FNY vs. IVOG
FNY (First Trust Mid Cap Growth AlphaDEX Fund) and IVOG (Vanguard S&P Mid-Cap 400 Growth ETF) are both Mid Cap Growth Equities funds - FNY tracks the NASDAQ AlphaDEX Mid Cap Growth Index while IVOG tracks the S&P MidCap 400 Growth Index. Both are passively managed. Over the past 10 years, FNY returned 13.34%/yr vs 11.14%/yr for IVOG. Their correlation of 0.92 suggests significant overlap in exposure. FNY charges 0.70%/yr vs 0.10%/yr for IVOG.
Performance
FNY vs. IVOG - Performance Comparison
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Returns By Period
In the year-to-date period, FNY achieves a 14.53% return, which is significantly lower than IVOG's 17.75% return. Over the past 10 years, FNY has outperformed IVOG with an annualized return of 13.34%, while IVOG has yielded a comparatively lower 11.14% annualized return.
FNY
- 1D
- 0.80%
- 1M
- -1.37%
- 6M
- 7.71%
- YTD
- 14.53%
- 1Y
- 25.48%
- 3Y*
- 16.82%
- 5Y*
- 8.30%
- 10Y*
- 13.34%
IVOG
- 1D
- 0.68%
- 1M
- -0.99%
- 6M
- 11.61%
- YTD
- 17.75%
- 1Y
- 23.66%
- 3Y*
- 15.12%
- 5Y*
- 8.45%
- 10Y*
- 11.14%
FNY vs. IVOG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FNY First Trust Mid Cap Growth AlphaDEX Fund | 14.53% | 14.03% | 18.09% | 21.13% | -23.80% | 13.46% | 36.97% | 32.54% | -7.53% | 25.12% |
IVOG Vanguard S&P Mid-Cap 400 Growth ETF | 17.75% | 7.34% | 15.62% | 17.36% | -19.08% | 18.85% | 22.60% | 26.13% | -10.58% | 19.90% |
Correlation
The correlation between FNY and IVOG is 0.93, 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 | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Apr 20, 2011 | 0.92 |
The correlation between FNY and IVOG has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.
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Return for Risk
FNY vs. IVOG — Risk / Return Rank
FNY
IVOG
FNY vs. IVOG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Mid Cap Growth AlphaDEX Fund (FNY) and Vanguard S&P Mid-Cap 400 Growth ETF (IVOG). 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 | IVOG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.11 | ||
| Sortino ratioReturn per unit of downside risk | -0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.24 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.13 | 2.45 | -0.32 |
| Martin ratioReturn relative to average drawdown | 7.43 | 9.35 | -1.92 |
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Drawdowns
FNY vs. IVOG - Drawdown Comparison
The maximum FNY drawdown since its inception was -38.91%, roughly equal to the maximum IVOG drawdown of -39.32%. Use the drawdown chart below to compare losses from any high point for FNY and IVOG.
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Drawdown Indicators
| FNY | IVOG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.91% | -39.32% | +0.41% |
Max Drawdown (1Y)Largest decline over 1 year | -12.01% | -9.69% | -2.32% |
Max Drawdown (3Y)Largest decline over 3 years | -24.97% | -25.61% | +0.64% |
Max Drawdown (5Y)Largest decline over 5 years | -33.94% | -29.31% | -4.63% |
Max Drawdown (10Y)Largest decline over 10 years | -38.91% | -39.32% | +0.41% |
Current DrawdownCurrent decline from peak | -5.78% | -3.25% | -2.53% |
Average DrawdownAverage peak-to-trough decline | -7.56% | -5.85% | -1.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.44% | 2.54% | +0.90% |
Volatility
FNY vs. IVOG - Volatility Comparison
First Trust Mid Cap Growth AlphaDEX Fund (FNY) has a higher volatility of 5.71% compared to Vanguard S&P Mid-Cap 400 Growth ETF (IVOG) at 4.70%. This indicates that FNY's price experiences larger fluctuations and is considered to be riskier than IVOG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FNY | IVOG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.71% | 4.70% | +1.01% |
Volatility (6M)Calculated over the trailing 6-month period | 15.98% | 13.90% | +2.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.97% | 17.88% | +3.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.44% | 20.72% | +1.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.42% | 20.59% | +1.83% |
FNY vs. IVOG - Expense Ratio Comparison
FNY has a 0.70% expense ratio, which is higher than IVOG's 0.10% expense ratio.
Dividends
FNY vs. IVOG - Dividend Comparison
FNY has not paid dividends to shareholders, while IVOG's dividend yield for the trailing twelve months is around 0.55%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FNY First Trust Mid Cap Growth AlphaDEX Fund | 0.00% | 0.03% | 0.56% | 0.24% | 0.24% | 0.00% | 0.25% | 0.28% | 0.06% | 0.21% | 0.60% | 0.46% |
IVOG Vanguard S&P Mid-Cap 400 Growth ETF | 0.55% | 0.64% | 0.79% | 1.15% | 1.05% | 0.47% | 0.74% | 1.17% | 1.01% | 0.93% | 1.11% | 1.04% |
Frequently Asked Questions
With a correlation of 0.93, FNY and IVOG 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.
FNY has higher volatility (5.71%) compared to IVOG (4.70%). In terms of maximum drawdown, FNY dropped -38.91% vs IVOG's -39.32%.
On 10-year performance, FNY leads with 13.34% vs 11.14% for IVOG. On fees, IVOG is cheaper at 0.10% per year. On volatility, IVOG has been the lower-risk option at 4.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FNY has performed better with a 13.34% return vs 11.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IVOG is cheaper with a 0.10% expense ratio, compared with 0.70% for FNY.
IVOG has the higher dividend yield at 0.55%, compared with 0.00% for FNY.
FNY tracks NASDAQ AlphaDEX Mid Cap Growth Index, while IVOG tracks S&P MidCap 400 Growth Index. They also come from different issuers: First Trust and Vanguard. Their fees differ too: 0.70% for FNY and 0.10% for IVOG.
IVOG currently has the higher Sharpe Ratio (1.33 vs 1.22), 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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