MDY vs. FNX

Last updated Aug 2, 2026

MDY (SPDR S&P MidCap 400 ETF) and FNX (First Trust Mid Cap Core AlphaDEX Fund) are both Mid Cap Blend Equities funds - MDY tracks the S&P MidCap 400 Index while FNX tracks the NASDAQ AlphaDEX Mid Cap Core Index. Both are passively managed. Over the past 10 years, MDY returned 10.79%/yr vs 11.92%/yr for FNX. Their correlation of 0.94 means they have usually moved in the same direction. 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

The year-to-date returns for both stocks are quite close, with MDY having a 14.33% return and FNX slightly lower at 14.22%. Over the past 10 years, MDY has underperformed FNX with an annualized return of 10.79%, while FNX has yielded a comparatively higher 11.92% annualized return.

MDY

• 1D: -0.13%
• 1M: -1.06%
• 6M: 9.90%
• YTD: 14.33%
• 1Y: 22.39%
• 3Y*: 12.71%
• 5Y*: 8.19%
• 10Y*: 10.79%
• ALL TIME*: 11.29%

FNX

• 1D: -0.37%
• 1M: -0.54%
• 6M: 8.67%
• YTD: 14.22%
• 1Y: 25.61%
• 3Y*: 13.85%
• 5Y*: 8.88%
• 10Y*: 11.92%
• ALL TIME*: 9.56%

*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)
FNX First Trust Mid Cap Core AlphaDEX Fund	$1.47M	$1.96M	$2.41M
MDY SPDR S&P MidCap 400 ETF	$420.06M	$401.19M	$471.25M

MDY vs. FNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MDY SPDR S&P MidCap 400 ETF	14.33%	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	14.22%	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 0.96 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.96
Correlation (3Y) Balances recent behavior with more history.	0.97
Correlation (5Y) Shows whether the relationship held over a longer period.	0.98
Correlation (10Y) Provides a long-term view across more market conditions.	0.98
Correlation (All Time) Calculated using the full available price history since May 10, 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	21.7%	18.1%
Technology	15.3%	13.0%
Financial Services	14.3%	19.2%
Consumer Cyclical	10.2%	15.7%
Healthcare	10.2%	10.8%
Real Estate	7.6%	7.1%
Basic Materials	6.9%	2.8%
Energy	5.2%	5.2%
Consumer Defensive	3.2%	3.1%
Utilities	2.9%	2.7%
Communication Services	1.5%	2.2%

Return for Risk

MDY vs. FNX — Risk / Return Rank

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

MDY

MDY Risk / Return Rank: 61
MDY Sharpe Ratio Rank: 56
MDY Sortino Ratio Rank: 59
MDY Omega Ratio Rank: 54
MDY Calmar Ratio Rank: 68
MDY Martin Ratio Rank: 69

FNX

FNX Risk / Return Rank: 66
FNX Sharpe Ratio Rank: 62
FNX Sortino Ratio Rank: 66
FNX Omega Ratio Rank: 58
FNX Calmar Ratio Rank: 73
FNX Martin Ratio Rank: 70

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.

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.

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.

	MDY	FNX	Difference
Sharpe ratio: Return per unit of total volatility	1.32	1.46	-0.14
Sortino ratio: Return per unit of downside risk	1.98	2.18	-0.20
Omega ratio: Gain probability vs. loss probability	1.24	1.26	-0.02
Calmar ratio: Return relative to maximum drawdown	2.34	2.55	-0.21
Martin ratio: Return relative to average drawdown	8.48	8.68	-0.20

MDY vs. FNX - Sharpe Ratio Comparison

The current MDY Sharpe Ratio is 1.32, which is comparable to the FNX Sharpe Ratio of 1.46. 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.

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	-2.42%	-2.10%	-0.32%
Average Drawdown Average peak-to-trough decline	-7.00%	-8.35%	+1.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.44%	2.71%	-0.27%

Volatility

MDY vs. FNX - Volatility Comparison

SPDR S&P MidCap 400 ETF (MDY) has a higher volatility of 3.45% compared to First Trust Mid Cap Core AlphaDEX Fund (FNX) at 3.13%. This indicates that MDY's price experiences larger fluctuations and is considered to be riskier 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	3.45%	3.13%	+0.32%
Volatility (6M) Calculated over the trailing 6-month period	11.59%	11.39%	+0.20%
Volatility (1Y) Calculated over the trailing 1-year period	15.69%	16.15%	-0.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.69%	20.40%	-0.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.14%	21.90%	-0.76%

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 1.02%, more than FNX's 0.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNX First Trust Mid Cap Core AlphaDEX Fund	0.81%	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	1.02%	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 0.96, 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?

MDY has higher volatility (3.45%) compared to FNX (3.13%). 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 10.79% for MDY. On fees, MDY is cheaper at 0.23% per year. On volatility, FNX has been the lower-risk option at 3.13%. 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 10.79%. 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 1.02%, compared with 0.81% for FNX.

What is the main difference between MDY and FNX?

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 (1.46 vs 1.32), 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.