IMCB vs. FNX

Last updated Apr 1, 2026

Compare and contrast key facts about iShares Morningstar Mid-Cap ETF (IMCB) and First Trust Mid Cap Core AlphaDEX Fund (FNX).

IMCB and FNX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IMCB is a passively managed fund by iShares that tracks the performance of the IMCB-US - Morningstar U.S. Mid Cap Index. It was launched on Jun 28, 2004. FNX is a passively managed fund by First Trust that tracks the performance of the NASDAQ AlphaDEX Mid Cap Core Index. It was launched on May 8, 2007. Both IMCB and FNX 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

IMCB vs. FNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Morningstar Mid-Cap ETF (IMCB) and First Trust Mid Cap Core AlphaDEX Fund (FNX). The values are adjusted to include any dividend payments, if applicable.

IMCB vs. FNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IMCB iShares Morningstar Mid-Cap ETF	1.14%	10.25%	15.10%	16.37%	-16.09%	22.81%	13.35%	31.49%	-11.53%	19.70%
FNX First Trust Mid Cap Core AlphaDEX Fund	2.05%	9.87%	12.21%	20.39%	-13.57%	25.05%	16.04%	26.97%	-11.23%	17.66%

Returns By Period

In the year-to-date period, IMCB achieves a 1.14% return, which is significantly lower than FNX's 2.05% return. Over the past 10 years, IMCB has underperformed FNX with an annualized return of 10.27%, while FNX has yielded a comparatively higher 11.15% annualized return.

IMCB

• 1D: 2.52%
• 1M: -5.47%
• YTD: 1.14%
• 6M: 1.17%
• 1Y: 14.21%
• 3Y*: 12.90%
• 5Y*: 7.16%
• 10Y*: 10.27%

FNX

• 1D: 2.75%
• 1M: -5.37%
• YTD: 2.05%
• 6M: 2.82%
• 1Y: 18.78%
• 3Y*: 13.81%
• 5Y*: 7.40%
• 10Y*: 11.15%

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

IMCB vs. FNX - Expense Ratio Comparison

IMCB has a 0.04% expense ratio, which is lower than FNX's 0.60% expense ratio.

FNX

First Trust Mid Cap Core AlphaDEX Fund

IMCB

iShares Morningstar Mid-Cap ETF

Return for Risk

IMCB vs. FNX — Risk / Return Rank

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

IMCB

IMCB Risk / Return Rank: 48
IMCB Sharpe Ratio Rank: 45
IMCB Sortino Ratio Rank: 46
IMCB Omega Ratio Rank: 46
IMCB Calmar Ratio Rank: 47
IMCB Martin Ratio Rank: 57

FNX

FNX Risk / Return Rank: 52
FNX Sharpe Ratio Rank: 50
FNX Sortino Ratio Rank: 52
FNX Omega Ratio Rank: 49
FNX Calmar Ratio Rank: 53
FNX Martin Ratio Rank: 57

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.

IMCB vs. FNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Mid-Cap ETF (IMCB) and First Trust Mid Cap Core AlphaDEX Fund (FNX). 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.

	IMCB	FNX	Difference
Sharpe ratio Return per unit of total volatility	0.79	0.89	-0.09
Sortino ratio Return per unit of downside risk	1.22	1.36	-0.15
Omega ratio Gain probability vs. loss probability	1.17	1.19	-0.01
Calmar ratio Return relative to maximum drawdown	1.16	1.34	-0.19
Martin ratio Return relative to average drawdown	5.35	5.45	-0.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IMCB vs. FNX - Sharpe Ratio Comparison

The current IMCB Sharpe Ratio is 0.79, which is comparable to the FNX Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of IMCB and FNX, 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

	IMCB	FNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.79	0.89	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.36	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.51	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.40	+0.08

Correlation

The correlation between IMCB and FNX is 0.91, 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

IMCB vs. FNX - Dividend Comparison

IMCB's dividend yield for the trailing twelve months is around 1.38%, more than FNX's 0.91% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IMCB iShares Morningstar Mid-Cap ETF	1.38%	1.42%	1.43%	1.55%	1.70%	1.08%	1.12%	1.32%	1.80%	1.31%	1.79%	1.47%
FNX First Trust Mid Cap Core AlphaDEX Fund	0.91%	0.88%	1.26%	1.11%	1.19%	0.94%	1.04%	1.21%	1.01%	0.90%	1.07%	1.07%

Drawdowns

IMCB vs. FNX - Drawdown Comparison

The maximum IMCB drawdown since its inception was -58.80%, roughly equal to the maximum FNX drawdown of -57.11%. Use the drawdown chart below to compare losses from any high point for IMCB and FNX.

Drawdown Indicators

	IMCB	FNX	Difference
Max Drawdown Largest peak-to-trough decline	-58.80%	-57.11%	-1.69%
Max Drawdown (1Y) Largest decline over 1 year	-12.92%	-14.59%	+1.67%
Max Drawdown (5Y) Largest decline over 5 years	-25.15%	-24.97%	-0.18%
Max Drawdown (10Y) Largest decline over 10 years	-40.99%	-43.95%	+2.96%
Current Drawdown Current decline from peak	-5.73%	-6.67%	+0.94%
Average Drawdown Average peak-to-trough decline	-7.79%	-8.47%	+0.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.79%	3.60%	-0.81%

Volatility

IMCB vs. FNX - Volatility Comparison

The current volatility for iShares Morningstar Mid-Cap ETF (IMCB) is 5.32%, while First Trust Mid Cap Core AlphaDEX Fund (FNX) has a volatility of 6.19%. This indicates that IMCB experiences smaller price fluctuations and is considered to be less risky than FNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMCB	FNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.32%	6.19%	-0.87%
Volatility (6M) Calculated over the trailing 6-month period	9.96%	12.22%	-2.26%
Volatility (1Y) Calculated over the trailing 1-year period	17.98%	21.23%	-3.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.57%	20.52%	-2.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.63%	21.94%	-2.31%