSA.

Performance

FNX vs. TUSA - Performance Comparison

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

Returns By Period

In the year-to-date period, FNX achieves a 14.72% return, which is significantly higher than TUSA's 13.28% return. Over the past 10 years, FNX has outperformed TUSA with an annualized return of 11.90%, while TUSA has yielded a comparatively lower 11.09% 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%

TUSA

• 1D: 2.03%
• 1M: 4.86%
• 6M: 7.42%
• YTD: 13.28%
• 1Y: 22.63%
• 3Y*: 16.03%
• 5Y*: 8.37%
• 10Y*: 11.09%

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

FNX vs. TUSA - 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%
TUSA First Trust Total US Market AlphaDEX ETF	13.28%	13.64%	11.12%	11.75%	-13.54%	24.79%	14.16%	24.29%	-10.35%	20.07%

Correlation

The correlation between FNX and TUSA is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since May 10, 2007	0.69

The correlation between FNX and TUSA shifts across timeframes, from 0.68 (1 year) to 0.84 (5 years), reflecting how their relationship changes across market environments.

FNX vs. TUSA - Sectors Allocation Comparison

Sectors	FNX	TUSA
Financial Services	18.7%	31.9%
Industrials	18.2%	19.8%
Consumer Cyclical	15.4%	16.0%
Technology	13.3%	6.1%
Healthcare	10.1%	2.0%
Real Estate	7.1%	2.1%
Energy	5.7%	1.9%
Basic Materials	3.2%	14.1%
Consumer Defensive	3.2%	4.1%
Utilities	2.8%	7.5%
Communication Services	2.4%	2.0%

Return for Risk

FNX vs. TUSA — Risk / Return Rank

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

FNX

FNX Risk / Return Rank: 60
FNX Sharpe Ratio Rank: 56
FNX Sortino Ratio Rank: 61
FNX Omega Ratio Rank: 53
FNX Calmar Ratio Rank: 67
FNX Martin Ratio Rank: 65

TUSA

TUSA Risk / Return Rank: 70
TUSA Sharpe Ratio Rank: 67
TUSA Sortino Ratio Rank: 73
TUSA Omega Ratio Rank: 64
TUSA Calmar Ratio Rank: 82
TUSA Martin Ratio Rank: 63

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. TUSA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Mid Cap Core AlphaDEX Fund (FNX) and First Trust Total US Market AlphaDEX ETF (TUSA). 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	TUSA	Difference
Sharpe ratio: Return per unit of total volatility	1.53	1.75	-0.22
Sortino ratio: Return per unit of downside risk	2.29	2.62	-0.33
Omega ratio: Gain probability vs. loss probability	1.27	1.31	-0.04
Calmar ratio: Return relative to maximum drawdown	2.69	3.46	-0.77
Martin ratio: Return relative to average drawdown	9.13	8.78	+0.35

FNX vs. TUSA - Sharpe Ratio Comparison

The current FNX Sharpe Ratio is 1.53, which is comparable to the TUSA Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of FNX and TUSA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FNX vs. TUSA - Drawdown Comparison

The maximum FNX drawdown since its inception was -57.11%, roughly equal to the maximum TUSA drawdown of -56.53%. Use the drawdown chart below to compare losses from any high point for FNX and TUSA.

Drawdown Indicators

	FNX	TUSA	Difference
Max Drawdown Largest peak-to-trough decline	-57.11%	-56.53%	-0.58%
Max Drawdown (1Y) Largest decline over 1 year	-9.24%	-6.57%	-2.67%
Max Drawdown (3Y) Largest decline over 3 years	-24.97%	-18.04%	-6.93%
Max Drawdown (5Y) Largest decline over 5 years	-24.97%	-23.35%	-1.62%
Max Drawdown (10Y) Largest decline over 10 years	-43.95%	-42.47%	-1.48%
Current Drawdown Current decline from peak	-1.67%	0.00%	-1.67%
Average Drawdown Average peak-to-trough decline	-8.36%	-9.83%	+1.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.71%	2.58%	+0.13%

Volatility

FNX vs. TUSA - Volatility Comparison

The current volatility for First Trust Mid Cap Core AlphaDEX Fund (FNX) is 3.35%, while First Trust Total US Market AlphaDEX ETF (TUSA) has a volatility of 3.66%. This indicates that FNX experiences smaller price fluctuations and is considered to be less risky than TUSA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNX	TUSA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.35%	3.66%	-0.31%
Volatility (6M) Calculated over the trailing 6-month period	11.54%	8.44%	+3.10%
Volatility (1Y) Calculated over the trailing 1-year period	16.17%	12.95%	+3.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.47%	17.61%	+2.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.90%	20.04%	+1.86%

FNX vs. TUSA - Expense Ratio Comparison

FNX has a 0.60% expense ratio, which is lower than TUSA's 0.70% expense ratio.

Dividends

FNX vs. TUSA - Dividend Comparison

FNX's dividend yield for the trailing twelve months is around 0.81%, less than TUSA's 1.55% 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%
TUSA First Trust Total US Market AlphaDEX ETF	1.55%	1.59%	2.05%	2.15%	2.31%	0.72%	0.99%	1.13%	1.14%	0.79%	1.24%	0.95%

Frequently Asked Questions

Can I hold both FNX and TUSA in my portfolio?

FNX and TUSA have a correlation of 0.68, 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 TUSA?

TUSA has higher volatility (3.66%) compared to FNX (3.35%). In terms of maximum drawdown, FNX dropped -57.11% vs TUSA's -56.53%.

Which ETF is better, FNX or TUSA?

On 10-year performance, FNX leads with 11.90% vs 11.09% for TUSA. On fees, FNX is cheaper at 0.60% per year. On volatility, FNX has been the lower-risk option at 3.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNX or TUSA?

Over the 10-year period, FNX has performed better with a 11.90% return vs 11.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNX or TUSA?

FNX is cheaper with a 0.60% expense ratio, compared with 0.70% for TUSA.

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

TUSA has the higher dividend yield at 1.55%, compared with 0.81% for FNX.

What is the main difference between FNX and TUSA?

FNX tracks NASDAQ AlphaDEX Mid Cap Core Index, while TUSA tracks NASDAQ AlphaDEX Total US Market Index. Their fees differ too: 0.60% for FNX and 0.70% for TUSA.

Which has better risk-adjusted returns?

TUSA currently has the higher Sharpe Ratio (1.75 vs 1.53), 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.