FYX vs. SMLF

Last updated Apr 1, 2026

Compare and contrast key facts about First Trust Small Cap Core AlphaDEX Fund (FYX) and iShares MSCI USA Small-Cap Multifactor ETF (SMLF).

FYX and SMLF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FYX is a passively managed fund by First Trust that tracks the performance of the Nasdaq AlphaDEX Small Cap Core Index. It was launched on May 8, 2007. SMLF is a passively managed fund by iShares that tracks the performance of the MSCI USA Small Cap Diversified Multi-Factor. It was launched on Apr 28, 2015. Both FYX and SMLF are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

FYX vs. SMLF - 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 MSCI USA Small-Cap Multifactor ETF (SMLF). The values are adjusted to include any dividend payments, if applicable.

FYX vs. SMLF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FYX First Trust Small Cap Core AlphaDEX Fund	5.67%	12.68%	12.22%	18.30%	-18.41%	27.43%	19.48%	21.32%	-10.64%	14.34%
SMLF iShares MSCI USA Small-Cap Multifactor ETF	1.08%	12.30%	16.33%	19.99%	-12.19%	26.53%	8.38%	21.56%	-8.42%	12.70%

Returns By Period

In the year-to-date period, FYX achieves a 5.67% return, which is significantly higher than SMLF's 1.08% return. Both investments have delivered pretty close results over the past 10 years, with FYX having a 11.34% annualized return and SMLF not far behind at 11.24%.

FYX

• 1D: 2.70%
• 1M: -2.67%
• YTD: 5.67%
• 6M: 10.05%
• 1Y: 33.57%
• 3Y*: 15.33%
• 5Y*: 6.59%
• 10Y*: 11.34%

SMLF

• 1D: 3.34%
• 1M: -4.37%
• YTD: 1.08%
• 6M: 2.12%
• 1Y: 22.93%
• 3Y*: 15.22%
• 5Y*: 8.55%
• 10Y*: 11.24%

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

FYX vs. SMLF - Expense Ratio Comparison

FYX has a 0.63% expense ratio, which is higher than SMLF's 0.30% expense ratio.

FYX

First Trust Small Cap Core AlphaDEX Fund

SMLF

iShares MSCI USA Small-Cap Multifactor ETF

Return for Risk

FYX vs. SMLF — Risk / Return Rank

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

FYX

FYX Risk / Return Rank: 81
FYX Sharpe Ratio Rank: 79
FYX Sortino Ratio Rank: 82
FYX Omega Ratio Rank: 75
FYX Calmar Ratio Rank: 82
FYX Martin Ratio Rank: 84

SMLF

SMLF Risk / Return Rank: 63
SMLF Sharpe Ratio Rank: 60
SMLF Sortino Ratio Rank: 63
SMLF Omega Ratio Rank: 59
SMLF Calmar Ratio Rank: 65
SMLF Martin Ratio Rank: 70

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. SMLF - 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 MSCI USA Small-Cap Multifactor ETF (SMLF). 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.

	FYX	SMLF	Difference
Sharpe ratio Return per unit of total volatility	1.48	1.02	+0.47
Sortino ratio Return per unit of downside risk	2.14	1.55	+0.59
Omega ratio Gain probability vs. loss probability	1.28	1.21	+0.07
Calmar ratio Return relative to maximum drawdown	2.35	1.56	+0.79
Martin ratio Return relative to average drawdown	9.65	6.74	+2.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FYX vs. SMLF - Sharpe Ratio Comparison

The current FYX Sharpe Ratio is 1.48, which is higher than the SMLF Sharpe Ratio of 1.02. The chart below compares the historical Sharpe Ratios of FYX and SMLF, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FYX	SMLF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.48	1.02	+0.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	0.41	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.52	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.49	-0.15

Correlation

The correlation between FYX and SMLF is 0.90, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FYX vs. SMLF - Dividend Comparison

FYX's dividend yield for the trailing twelve months is around 0.78%, less than SMLF's 1.17% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FYX First Trust Small Cap Core AlphaDEX Fund	0.78%	0.64%	1.62%	1.22%	0.95%	0.99%	0.65%	1.12%	1.08%	0.60%	0.94%	0.88%
SMLF iShares MSCI USA Small-Cap Multifactor ETF	1.17%	1.14%	1.33%	1.13%	1.23%	1.07%	1.33%	1.39%	1.17%	0.93%	0.78%	0.79%

Drawdowns

FYX vs. SMLF - Drawdown Comparison

The maximum FYX drawdown since its inception was -61.80%, which is greater than SMLF's maximum drawdown of -41.89%. Use the drawdown chart below to compare losses from any high point for FYX and SMLF.

Drawdown Indicators

	FYX	SMLF	Difference
Max Drawdown Largest peak-to-trough decline	-61.80%	-41.89%	-19.91%
Max Drawdown (1Y) Largest decline over 1 year	-13.84%	-14.59%	+0.75%
Max Drawdown (5Y) Largest decline over 5 years	-27.91%	-26.28%	-1.63%
Max Drawdown (10Y) Largest decline over 10 years	-48.82%	-41.89%	-6.93%
Current Drawdown Current decline from peak	-4.24%	-5.66%	+1.42%
Average Drawdown Average peak-to-trough decline	-10.98%	-6.68%	-4.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.38%	3.38%	0.00%

Volatility

FYX vs. SMLF - Volatility Comparison

The current volatility for First Trust Small Cap Core AlphaDEX Fund (FYX) is 6.35%, while iShares MSCI USA Small-Cap Multifactor ETF (SMLF) has a volatility of 7.09%. This indicates that FYX experiences smaller price fluctuations and is considered to be less risky than SMLF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FYX	SMLF	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.35%	7.09%	-0.74%
Volatility (6M) Calculated over the trailing 6-month period	13.40%	13.36%	+0.04%
Volatility (1Y) Calculated over the trailing 1-year period	22.79%	22.67%	+0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.04%	21.14%	+0.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.21%	21.75%	+2.46%