ISCV vs. FNK

Last updated Apr 1, 2026

Compare and contrast key facts about iShares Morningstar Small Cap Value ETF (ISCV) and First Trust Mid Cap Value AlphaDEX Fund (FNK).

ISCV and FNK are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ISCV is a passively managed fund by iShares that tracks the performance of the Morningstar US Small Cap Broad Value Extended Index. It was launched on Jun 28, 2004. FNK is a passively managed fund by First Trust that tracks the performance of the NASDAQ AlphaDEX Mid Cap Value Index. It was launched on Apr 19, 2011. Both ISCV and FNK 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

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.

ISCV vs. FNK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ISCV iShares Morningstar Small Cap Value ETF	1.87%	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	3.02%	5.65%	6.65%	21.03%	-7.24%	33.60%	1.23%	20.56%	-14.72%	11.81%

Returns By Period

In the year-to-date period, ISCV achieves a 1.87% return, which is significantly lower than FNK's 3.02% return. Over the past 10 years, ISCV has underperformed FNK with an annualized return of 8.16%, while FNK has yielded a comparatively higher 9.15% annualized return.

ISCV

• 1D: 2.45%
• 1M: -4.55%
• YTD: 1.87%
• 6M: 5.45%
• 1Y: 19.73%
• 3Y*: 12.43%
• 5Y*: 6.29%
• 10Y*: 8.16%

FNK

• 1D: 1.61%
• 1M: -4.17%
• YTD: 3.02%
• 6M: 4.27%
• 1Y: 15.07%
• 3Y*: 11.24%
• 5Y*: 7.47%
• 10Y*: 9.15%

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

ISCV vs. FNK - Expense Ratio Comparison

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

FNK

First Trust Mid Cap Value AlphaDEX Fund

ISCV

iShares Morningstar Small Cap Value ETF

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: 55
ISCV Sharpe Ratio Rank: 53
ISCV Sortino Ratio Rank: 56
ISCV Omega Ratio Rank: 52
ISCV Calmar Ratio Rank: 56
ISCV Martin Ratio Rank: 58

FNK

FNK Risk / Return Rank: 39
FNK Sharpe Ratio Rank: 37
FNK Sortino Ratio Rank: 41
FNK Omega Ratio Rank: 40
FNK Calmar Ratio Rank: 39
FNK Martin Ratio Rank: 40

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	0.91	0.69	+0.22
Sortino ratio Return per unit of downside risk	1.41	1.13	+0.28
Omega ratio Gain probability vs. loss probability	1.19	1.16	+0.03
Calmar ratio Return relative to maximum drawdown	1.36	0.99	+0.37
Martin ratio Return relative to average drawdown	5.42	3.75	+1.67
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 0.91, which is higher than the FNK Sharpe Ratio of 0.69. The chart below compares the historical Sharpe Ratios of ISCV and FNK, 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

	ISCV	FNK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.91	0.69	+0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	0.36	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	0.38	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.39	-0.04

Correlation

The correlation between ISCV and FNK is 0.92, 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

ISCV vs. FNK - Dividend Comparison

ISCV's dividend yield for the trailing twelve months is around 2.03%, more than FNK's 1.63% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ISCV iShares Morningstar Small Cap Value ETF	2.03%	2.04%	2.01%	2.21%	2.12%	1.95%	2.01%	2.36%	2.48%	1.74%	2.49%	2.60%
FNK First Trust Mid Cap Value AlphaDEX Fund	1.63%	1.53%	1.63%	1.76%	1.66%	1.27%	1.61%	1.82%	1.76%	1.40%	1.38%	1.45%

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	-14.70%	-15.86%	+1.16%
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	-6.18%	-6.00%	-0.18%
Average Drawdown Average peak-to-trough decline	-9.20%	-6.89%	-2.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.69%	4.20%	-0.51%

Volatility

ISCV vs. FNK - Volatility Comparison

iShares Morningstar Small Cap Value ETF (ISCV) has a higher volatility of 5.40% compared to First Trust Mid Cap Value AlphaDEX Fund (FNK) at 4.49%. 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	5.40%	4.49%	+0.91%
Volatility (6M) Calculated over the trailing 6-month period	12.01%	10.87%	+1.14%
Volatility (1Y) Calculated over the trailing 1-year period	21.81%	22.08%	-0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.96%	21.11%	-0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.32%	23.89%	-0.57%