FNY vs. XMHQ

Last updated Jun 24, 2026

FNY (First Trust Mid Cap Growth AlphaDEX Fund) and XMHQ (Invesco S&P MidCap Quality ETF) are both exchange-traded funds - FNY is a Mid Cap Growth Equities fund tracking the NASDAQ AlphaDEX Mid Cap Growth Index, while XMHQ is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Quality Index. Both are passively managed. Over the past 10 years, FNY returned 14.20%/yr vs 12.91%/yr for XMHQ. A 0.78 correlation means they provide meaningful diversification when combined. FNY charges 0.70%/yr vs 0.25%/yr for XMHQ.

Performance

FNY vs. XMHQ - 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 S&P MidCap Quality ETF (XMHQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNY achieves a 17.52% return, which is significantly higher than XMHQ's 7.73% return. Over the past 10 years, FNY has outperformed XMHQ with an annualized return of 14.20%, while XMHQ has yielded a comparatively lower 12.91% annualized return.

FNY

• 1D: -1.48%
• 1M: 4.69%
• YTD: 17.52%
• 6M: 14.07%
• 1Y: 32.58%
• 3Y*: 20.41%
• 5Y*: 7.80%
• 10Y*: 14.20%

XMHQ

• 1D: -1.05%
• 1M: 1.58%
• YTD: 7.73%
• 6M: 5.47%
• 1Y: 14.55%
• 3Y*: 14.98%
• 5Y*: 9.36%
• 10Y*: 12.91%

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

FNY vs. XMHQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNY First Trust Mid Cap Growth AlphaDEX Fund	17.52%	14.03%	18.09%	21.13%	-23.80%	13.46%	36.97%	32.54%	-7.53%	25.12%
XMHQ Invesco S&P MidCap Quality ETF	7.73%	4.71%	16.79%	29.51%	-12.42%	20.98%	26.61%	27.18%	-9.08%	15.64%

Correlation

The correlation between FNY and XMHQ is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Apr 20, 2011	0.78

The correlation between FNY and XMHQ shifts across timeframes, from 0.78 (all time) to 0.90 (5 years), reflecting how their relationship changes across market environments.

FNY vs. XMHQ - Sectors Allocation Comparison

Sectors	FNY	XMHQ
Industrials	24.9%	25.9%
Technology	19.3%	13.5%
Healthcare	18.6%	20.4%
Consumer Cyclical	11.8%	9.4%
Financial Services	9.4%	14.3%
Real Estate	6.0%	-
Communication Services	3.7%	2.7%
Consumer Defensive	2.0%	3.4%
Basic Materials	1.9%	5.0%
Energy	1.7%	5.9%
Utilities	0.6%	2.2%

Return for Risk

FNY vs. XMHQ — Risk / Return Rank

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

FNY

FNY Risk / Return Rank: 52
FNY Sharpe Ratio Rank: 49
FNY Sortino Ratio Rank: 48
FNY Omega Ratio Rank: 44
FNY Calmar Ratio Rank: 59
FNY Martin Ratio Rank: 59

XMHQ

XMHQ Risk / Return Rank: 29
XMHQ Sharpe Ratio Rank: 27
XMHQ Sortino Ratio Rank: 28
XMHQ Omega Ratio Rank: 24
XMHQ Calmar Ratio Rank: 34
XMHQ Martin Ratio Rank: 34

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. XMHQ - 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 S&P MidCap Quality ETF (XMHQ). 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	XMHQ	Difference
Sharpe ratio: Return per unit of total volatility	1.58	0.93	+0.66
Sortino ratio: Return per unit of downside risk	2.24	1.45	+0.79
Omega ratio: Gain probability vs. loss probability	1.27	1.16	+0.11
Calmar ratio: Return relative to maximum drawdown	2.73	1.65	+1.07
Martin ratio: Return relative to average drawdown	9.82	4.82	+5.00

FNY vs. XMHQ - Sharpe Ratio Comparison

The current FNY Sharpe Ratio is 1.58, which is higher than the XMHQ Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of FNY and XMHQ, 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. XMHQ - Drawdown Comparison

The maximum FNY drawdown since its inception was -38.91%, smaller than the maximum XMHQ drawdown of -58.19%. Use the drawdown chart below to compare losses from any high point for FNY and XMHQ.

Drawdown Indicators

	FNY	XMHQ	Difference
Max Drawdown Largest peak-to-trough decline	-38.91%	-58.19%	+19.28%
Max Drawdown (1Y) Largest decline over 1 year	-12.01%	-8.85%	-3.16%
Max Drawdown (3Y) Largest decline over 3 years	-24.97%	-24.56%	-0.41%
Max Drawdown (5Y) Largest decline over 5 years	-33.94%	-25.47%	-8.47%
Max Drawdown (10Y) Largest decline over 10 years	-38.91%	-36.90%	-2.01%
Current Drawdown Current decline from peak	-1.48%	-2.30%	+0.82%
Average Drawdown Average peak-to-trough decline	-7.57%	-9.27%	+1.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.33%	3.03%	+0.30%

Volatility

FNY vs. XMHQ - Volatility Comparison

First Trust Mid Cap Growth AlphaDEX Fund (FNY) has a higher volatility of 7.20% compared to Invesco S&P MidCap Quality ETF (XMHQ) at 4.52%. This indicates that FNY's price experiences larger fluctuations and is considered to be riskier than XMHQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNY	XMHQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.20%	4.52%	+2.68%
Volatility (6M) Calculated over the trailing 6-month period	15.86%	11.46%	+4.40%
Volatility (1Y) Calculated over the trailing 1-year period	20.68%	15.77%	+4.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.41%	20.74%	+1.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.41%	20.68%	+1.73%

FNY vs. XMHQ - Expense Ratio Comparison

FNY has a 0.70% expense ratio, which is higher than XMHQ's 0.25% expense ratio.

Dividends

FNY vs. XMHQ - Dividend Comparison

FNY's dividend yield for the trailing twelve months is around 0.03%, less than XMHQ's 0.59% 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%
XMHQ Invesco S&P MidCap Quality ETF	0.59%	0.64%	5.20%	0.73%	1.72%	1.00%	1.12%	1.22%	1.59%	1.06%	1.63%	1.34%

Frequently Asked Questions

Can I hold both FNY and XMHQ in my portfolio?

FNY and XMHQ have a correlation of 0.84, 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 XMHQ?

FNY has higher volatility (7.20%) compared to XMHQ (4.52%). In terms of maximum drawdown, FNY dropped -38.91% vs XMHQ's -58.19%.

Which ETF is better, FNY or XMHQ?

On 10-year performance, FNY leads with 14.20% vs 12.91% for XMHQ. On fees, XMHQ is cheaper at 0.25% per year. On volatility, XMHQ has been the lower-risk option at 4.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNY or XMHQ?

Over the 10-year period, FNY has performed better with a 14.20% return vs 12.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNY or XMHQ?

XMHQ is cheaper with a 0.25% expense ratio, compared with 0.70% for FNY.

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

XMHQ has the higher dividend yield at 0.59%, compared with 0.03% for FNY.

What is the main difference between FNY and XMHQ?

FNY is categorized as Mid Cap Growth Equities, while XMHQ is Mid Cap Blend Equities. FNY tracks NASDAQ AlphaDEX Mid Cap Growth Index, while XMHQ tracks S&P MidCap 400 Quality Index. They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.70% for FNY and 0.25% for XMHQ.

Which has better risk-adjusted returns?

FNY currently has the higher Sharpe Ratio (1.58 vs 0.93), 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.