FSGS vs. FYC

Last updated Aug 2, 2026

FSGS (First Trust SMID Growth Strength ETF) and FYC (First Trust Small Cap Growth AlphaDEX Fund) are both Small Cap Growth Equities funds from First Trust - FSGS tracks the SMID Growth Strength Index while FYC tracks the NASDAQ AlphaDEX Small Cap Growth Index. Both are passively managed. Over the past 5 years, FSGS returned 4.12%/yr vs 11.25%/yr for FYC. Their 0.78 correlation means they have sometimes moved together and sometimes differently. FSGS charges 0.60%/yr vs 0.71%/yr for FYC.

Performance

FSGS vs. FYC - Performance Comparison

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

Returns By Period

In the year-to-date period, FSGS achieves a 7.00% return, which is significantly lower than FYC's 23.54% return.

FSGS

• 1D: 0.07%
• 1M: 1.26%
• 6M: 5.01%
• YTD: 7.00%
• 1Y: 8.44%
• 3Y*: 6.45%
• 5Y*: 4.12%
• 10Y*: —
• ALL TIME*: 7.41%

FYC

• 1D: -0.59%
• 1M: -3.95%
• 6M: 18.84%
• YTD: 23.54%
• 1Y: 52.40%
• 3Y*: 23.62%
• 5Y*: 11.25%
• 10Y*: 14.06%
• ALL TIME*: 12.46%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FSGS First Trust SMID Growth Strength ETF	$29.24K	$24.14K	$76.25K
FYC First Trust Small Cap Growth AlphaDEX Fund	$11.77M	$9.10M	$7.44M

FSGS vs. FYC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSGS First Trust SMID Growth Strength ETF	7.00%	2.41%	6.38%	15.98%	-13.17%	25.56%	10.26%	21.31%	-11.92%	10.39%
FYC First Trust Small Cap Growth AlphaDEX Fund	23.54%	24.24%	23.99%	14.52%	-25.86%	21.64%	32.34%	16.79%	-5.54%	12.34%

Correlation

The correlation between FSGS and FYC is 0.76, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.76
Correlation (3Y) Balances recent behavior with more history.	0.84
Correlation (5Y) Shows whether the relationship held over a longer period.	0.85
Correlation (All Time) Calculated using the full available price history since Jun 22, 2017	0.78

The correlation between FSGS and FYC has been stable across timeframes, ranging from 0.76 to 0.85 - a consistent structural relationship.

FSGS vs. FYC - Sectors Allocation Comparison

Sectors	FSGS	FYC
Industrials	22.9%	17.6%
Financial Services	19.7%	8.9%
Healthcare	17.8%	27.2%
Technology	17.5%	17.5%
Consumer Cyclical	7.8%	9.4%
Consumer Defensive	5.1%	2.9%
Energy	3.8%	2.1%
Communication Services	2.8%	3.8%
Basic Materials	1.7%	3.6%
Real Estate	0.9%	5.4%
Utilities	-	1.5%

Return for Risk

FSGS vs. FYC — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FSGS

FSGS Risk / Return Rank: 22
FSGS Sharpe Ratio Rank: 22
FSGS Sortino Ratio Rank: 22
FSGS Omega Ratio Rank: 20
FSGS Calmar Ratio Rank: 22
FSGS Martin Ratio Rank: 24

FYC

FYC Risk / Return Rank: 90
FYC Sharpe Ratio Rank: 90
FYC Sortino Ratio Rank: 89
FYC Omega Ratio Rank: 84
FYC Calmar Ratio Rank: 94
FYC Martin Ratio Rank: 91

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FSGS vs. FYC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust SMID Growth Strength ETF (FSGS) and First Trust Small Cap Growth AlphaDEX Fund (FYC). 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.

