FNY vs. FEMG

Last updated Jun 4, 2026

FNY (First Trust Mid Cap Growth AlphaDEX Fund) and FEMG (Fidelity Enhanced Mid Cap Growth ETF) are both Mid Cap Growth Equities funds. FNY is passively managed, while FEMG is actively managed. A 0.55 correlation means they provide meaningful diversification when combined. FNY charges 0.70%/yr vs 0.23%/yr for FEMG.

Performance

FNY vs. FEMG - Performance Comparison

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

Returns By Period

FNY

• 1D: -0.08%
• 1M: 4.61%
• YTD: 14.89%
• 6M: 14.12%
• 1Y: 30.64%
• 3Y*: 19.96%
• 5Y*: 8.42%
• 10Y*: 13.68%

FEMG

• 1D: -0.84%
• 1M: 3.74%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FNY vs. FEMG - Yearly Performance Comparison

	2026 (YTD)
FNY First Trust Mid Cap Growth AlphaDEX Fund	4.09%
FEMG Fidelity Enhanced Mid Cap Growth ETF	4.23%

Correlation

The correlation between FNY and FEMG is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 1, 2026	0.55

FNY vs. FEMG - Sectors Allocation Comparison

Sectors	FNY	FEMG
Industrials	25.4%	26.5%
Healthcare	18.6%	12.6%
Technology	17.5%	24.0%
Consumer Cyclical	12.7%	17.4%
Financial Services	9.4%	6.0%
Real Estate	6.1%	1.8%
Communication Services	3.6%	2.7%
Consumer Defensive	2.2%	1.4%
Energy	2.0%	3.3%
Basic Materials	1.9%	0.7%
Utilities	0.5%	2.9%

Return for Risk

FNY vs. FEMG — Risk / Return Rank

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

FNY

FNY Risk / Return Rank: 47
FNY Sharpe Ratio Rank: 44
FNY Sortino Ratio Rank: 44
FNY Omega Ratio Rank: 41
FNY Calmar Ratio Rank: 52
FNY Martin Ratio Rank: 54

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. FEMG - Risk-Adjusted Trends Comparison

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

	FNY	FEMG	Difference
Sharpe ratio Return per unit of total volatility	1.55	—	—
Sortino ratio Return per unit of downside risk	2.21	—	—
Omega ratio Gain probability vs. loss probability	1.27	—	—
Calmar ratio Return relative to maximum drawdown	2.56	—	—
Martin ratio Return relative to average drawdown	9.30	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	FNY	FEMG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.55	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	4.78	-4.23

Drawdowns

FNY vs. FEMG - Drawdown Comparison

The maximum FNY drawdown since its inception was -38.91%, which is greater than FEMG's maximum drawdown of -3.29%. Use the drawdown chart below to compare losses from any high point for FNY and FEMG.

Drawdown Indicators

	FNY	FEMG	Difference
Max Drawdown Largest peak-to-trough decline	-38.91%	-3.29%	-35.62%
Max Drawdown (1Y) Largest decline over 1 year	-12.01%	—	—
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	-1.03%	-1.18%	+0.15%
Average Drawdown Average peak-to-trough decline	-7.60%	-0.96%	-6.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.30%	—	—

Volatility

Volatility by Period

	FNY	FEMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.61%	—	—
Volatility (6M) Calculated over the trailing 6-month period	15.04%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	19.91%	12.29%	+7.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.30%	12.29%	+10.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.34%	12.29%	+10.05%

FNY vs. FEMG - Expense Ratio Comparison

FNY has a 0.70% expense ratio, which is higher than FEMG's 0.23% expense ratio.

Dividends

FNY vs. FEMG - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEMG Fidelity Enhanced Mid Cap Growth ETF	0.00%	0.00%	0.00%	0.00%	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 FEMG in my portfolio?

FNY and FEMG have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FNY or FEMG?

On fees, FEMG is cheaper at 0.23% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FNY or FEMG?

FEMG is cheaper with a 0.23% expense ratio, compared with 0.70% for FNY.

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

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

What is the main difference between FNY and FEMG?

They also come from different issuers: First Trust and Fidelity. Their fees differ too: 0.70% for FNY and 0.23% for FEMG.