MDYV vs. FNK

Last updated Aug 2, 2026

MDYV (SPDR S&P 400 Mid Cap Value ETF) and FNK (First Trust Mid Cap Value AlphaDEX Fund) are both exchange-traded funds - MDYV is a Mid Cap Value Equities fund tracking the S&P MidCap 400 Value Index, while FNK is a Small Cap Value Equities fund tracking the NASDAQ AlphaDEX Mid Cap Value Index. Both are passively managed. Over the past 10 years, MDYV returned 10.59%/yr vs 10.03%/yr for FNK. Their correlation of 0.91 means they have usually moved in the same direction. MDYV charges 0.15%/yr vs 0.70%/yr for FNK.

Performance

MDYV vs. FNK - Performance Comparison

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

Returns By Period

In the year-to-date period, MDYV achieves a 13.25% return, which is significantly lower than FNK's 14.72% return. Over the past 10 years, MDYV has outperformed FNK with an annualized return of 10.59%, while FNK has yielded a comparatively lower 10.03% annualized return.

MDYV

• 1D: -0.22%
• 1M: 0.75%
• 6M: 8.78%
• YTD: 13.25%
• 1Y: 22.67%
• 3Y*: 11.89%
• 5Y*: 9.11%
• 10Y*: 10.59%
• ALL TIME*: 9.10%

FNK

• 1D: -0.21%
• 1M: 2.77%
• 6M: 9.21%
• YTD: 14.72%
• 1Y: 24.65%
• 3Y*: 10.96%
• 5Y*: 9.09%
• 10Y*: 10.03%
• ALL TIME*: 9.34%

*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)
FNK First Trust Mid Cap Value AlphaDEX Fund	$141.83K	$192.54K	$284.84K
MDYV SPDR S&P 400 Mid Cap Value ETF	$12.18M	$9.03M	$7.86M

MDYV vs. FNK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MDYV SPDR S&P 400 Mid Cap Value ETF	13.25%	7.45%	11.48%	15.35%	-7.19%	30.51%	3.68%	25.89%	-11.95%	12.31%
FNK First Trust Mid Cap Value AlphaDEX Fund	14.72%	5.65%	6.65%	21.03%	-7.24%	33.60%	1.23%	20.56%	-14.72%	11.81%

Correlation

The correlation between MDYV and FNK is 0.92, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.92
Correlation (3Y) Balances recent behavior with more history.	0.95
Correlation (5Y) Shows whether the relationship held over a longer period.	0.96
Correlation (10Y) Provides a long-term view across more market conditions.	0.95
Correlation (All Time) Calculated using the full available price history since Apr 20, 2011	0.91

The correlation between MDYV and FNK has been stable across timeframes, ranging from 0.91 to 0.96 - a consistent structural relationship.

MDYV vs. FNK - Sectors Allocation Comparison

Sectors	MDYV	FNK
Financial Services	22.2%	26.5%
Industrials	16.3%	10.2%
Consumer Cyclical	13.6%	16.8%
Real Estate	9.8%	7.1%
Technology	9.5%	7.1%
Basic Materials	7.5%	6.2%
Energy	6.7%	8.8%
Consumer Defensive	5.0%	5.3%
Healthcare	4.6%	4.4%
Utilities	4.0%	4.9%
Communication Services	0.8%	1.3%

Return for Risk

MDYV vs. FNK — Risk / Return Rank

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

MDYV

MDYV Risk / Return Rank: 58
MDYV Sharpe Ratio Rank: 58
MDYV Sortino Ratio Rank: 63
MDYV Omega Ratio Rank: 56
MDYV Calmar Ratio Rank: 55
MDYV Martin Ratio Rank: 58

FNK

FNK Risk / Return Rank: 68
FNK Sharpe Ratio Rank: 68
FNK Sortino Ratio Rank: 74
FNK Omega Ratio Rank: 65
FNK Calmar Ratio Rank: 71
FNK Martin Ratio Rank: 62

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.

MDYV vs. FNK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P 400 Mid Cap Value ETF (MDYV) 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.

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.