	FSGS	FYC	Difference
Sharpe ratio: Return per unit of total volatility	0.47	2.25	-1.78
Sortino ratio: Return per unit of downside risk	0.78	3.07	-2.30
Omega ratio: Gain probability vs. loss probability	1.09	1.36	-0.27
Calmar ratio: Return relative to maximum drawdown	0.63	4.66	-4.04
Martin ratio: Return relative to average drawdown	1.75	14.97	-13.22

FSGS vs. FYC - Sharpe Ratio Comparison

The current FSGS Sharpe Ratio is 0.47, which is lower than the FYC Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of FSGS and FYC, 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

FSGS vs. FYC - Drawdown Comparison

The maximum FSGS drawdown since its inception was -43.26%, smaller than the maximum FYC drawdown of -47.85%. Use the drawdown chart below to compare losses from any high point for FSGS and FYC.

Drawdown Indicators

	FSGS	FYC	Difference
Max Drawdown Largest peak-to-trough decline	-43.26%	-47.85%	+4.59%
Max Drawdown (1Y) Largest decline over 1 year	-11.31%	-10.48%	-0.83%
Max Drawdown (3Y) Largest decline over 3 years	-24.08%	-27.79%	+3.71%
Max Drawdown (5Y) Largest decline over 5 years	-24.08%	-35.37%	+11.29%
Max Drawdown (10Y) Largest decline over 10 years	—	-47.85%	—
Current Drawdown Current decline from peak	0.00%	-6.85%	+6.85%
Average Drawdown Average peak-to-trough decline	-7.93%	-9.59%	+1.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.04%	3.26%	+0.78%

Volatility

FSGS vs. FYC - Volatility Comparison

The current volatility for First Trust SMID Growth Strength ETF (FSGS) is 4.04%, while First Trust Small Cap Growth AlphaDEX Fund (FYC) has a volatility of 5.15%. This indicates that FSGS experiences smaller price fluctuations and is considered to be less risky than FYC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSGS	FYC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.04%	5.15%	-1.11%
Volatility (6M) Calculated over the trailing 6-month period	11.00%	16.16%	-5.16%
Volatility (1Y) Calculated over the trailing 1-year period	15.17%	21.77%	-6.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.98%	23.67%	-3.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.67%	24.62%	-1.95%

FSGS vs. FYC - Expense Ratio Comparison

FSGS has a 0.60% expense ratio, which is lower than FYC's 0.71% expense ratio.

Dividends

FSGS vs. FYC - Dividend Comparison

FSGS's dividend yield for the trailing twelve months is around 0.03%, less than FYC's 0.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSGS First Trust SMID Growth Strength ETF	0.03%	0.00%	2.71%	2.29%	1.95%	1.35%	1.32%	1.77%	2.13%	1.15%	0.00%	0.00%
FYC First Trust Small Cap Growth AlphaDEX Fund	0.17%	0.08%	0.72%	0.58%	0.00%	0.63%	0.12%	0.39%	0.09%	0.10%	0.31%	0.21%

Frequently Asked Questions

Can I hold both FSGS and FYC in my portfolio?

FSGS and FYC have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSGS or FYC?

FYC has higher volatility (5.15%) compared to FSGS (4.04%). In terms of maximum drawdown, FSGS dropped -43.26% vs FYC's -47.85%.

Which ETF is better, FSGS or FYC?

On 5-year performance, FYC leads with 11.25% vs 4.12% for FSGS. On fees, FSGS is cheaper at 0.60% per year. On volatility, FSGS has been the lower-risk option at 4.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FSGS or FYC?

Over the 5-year period, FYC has performed better with a 11.25% return vs 4.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FSGS or FYC?

FSGS is cheaper with a 0.60% expense ratio, compared with 0.71% for FYC.

Which ETF pays a higher dividend yield, FSGS or FYC?

FYC has the higher dividend yield at 0.17%, compared with 0.03% for FSGS.

What is the main difference between FSGS and FYC?

FSGS tracks SMID Growth Strength Index, while FYC tracks NASDAQ AlphaDEX Small Cap Growth Index. Their fees differ too: 0.60% for FSGS and 0.71% for FYC.

Which has better risk-adjusted returns?

FYC currently has the higher Sharpe Ratio (2.25 vs 0.47), 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.