FYX vs. IWMW

Last updated Aug 6, 2026

FYX (First Trust Small Cap Core AlphaDEX Fund) and IWMW (iShares Russell 2000 BuyWrite ETF) are both exchange-traded funds - FYX is a Small Cap Blend Equities fund tracking the Nasdaq AlphaDEX Small Cap Core Index, while IWMW is a Derivative Income fund tracking the Cboe FTSE Russell IWM 2% OTM BuyWrite Index. Both are passively managed. Over the past year, FYX returned 47.92% vs 26.97% for IWMW. Their correlation of 0.87 means they have usually moved in the same direction. FYX charges 0.63%/yr vs 0.39%/yr for IWMW.

Performance

FYX vs. IWMW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Small Cap Core AlphaDEX Fund (FYX) and iShares Russell 2000 BuyWrite ETF (IWMW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FYX achieves a 29.40% return, which is significantly higher than IWMW's 16.14% return.

FYX

• 1D: -0.66%
• 1M: 2.32%
• 6M: 19.77%
• YTD: 29.40%
• 1Y: 47.92%
• 3Y*: 19.90%
• 5Y*: 10.83%
• 10Y*: 12.64%
• ALL TIME*: 9.47%

IWMW

• 1D: 0.13%
• 1M: 2.26%
• 6M: 14.29%
• YTD: 16.14%
• 1Y: 26.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.51%

*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)
FYX First Trust Small Cap Core AlphaDEX Fund	$4.70M	$3.83M	$3.92M
IWMW iShares Russell 2000 BuyWrite ETF	$647.07K	$528.72K	$531.31K

FYX vs. IWMW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FYX First Trust Small Cap Core AlphaDEX Fund	29.40%	12.68%	16.06%
IWMW iShares Russell 2000 BuyWrite ETF	16.14%	7.82%	5.85%

Correlation

The correlation between FYX and IWMW is 0.84, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.84
Correlation (All Time) Calculated using the full available price history since Mar 15, 2024	0.87

The correlation between FYX and IWMW has been stable across timeframes, ranging from 0.84 to 0.87 - a consistent structural relationship.

FYX vs. IWMW - Sectors Allocation Comparison

Sectors	FYX	IWMW
Financial Services	17.4%	17.6%
Industrials	16.4%	14.1%
Healthcare	15.0%	20.3%
Technology	11.8%	14.5%
Consumer Cyclical	11.7%	9.2%
Real Estate	8.6%	6.7%
Energy	5.1%	5.5%
Consumer Defensive	5.0%	2.6%
Basic Materials	4.2%	4.4%
Communication Services	3.2%	2.2%
Utilities	1.6%	2.8%

Return for Risk

FYX vs. IWMW — Risk / Return Rank

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

FYX

FYX Risk / Return Rank: 94
FYX Sharpe Ratio Rank: 93
FYX Sortino Ratio Rank: 94
FYX Omega Ratio Rank: 90
FYX Calmar Ratio Rank: 96
FYX Martin Ratio Rank: 95

IWMW

IWMW Risk / Return Rank: 85
IWMW Sharpe Ratio Rank: 84
IWMW Sortino Ratio Rank: 81
IWMW Omega Ratio Rank: 88
IWMW Calmar Ratio Rank: 88
IWMW Martin Ratio Rank: 85

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.

FYX vs. IWMW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Small Cap Core AlphaDEX Fund (FYX) and iShares Russell 2000 BuyWrite ETF (IWMW). 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	IWMW	Difference
Sharpe ratio: Return per unit of total volatility	2.71	2.18	+0.53
Sortino ratio: Return per unit of downside risk	3.88	2.95	+0.94
Omega ratio: Gain probability vs. loss probability	1.46	1.43	+0.03
Calmar ratio: Return relative to maximum drawdown	6.37	3.90	+2.47
Martin ratio: Return relative to average drawdown	21.37	13.50	+7.87

FYX vs. IWMW - Sharpe Ratio Comparison

The current FYX Sharpe Ratio is 2.71, which is comparable to the IWMW Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of FYX and IWMW, 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. IWMW - Drawdown Comparison

The maximum FYX drawdown since its inception was -61.80%, which is greater than IWMW's maximum drawdown of -21.82%. Use the drawdown chart below to compare losses from any high point for FYX and IWMW.

Drawdown Indicators

	FYX	IWMW	Difference
Max Drawdown Largest peak-to-trough decline	-61.80%	-21.82%	-39.98%
Max Drawdown (1Y) Largest decline over 1 year	-7.56%	-6.94%	-0.62%
Max Drawdown (3Y) Largest decline over 3 years	-27.91%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-27.91%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-48.82%	—	—
Current Drawdown Current decline from peak	-0.66%	0.00%	-0.66%
Average Drawdown Average peak-to-trough decline	-10.80%	-3.59%	-7.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.25%	2.00%	+0.25%

Volatility

FYX vs. IWMW - Volatility Comparison

First Trust Small Cap Core AlphaDEX Fund (FYX) has a higher volatility of 4.23% compared to iShares Russell 2000 BuyWrite ETF (IWMW) at 3.14%. This indicates that FYX's price experiences larger fluctuations and is considered to be riskier than IWMW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FYX	IWMW	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.23%	3.14%	+1.09%
Volatility (6M) Calculated over the trailing 6-month period	12.10%	9.40%	+2.70%
Volatility (1Y) Calculated over the trailing 1-year period	17.79%	12.46%	+5.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.82%	15.79%	+6.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.16%	15.79%	+8.37%

FYX vs. IWMW - Expense Ratio Comparison

FYX has a 0.63% expense ratio, which is higher than IWMW's 0.39% expense ratio.

Dividends

FYX vs. IWMW - Dividend Comparison

FYX's dividend yield for the trailing twelve months is around 0.88%, less than IWMW's 20.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FYX First Trust Small Cap Core AlphaDEX Fund	0.88%	0.64%	1.62%	1.22%	0.95%	0.99%	0.65%	1.12%	1.08%	0.60%	0.94%	0.88%
IWMW iShares Russell 2000 BuyWrite ETF	20.22%	20.98%	17.73%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FYX and IWMW in my portfolio?

FYX and IWMW 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, FYX or IWMW?

FYX has higher volatility (4.23%) compared to IWMW (3.14%). In terms of maximum drawdown, FYX dropped -61.80% vs IWMW's -21.82%.

Which ETF is better, FYX or IWMW?

On 1-year performance, FYX leads with 47.92% vs 26.97% for IWMW. On fees, IWMW is cheaper at 0.39% per year. On volatility, IWMW has been the lower-risk option at 3.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FYX or IWMW?

Over the 1-year period, FYX has performed better with a 47.92% return vs 26.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FYX or IWMW?

IWMW is cheaper with a 0.39% expense ratio, compared with 0.63% for FYX.

Which ETF pays a higher dividend yield, FYX or IWMW?

IWMW has the higher dividend yield at 20.22%, compared with 0.88% for FYX.

What is the main difference between FYX and IWMW?

FYX is categorized as Small Cap Blend Equities, while IWMW is Derivative Income. FYX tracks Nasdaq AlphaDEX Small Cap Core Index, while IWMW tracks Cboe FTSE Russell IWM 2% OTM BuyWrite Index. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.63% for FYX and 0.39% for IWMW.

Which has better risk-adjusted returns?

FYX currently has the higher Sharpe Ratio (2.71 vs 2.18), 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.