IVOG vs. FAD
IVOG (Vanguard S&P Mid-Cap 400 Growth ETF) and FAD (First Trust Multi Cap Growth AlphaDEX Fund) are both Mid Cap Growth Equities funds - IVOG tracks the S&P MidCap 400 Growth Index while FAD tracks the NASDAQ AlphaDEX Multi Cap Growth Index. Both are passively managed. Over the past 10 years, IVOG returned 11.06%/yr vs 13.98%/yr for FAD. Their correlation of 0.91 suggests significant overlap in exposure. IVOG charges 0.10%/yr vs 0.63%/yr for FAD.
Performance
IVOG vs. FAD - Performance Comparison
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Returns By Period
In the year-to-date period, IVOG achieves a 16.96% return, which is significantly higher than FAD's 15.78% return. Over the past 10 years, IVOG has underperformed FAD with an annualized return of 11.06%, while FAD has yielded a comparatively higher 13.98% annualized return.
IVOG
- 1D
- -1.05%
- 1M
- -1.65%
- 6M
- 11.10%
- YTD
- 16.96%
- 1Y
- 23.29%
- 3Y*
- 14.86%
- 5Y*
- 8.21%
- 10Y*
- 11.06%
FAD
- 1D
- -1.66%
- 1M
- -1.48%
- 6M
- 10.44%
- YTD
- 15.78%
- 1Y
- 28.16%
- 3Y*
- 20.77%
- 5Y*
- 10.47%
- 10Y*
- 13.98%
IVOG vs. FAD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IVOG Vanguard S&P Mid-Cap 400 Growth ETF | 16.96% | 7.34% | 15.62% | 17.36% | -19.08% | 18.85% | 22.60% | 26.13% | -10.58% | 19.90% |
FAD First Trust Multi Cap Growth AlphaDEX Fund | 15.78% | 17.23% | 23.85% | 19.07% | -24.06% | 21.17% | 34.92% | 26.66% | -6.45% | 25.75% |
Correlation
The correlation between IVOG and FAD is 0.92, 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 | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010 | 0.91 |
The correlation between IVOG and FAD has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.
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Return for Risk
IVOG vs. FAD — Risk / Return Rank
IVOG
FAD
IVOG vs. FAD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Mid-Cap 400 Growth ETF (IVOG) and First Trust Multi Cap Growth AlphaDEX Fund (FAD). 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.
| IVOG | FAD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.25 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.41 | 2.65 | -0.24 |
| Martin ratioReturn relative to average drawdown | 9.23 | 9.68 | -0.45 |
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Drawdowns
IVOG vs. FAD - Drawdown Comparison
The maximum IVOG drawdown since its inception was -39.32%, smaller than the maximum FAD drawdown of -54.33%. Use the drawdown chart below to compare losses from any high point for IVOG and FAD.
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Drawdown Indicators
| IVOG | FAD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.32% | -54.33% | +15.01% |
Max Drawdown (1Y)Largest decline over 1 year | -9.69% | -10.66% | +0.97% |
Max Drawdown (3Y)Largest decline over 3 years | -25.61% | -23.55% | -2.06% |
Max Drawdown (5Y)Largest decline over 5 years | -29.31% | -31.99% | +2.68% |
Max Drawdown (10Y)Largest decline over 10 years | -39.32% | -37.25% | -2.07% |
Current DrawdownCurrent decline from peak | -3.90% | -6.34% | +2.44% |
Average DrawdownAverage peak-to-trough decline | -5.85% | -9.60% | +3.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.53% | 2.92% | -0.39% |
Volatility
IVOG vs. FAD - Volatility Comparison
The current volatility for Vanguard S&P Mid-Cap 400 Growth ETF (IVOG) is 5.56%, while First Trust Multi Cap Growth AlphaDEX Fund (FAD) has a volatility of 7.75%. This indicates that IVOG experiences smaller price fluctuations and is considered to be less risky than FAD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IVOG | FAD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.56% | 7.75% | -2.19% |
Volatility (6M)Calculated over the trailing 6-month period | 13.92% | 15.91% | -1.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.90% | 20.17% | -2.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.72% | 20.86% | -0.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.59% | 21.31% | -0.72% |
IVOG vs. FAD - Expense Ratio Comparison
IVOG has a 0.10% expense ratio, which is lower than FAD's 0.63% expense ratio.
Dividends
IVOG vs. FAD - Dividend Comparison
IVOG's dividend yield for the trailing twelve months is around 0.55%, more than FAD's 0.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FAD First Trust Multi Cap Growth AlphaDEX Fund | 0.09% | 0.09% | 0.59% | 0.51% | 0.60% | 0.09% | 0.32% | 0.48% | 0.20% | 0.22% | 0.64% | 0.41% |
IVOG Vanguard S&P Mid-Cap 400 Growth ETF | 0.55% | 0.64% | 0.79% | 1.15% | 1.05% | 0.47% | 0.74% | 1.17% | 1.01% | 0.93% | 1.11% | 1.04% |
Frequently Asked Questions
With a correlation of 0.92, IVOG and FAD 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.
FAD has higher volatility (7.75%) compared to IVOG (5.56%). In terms of maximum drawdown, IVOG dropped -39.32% vs FAD's -54.33%.
On 10-year performance, FAD leads with 13.98% vs 11.06% for IVOG. On fees, IVOG is cheaper at 0.10% per year. On volatility, IVOG has been the lower-risk option at 5.56%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FAD has performed better with a 13.98% return vs 11.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IVOG is cheaper with a 0.10% expense ratio, compared with 0.63% for FAD.
IVOG has the higher dividend yield at 0.55%, compared with 0.09% for FAD.
IVOG tracks S&P MidCap 400 Growth Index, while FAD tracks NASDAQ AlphaDEX Multi Cap Growth Index. They also come from different issuers: Vanguard and First Trust. Their fees differ too: 0.10% for IVOG and 0.63% for FAD.
FAD currently has the higher Sharpe Ratio (1.41 vs 1.31), 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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