FYX vs. FNCMX

Last updated Jun 24, 2026

FYX (First Trust Small Cap Core AlphaDEX Fund) and FNCMX (Fidelity NASDAQ Composite Index Fund) are both funds - FYX is a Small Cap Blend Equities fund tracking the Nasdaq AlphaDEX Small Cap Core Index, while FNCMX is a Large Cap Growth Equities fund tracking the Nasdaq Composite Index. Both are passively managed. Over the past 10 years, FYX returned 13.06%/yr vs 19.62%/yr for FNCMX. A 0.76 correlation means they provide meaningful diversification when combined. FYX charges 0.63%/yr vs 0.29%/yr for FNCMX.

Performance

FYX vs. FNCMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Small Cap Core AlphaDEX Fund (FYX) and Fidelity NASDAQ Composite Index Fund (FNCMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FYX achieves a 22.94% return, which is significantly higher than FNCMX's 12.94% return. Over the past 10 years, FYX has underperformed FNCMX with an annualized return of 13.06%, while FNCMX has yielded a comparatively higher 19.62% annualized return.

FYX

• 1D: -0.01%
• 1M: 4.51%
• YTD: 22.94%
• 6M: 20.86%
• 1Y: 47.16%
• 3Y*: 22.06%
• 5Y*: 9.19%
• 10Y*: 13.06%

FNCMX

• 1D: -1.31%
• 1M: -0.56%
• YTD: 12.94%
• 6M: 11.41%
• 1Y: 34.15%
• 3Y*: 25.67%
• 5Y*: 13.84%
• 10Y*: 19.62%

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

FYX vs. FNCMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FYX First Trust Small Cap Core AlphaDEX Fund	22.94%	12.68%	12.22%	18.30%	-18.41%	27.43%	19.48%	21.32%	-10.64%	14.34%
FNCMX Fidelity NASDAQ Composite Index Fund	12.94%	21.11%	29.48%	45.13%	-32.40%	22.21%	44.57%	36.63%	-3.07%	28.35%

Correlation

The correlation between FYX and FNCMX is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since May 10, 2007	0.76

The correlation between FYX and FNCMX shifts across timeframes, from 0.61 (3 years) to 0.76 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FYX vs. FNCMX — Risk / Return Rank

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

FYX

FYX Risk / Return Rank: 87
FYX Sharpe Ratio Rank: 85
FYX Sortino Ratio Rank: 87
FYX Omega Ratio Rank: 78
FYX Calmar Ratio Rank: 93
FYX Martin Ratio Rank: 91

FNCMX

FNCMX Risk / Return Rank: 53
FNCMX Sharpe Ratio Rank: 56
FNCMX Sortino Ratio Rank: 49
FNCMX Omega Ratio Rank: 50
FNCMX Calmar Ratio Rank: 56
FNCMX Martin Ratio Rank: 54

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.

FYX vs. FNCMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Small Cap Core AlphaDEX Fund (FYX) and Fidelity NASDAQ Composite Index Fund (FNCMX). 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.

	FYX	FNCMX	Difference
Sharpe ratio: Return per unit of total volatility	2.58	2.04	+0.54
Sortino ratio: Return per unit of downside risk	3.66	2.69	+0.97
Omega ratio: Gain probability vs. loss probability	1.43	1.36	+0.07
Calmar ratio: Return relative to maximum drawdown	6.27	2.74	+3.53
Martin ratio: Return relative to average drawdown	20.40	10.40	+10.00

FYX vs. FNCMX - Sharpe Ratio Comparison

The current FYX Sharpe Ratio is 2.58, which is comparable to the FNCMX Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of FYX and FNCMX, 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

FYX vs. FNCMX - Drawdown Comparison

The maximum FYX drawdown since its inception was -61.80%, which is greater than FNCMX's maximum drawdown of -55.08%. Use the drawdown chart below to compare losses from any high point for FYX and FNCMX.

Drawdown Indicators

	FYX	FNCMX	Difference
Max Drawdown Largest peak-to-trough decline	-61.80%	-55.08%	-6.72%
Max Drawdown (1Y) Largest decline over 1 year	-7.56%	-13.01%	+5.45%
Max Drawdown (3Y) Largest decline over 3 years	-27.91%	-24.20%	-3.71%
Max Drawdown (5Y) Largest decline over 5 years	-27.91%	-35.64%	+7.73%
Max Drawdown (10Y) Largest decline over 10 years	-48.82%	-35.64%	-13.18%
Current Drawdown Current decline from peak	-0.12%	-3.32%	+3.20%
Average Drawdown Average peak-to-trough decline	-10.86%	-7.85%	-3.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.32%	3.42%	-1.10%

Volatility

FYX vs. FNCMX - Volatility Comparison

The current volatility for First Trust Small Cap Core AlphaDEX Fund (FYX) is 4.89%, while Fidelity NASDAQ Composite Index Fund (FNCMX) has a volatility of 7.36%. This indicates that FYX experiences smaller price fluctuations and is considered to be less risky than FNCMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FYX	FNCMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.89%	7.36%	-2.47%
Volatility (6M) Calculated over the trailing 6-month period	12.29%	13.73%	-1.44%
Volatility (1Y) Calculated over the trailing 1-year period	18.42%	17.48%	+0.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.96%	22.65%	-0.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.20%	22.15%	+2.05%

FYX vs. FNCMX - Expense Ratio Comparison

FYX has a 0.63% expense ratio, which is higher than FNCMX's 0.29% expense ratio.

Dividends

FYX vs. FNCMX - Dividend Comparison

FYX's dividend yield for the trailing twelve months is around 0.67%, more than FNCMX's 0.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNCMX Fidelity NASDAQ Composite Index Fund	0.46%	0.51%	0.61%	0.67%	0.88%	0.47%	0.67%	4.41%	1.93%	0.03%	1.01%	1.50%
FYX First Trust Small Cap Core AlphaDEX Fund	0.67%	0.64%	1.62%	1.22%	0.95%	0.99%	0.65%	1.12%	1.08%	0.60%	0.94%	0.88%

Frequently Asked Questions

Can I hold both FYX and FNCMX in my portfolio?

FYX and FNCMX have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FYX or FNCMX?

FNCMX has higher volatility (7.36%) compared to FYX (4.89%). In terms of maximum drawdown, FYX dropped -61.80% vs FNCMX's -55.08%.

Which has better risk-adjusted returns?

FYX currently has the higher Sharpe Ratio (2.58 vs 2.04), 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.