MYY vs. FNX
MYY (ProShares Short S&P Mid Cap400) and FNX (First Trust Mid Cap Core AlphaDEX Fund) are both exchange-traded funds - MYY is a Inverse Equities fund tracking the S&P Mid Cap 400 (-100%), 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, MYY returned -10.81%/yr vs 11.92%/yr for FNX. Their -0.94 correlation means they have often moved in opposite directions in the past. MYY charges 0.95%/yr vs 0.60%/yr for FNX.
Performance
MYY vs. FNX - Performance Comparison
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Returns By Period
In the year-to-date period, MYY achieves a -10.96% return, which is significantly lower than FNX's 14.22% return. Over the past 10 years, MYY has underperformed FNX with an annualized return of -10.81%, while FNX has yielded a comparatively higher 11.92% annualized return.
MYY
- 1D
- 0.02%
- 1M
- 1.28%
- 6M
- -7.74%
- YTD
- -10.96%
- 1Y
- -15.28%
- 3Y*
- -7.56%
- 5Y*
- -5.91%
- 10Y*
- -10.81%
- ALL TIME*
- -11.59%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.47M | $1.96M | $2.41M | |
| $319.02K | $183.72K | $161.47K |
MYY vs. FNX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MYY ProShares Short S&P Mid Cap400 | -10.96% | -4.05% | -7.08% | -9.46% | 10.23% | -23.04% | -25.94% | -19.98% | 12.79% | -14.63% |
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 MYY and FNX is -0.96, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| 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. | -0.97 |
Correlation (All Time) Calculated using the full available price history since May 10, 2007 | -0.94 |
The correlation between MYY and FNX has been stable across timeframes, ranging from -0.98 to -0.94 - a consistent structural relationship.
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Return for Risk
MYY vs. FNX — Risk / Return Rank
MYY
FNX
MYY vs. FNX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short S&P Mid Cap400 (MYY) 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.
| MYY | FNX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.36 | ||
| Sortino ratioReturn per unit of downside risk | -3.36 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.26 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.77 | 2.55 | -3.32 |
| Martin ratioReturn relative to average drawdown | -1.35 | 8.68 | -10.03 |
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Drawdowns
MYY vs. FNX - Drawdown Comparison
The maximum MYY drawdown since its inception was -95.20%, which is greater than FNX's maximum drawdown of -57.11%. Use the drawdown chart below to compare losses from any high point for MYY and FNX.
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Drawdown Indicators
| MYY | FNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.20% | -57.11% | -38.09% |
Max Drawdown (1Y)Largest decline over 1 year | -18.25% | -9.24% | -9.01% |
Max Drawdown (3Y)Largest decline over 3 years | -35.14% | -24.97% | -10.17% |
Max Drawdown (5Y)Largest decline over 5 years | -37.79% | -24.97% | -12.82% |
Max Drawdown (10Y)Largest decline over 10 years | -71.93% | -43.95% | -27.98% |
Current DrawdownCurrent decline from peak | -95.07% | -2.10% | -92.97% |
Average DrawdownAverage peak-to-trough decline | -72.31% | -8.35% | -63.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.38% | 2.71% | +7.67% |
Volatility
MYY vs. FNX - Volatility Comparison
ProShares Short S&P Mid Cap400 (MYY) has a higher volatility of 3.36% compared to First Trust Mid Cap Core AlphaDEX Fund (FNX) at 3.13%. This indicates that MYY'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.
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Volatility by Period
| MYY | FNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.36% | 3.13% | +0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 11.59% | 11.39% | +0.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.70% | 16.15% | -0.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.53% | 20.40% | -0.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.21% | 21.90% | -0.69% |
MYY vs. FNX - Expense Ratio Comparison
MYY has a 0.95% expense ratio, which is higher than FNX's 0.60% expense ratio.
Dividends
MYY vs. FNX - Dividend Comparison
MYY's dividend yield for the trailing twelve months is around 4.28%, 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% |
MYY ProShares Short S&P Mid Cap400 | 4.28% | 4.20% | 4.92% | 5.08% | 0.40% | 0.00% | 0.05% | 1.52% | 0.34% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MYY and FNX have a correlation of -0.96, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MYY has higher volatility (3.36%) compared to FNX (3.13%). In terms of maximum drawdown, MYY dropped -95.20% vs FNX's -57.11%.
On 10-year performance, FNX leads with 11.92% vs -10.81% for MYY. On fees, FNX is cheaper at 0.60% 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.
Over the 10-year period, FNX has performed better with a 11.92% return vs -10.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FNX is cheaper with a 0.60% expense ratio, compared with 0.95% for MYY.
MYY has the higher dividend yield at 4.28%, compared with 0.81% for FNX.
MYY is categorized as Inverse Equities, while FNX is Mid Cap Blend Equities. MYY tracks S&P Mid Cap 400 (-100%), while FNX tracks NASDAQ AlphaDEX Mid Cap Core Index. They also come from different issuers: ProShares and First Trust. Their fees differ too: 0.95% for MYY and 0.60% for FNX.
FNX currently has the higher Sharpe Ratio (1.46 vs -0.90), 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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