	MDYV	FNK	Difference
Sharpe ratio: Return per unit of total volatility	1.38	1.55	-0.17
Sortino ratio: Return per unit of downside risk	2.10	2.40	-0.30
Omega ratio: Gain probability vs. loss probability	1.25	1.28	-0.03
Calmar ratio: Return relative to maximum drawdown	1.96	2.50	-0.54
Martin ratio: Return relative to average drawdown	6.98	7.45	-0.47

MDYV vs. FNK - Sharpe Ratio Comparison

The current MDYV Sharpe Ratio is 1.38, which is comparable to the FNK Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of MDYV and FNK, 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

MDYV vs. FNK - Drawdown Comparison

The maximum MDYV drawdown since its inception was -60.71%, which is greater than FNK's maximum drawdown of -50.70%. Use the drawdown chart below to compare losses from any high point for MDYV and FNK.

Drawdown Indicators

	MDYV	FNK	Difference
Max Drawdown Largest peak-to-trough decline	-60.71%	-50.70%	-10.01%
Max Drawdown (1Y) Largest decline over 1 year	-10.53%	-9.13%	-1.40%
Max Drawdown (3Y) Largest decline over 3 years	-22.58%	-25.16%	+2.58%
Max Drawdown (5Y) Largest decline over 5 years	-22.58%	-25.16%	+2.58%
Max Drawdown (10Y) Largest decline over 10 years	-45.90%	-50.70%	+4.80%
Current Drawdown Current decline from peak	-1.24%	-1.34%	+0.10%
Average Drawdown Average peak-to-trough decline	-8.56%	-6.78%	-1.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.96%	3.06%	-0.10%

Volatility

MDYV vs. FNK - Volatility Comparison

The current volatility for SPDR S&P 400 Mid Cap Value ETF (MDYV) is 3.39%, while First Trust Mid Cap Value AlphaDEX Fund (FNK) has a volatility of 3.86%. This indicates that MDYV experiences smaller price fluctuations and is considered to be less risky than FNK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MDYV	FNK	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.39%	3.86%	-0.47%
Volatility (6M) Calculated over the trailing 6-month period	10.36%	9.46%	+0.90%
Volatility (1Y) Calculated over the trailing 1-year period	15.00%	14.75%	+0.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.29%	20.89%	-1.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.83%	23.75%	-1.92%

MDYV vs. FNK - Expense Ratio Comparison

MDYV has a 0.15% expense ratio, which is lower than FNK's 0.70% expense ratio.

Dividends

MDYV vs. FNK - Dividend Comparison

MDYV's dividend yield for the trailing twelve months is around 1.67%, more than FNK's 1.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNK First Trust Mid Cap Value AlphaDEX Fund	1.43%	1.53%	1.63%	1.76%	1.66%	1.27%	1.61%	1.82%	1.76%	1.40%	1.38%	1.45%
MDYV SPDR S&P 400 Mid Cap Value ETF	1.67%	1.72%	1.89%	1.59%	1.90%	1.74%	1.69%	1.83%	2.28%	2.48%	1.83%	4.31%

Frequently Asked Questions

Can I hold both MDYV and FNK in my portfolio?

With a correlation of 0.92, MDYV and FNK 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, MDYV or FNK?

FNK has higher volatility (3.86%) compared to MDYV (3.39%). In terms of maximum drawdown, MDYV dropped -60.71% vs FNK's -50.70%.

Which ETF is better, MDYV or FNK?

On 10-year performance, MDYV leads with 10.59% vs 10.03% for FNK. On fees, MDYV is cheaper at 0.15% per year. On volatility, MDYV has been the lower-risk option at 3.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MDYV or FNK?

Over the 10-year period, MDYV has performed better with a 10.59% return vs 10.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MDYV or FNK?

MDYV is cheaper with a 0.15% expense ratio, compared with 0.70% for FNK.

Which ETF pays a higher dividend yield, MDYV or FNK?

MDYV has the higher dividend yield at 1.67%, compared with 1.43% for FNK.

What is the main difference between MDYV and FNK?

MDYV is categorized as Mid Cap Value Equities, while FNK is Small Cap Value Equities. MDYV tracks S&P MidCap 400 Value Index, while FNK tracks NASDAQ AlphaDEX Mid Cap Value Index. They also come from different issuers: State Street and First Trust. Their fees differ too: 0.15% for MDYV and 0.70% for FNK.

Which has better risk-adjusted returns?

FNK currently has the higher Sharpe Ratio (1.55 vs 1.38), 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.