FNY vs. CSMD

Last updated Jun 25, 2026

FNY (First Trust Mid Cap Growth AlphaDEX Fund) and CSMD (Congress SMID Growth ETF) are both Mid Cap Growth Equities funds. FNY is passively managed, while CSMD is actively managed. Over the past year, FNY returned 31.38% vs 13.96% for CSMD. Their correlation of 0.91 suggests significant overlap in exposure. FNY charges 0.70%/yr vs 0.68%/yr for CSMD.

Performance

FNY vs. CSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Mid Cap Growth AlphaDEX Fund (FNY) and Congress SMID Growth ETF (CSMD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNY achieves a 17.77% return, which is significantly higher than CSMD's 12.30% return.

FNY

• 1D: 0.21%
• 1M: 4.92%
• YTD: 17.77%
• 6M: 14.21%
• 1Y: 31.38%
• 3Y*: 20.50%
• 5Y*: 7.73%
• 10Y*: 14.22%

CSMD

• 1D: 0.94%
• 1M: 6.60%
• YTD: 12.30%
• 6M: 9.53%
• 1Y: 13.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FNY vs. CSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FNY First Trust Mid Cap Growth AlphaDEX Fund	17.77%	14.03%	18.09%	9.39%
CSMD Congress SMID Growth ETF	12.30%	5.68%	12.70%	6.54%

Correlation

The correlation between FNY and CSMD is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (All Time) Calculated using the full available price history since Aug 22, 2023	0.91

The correlation between FNY and CSMD has been stable across timeframes, ranging from 0.89 to 0.91 - a consistent structural relationship.

FNY vs. CSMD - Sectors Allocation Comparison

Sectors	FNY	CSMD
Industrials	24.9%	32.5%
Technology	19.3%	23.8%
Healthcare	18.6%	15.2%
Consumer Cyclical	11.8%	9.1%
Financial Services	9.4%	6.5%
Real Estate	6.0%	1.6%
Communication Services	3.7%	-
Consumer Defensive	2.0%	7.1%
Basic Materials	1.9%	2.1%
Energy	1.7%	2.1%
Utilities	0.6%	-

Return for Risk

FNY vs. CSMD — Risk / Return Rank

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

FNY

FNY Risk / Return Rank: 53
FNY Sharpe Ratio Rank: 50
FNY Sortino Ratio Rank: 50
FNY Omega Ratio Rank: 45
FNY Calmar Ratio Rank: 60
FNY Martin Ratio Rank: 60

CSMD

CSMD Risk / Return Rank: 22
CSMD Sharpe Ratio Rank: 21
CSMD Sortino Ratio Rank: 22
CSMD Omega Ratio Rank: 21
CSMD Calmar Ratio Rank: 22
CSMD Martin Ratio Rank: 24

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.

FNY vs. CSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Mid Cap Growth AlphaDEX Fund (FNY) and Congress SMID Growth ETF (CSMD). 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.

	FNY	CSMD	Difference
Sharpe ratio: Return per unit of total volatility	1.53	0.70	+0.83
Sortino ratio: Return per unit of downside risk	2.18	1.11	+1.06
Omega ratio: Gain probability vs. loss probability	1.26	1.13	+0.13
Calmar ratio: Return relative to maximum drawdown	2.63	0.95	+1.68
Martin ratio: Return relative to average drawdown	9.46	2.87	+6.58

FNY vs. CSMD - Sharpe Ratio Comparison

The current FNY Sharpe Ratio is 1.53, which is higher than the CSMD Sharpe Ratio of 0.70. The chart below compares the historical Sharpe Ratios of FNY and CSMD, 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

FNY vs. CSMD - Drawdown Comparison

The maximum FNY drawdown since its inception was -38.91%, which is greater than CSMD's maximum drawdown of -22.54%. Use the drawdown chart below to compare losses from any high point for FNY and CSMD.

Drawdown Indicators

	FNY	CSMD	Difference
Max Drawdown Largest peak-to-trough decline	-38.91%	-22.54%	-16.37%
Max Drawdown (1Y) Largest decline over 1 year	-12.01%	-14.79%	+2.78%
Max Drawdown (3Y) Largest decline over 3 years	-24.97%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-33.94%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-38.91%	—	—
Current Drawdown Current decline from peak	-1.27%	-0.84%	-0.43%
Average Drawdown Average peak-to-trough decline	-7.57%	-4.68%	-2.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.33%	4.87%	-1.54%

Volatility

FNY vs. CSMD - Volatility Comparison

First Trust Mid Cap Growth AlphaDEX Fund (FNY) and Congress SMID Growth ETF (CSMD) have volatilities of 7.18% and 7.46%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNY	CSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.18%	7.46%	-0.28%
Volatility (6M) Calculated over the trailing 6-month period	15.77%	15.56%	+0.21%
Volatility (1Y) Calculated over the trailing 1-year period	20.67%	20.03%	+0.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.41%	19.98%	+2.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.41%	19.98%	+2.43%

FNY vs. CSMD - Expense Ratio Comparison

FNY has a 0.70% expense ratio, which is higher than CSMD's 0.68% expense ratio.

Dividends

FNY vs. CSMD - Dividend Comparison

FNY's dividend yield for the trailing twelve months is around 0.03%, while CSMD has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSMD Congress SMID Growth ETF	0.00%	0.00%	0.40%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FNY First Trust Mid Cap Growth AlphaDEX Fund	0.03%	0.03%	0.56%	0.24%	0.24%	0.00%	0.25%	0.28%	0.06%	0.21%	0.60%	0.46%

Frequently Asked Questions

Can I hold both FNY and CSMD in my portfolio?

FNY and CSMD have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FNY or CSMD?

CSMD has higher volatility (7.46%) compared to FNY (7.18%). In terms of maximum drawdown, FNY dropped -38.91% vs CSMD's -22.54%.

Which ETF is better, FNY or CSMD?

On 1-year performance, FNY leads with 31.38% vs 13.96% for CSMD. On fees, CSMD is cheaper at 0.68% per year. On volatility, FNY has been the lower-risk option at 7.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNY or CSMD?

Over the 1-year period, FNY has performed better with a 31.38% return vs 13.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNY or CSMD?

CSMD is cheaper with a 0.68% expense ratio, compared with 0.70% for FNY.

Which ETF pays a higher dividend yield, FNY or CSMD?

FNY has the higher dividend yield at 0.03%, compared with 0.00% for CSMD.

What is the main difference between FNY and CSMD?

They also come from different issuers: First Trust and Congress. Their fees differ too: 0.70% for FNY and 0.68% for CSMD.

Which has better risk-adjusted returns?

FNY currently has the higher Sharpe Ratio (1.53 vs 0.70), 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.