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IJS vs. FNK
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IJS vs. FNK

Last updated Aug 2, 2026
Documentation

IJS (iShares S&P SmallCap 600 Value ETF) and FNK (First Trust Mid Cap Value AlphaDEX Fund) are both Small Cap Value Equities funds - IJS tracks the S&P SmallCap 600 Value Index while FNK tracks the NASDAQ AlphaDEX Mid Cap Value Index. Both are passively managed. Over the past 10 years, IJS returned 10.17%/yr vs 10.03%/yr for FNK. Their correlation of 0.89 means they have usually moved in the same direction. IJS charges 0.25%/yr vs 0.70%/yr for FNK.

Performance

IJS vs. FNK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares S&P SmallCap 600 Value ETF (IJS) and First Trust Mid Cap Value AlphaDEX Fund (FNK). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IJS achieves a 20.25% return, which is significantly higher than FNK's 14.72% return. Both investments have delivered pretty close results over the past 10 years, with IJS having a 10.17% annualized return and FNK not far behind at 10.03%.

IJS

1D
0.09%
1M
0.38%
6M
12.92%
YTD
20.25%
1Y
39.43%
3Y*
12.47%
5Y*
7.91%
10Y*
10.17%
ALL TIME*
9.94%

FNK

1D
-0.21%
1M
2.77%
6M
9.21%
YTD
14.72%
1Y
24.65%
3Y*
10.96%
5Y*
9.09%
10Y*
10.03%
ALL TIME*
9.34%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

FNK

First Trust Mid Cap Value AlphaDEX Fund
$141.83K$192.54K$284.84K

IJS

iShares S&P SmallCap 600 Value ETF
$28.19M$29.28M$50.29M

IJS vs. FNK - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IJS
iShares S&P SmallCap 600 Value ETF		20.25%6.54%7.33%14.68%-11.34%30.53%2.63%24.11%-12.86%11.35%
FNK
First Trust Mid Cap Value AlphaDEX Fund		14.72%5.65%6.65%21.03%-7.24%33.60%1.23%20.56%-14.72%11.81%

Correlation

The correlation between IJS and FNK is 0.89, 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.

0.89

Correlation (3Y)
Balances recent behavior with more history.

0.93

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.95

Correlation (10Y)
Provides a long-term view across more market conditions.

0.92

Correlation (All Time)
Calculated using the full available price history since Apr 20, 2011

0.89

The correlation between IJS and FNK has been stable across timeframes, ranging from 0.89 to 0.95 - a consistent structural relationship.

IJS vs. FNK - Sectors Allocation Comparison

Sectors
IJS
FNK

Financial Services

21.6%
26.5%

Consumer Cyclical

15.0%
16.8%

Industrials

12.9%
10.2%

Technology

11.5%
7.1%

Real Estate

8.3%
7.1%

Energy

7.6%
8.8%

Healthcare

6.3%
4.4%

Basic Materials

5.9%
6.2%

Consumer Defensive

5.5%
5.3%

Communication Services

3.5%
1.3%

Utilities

2.1%
4.9%

Financial Services

IJS
21.6%
FNK
26.5%

Consumer Cyclical

IJS
15.0%
FNK
16.8%

Industrials

IJS
12.9%
FNK
10.2%

Technology

IJS
11.5%
FNK
7.1%

Real Estate

IJS
8.3%
FNK
7.1%

Energy

IJS
7.6%
FNK
8.8%

Healthcare

IJS
6.3%
FNK
4.4%

Basic Materials

IJS
5.9%
FNK
6.2%

Consumer Defensive

IJS
5.5%
FNK
5.3%

Communication Services

IJS
3.5%
FNK
1.3%

Utilities

IJS
2.1%
FNK
4.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares S&P SmallCap 600 Value ETF

First Trust Mid Cap Value AlphaDEX Fund

Often compared with IJS:
IJS vs. IJRIJS vs. AVUVIJS vs. VBRIJS vs. VIOVIJS vs. IWNIJS vs. VOOIJS vs. ISCV
Often compared with FNK:
FNK vs. MDYVFNK vs. FNCMXFNK vs. GETGXFNK vs. FLQMFNK vs. VOEFNK vs. DISVXFNK vs. DISV

Return for Risk

IJS vs. FNK — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
IJS
IJS Risk / Return Rank: 8888
Overall Rank
IJS Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
IJS Sortino Ratio Rank: 8989
Sortino Ratio Rank
IJS Omega Ratio Rank: 8585
Omega Ratio Rank
IJS Calmar Ratio Rank: 9191
Calmar Ratio Rank
IJS Martin Ratio Rank: 8989
Martin Ratio Rank
FNK
FNK Risk / Return Rank: 6868
Overall Rank
FNK Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
FNK Sortino Ratio Rank: 7474
Sortino Ratio Rank
FNK Omega Ratio Rank: 6565
Omega Ratio Rank
FNK Calmar Ratio Rank: 7171
Calmar Ratio Rank
FNK Martin Ratio Rank: 6262
Martin Ratio Rank
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.

