ISCV vs. FNK

Last updated Jun 4, 2026

ISCV (iShares Morningstar Small Cap Value ETF) and FNK (First Trust Mid Cap Value AlphaDEX Fund) are both Small Cap Value Equities funds - ISCV tracks the Morningstar US Small Cap Broad Value Extended Index while FNK tracks the NASDAQ AlphaDEX Mid Cap Value Index. Both are passively managed. Over the past 10 years, ISCV returned 8.58%/yr vs 9.29%/yr for FNK. Their correlation of 0.92 suggests significant overlap in exposure. ISCV charges 0.06%/yr vs 0.70%/yr for FNK.

Performance

ISCV vs. FNK - Performance Comparison

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

Returns By Period

In the year-to-date period, ISCV achieves a 10.08% return, which is significantly higher than FNK's 7.22% return. Over the past 10 years, ISCV has underperformed FNK with an annualized return of 8.58%, while FNK has yielded a comparatively higher 9.29% annualized return.

ISCV

• 1D: -0.57%
• 1M: 2.04%
• YTD: 10.08%
• 6M: 10.27%
• 1Y: 27.98%
• 3Y*: 15.48%
• 5Y*: 6.54%
• 10Y*: 8.58%

FNK

• 1D: -0.38%
• 1M: 0.68%
• YTD: 7.22%
• 6M: 7.56%
• 1Y: 19.55%
• 3Y*: 13.11%
• 5Y*: 6.97%
• 10Y*: 9.29%

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

ISCV vs. FNK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ISCV iShares Morningstar Small Cap Value ETF	10.08%	10.38%	9.31%	16.55%	-10.58%	29.15%	0.86%	19.51%	-17.39%	8.59%
FNK First Trust Mid Cap Value AlphaDEX Fund	7.22%	5.65%	6.65%	21.03%	-7.24%	33.60%	1.23%	20.56%	-14.72%	11.81%

Correlation

The correlation between ISCV and FNK is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Apr 21, 2011	0.92

The correlation between ISCV and FNK has been stable across timeframes, ranging from 0.92 to 0.97 - a consistent structural relationship.

ISCV vs. FNK - Sectors Allocation Comparison

Sectors	ISCV	FNK
Financial Services	21.1%	25.2%
Consumer Cyclical	13.4%	19.0%
Industrials	12.1%	12.8%
Healthcare	11.1%	5.3%
Real Estate	11.0%	7.5%
Technology	8.9%	7.1%
Energy	7.2%	8.4%
Basic Materials	5.8%	4.0%
Consumer Defensive	3.7%	3.5%
Utilities	3.6%	4.4%
Communication Services	1.8%	1.3%

Return for Risk

ISCV vs. FNK — Risk / Return Rank

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

ISCV

ISCV Risk / Return Rank: 54
ISCV Sharpe Ratio Rank: 49
ISCV Sortino Ratio Rank: 53
ISCV Omega Ratio Rank: 47
ISCV Calmar Ratio Rank: 61
ISCV Martin Ratio Rank: 59

FNK

FNK Risk / Return Rank: 38
FNK Sharpe Ratio Rank: 35
FNK Sortino Ratio Rank: 39
FNK Omega Ratio Rank: 35
FNK Calmar Ratio Rank: 43
FNK Martin Ratio Rank: 39

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.

ISCV vs. FNK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Small Cap Value ETF (ISCV) 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.

	ISCV	FNK	Difference
Sharpe ratio: Return per unit of total volatility	1.73	1.29	+0.45
Sortino ratio: Return per unit of downside risk	2.58	2.02	+0.56
Omega ratio: Gain probability vs. loss probability	1.30	1.23	+0.07
Calmar ratio: Return relative to maximum drawdown	3.04	2.15	+0.89
Martin ratio: Return relative to average drawdown	10.55	6.23	+4.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ISCV vs. FNK - Sharpe Ratio Comparison

The current ISCV Sharpe Ratio is 1.73, which is higher than the FNK Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of ISCV 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.

