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FNX vs. USMF
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FNX vs. USMF

Last updated Jun 5, 2026

FNX (First Trust Mid Cap Core AlphaDEX Fund) and USMF (WisdomTree US Multifactor Fund) are both Mid Cap Blend Equities funds - FNX tracks the NASDAQ AlphaDEX Mid Cap Core Index while USMF tracks the WisdomTree US Multifactor Index. Both are passively managed. Over the past 5 years, FNX returned 8.47%/yr vs 7.68%/yr for USMF. Their correlation of 0.86 suggests significant overlap in exposure. FNX charges 0.60%/yr vs 0.28%/yr for USMF.

Performance

FNX vs. USMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Mid Cap Core AlphaDEX Fund (FNX) and WisdomTree US Multifactor Fund (USMF). 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 12.62% return, which is significantly higher than USMF's 4.43% 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%

USMF

1D
0.08%
1M
3.17%
YTD
4.43%
6M
4.58%
1Y
6.68%
3Y*
14.35%
5Y*
7.68%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

FNX vs. USMF - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FNX
First Trust Mid Cap Core AlphaDEX Fund		12.62%9.87%12.21%20.39%-13.57%25.05%16.04%26.97%-11.23%13.11%
USMF
WisdomTree US Multifactor Fund		4.43%4.60%19.65%13.47%-8.82%21.26%12.01%24.06%-4.72%11.27%

Correlation

The correlation between FNX and USMF is 0.73, 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

0.73

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

0.82

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

0.87

Correlation (All Time)
Calculated using the full available price history since Aug 25, 2017

0.86

The correlation between FNX and USMF shifts across timeframes, from 0.73 (1 year) to 0.87 (5 years), reflecting how their relationship changes across market environments.

FNX vs. USMF - Sectors Allocation Comparison

Sectors
FNX
USMF

Industrials

19.3%
7.8%

Financial Services

18.6%
11.8%

Consumer Cyclical

14.4%
11.1%

Healthcare

10.4%
9.3%

Technology

9.5%
35.6%

Real Estate

8.6%
2.0%

Energy

6.2%
4.1%

Consumer Defensive

4.0%
5.2%

Basic Materials

3.1%
0.9%

Utilities

2.7%
2.0%

Communication Services

2.2%
10.3%

Industrials

FNX
19.3%
USMF
7.8%

Financial Services

FNX
18.6%
USMF
11.8%

Consumer Cyclical

FNX
14.4%
USMF
11.1%

Healthcare

FNX
10.4%
USMF
9.3%

Technology

FNX
9.5%
USMF
35.6%

Real Estate

FNX
8.6%
USMF
2.0%

Energy

FNX
6.2%
USMF
4.1%

Consumer Defensive

FNX
4.0%
USMF
5.2%

Basic Materials

FNX
3.1%
USMF
0.9%

Utilities

FNX
2.7%
USMF
2.0%

Communication Services

FNX
2.2%
USMF
10.3%

Compare stocks, funds, or ETFs

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First Trust Mid Cap Core AlphaDEX Fund

WisdomTree US Multifactor Fund

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Often compared with USMF:
USMF vs. DYNFUSMF vs. VFMFUSMF vs. SCHMUSMF vs. SFLRUSMF vs. SPMOUSMF vs. SPYUSMF vs. VO

Return for Risk

FNX vs. USMF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FNX
FNX Risk / Return Rank: 5555
Overall Rank
FNX Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
FNX Sortino Ratio Rank: 5353
Sortino Ratio Rank
FNX Omega Ratio Rank: 4949
Omega Ratio Rank
FNX Calmar Ratio Rank: 6262
Calmar Ratio Rank
FNX Martin Ratio Rank: 5959
Martin Ratio Rank
USMF
USMF Risk / Return Rank: 2121
Overall Rank
USMF Sharpe Ratio Rank: 2020
Sharpe Ratio Rank
USMF Sortino Ratio Rank: 1919
Sortino Ratio Rank
USMF Omega Ratio Rank: 1818
Omega Ratio Rank
USMF Calmar Ratio Rank: 2323
Calmar Ratio Rank
USMF Martin Ratio Rank: 2424
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. USMF - Risk-Adjusted Trends Comparison

