FYX vs. IWY

Last updated Jun 24, 2026

FYX (First Trust Small Cap Core AlphaDEX Fund) and IWY (iShares Russell Top 200 Growth ETF) are both exchange-traded funds - FYX is a Small Cap Blend Equities fund tracking the Nasdaq AlphaDEX Small Cap Core Index, while IWY is a Large Cap Growth Equities fund tracking the Russell Top 200 Growth Index. Both are passively managed. Over the past 10 years, FYX returned 13.06%/yr vs 19.34%/yr for IWY. A 0.68 correlation means they provide meaningful diversification when combined. FYX charges 0.63%/yr vs 0.20%/yr for IWY.

Performance

FYX vs. IWY - 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 Top 200 Growth ETF (IWY). 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 IWY's 1.47% return. Over the past 10 years, FYX has underperformed IWY with an annualized return of 13.06%, while IWY has yielded a comparatively higher 19.34% 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%

IWY

• 1D: -1.59%
• 1M: -4.29%
• YTD: 1.47%
• 6M: 0.28%
• 1Y: 19.00%
• 3Y*: 22.32%
• 5Y*: 14.18%
• 10Y*: 19.34%

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

FYX vs. IWY - 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%
IWY iShares Russell Top 200 Growth ETF	1.47%	18.19%	34.89%	46.49%	-29.91%	31.05%	39.01%	36.20%	-0.72%	31.69%

Correlation

The correlation between FYX and IWY is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Sep 28, 2009	0.68

The correlation between FYX and IWY shifts across timeframes, from 0.51 (1 year) to 0.68 (all time), reflecting how their relationship changes across market environments.

FYX vs. IWY - Sectors Allocation Comparison

Sectors	FYX	IWY
Financial Services	17.3%	5.3%
Industrials	16.6%	3.3%
Healthcare	14.0%	6.7%
Technology	11.7%	56.9%
Consumer Cyclical	11.7%	10.5%
Real Estate	8.6%	0.3%
Energy	5.7%	0.0%
Consumer Defensive	5.3%	2.8%
Basic Materials	4.5%	0.3%
Communication Services	3.1%	12.6%
Utilities	1.6%	1.1%

Return for Risk

FYX vs. IWY — 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

IWY

IWY Risk / Return Rank: 30
IWY Sharpe Ratio Rank: 34
IWY Sortino Ratio Rank: 32
IWY Omega Ratio Rank: 32
IWY Calmar Ratio Rank: 24
IWY Martin Ratio Rank: 28

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. IWY - 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 Top 200 Growth ETF (IWY). 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	IWY	Difference
Sharpe ratio: Return per unit of total volatility	2.58	1.17	+1.41
Sortino ratio: Return per unit of downside risk	3.66	1.65	+2.01
Omega ratio: Gain probability vs. loss probability	1.43	1.21	+0.22
Calmar ratio: Return relative to maximum drawdown	6.27	1.15	+5.12
Martin ratio: Return relative to average drawdown	20.40	3.65	+16.75

FYX vs. IWY - Sharpe Ratio Comparison

The current FYX Sharpe Ratio is 2.58, which is higher than the IWY Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of FYX and IWY, 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. IWY - Drawdown Comparison

The maximum FYX drawdown since its inception was -61.80%, which is greater than IWY's maximum drawdown of -32.68%. Use the drawdown chart below to compare losses from any high point for FYX and IWY.

Drawdown Indicators

	FYX	IWY	Difference
Max Drawdown Largest peak-to-trough decline	-61.80%	-32.68%	-29.12%
Max Drawdown (1Y) Largest decline over 1 year	-7.56%	-16.63%	+9.07%
Max Drawdown (3Y) Largest decline over 3 years	-27.91%	-23.22%	-4.69%
Max Drawdown (5Y) Largest decline over 5 years	-27.91%	-32.68%	+4.77%
Max Drawdown (10Y) Largest decline over 10 years	-48.82%	-32.68%	-16.14%
Current Drawdown Current decline from peak	-0.12%	-7.07%	+6.95%
Average Drawdown Average peak-to-trough decline	-10.86%	-4.75%	-6.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.32%	5.22%	-2.90%

Volatility

FYX vs. IWY - Volatility Comparison

The current volatility for First Trust Small Cap Core AlphaDEX Fund (FYX) is 4.89%, while iShares Russell Top 200 Growth ETF (IWY) has a volatility of 6.08%. This indicates that FYX experiences smaller price fluctuations and is considered to be less risky than IWY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FYX	IWY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.89%	6.08%	-1.19%
Volatility (6M) Calculated over the trailing 6-month period	12.29%	12.61%	-0.32%
Volatility (1Y) Calculated over the trailing 1-year period	18.42%	16.30%	+2.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.96%	21.60%	+0.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.20%	21.03%	+3.17%

FYX vs. IWY - Expense Ratio Comparison

FYX has a 0.63% expense ratio, which is higher than IWY's 0.20% expense ratio.

Dividends

FYX vs. IWY - Dividend Comparison

FYX's dividend yield for the trailing twelve months is around 0.67%, more than IWY's 0.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
IWY iShares Russell Top 200 Growth ETF	0.36%	0.36%	0.42%	0.68%	0.88%	0.50%	0.71%	1.06%	1.32%	1.26%	1.51%	1.58%

Frequently Asked Questions

Can I hold both FYX and IWY in my portfolio?

FYX and IWY have a correlation of 0.51, 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 IWY?

IWY has higher volatility (6.08%) compared to FYX (4.89%). In terms of maximum drawdown, FYX dropped -61.80% vs IWY's -32.68%.

Which ETF is better, FYX or IWY?

On 10-year performance, IWY leads with 19.34% vs 13.06% for FYX. On fees, IWY is cheaper at 0.20% per year. On volatility, FYX has been the lower-risk option at 4.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FYX or IWY?

Over the 10-year period, IWY has performed better with a 19.34% return vs 13.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FYX or IWY?

IWY is cheaper with a 0.20% expense ratio, compared with 0.63% for FYX.

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

FYX has the higher dividend yield at 0.67%, compared with 0.36% for IWY.

What is the main difference between FYX and IWY?

FYX is categorized as Small Cap Blend Equities, while IWY is Large Cap Growth Equities. FYX tracks Nasdaq AlphaDEX Small Cap Core Index, while IWY tracks Russell Top 200 Growth Index. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.63% for FYX and 0.20% for IWY.

Which has better risk-adjusted returns?

FYX currently has the higher Sharpe Ratio (2.58 vs 1.17), 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.