MDY vs. FNX

Last updated Jun 3, 2026

MDY (SPDR S&P MidCap 400 ETF) and FNX (First Trust Mid Cap Core AlphaDEX Fund) are both exchange-traded funds - MDY is a Small Cap Growth Equities fund tracking the S&P MidCap 400 Index, while FNX is a Mid Cap Blend Equities fund tracking the NASDAQ AlphaDEX Mid Cap Core Index. Both are passively managed. Over the past 10 years, MDY returned 11.05%/yr vs 11.92%/yr for FNX. Their correlation of 0.94 suggests significant overlap in exposure. MDY charges 0.23%/yr vs 0.60%/yr for FNX.

Performance

MDY vs. FNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P MidCap 400 ETF (MDY) and First Trust Mid Cap Core AlphaDEX Fund (FNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MDY achieves a 14.02% return, which is significantly higher than FNX's 12.02% return. Over the past 10 years, MDY has underperformed FNX with an annualized return of 11.05%, while FNX has yielded a comparatively higher 11.92% annualized return.

MDY

• 1D: 0.90%
• 1M: 3.28%
• YTD: 14.02%
• 6M: 15.05%
• 1Y: 26.67%
• 3Y*: 15.81%
• 5Y*: 8.07%
• 10Y*: 11.05%

FNX

• 1D: 0.82%
• 1M: 1.97%
• YTD: 12.02%
• 6M: 13.02%
• 1Y: 28.41%
• 3Y*: 17.06%
• 5Y*: 8.39%
• 10Y*: 11.92%

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

MDY vs. FNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MDY SPDR S&P MidCap 400 ETF	14.02%	7.19%	13.64%	16.07%	-13.28%	24.53%	13.50%	25.78%	-11.29%	15.93%
FNX First Trust Mid Cap Core AlphaDEX Fund	12.02%	9.87%	12.21%	20.39%	-13.57%	25.05%	16.04%	26.97%	-11.23%	17.66%

Correlation

The correlation between MDY and FNX is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since May 11, 2007	0.94

The correlation between MDY and FNX has been stable across timeframes, ranging from 0.94 to 0.98 - a consistent structural relationship.

MDY vs. FNX - Sectors Allocation Comparison

Sectors	MDY	FNX
Industrials	25.1%	19.3%
Technology	15.4%	9.5%
Financial Services	13.9%	18.6%
Consumer Cyclical	10.8%	14.4%
Healthcare	8.7%	10.4%
Real Estate	7.7%	8.6%
Energy	5.6%	6.2%
Basic Materials	4.8%	3.1%
Consumer Defensive	3.8%	4.0%
Utilities	3.1%	2.7%
Communication Services	1.0%	2.2%

Return for Risk

MDY vs. FNX — Risk / Return Rank

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

MDY

MDY Risk / Return Rank: 54
MDY Sharpe Ratio Rank: 49
MDY Sortino Ratio Rank: 51
MDY Omega Ratio Rank: 48
MDY Calmar Ratio Rank: 60
MDY Martin Ratio Rank: 61

FNX

FNX Risk / Return Rank: 54
FNX Sharpe Ratio Rank: 51
FNX Sortino Ratio Rank: 53
FNX Omega Ratio Rank: 48
FNX Calmar Ratio Rank: 60
FNX Martin Ratio Rank: 58

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.

MDY vs. FNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P MidCap 400 ETF (MDY) 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.

	MDY	FNX	Difference
Sharpe ratio Return per unit of total volatility	1.73	1.77	-0.04
Sortino ratio Return per unit of downside risk	2.52	2.59	-0.06
Omega ratio Gain probability vs. loss probability	1.31	1.31	0.00
Calmar ratio Return relative to maximum drawdown	3.01	3.06	-0.05
Martin ratio Return relative to average drawdown	10.99	10.55	+0.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MDY vs. FNX - Sharpe Ratio Comparison

The current MDY Sharpe Ratio is 1.73, which is comparable to the FNX Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of MDY and FNX, 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

	MDY	FNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.73	1.77	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.41	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.54	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.42	+0.11

Drawdowns

MDY vs. FNX - Drawdown Comparison

The maximum MDY drawdown since its inception was -55.33%, roughly equal to the maximum FNX drawdown of -57.11%. Use the drawdown chart below to compare losses from any high point for MDY and FNX.

