RFG vs. FYC

Last updated Aug 2, 2026

RFG (Invesco S&P MidCap 400® Pure Growth ETF) and FYC (First Trust Small Cap Growth AlphaDEX Fund) are both Small Cap Growth Equities funds - RFG tracks the S&P Mid Cap 400 Pure Growth while FYC tracks the NASDAQ AlphaDEX Small Cap Growth Index. Both are passively managed. Over the past 10 years, RFG returned 9.64%/yr vs 14.06%/yr for FYC. Their correlation of 0.88 means they have usually moved in the same direction. RFG charges 0.35%/yr vs 0.71%/yr for FYC.

Performance

RFG vs. FYC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P MidCap 400® Pure Growth ETF (RFG) and First Trust Small Cap Growth AlphaDEX Fund (FYC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RFG achieves a 13.90% return, which is significantly lower than FYC's 23.54% return. Over the past 10 years, RFG has underperformed FYC with an annualized return of 9.64%, while FYC has yielded a comparatively higher 14.06% annualized return.

RFG

• 1D: 0.12%
• 1M: -4.54%
• 6M: 8.66%
• YTD: 13.90%
• 1Y: 19.95%
• 3Y*: 14.10%
• 5Y*: 6.33%
• 10Y*: 9.64%
• ALL TIME*: 9.54%

FYC

• 1D: -0.59%
• 1M: -3.95%
• 6M: 18.84%
• YTD: 23.54%
• 1Y: 52.40%
• 3Y*: 23.62%
• 5Y*: 11.25%
• 10Y*: 14.06%
• ALL TIME*: 12.46%

*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)
FYC First Trust Small Cap Growth AlphaDEX Fund	$11.77M	$9.10M	$7.44M
RFG Invesco S&P MidCap 400® Pure Growth ETF	$240.77K	$300.86K	$394.29K

RFG vs. FYC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RFG Invesco S&P MidCap 400® Pure Growth ETF	13.90%	8.80%	17.80%	16.42%	-21.70%	13.81%	32.86%	17.09%	-13.98%	20.46%
FYC First Trust Small Cap Growth AlphaDEX Fund	23.54%	24.24%	23.99%	14.52%	-25.86%	21.64%	32.34%	16.79%	-5.54%	22.97%

Correlation

The correlation between RFG and FYC is 0.85, 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.	0.85
Correlation (3Y) Balances recent behavior with more history.	0.87
Correlation (5Y) Shows whether the relationship held over a longer period.	0.90
Correlation (10Y) Provides a long-term view across more market conditions.	0.90
Correlation (All Time) Calculated using the full available price history since Apr 20, 2011	0.88

The correlation between RFG and FYC has been stable across timeframes, ranging from 0.85 to 0.90 - a consistent structural relationship.

RFG vs. FYC - Sectors Allocation Comparison

Sectors	RFG	FYC
Industrials	31.6%	17.6%
Technology	23.3%	17.5%
Healthcare	19.3%	27.2%
Consumer Cyclical	6.7%	9.4%
Energy	4.0%	2.1%
Basic Materials	3.6%	3.6%
Financial Services	3.4%	8.9%
Consumer Defensive	2.4%	2.9%
Utilities	2.2%	1.5%
Real Estate	1.9%	5.4%
Communication Services	1.6%	3.8%

Return for Risk

RFG vs. FYC — Risk / Return Rank

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

RFG

RFG Risk / Return Rank: 43
RFG Sharpe Ratio Rank: 38
RFG Sortino Ratio Rank: 39
RFG Omega Ratio Rank: 36
RFG Calmar Ratio Rank: 51
RFG Martin Ratio Rank: 53

FYC

FYC Risk / Return Rank: 90
FYC Sharpe Ratio Rank: 90
FYC Sortino Ratio Rank: 89
FYC Omega Ratio Rank: 84
FYC Calmar Ratio Rank: 94
FYC 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.

RFG vs. FYC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap 400® Pure Growth ETF (RFG) and First Trust Small Cap Growth AlphaDEX Fund (FYC). 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.