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

FNXUSMFDifference
Sharpe ratioReturn per unit of total volatility
1.74
0.62

+1.12

Sortino ratioReturn per unit of downside risk
2.54
0.94

+1.60

Omega ratioGain probability vs. loss probability

1.30

1.11

+0.19

Calmar ratioReturn relative to maximum drawdown

3.03

1.04

+1.99

Martin ratioReturn relative to average drawdown

10.42

3.11

+7.30

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. USMF - Sharpe Ratio Comparison

The current FNX Sharpe Ratio is 1.74, which is higher than the USMF Sharpe Ratio of 0.62. The chart below compares the historical Sharpe Ratios of FNX and USMF, 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

FNXUSMFDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.74

0.62

+1.12

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.42

0.54

-0.13

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

0.63

-0.21

Drawdowns

FNX vs. USMF - Drawdown Comparison

The maximum FNX drawdown since its inception was -57.11%, which is greater than USMF's maximum drawdown of -36.24%. Use the drawdown chart below to compare losses from any high point for FNX and USMF.

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Drawdown Indicators

FNXUSMFDifference

Max Drawdown

Largest peak-to-trough decline

-57.11%

-36.24%

-20.87%

Max Drawdown (1Y)

Largest decline over 1 year

-9.24%

-6.47%

-2.77%

Max Drawdown (3Y)

Largest decline over 3 years

-24.97%

-15.39%

-9.58%

Max Drawdown (5Y)

Largest decline over 5 years

-24.97%

-18.10%

-6.87%

Max Drawdown (10Y)

Largest decline over 10 years

-43.95%

—

—

Current Drawdown

Current decline from peak

-0.05%

-0.49%

+0.44%

Average Drawdown

Average peak-to-trough decline

-8.40%

-4.16%

-4.24%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.68%

2.15%

+0.53%

Volatility

FNX vs. USMF - Volatility Comparison

First Trust Mid Cap Core AlphaDEX Fund (FNX) has a higher volatility of 4.33% compared to WisdomTree US Multifactor Fund (USMF) at 2.25%. This indicates that FNX's price experiences larger fluctuations and is considered to be riskier than USMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FNXUSMFDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.33%

2.25%

+2.08%

Volatility (6M)

Calculated over the trailing 6-month period

11.43%

7.42%

+4.01%

Volatility (1Y)

Calculated over the trailing 1-year period

16.08%

10.79%

+5.29%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.49%

14.26%

+6.23%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.96%

16.96%

+5.00%

FNX vs. USMF - Expense Ratio Comparison

FNX has a 0.60% expense ratio, which is higher than USMF's 0.28% expense ratio.

Dividends

FNX vs. USMF - Dividend Comparison

FNX's dividend yield for the trailing twelve months is around 0.82%, less than USMF's 1.31% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
USMF
WisdomTree US Multifactor Fund		1.31%1.37%1.22%1.33%1.74%1.42%1.34%1.38%1.45%0.67%0.00%0.00%

Frequently Asked Questions

FNX and USMF have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FNX has higher volatility (4.33%) compared to USMF (2.25%). In terms of maximum drawdown, FNX dropped -57.11% vs USMF's -36.24%.

On 5-year performance, FNX leads with 8.47% vs 7.68% for USMF. On fees, USMF is cheaper at 0.28% per year. On volatility, USMF has been the lower-risk option at 2.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, FNX has performed better with a 8.47% return vs 7.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

USMF is cheaper with a 0.28% expense ratio, compared with 0.60% for FNX.

USMF has the higher dividend yield at 1.31%, compared with 0.82% for FNX.

FNX tracks NASDAQ AlphaDEX Mid Cap Core Index, while USMF tracks WisdomTree US Multifactor Index. They also come from different issuers: First Trust and WisdomTree. Their fees differ too: 0.60% for FNX and 0.28% for USMF.

FNX currently has the higher Sharpe Ratio (1.74 vs 0.62), 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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