Sharpe Ratios by Period

	ISCV	FNK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.73	1.29	+0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	0.33	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	0.39	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.40	-0.04

Drawdowns

ISCV vs. FNK - Drawdown Comparison

The maximum ISCV drawdown since its inception was -63.14%, which is greater than FNK's maximum drawdown of -50.70%. Use the drawdown chart below to compare losses from any high point for ISCV and FNK.

Drawdown Indicators

	ISCV	FNK	Difference
Max Drawdown Largest peak-to-trough decline	-63.14%	-50.70%	-12.44%
Max Drawdown (1Y) Largest decline over 1 year	-9.25%	-9.13%	-0.12%
Max Drawdown (3Y) Largest decline over 3 years	-25.35%	-25.16%	-0.19%
Max Drawdown (5Y) Largest decline over 5 years	-25.35%	-25.16%	-0.19%
Max Drawdown (10Y) Largest decline over 10 years	-51.56%	-50.70%	-0.86%
Current Drawdown Current decline from peak	-0.68%	-2.16%	+1.48%
Average Drawdown Average peak-to-trough decline	-9.14%	-6.84%	-2.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.66%	3.15%	-0.49%

Volatility

ISCV vs. FNK - Volatility Comparison

iShares Morningstar Small Cap Value ETF (ISCV) has a higher volatility of 3.80% compared to First Trust Mid Cap Value AlphaDEX Fund (FNK) at 3.53%. This indicates that ISCV's price experiences larger fluctuations and is considered to be riskier than FNK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISCV	FNK	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.80%	3.53%	+0.27%
Volatility (6M) Calculated over the trailing 6-month period	10.45%	9.69%	+0.76%
Volatility (1Y) Calculated over the trailing 1-year period	16.28%	15.36%	+0.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.83%	21.04%	-0.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.30%	23.86%	-0.56%

ISCV vs. FNK - Expense Ratio Comparison

ISCV has a 0.06% expense ratio, which is lower than FNK's 0.70% expense ratio.

Dividends

ISCV vs. FNK - Dividend Comparison

ISCV's dividend yield for the trailing twelve months is around 1.88%, more than FNK's 1.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNK First Trust Mid Cap Value AlphaDEX Fund	1.56%	1.53%	1.63%	1.76%	1.66%	1.27%	1.61%	1.82%	1.76%	1.40%	1.38%	1.45%
ISCV iShares Morningstar Small Cap Value ETF	1.88%	2.04%	2.01%	2.21%	2.12%	1.95%	2.01%	2.36%	2.48%	1.74%	2.49%	2.60%

Frequently Asked Questions

Can I hold both ISCV and FNK in my portfolio?

With a correlation of 0.95, ISCV and FNK move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, ISCV or FNK?

ISCV has higher volatility (3.80%) compared to FNK (3.53%). In terms of maximum drawdown, ISCV dropped -63.14% vs FNK's -50.70%.

Which ETF is better, ISCV or FNK?

On 10-year performance, FNK leads with 9.29% vs 8.58% for ISCV. On fees, ISCV is cheaper at 0.06% per year. On volatility, FNK has been the lower-risk option at 3.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ISCV or FNK?

Over the 10-year period, FNK has performed better with a 9.29% return vs 8.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ISCV or FNK?

ISCV is cheaper with a 0.06% expense ratio, compared with 0.70% for FNK.

Which ETF pays a higher dividend yield, ISCV or FNK?

ISCV has the higher dividend yield at 1.88%, compared with 1.56% for FNK.

What is the main difference between ISCV and FNK?

ISCV tracks Morningstar US Small Cap Broad Value Extended Index, while FNK tracks NASDAQ AlphaDEX Mid Cap Value Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.06% for ISCV and 0.70% for FNK.

Which has better risk-adjusted returns?

ISCV currently has the higher Sharpe Ratio (1.73 vs 1.29), 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.