FXH vs. MDEV

Last updated Jun 23, 2026

FXH (First Trust Health Care AlphaDEX Fund) and MDEV (First Trust Indxx Medical Devices ETF) are both Health & Biotech Equities funds from First Trust - FXH tracks the StrataQuant Health Care Index while MDEV tracks the Indxx Global Medical Equipment Index. Both are passively managed. Over the past 5 years, FXH returned 0.25%/yr vs -6.05%/yr for MDEV. Their correlation of 0.84 suggests significant overlap in exposure. FXH charges 0.61%/yr vs 0.70%/yr for MDEV.

Performance

FXH vs. MDEV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Health Care AlphaDEX Fund (FXH) and First Trust Indxx Medical Devices ETF (MDEV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FXH achieves a 1.77% return, which is significantly higher than MDEV's -11.87% return.

FXH

• 1D: 0.16%
• 1M: 0.75%
• YTD: 1.77%
• 6M: 0.18%
• 1Y: 15.05%
• 3Y*: 3.15%
• 5Y*: 0.25%
• 10Y*: 7.40%

MDEV

• 1D: -0.70%
• 1M: -1.74%
• YTD: -11.87%
• 6M: -12.66%
• 1Y: -7.58%
• 3Y*: -3.46%
• 5Y*: -6.05%
• 10Y*: —

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

FXH vs. MDEV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FXH First Trust Health Care AlphaDEX Fund	1.77%	10.16%	0.96%	-4.53%	-12.24%	6.34%
MDEV First Trust Indxx Medical Devices ETF	-11.87%	2.00%	1.79%	7.55%	-28.59%	3.83%

Correlation

The correlation between FXH and MDEV is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jun 23, 2021	0.84

The correlation between FXH and MDEV has been stable across timeframes, ranging from 0.78 to 0.84 - a consistent structural relationship.

FXH vs. MDEV - Sectors Allocation Comparison

Sectors	FXH	MDEV
Healthcare	100.0%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

FXH vs. MDEV — Risk / Return Rank

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

FXH

FXH Risk / Return Rank: 27
FXH Sharpe Ratio Rank: 27
FXH Sortino Ratio Rank: 29
FXH Omega Ratio Rank: 25
FXH Calmar Ratio Rank: 26
FXH Martin Ratio Rank: 28

MDEV

MDEV Risk / Return Rank: 5
MDEV Sharpe Ratio Rank: 5
MDEV Sortino Ratio Rank: 5
MDEV Omega Ratio Rank: 5
MDEV Calmar Ratio Rank: 5
MDEV Martin Ratio Rank: 4

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.

FXH vs. MDEV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Health Care AlphaDEX Fund (FXH) and First Trust Indxx Medical Devices ETF (MDEV). 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.

	FXH	MDEV	Difference
Sharpe ratio: Return per unit of total volatility	0.94	-0.47	+1.42
Sortino ratio: Return per unit of downside risk	1.49	-0.57	+2.06
Omega ratio: Gain probability vs. loss probability	1.17	0.94	+0.23
Calmar ratio: Return relative to maximum drawdown	1.24	-0.42	+1.66
Martin ratio: Return relative to average drawdown	3.76	-0.97	+4.73

FXH vs. MDEV - Sharpe Ratio Comparison

The current FXH Sharpe Ratio is 0.94, which is higher than the MDEV Sharpe Ratio of -0.47. The chart below compares the historical Sharpe Ratios of FXH and MDEV, 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

FXH vs. MDEV - Drawdown Comparison

The maximum FXH drawdown since its inception was -43.70%, roughly equal to the maximum MDEV drawdown of -42.34%. Use the drawdown chart below to compare losses from any high point for FXH and MDEV.

Drawdown Indicators

	FXH	MDEV	Difference
Max Drawdown Largest peak-to-trough decline	-43.70%	-42.34%	-1.36%
Max Drawdown (1Y) Largest decline over 1 year	-12.20%	-18.13%	+5.93%
Max Drawdown (3Y) Largest decline over 3 years	-17.53%	-22.50%	+4.97%
Max Drawdown (5Y) Largest decline over 5 years	-29.49%	-42.34%	+12.85%
Max Drawdown (10Y) Largest decline over 10 years	-30.61%	—	—
Current Drawdown Current decline from peak	-8.09%	-34.04%	+25.95%
Average Drawdown Average peak-to-trough decline	-9.45%	-25.70%	+16.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.02%	7.82%	-3.80%

Volatility

FXH vs. MDEV - Volatility Comparison

First Trust Health Care AlphaDEX Fund (FXH) and First Trust Indxx Medical Devices ETF (MDEV) have volatilities of 4.43% and 4.28%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXH	MDEV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.43%	4.28%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	11.42%	11.80%	-0.38%
Volatility (1Y) Calculated over the trailing 1-year period	16.04%	16.19%	-0.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.55%	18.96%	-2.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.49%	18.96%	-0.47%

FXH vs. MDEV - Expense Ratio Comparison

FXH has a 0.61% expense ratio, which is lower than MDEV's 0.70% expense ratio.

Dividends

FXH vs. MDEV - Dividend Comparison

FXH's dividend yield for the trailing twelve months is around 0.84%, while MDEV has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
FXH First Trust Health Care AlphaDEX Fund	0.84%	0.75%	0.41%	0.24%	0.20%
MDEV First Trust Indxx Medical Devices ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FXH and MDEV in my portfolio?

FXH and MDEV have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FXH or MDEV?

FXH has higher volatility (4.43%) compared to MDEV (4.28%). In terms of maximum drawdown, FXH dropped -43.70% vs MDEV's -42.34%.

Which ETF is better, FXH or MDEV?

On 5-year performance, FXH leads with 0.25% vs -6.05% for MDEV. On fees, FXH is cheaper at 0.61% per year. On volatility, MDEV has been the lower-risk option at 4.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FXH or MDEV?

Over the 5-year period, FXH has performed better with a 0.25% return vs -6.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FXH or MDEV?

FXH is cheaper with a 0.61% expense ratio, compared with 0.70% for MDEV.

Which ETF pays a higher dividend yield, FXH or MDEV?

FXH has the higher dividend yield at 0.84%, compared with 0.00% for MDEV.

What is the main difference between FXH and MDEV?

FXH tracks StrataQuant Health Care Index, while MDEV tracks Indxx Global Medical Equipment Index. Their fees differ too: 0.61% for FXH and 0.70% for MDEV.

Which has better risk-adjusted returns?

FXH currently has the higher Sharpe Ratio (0.94 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.