FNY vs. ODIIX

Last updated Jun 4, 2026

FNY (First Trust Mid Cap Growth AlphaDEX Fund) and ODIIX (Invesco Discovery Fund Class R6) are both funds - FNY is a Mid Cap Growth Equities fund tracking the NASDAQ AlphaDEX Mid Cap Growth Index, while ODIIX is a Small Cap Growth Equities fund actively managed by Invesco. FNY is passively managed, while ODIIX is actively managed. Over the past 10 years, FNY returned 13.68%/yr vs 16.99%/yr for ODIIX. Their correlation of 0.93 suggests significant overlap in exposure. FNY charges 0.70%/yr vs 0.65%/yr for ODIIX.

Performance

FNY vs. ODIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Mid Cap Growth AlphaDEX Fund (FNY) and Invesco Discovery Fund Class R6 (ODIIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNY achieves a 14.89% return, which is significantly lower than ODIIX's 31.17% return. Over the past 10 years, FNY has underperformed ODIIX with an annualized return of 13.68%, while ODIIX has yielded a comparatively higher 16.99% annualized return.

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%

ODIIX

• 1D: 2.40%
• 1M: 5.95%
• YTD: 31.17%
• 6M: 31.62%
• 1Y: 56.74%
• 3Y*: 27.32%
• 5Y*: 11.28%
• 10Y*: 16.99%

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

FNY vs. ODIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNY First Trust Mid Cap Growth AlphaDEX Fund	14.89%	14.03%	18.09%	21.13%	-23.80%	13.46%	36.97%	32.54%	-7.53%	25.12%
ODIIX Invesco Discovery Fund Class R6	31.17%	17.14%	23.04%	17.46%	-31.00%	15.37%	50.87%	37.36%	-3.68%	29.58%

Correlation

The correlation between FNY and ODIIX is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jan 30, 2012	0.93

The correlation between FNY and ODIIX shifts across timeframes, from 0.83 (1 year) to 0.94 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

FNY vs. ODIIX — 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

ODIIX

ODIIX Risk / Return Rank: 80
ODIIX Sharpe Ratio Rank: 81
ODIIX Sortino Ratio Rank: 69
ODIIX Omega Ratio Rank: 62
ODIIX Calmar Ratio Rank: 95
ODIIX Martin Ratio Rank: 95

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. ODIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Mid Cap Growth AlphaDEX Fund (FNY) and Invesco Discovery Fund Class R6 (ODIIX). 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	ODIIX	Difference
Sharpe ratio Return per unit of total volatility	1.55	2.63	-1.08
Sortino ratio Return per unit of downside risk	2.21	3.46	-1.25
Omega ratio Gain probability vs. loss probability	1.27	1.44	-0.17
Calmar ratio Return relative to maximum drawdown	2.56	5.84	-3.28
Martin ratio Return relative to average drawdown	9.30	23.17	-13.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FNY vs. ODIIX - Sharpe Ratio Comparison

The current FNY Sharpe Ratio is 1.55, which is lower than the ODIIX Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of FNY and ODIIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FNY	ODIIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.55	2.63	-1.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.45	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.69	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.67	-0.11

Drawdowns

FNY vs. ODIIX - Drawdown Comparison

The maximum FNY drawdown since its inception was -38.91%, smaller than the maximum ODIIX drawdown of -43.06%. Use the drawdown chart below to compare losses from any high point for FNY and ODIIX.

Drawdown Indicators

	FNY	ODIIX	Difference
Max Drawdown Largest peak-to-trough decline	-38.91%	-43.06%	+4.15%
Max Drawdown (1Y) Largest decline over 1 year	-12.01%	-11.36%	-0.65%
Max Drawdown (3Y) Largest decline over 3 years	-24.97%	-28.52%	+3.55%
Max Drawdown (5Y) Largest decline over 5 years	-33.94%	-43.06%	+9.12%
Max Drawdown (10Y) Largest decline over 10 years	-38.91%	-43.06%	+4.15%
Current Drawdown Current decline from peak	-1.03%	-0.18%	-0.85%
Average Drawdown Average peak-to-trough decline	-7.60%	-10.16%	+2.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.30%	2.74%	+0.56%

Volatility

FNY vs. ODIIX - Volatility Comparison

The current volatility for First Trust Mid Cap Growth AlphaDEX Fund (FNY) is 6.61%, while Invesco Discovery Fund Class R6 (ODIIX) has a volatility of 7.84%. This indicates that FNY experiences smaller price fluctuations and is considered to be less risky than ODIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNY	ODIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.61%	7.84%	-1.23%
Volatility (6M) Calculated over the trailing 6-month period	15.04%	21.48%	-6.44%
Volatility (1Y) Calculated over the trailing 1-year period	19.91%	25.23%	-5.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.30%	25.54%	-3.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.34%	24.92%	-2.58%

FNY vs. ODIIX - Expense Ratio Comparison

FNY has a 0.70% expense ratio, which is higher than ODIIX's 0.65% expense ratio.

Dividends

FNY vs. ODIIX - Dividend Comparison

FNY's dividend yield for the trailing twelve months is around 0.03%, less than ODIIX's 7.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
ODIIX Invesco Discovery Fund Class R6	7.58%	9.94%	5.27%	0.00%	0.00%	16.15%	9.22%	5.40%	16.05%	10.90%	3.86%	6.15%

Frequently Asked Questions

Can I hold both FNY and ODIIX in my portfolio?

FNY and ODIIX have a correlation of 0.83, 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 ODIIX?

ODIIX has higher volatility (7.84%) compared to FNY (6.61%). In terms of maximum drawdown, FNY dropped -38.91% vs ODIIX's -43.06%.

Which has better risk-adjusted returns?

ODIIX currently has the higher Sharpe Ratio (2.63 vs 1.55), 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.