IJS vs. FNK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P SmallCap 600 Value ETF (IJS) and First Trust Mid Cap Value AlphaDEX Fund (FNK). 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.

IJSFNKDifference
Sharpe ratioReturn per unit of total volatility
2.09
1.55

+0.54

Sortino ratioReturn per unit of downside risk
3.02
2.40

+0.62

Omega ratioGain probability vs. loss probability

1.37

1.28

+0.09

Calmar ratioReturn relative to maximum drawdown

3.99

2.50

+1.49

Martin ratioReturn relative to average drawdown

13.67

7.45

+6.22

IJS vs. FNK - Sharpe Ratio Comparison

The current IJS Sharpe Ratio is 2.09, which is higher than the FNK Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of IJS and FNK, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

IJS vs. FNK - Drawdown Comparison

The maximum IJS drawdown since its inception was -60.11%, which is greater than FNK's maximum drawdown of -50.70%. Use the drawdown chart below to compare losses from any high point for IJS and FNK.

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Drawdown Indicators

IJSFNKDifference

Max Drawdown

Largest peak-to-trough decline

-60.11%

-50.70%

-9.41%

Max Drawdown (1Y)

Largest decline over 1 year

-9.28%

-9.13%

-0.15%

Max Drawdown (3Y)

Largest decline over 3 years

-28.65%

-25.16%

-3.49%

Max Drawdown (5Y)

Largest decline over 5 years

-28.65%

-25.16%

-3.49%

Max Drawdown (10Y)

Largest decline over 10 years

-47.68%

-50.70%

+3.02%

Current Drawdown

Current decline from peak

-1.56%

-1.34%

-0.22%

Average Drawdown

Average peak-to-trough decline

-9.84%

-6.78%

-3.06%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.70%

3.06%

-0.36%

Volatility

IJS vs. FNK - Volatility Comparison

The current volatility for iShares S&P SmallCap 600 Value ETF (IJS) is 3.53%, while First Trust Mid Cap Value AlphaDEX Fund (FNK) has a volatility of 3.86%. This indicates that IJS experiences smaller price fluctuations and is considered to be less risky than FNK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IJSFNKDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.53%

3.86%

-0.33%

Volatility (6M)

Calculated over the trailing 6-month period

11.13%

9.46%

+1.67%

Volatility (1Y)

Calculated over the trailing 1-year period

17.74%

14.75%

+2.99%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.71%

20.89%

+0.82%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.54%

23.75%

-0.21%

IJS vs. FNK - Expense Ratio Comparison

IJS has a 0.25% expense ratio, which is lower than FNK's 0.70% expense ratio.

Dividends

IJS vs. FNK - Dividend Comparison

IJS's dividend yield for the trailing twelve months is around 1.32%, less than FNK's 1.43% yield.

PositionTTM20252024202320222021202020192018201720162015
FNK
First Trust Mid Cap Value AlphaDEX Fund		1.43%1.53%1.63%1.76%1.66%1.27%1.61%1.82%1.76%1.40%1.38%1.45%
IJS
iShares S&P SmallCap 600 Value ETF		1.32%1.62%1.78%1.42%1.46%1.52%1.00%1.66%1.75%1.41%1.22%1.59%

Frequently Asked Questions

IJS and FNK have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FNK has higher volatility (3.86%) compared to IJS (3.53%). In terms of maximum drawdown, IJS dropped -60.11% vs FNK's -50.70%.

On 10-year performance, IJS leads with 10.17% vs 10.03% for FNK. On fees, IJS is cheaper at 0.25% per year. On volatility, IJS has been the lower-risk option at 3.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IJS has performed better with a 10.17% return vs 10.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IJS is cheaper with a 0.25% expense ratio, compared with 0.70% for FNK.

FNK has the higher dividend yield at 1.43%, compared with 1.32% for IJS.

IJS tracks S&P SmallCap 600 Value Index, while FNK tracks NASDAQ AlphaDEX Mid Cap Value Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.25% for IJS and 0.70% for FNK.

IJS currently has the higher Sharpe Ratio (2.09 vs 1.55), 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.

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