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RZV vs. FNK
Performance
Return for Risk
Drawdowns
Volatility
Dividends

RZV vs. FNK

Last updated Aug 4, 2026
Documentation

RZV (Invesco S&P SmallCap 600® Pure Value ETF) and FNK (First Trust Mid Cap Value AlphaDEX Fund) are both Small Cap Value Equities funds - RZV tracks the S&P Small Cap 600 Pure Value while FNK tracks the NASDAQ AlphaDEX Mid Cap Value Index. Both are passively managed. Over the past 10 years, RZV returned 10.83%/yr vs 9.81%/yr for FNK. Their correlation of 0.87 means they have usually moved in the same direction. RZV charges 0.35%/yr vs 0.70%/yr for FNK.

Performance

RZV vs. FNK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P SmallCap 600® Pure Value ETF (RZV) and First Trust Mid Cap Value AlphaDEX Fund (FNK). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, RZV achieves a 28.27% return, which is significantly higher than FNK's 15.77% return. Over the past 10 years, RZV has outperformed FNK with an annualized return of 10.83%, while FNK has yielded a comparatively lower 9.81% annualized return.

RZV

1D
1.82%
1M
2.39%
6M
16.91%
YTD
28.27%
1Y
48.09%
3Y*
16.77%
5Y*
12.95%
10Y*
10.83%
ALL TIME*
8.35%

FNK

1D
0.91%
1M
3.70%
6M
9.71%
YTD
15.77%
1Y
25.79%
3Y*
11.54%
5Y*
9.52%
10Y*
9.81%
ALL TIME*
9.40%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

FNK

First Trust Mid Cap Value AlphaDEX Fund
$167.32K$198.23K$288.96K

RZV

Invesco S&P SmallCap 600® Pure Value ETF
$1.90M$1.80M$1.00M

RZV vs. FNK - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
RZV
Invesco S&P SmallCap 600® Pure Value ETF		28.27%8.65%5.06%22.97%-6.80%45.95%-3.88%22.29%-19.66%1.25%
FNK
First Trust Mid Cap Value AlphaDEX Fund		15.77%5.65%6.65%21.03%-7.24%33.60%1.23%20.56%-14.72%11.81%

Correlation

The correlation between RZV and FNK is 0.87, 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.

0.87

Correlation (3Y)
Balances recent behavior with more history.

0.91

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.92

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

0.87

The correlation between RZV and FNK has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.

RZV vs. FNK - Sectors Allocation Comparison

Sectors
RZV
FNK

Consumer Cyclical

23.9%
16.8%

Industrials

15.7%
10.2%

Technology

12.1%
7.1%

Consumer Defensive

10.4%
5.3%

Healthcare

8.8%
4.4%

Financial Services

7.7%
26.5%

Energy

7.4%
8.8%

Basic Materials

5.7%
6.2%

Real Estate

4.6%
7.1%

Communication Services

3.4%
1.3%

Utilities

0.4%
4.9%

Consumer Cyclical

RZV
23.9%
FNK
16.8%

Industrials

RZV
15.7%
FNK
10.2%

Technology

RZV
12.1%
FNK
7.1%

Consumer Defensive

RZV
10.4%
FNK
5.3%

Healthcare

RZV
8.8%
FNK
4.4%

Financial Services

RZV
7.7%
FNK
26.5%

Energy

RZV
7.4%
FNK
8.8%

Basic Materials

RZV
5.7%
FNK
6.2%

Real Estate

RZV
4.6%
FNK
7.1%

Communication Services

RZV
3.4%
FNK
1.3%

Utilities

RZV
0.4%
FNK
4.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco S&P SmallCap 600® Pure Value ETF

First Trust Mid Cap Value AlphaDEX Fund

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Often compared with FNK:
FNK vs. MDYVFNK vs. FNCMXFNK vs. GETGXFNK vs. FLQMFNK vs. VOEFNK vs. DISVXFNK vs. DISV

Return for Risk

RZV vs. FNK — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
RZV
RZV Risk / Return Rank: 8989
Overall Rank
RZV Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
RZV Sortino Ratio Rank: 9191
Sortino Ratio Rank
RZV Omega Ratio Rank: 8888
Omega Ratio Rank
RZV Calmar Ratio Rank: 8989
Calmar Ratio Rank
RZV Martin Ratio Rank: 8686
Martin Ratio Rank
FNK
FNK Risk / Return Rank: 7373
Overall Rank
FNK Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
FNK Sortino Ratio Rank: 7979
Sortino Ratio Rank
FNK Omega Ratio Rank: 7171
Omega Ratio Rank
FNK Calmar Ratio Rank: 7676
Calmar Ratio Rank
FNK Martin Ratio Rank: 6666
Martin Ratio Rank
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.