Drawdown Indicators

	MDY	FNX	Difference
Max Drawdown Largest peak-to-trough decline	-55.33%	-57.11%	+1.78%
Max Drawdown (1Y) Largest decline over 1 year	-8.82%	-9.24%	+0.42%
Max Drawdown (3Y) Largest decline over 3 years	-24.03%	-24.97%	+0.94%
Max Drawdown (5Y) Largest decline over 5 years	-24.03%	-24.97%	+0.94%
Max Drawdown (10Y) Largest decline over 10 years	-42.22%	-43.95%	+1.73%
Current Drawdown Current decline from peak	0.00%	-0.59%	+0.59%
Average Drawdown Average peak-to-trough decline	-7.03%	-8.41%	+1.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.42%	2.68%	-0.26%

Volatility

MDY vs. FNX - Volatility Comparison

The current volatility for SPDR S&P MidCap 400 ETF (MDY) is 4.40%, while First Trust Mid Cap Core AlphaDEX Fund (FNX) has a volatility of 4.74%. This indicates that MDY 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

	MDY	FNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.40%	4.74%	-0.34%
Volatility (6M) Calculated over the trailing 6-month period	11.30%	11.45%	-0.15%
Volatility (1Y) Calculated over the trailing 1-year period	15.48%	16.11%	-0.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.77%	20.50%	-0.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.19%	21.97%	-0.78%

MDY vs. FNX - Expense Ratio Comparison

MDY has a 0.23% expense ratio, which is lower than FNX's 0.60% expense ratio.

Dividends

MDY vs. FNX - Dividend Comparison

MDY's dividend yield for the trailing twelve months is around 1.04%, more than FNX's 0.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNX First Trust Mid Cap Core AlphaDEX Fund	0.83%	0.88%	1.26%	1.11%	1.19%	0.94%	1.04%	1.21%	1.01%	0.90%	1.07%	1.07%
MDY SPDR S&P MidCap 400 ETF	1.04%	1.15%	1.18%	1.21%	1.37%	0.96%	1.12%	1.34%	1.39%	1.18%	1.31%	1.35%

Frequently Asked Questions

Can I hold both MDY and FNX in my portfolio?

With a correlation of 0.97, MDY and FNX 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, MDY or FNX?

FNX has higher volatility (4.74%) compared to MDY (4.40%). In terms of maximum drawdown, MDY dropped -55.33% vs FNX's -57.11%.

Which ETF is better, MDY or FNX?

On 10-year performance, FNX leads with 11.92% vs 11.05% for MDY. On fees, MDY is cheaper at 0.23% per year. On volatility, MDY has been the lower-risk option at 4.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MDY or FNX?

Over the 10-year period, FNX has performed better with a 11.92% return vs 11.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MDY or FNX?

MDY is cheaper with a 0.23% expense ratio, compared with 0.60% for FNX.

Which ETF pays a higher dividend yield, MDY or FNX?

MDY has the higher dividend yield at 1.04%, compared with 0.83% for FNX.

What is the main difference between MDY and FNX?

MDY is categorized as Small Cap Growth Equities, while FNX is Mid Cap Blend Equities. MDY tracks S&P MidCap 400 Index, while FNX tracks NASDAQ AlphaDEX Mid Cap Core Index. They also come from different issuers: State Street and First Trust. Their fees differ too: 0.23% for MDY and 0.60% for FNX.

Which has better risk-adjusted returns?

FNX currently has the higher Sharpe Ratio (1.77 vs 1.73), 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.