MDPL vs. FAB

Last updated Aug 5, 2026

MDPL (Monarch Dividend Plus ETF) and FAB (First Trust Multi Cap Value AlphaDEX Fund) are both Mid Cap Value Equities funds - MDPL tracks the Monarch Dividend Plus Index while FAB tracks the NASDAQ AlphaDEX Multi Cap Value Index. Both are passively managed. Over the past year, MDPL returned 13.71% vs 32.73% for FAB. Their correlation of 0.82 means they have usually moved in the same direction. MDPL charges 1.24%/yr vs 0.64%/yr for FAB.

Performance

MDPL vs. FAB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Monarch Dividend Plus ETF (MDPL) and First Trust Multi Cap Value AlphaDEX Fund (FAB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MDPL achieves a 8.46% return, which is significantly lower than FAB's 21.08% return.

MDPL

• 1D: 1.80%
• 1M: 11.19%
• 6M: 7.93%
• YTD: 8.46%
• 1Y: 13.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.79%

FAB

• 1D: 0.85%
• 1M: 4.42%
• 6M: 13.57%
• YTD: 21.08%
• 1Y: 32.73%
• 3Y*: 14.84%
• 5Y*: 10.58%
• 10Y*: 11.00%
• ALL TIME*: 8.51%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FAB First Trust Multi Cap Value AlphaDEX Fund	$2.44M	$3.14M	$1.24M
MDPL Monarch Dividend Plus ETF	$270.73K	$467.72K	$384.91K

MDPL vs. FAB - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MDPL Monarch Dividend Plus ETF	8.46%	7.57%	0.42%
FAB First Trust Multi Cap Value AlphaDEX Fund	21.08%	9.86%	6.82%

Correlation

The correlation between MDPL and FAB is 0.73, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.73
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024	0.82

The correlation between MDPL and FAB has been stable across timeframes, ranging from 0.73 to 0.82 - a consistent structural relationship.

Return for Risk

MDPL vs. FAB — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MDPL

MDPL Risk / Return Rank: 30
MDPL Sharpe Ratio Rank: 31
MDPL Sortino Ratio Rank: 32
MDPL Omega Ratio Rank: 29
MDPL Calmar Ratio Rank: 30
MDPL Martin Ratio Rank: 27

FAB

FAB Risk / Return Rank: 91
FAB Sharpe Ratio Rank: 91
FAB Sortino Ratio Rank: 93
FAB Omega Ratio Rank: 89
FAB Calmar Ratio Rank: 93
FAB Martin Ratio Rank: 91

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.

MDPL vs. FAB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Monarch Dividend Plus ETF (MDPL) and First Trust Multi Cap Value AlphaDEX Fund (FAB). 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.

	MDPL	FAB	Difference
Sharpe ratio: Return per unit of total volatility	0.85	2.48	-1.63
Sortino ratio: Return per unit of downside risk	1.37	3.72	-2.36
Omega ratio: Gain probability vs. loss probability	1.15	1.44	-0.29
Calmar ratio: Return relative to maximum drawdown	1.11	4.94	-3.83
Martin ratio: Return relative to average drawdown	2.47	16.32	-13.85

MDPL vs. FAB - Sharpe Ratio Comparison

The current MDPL Sharpe Ratio is 0.85, which is lower than the FAB Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of MDPL and FAB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MDPL vs. FAB - Drawdown Comparison

The maximum MDPL drawdown since its inception was -14.21%, smaller than the maximum FAB drawdown of -63.29%. Use the drawdown chart below to compare losses from any high point for MDPL and FAB.

Drawdown Indicators

	MDPL	FAB	Difference
Max Drawdown Largest peak-to-trough decline	-14.21%	-63.29%	+49.08%
Max Drawdown (1Y) Largest decline over 1 year	-12.38%	-6.65%	-5.73%
Max Drawdown (3Y) Largest decline over 3 years	—	-22.91%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-22.91%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-47.08%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.50%	-9.18%	+4.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.56%	2.01%	+3.55%

Volatility

MDPL vs. FAB - Volatility Comparison

Monarch Dividend Plus ETF (MDPL) has a higher volatility of 5.89% compared to First Trust Multi Cap Value AlphaDEX Fund (FAB) at 3.88%. This indicates that MDPL's price experiences larger fluctuations and is considered to be riskier than FAB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MDPL	FAB	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.89%	3.88%	+2.01%
Volatility (6M) Calculated over the trailing 6-month period	12.66%	8.72%	+3.94%
Volatility (1Y) Calculated over the trailing 1-year period	16.25%	13.30%	+2.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.63%	18.60%	-2.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.63%	21.95%	-6.32%

MDPL vs. FAB - Expense Ratio Comparison

MDPL has a 1.24% expense ratio, which is higher than FAB's 0.64% expense ratio.

Dividends

MDPL vs. FAB - Dividend Comparison

MDPL's dividend yield for the trailing twelve months is around 1.42%, less than FAB's 1.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FAB First Trust Multi Cap Value AlphaDEX Fund	1.50%	1.57%	2.00%	1.94%	1.80%	1.32%	1.59%	1.75%	1.96%	1.42%	1.40%	1.62%
MDPL Monarch Dividend Plus ETF	1.42%	1.42%	1.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MDPL and FAB in my portfolio?

MDPL and FAB have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MDPL or FAB?

MDPL has higher volatility (5.89%) compared to FAB (3.88%). In terms of maximum drawdown, MDPL dropped -14.21% vs FAB's -63.29%.

Which ETF is better, MDPL or FAB?

On 1-year performance, FAB leads with 32.73% vs 13.71% for MDPL. On fees, FAB is cheaper at 0.64% per year. On volatility, FAB has been the lower-risk option at 3.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MDPL or FAB?

Over the 1-year period, FAB has performed better with a 32.73% return vs 13.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MDPL or FAB?

FAB is cheaper with a 0.64% expense ratio, compared with 1.24% for MDPL.

Which ETF pays a higher dividend yield, MDPL or FAB?

FAB has the higher dividend yield at 1.50%, compared with 1.42% for MDPL.

What is the main difference between MDPL and FAB?

MDPL tracks Monarch Dividend Plus Index, while FAB tracks NASDAQ AlphaDEX Multi Cap Value Index. They also come from different issuers: Monarch and First Trust. Their fees differ too: 1.24% for MDPL and 0.64% for FAB.

Which has better risk-adjusted returns?

FAB currently has the higher Sharpe Ratio (2.48 vs 0.85), 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.