	RFG	FYC	Difference
Sharpe ratio: Return per unit of total volatility	0.95	2.25	-1.29
Sortino ratio: Return per unit of downside risk	1.46	3.07	-1.61
Omega ratio: Gain probability vs. loss probability	1.17	1.36	-0.19
Calmar ratio: Return relative to maximum drawdown	1.81	4.66	-2.85
Martin ratio: Return relative to average drawdown	6.13	14.97	-8.84

RFG vs. FYC - Sharpe Ratio Comparison

The current RFG Sharpe Ratio is 0.95, which is lower than the FYC Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of RFG and FYC, 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

RFG vs. FYC - Drawdown Comparison

The maximum RFG drawdown since its inception was -51.93%, which is greater than FYC's maximum drawdown of -47.85%. Use the drawdown chart below to compare losses from any high point for RFG and FYC.

Drawdown Indicators

	RFG	FYC	Difference
Max Drawdown Largest peak-to-trough decline	-51.93%	-47.85%	-4.08%
Max Drawdown (1Y) Largest decline over 1 year	-10.41%	-10.48%	+0.07%
Max Drawdown (3Y) Largest decline over 3 years	-26.71%	-27.79%	+1.08%
Max Drawdown (5Y) Largest decline over 5 years	-35.16%	-35.37%	+0.21%
Max Drawdown (10Y) Largest decline over 10 years	-42.92%	-47.85%	+4.93%
Current Drawdown Current decline from peak	-7.56%	-6.85%	-0.71%
Average Drawdown Average peak-to-trough decline	-8.93%	-9.59%	+0.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.07%	3.26%	-0.19%

Volatility

RFG vs. FYC - Volatility Comparison

Invesco S&P MidCap 400® Pure Growth ETF (RFG) has a higher volatility of 6.10% compared to First Trust Small Cap Growth AlphaDEX Fund (FYC) at 5.15%. This indicates that RFG's price experiences larger fluctuations and is considered to be riskier than FYC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RFG	FYC	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.10%	5.15%	+0.95%
Volatility (6M) Calculated over the trailing 6-month period	16.32%	16.16%	+0.16%
Volatility (1Y) Calculated over the trailing 1-year period	19.84%	21.77%	-1.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.99%	23.67%	-0.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.10%	24.62%	-1.52%

RFG vs. FYC - Expense Ratio Comparison

RFG has a 0.35% expense ratio, which is lower than FYC's 0.71% expense ratio.

Dividends

RFG vs. FYC - Dividend Comparison

RFG's dividend yield for the trailing twelve months is around 0.15%, less than FYC's 0.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FYC First Trust Small Cap Growth AlphaDEX Fund	0.17%	0.08%	0.72%	0.58%	0.00%	0.63%	0.12%	0.39%	0.09%	0.10%	0.31%	0.21%
RFG Invesco S&P MidCap 400® Pure Growth ETF	0.15%	0.43%	0.38%	0.99%	0.78%	0.05%	0.27%	0.64%	0.76%	0.66%	0.35%	0.61%

Frequently Asked Questions

Can I hold both RFG and FYC in my portfolio?

RFG and FYC have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RFG or FYC?

RFG has higher volatility (6.10%) compared to FYC (5.15%). In terms of maximum drawdown, RFG dropped -51.93% vs FYC's -47.85%.

Which ETF is better, RFG or FYC?

On 10-year performance, FYC leads with 14.06% vs 9.64% for RFG. On fees, RFG is cheaper at 0.35% per year. On volatility, FYC has been the lower-risk option at 5.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RFG or FYC?

Over the 10-year period, FYC has performed better with a 14.06% return vs 9.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RFG or FYC?

RFG is cheaper with a 0.35% expense ratio, compared with 0.71% for FYC.

Which ETF pays a higher dividend yield, RFG or FYC?

FYC has the higher dividend yield at 0.17%, compared with 0.15% for RFG.

What is the main difference between RFG and FYC?

RFG tracks S&P Mid Cap 400 Pure Growth, while FYC tracks NASDAQ AlphaDEX Small Cap Growth Index. They also come from different issuers: Invesco and First Trust. Their fees differ too: 0.35% for RFG and 0.71% for FYC.

Which has better risk-adjusted returns?

FYC currently has the higher Sharpe Ratio (2.25 vs 0.95), 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.