RZV vs. FNK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap 600® Pure Value ETF (RZV) 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.

RZVFNKDifference
Sharpe ratioReturn per unit of total volatility
2.41
1.77

+0.64

Sortino ratioReturn per unit of downside risk
3.36
2.72

+0.65

Omega ratioGain probability vs. loss probability

1.40

1.32

+0.09

Calmar ratioReturn relative to maximum drawdown

3.85

2.84

+1.01

Martin ratioReturn relative to average drawdown

12.98

8.46

+4.53

RZV vs. FNK - Sharpe Ratio Comparison

The current RZV Sharpe Ratio is 2.41, which is higher than the FNK Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of RZV 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.

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Drawdowns

RZV vs. FNK - Drawdown Comparison

The maximum RZV drawdown since its inception was -77.11%, which is greater than FNK's maximum drawdown of -50.70%. Use the drawdown chart below to compare losses from any high point for RZV and FNK.

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Drawdown Indicators

RZVFNKDifference

Max Drawdown

Largest peak-to-trough decline

-77.11%

-50.70%

-26.41%

Max Drawdown (1Y)

Largest decline over 1 year

-12.56%

-9.13%

-3.43%

Max Drawdown (3Y)

Largest decline over 3 years

-29.81%

-25.16%

-4.65%

Max Drawdown (5Y)

Largest decline over 5 years

-29.81%

-25.16%

-4.65%

Max Drawdown (10Y)

Largest decline over 10 years

-60.42%

-50.70%

-9.72%

Current Drawdown

Current decline from peak

-0.97%

-0.44%

-0.53%

Average Drawdown

Average peak-to-trough decline

-13.50%

-6.78%

-6.72%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.71%

3.06%

+0.65%

Volatility

RZV vs. FNK - Volatility Comparison

Invesco S&P SmallCap 600® Pure Value ETF (RZV) has a higher volatility of 5.09% compared to First Trust Mid Cap Value AlphaDEX Fund (FNK) at 3.92%. This indicates that RZV's price experiences larger fluctuations and is considered to be riskier than FNK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

RZVFNKDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.09%

3.92%

+1.17%

Volatility (6M)

Calculated over the trailing 6-month period

13.81%

9.49%

+4.32%

Volatility (1Y)

Calculated over the trailing 1-year period

20.11%

14.68%

+5.43%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

24.09%

20.90%

+3.19%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

26.89%

23.76%

+3.13%

RZV vs. FNK - Expense Ratio Comparison

RZV has a 0.35% expense ratio, which is lower than FNK's 0.70% expense ratio.

Dividends

RZV vs. FNK - Dividend Comparison

RZV's dividend yield for the trailing twelve months is around 1.37%, less than FNK's 1.41% yield.

PositionTTM20252024202320222021202020192018201720162015
FNK
First Trust Mid Cap Value AlphaDEX Fund		1.41%1.53%1.63%1.76%1.66%1.27%1.61%1.82%1.76%1.40%1.38%1.45%
RZV
Invesco S&P SmallCap 600® Pure Value ETF		1.37%1.59%1.14%1.13%1.43%0.86%0.63%1.03%2.03%1.02%0.46%1.24%

Frequently Asked Questions

RZV and FNK have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

RZV has higher volatility (5.09%) compared to FNK (3.92%). In terms of maximum drawdown, RZV dropped -77.11% vs FNK's -50.70%.

On 10-year performance, RZV leads with 10.83% vs 9.81% for FNK. On fees, RZV is cheaper at 0.35% per year. On volatility, FNK has been the lower-risk option at 3.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, RZV has performed better with a 10.83% return vs 9.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

RZV is cheaper with a 0.35% expense ratio, compared with 0.70% for FNK.

FNK has the higher dividend yield at 1.41%, compared with 1.37% for RZV.

RZV tracks S&P Small Cap 600 Pure Value, while FNK tracks NASDAQ AlphaDEX Mid Cap Value Index. They also come from different issuers: Invesco and First Trust. Their fees differ too: 0.35% for RZV and 0.70% for FNK.

RZV currently has the higher Sharpe Ratio (2.41 vs 1.77), 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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