SMLF vs. FYX

Last updated Jun 4, 2026

SMLF (iShares MSCI USA Small-Cap Multifactor ETF) and FYX (First Trust Small Cap Core AlphaDEX Fund) are both Small Cap Blend Equities funds - SMLF tracks the MSCI USA Small Cap Diversified Multi-Factor while FYX tracks the Nasdaq AlphaDEX Small Cap Core Index. Both are passively managed. Over the past 10 years, SMLF returned 12.36%/yr vs 12.27%/yr for FYX. Their correlation of 0.90 suggests significant overlap in exposure. SMLF charges 0.30%/yr vs 0.63%/yr for FYX.

Performance

SMLF vs. FYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Small-Cap Multifactor ETF (SMLF) and First Trust Small Cap Core AlphaDEX Fund (FYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMLF achieves a 14.46% return, which is significantly lower than FYX's 18.13% return. Both investments have delivered pretty close results over the past 10 years, with SMLF having a 12.36% annualized return and FYX not far behind at 12.27%.

SMLF

• 1D: -0.72%
• 1M: 4.07%
• YTD: 14.46%
• 6M: 14.20%
• 1Y: 30.98%
• 3Y*: 19.85%
• 5Y*: 10.89%
• 10Y*: 12.36%

FYX

• 1D: -1.34%
• 1M: 1.06%
• YTD: 18.13%
• 6M: 18.02%
• 1Y: 43.61%
• 3Y*: 20.01%
• 5Y*: 8.23%
• 10Y*: 12.27%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SMLF vs. FYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMLF iShares MSCI USA Small-Cap Multifactor ETF	14.46%	12.30%	16.33%	19.99%	-12.19%	26.53%	8.38%	21.56%	-8.42%	12.70%
FYX First Trust Small Cap Core AlphaDEX Fund	18.13%	12.68%	12.22%	18.30%	-18.41%	27.43%	19.48%	21.32%	-10.64%	14.34%

Correlation

The correlation between SMLF and FYX is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since May 1, 2015	0.90

The correlation between SMLF and FYX has been stable across timeframes, ranging from 0.90 to 0.96 - a consistent structural relationship.

SMLF vs. FYX - Sectors Allocation Comparison

Sectors	SMLF	FYX
Industrials	19.8%	15.9%
Technology	16.6%	10.9%
Financial Services	15.0%	17.5%
Healthcare	12.7%	14.3%
Consumer Cyclical	11.8%	11.7%
Real Estate	5.7%	8.4%
Energy	4.8%	6.4%
Basic Materials	4.6%	4.5%
Consumer Defensive	3.7%	5.7%
Communication Services	3.2%	3.1%
Utilities	2.2%	1.6%

Return for Risk

SMLF vs. FYX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SMLF

SMLF Risk / Return Rank: 58
SMLF Sharpe Ratio Rank: 52
SMLF Sortino Ratio Rank: 52
SMLF Omega Ratio Rank: 48
SMLF Calmar Ratio Rank: 71
SMLF Martin Ratio Rank: 66

FYX

FYX Risk / Return Rank: 79
FYX Sharpe Ratio Rank: 73
FYX Sortino Ratio Rank: 76
FYX Omega Ratio Rank: 66
FYX Calmar Ratio Rank: 91
FYX Martin Ratio Rank: 87

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SMLF vs. FYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Small-Cap Multifactor ETF (SMLF) and First Trust Small Cap Core AlphaDEX Fund (FYX). 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.

	SMLF	FYX	Difference
Sharpe ratio Return per unit of total volatility	1.81	2.41	-0.59
Sortino ratio Return per unit of downside risk	2.56	3.43	-0.87
Omega ratio Gain probability vs. loss probability	1.31	1.40	-0.09
Calmar ratio Return relative to maximum drawdown	3.57	5.80	-2.23
Martin ratio Return relative to average drawdown	12.27	18.69	-6.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMLF vs. FYX - Sharpe Ratio Comparison

The current SMLF Sharpe Ratio is 1.81, which is comparable to the FYX Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of SMLF and FYX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SMLF	FYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.81	2.41	-0.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.38	+0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	0.51	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.36	+0.18

Drawdowns

SMLF vs. FYX - Drawdown Comparison

The maximum SMLF drawdown since its inception was -41.89%, smaller than the maximum FYX drawdown of -61.80%. Use the drawdown chart below to compare losses from any high point for SMLF and FYX.

Drawdown Indicators

	SMLF	FYX	Difference
Max Drawdown Largest peak-to-trough decline	-41.89%	-61.80%	+19.91%
Max Drawdown (1Y) Largest decline over 1 year	-8.71%	-7.56%	-1.15%
Max Drawdown (3Y) Largest decline over 3 years	-26.28%	-27.91%	+1.63%
Max Drawdown (5Y) Largest decline over 5 years	-26.28%	-27.91%	+1.63%
Max Drawdown (10Y) Largest decline over 10 years	-41.89%	-48.82%	+6.93%
Current Drawdown Current decline from peak	-0.72%	-1.48%	+0.76%
Average Drawdown Average peak-to-trough decline	-6.60%	-10.89%	+4.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.53%	2.34%	+0.19%

Volatility

SMLF vs. FYX - Volatility Comparison

iShares MSCI USA Small-Cap Multifactor ETF (SMLF) and First Trust Small Cap Core AlphaDEX Fund (FYX) have volatilities of 4.80% and 4.71%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMLF	FYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.80%	4.71%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	12.31%	12.03%	+0.28%
Volatility (1Y) Calculated over the trailing 1-year period	17.21%	18.28%	-1.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.09%	21.96%	-0.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.78%	24.21%	-2.43%

SMLF vs. FYX - Expense Ratio Comparison

SMLF has a 0.30% expense ratio, which is lower than FYX's 0.63% expense ratio.

Dividends

SMLF vs. FYX - Dividend Comparison

SMLF's dividend yield for the trailing twelve months is around 1.03%, more than FYX's 0.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FYX First Trust Small Cap Core AlphaDEX Fund	0.69%	0.64%	1.62%	1.22%	0.95%	0.99%	0.65%	1.12%	1.08%	0.60%	0.94%	0.88%
SMLF iShares MSCI USA Small-Cap Multifactor ETF	1.03%	1.14%	1.33%	1.13%	1.23%	1.07%	1.33%	1.39%	1.17%	0.93%	0.78%	0.79%

Frequently Asked Questions

Can I hold both SMLF and FYX in my portfolio?

With a correlation of 0.94, SMLF and FYX 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, SMLF or FYX?

SMLF has higher volatility (4.80%) compared to FYX (4.71%). In terms of maximum drawdown, SMLF dropped -41.89% vs FYX's -61.80%.

Which ETF is better, SMLF or FYX?

On 10-year performance, SMLF leads with 12.36% vs 12.27% for FYX. On fees, SMLF is cheaper at 0.30% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMLF or FYX?

Over the 10-year period, SMLF has performed better with a 12.36% return vs 12.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMLF or FYX?

SMLF is cheaper with a 0.30% expense ratio, compared with 0.63% for FYX.

Which ETF pays a higher dividend yield, SMLF or FYX?

SMLF has the higher dividend yield at 1.03%, compared with 0.69% for FYX.

What is the main difference between SMLF and FYX?

SMLF tracks MSCI USA Small Cap Diversified Multi-Factor, while FYX tracks Nasdaq AlphaDEX Small Cap Core Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.30% for SMLF and 0.63% for FYX.

Which has better risk-adjusted returns?

FYX currently has the higher Sharpe Ratio (2.41 vs 1.81), 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.