SPMD vs. FNX
Compare and contrast key facts about SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) and First Trust Mid Cap Core AlphaDEX Fund (FNX).
SPMD and FNX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPMD is a passively managed fund by State Street that tracks the performance of the S&P MidCap 400 Index. It was launched on Nov 8, 2005. FNX is a passively managed fund by First Trust that tracks the performance of the NASDAQ AlphaDEX Mid Cap Core Index. It was launched on May 8, 2007. Both SPMD and FNX are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
SPMD vs. FNX - Performance Comparison
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SPMD vs. FNX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 2.59% | 7.44% | 13.91% | 16.48% | -13.13% | 24.76% | 13.46% | 25.19% | -10.34% | 15.12% |
FNX First Trust Mid Cap Core AlphaDEX Fund | 2.05% | 9.87% | 12.21% | 20.39% | -13.57% | 25.05% | 16.04% | 26.97% | -11.23% | 17.66% |
Returns By Period
In the year-to-date period, SPMD achieves a 2.59% return, which is significantly higher than FNX's 2.05% return. Both investments have delivered pretty close results over the past 10 years, with SPMD having a 10.73% annualized return and FNX not far ahead at 11.15%.
SPMD
- 1D
- 2.99%
- 1M
- -5.29%
- YTD
- 2.59%
- 6M
- 4.27%
- 1Y
- 17.37%
- 3Y*
- 12.11%
- 5Y*
- 6.60%
- 10Y*
- 10.73%
FNX
- 1D
- 2.75%
- 1M
- -5.37%
- YTD
- 2.05%
- 6M
- 2.82%
- 1Y
- 18.78%
- 3Y*
- 13.81%
- 5Y*
- 7.40%
- 10Y*
- 11.15%
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SPMD vs. FNX - Expense Ratio Comparison
SPMD has a 0.05% expense ratio, which is lower than FNX's 0.60% expense ratio.
Return for Risk
SPMD vs. FNX — Risk / Return Rank
SPMD
FNX
SPMD vs. FNX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) 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.
| SPMD | FNX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.83 | 0.89 | -0.06 |
Sortino ratioReturn per unit of downside risk | 1.30 | 1.36 | -0.06 |
Omega ratioGain probability vs. loss probability | 1.18 | 1.19 | -0.01 |
Calmar ratioReturn relative to maximum drawdown | 1.25 | 1.34 | -0.09 |
Martin ratioReturn relative to average drawdown | 5.41 | 5.45 | -0.03 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPMD | FNX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.83 | 0.89 | -0.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.34 | 0.36 | -0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.51 | 0.51 | 0.00 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 0.40 | +0.03 |
Correlation
The correlation between SPMD and FNX is 0.90, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
SPMD vs. FNX - Dividend Comparison
SPMD's dividend yield for the trailing twelve months is around 1.37%, more than FNX's 0.91% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 1.37% | 1.39% | 1.42% | 1.47% | 1.64% | 1.24% | 1.30% | 1.57% | 1.85% | 1.97% | 2.13% | 5.33% |
FNX First Trust Mid Cap Core AlphaDEX Fund | 0.91% | 0.88% | 1.26% | 1.11% | 1.19% | 0.94% | 1.04% | 1.21% | 1.01% | 0.90% | 1.07% | 1.07% |
Drawdowns
SPMD vs. FNX - Drawdown Comparison
The maximum SPMD drawdown since its inception was -57.62%, roughly equal to the maximum FNX drawdown of -57.11%. Use the drawdown chart below to compare losses from any high point for SPMD and FNX.
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Drawdown Indicators
| SPMD | FNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.62% | -57.11% | -0.51% |
Max Drawdown (1Y)Largest decline over 1 year | -14.12% | -14.59% | +0.47% |
Max Drawdown (5Y)Largest decline over 5 years | -24.08% | -24.97% | +0.89% |
Max Drawdown (10Y)Largest decline over 10 years | -41.86% | -43.95% | +2.09% |
Current DrawdownCurrent decline from peak | -6.13% | -6.67% | +0.54% |
Average DrawdownAverage peak-to-trough decline | -8.18% | -8.47% | +0.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.27% | 3.60% | -0.33% |
Volatility
SPMD vs. FNX - Volatility Comparison
SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) has a higher volatility of 6.56% compared to First Trust Mid Cap Core AlphaDEX Fund (FNX) at 6.19%. This indicates that SPMD'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
| SPMD | FNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.56% | 6.19% | +0.37% |
Volatility (6M)Calculated over the trailing 6-month period | 11.95% | 12.22% | -0.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.11% | 21.23% | -0.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.71% | 20.52% | -0.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.18% | 21.94% | -0.76% |