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SPMD vs. FNX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPMD vs. FNX

Last updated Jun 5, 2026

SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) and FNX (First Trust Mid Cap Core AlphaDEX Fund) are both Mid Cap Blend Equities funds - SPMD tracks the S&P MidCap 400 Index while FNX tracks the NASDAQ AlphaDEX Mid Cap Core Index. Both are passively managed. Over the past 10 years, SPMD returned 11.39%/yr vs 11.88%/yr for FNX. Their correlation of 0.90 suggests significant overlap in exposure. SPMD charges 0.05%/yr vs 0.60%/yr for FNX.

Performance

SPMD vs. FNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) and First Trust Mid Cap Core AlphaDEX Fund (FNX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SPMD achieves a 14.54% return, which is significantly higher than FNX's 12.62% return. Both investments have delivered pretty close results over the past 10 years, with SPMD having a 11.39% annualized return and FNX not far ahead at 11.88%.

SPMD

1D
0.33%
1M
2.89%
YTD
14.54%
6M
14.24%
1Y
26.21%
3Y*
16.67%
5Y*
8.28%
10Y*
11.39%

FNX

1D
0.72%
1M
1.59%
YTD
12.62%
6M
12.05%
1Y
27.83%
3Y*
17.56%
5Y*
8.47%
10Y*
11.88%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPMD vs. FNX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPMD
SPDR Portfolio S&P 400 Mid Cap ETF		14.54%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		12.62%9.87%12.21%20.39%-13.57%25.05%16.04%26.97%-11.23%17.66%

Correlation

The correlation between SPMD and FNX is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.97

Correlation (3Y)
Calculated over the trailing 3-year period

0.97

Correlation (5Y)
Calculated over the trailing 5-year period

0.98

Correlation (10Y)
Calculated over the trailing 10-year period

0.96

Correlation (All Time)
Calculated using the full available price history since May 11, 2007

0.90

The correlation between SPMD and FNX has been stable across timeframes, ranging from 0.90 to 0.98 - a consistent structural relationship.

Compare stocks, funds, or ETFs

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

SPDR Portfolio S&P 400 Mid Cap ETF

First Trust Mid Cap Core AlphaDEX Fund

Often compared with SPMD:
SPMD vs. MDYSPMD vs. VOSPMD vs. SPYSPMD vs. SCHMSPMD vs. IWRSPMD vs. IMCBSPMD vs. SWMCX
Often compared with FNX:
FNX vs. FNCMXFNX vs. MDYFNX vs. FLQMFNX vs. AVMVFNX vs. SPYFNX vs. VOFNX vs. VOE

Return for Risk

SPMD vs. FNX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPMD
SPMD Risk / Return Rank: 5555
Overall Rank
SPMD Sharpe Ratio Rank: 5050
Sharpe Ratio Rank
SPMD Sortino Ratio Rank: 5252
Sortino Ratio Rank
SPMD Omega Ratio Rank: 4848
Omega Ratio Rank
SPMD Calmar Ratio Rank: 6161
Calmar Ratio Rank
SPMD Martin Ratio Rank: 6262
Martin Ratio Rank
FNX
FNX Risk / Return Rank: 5555
Overall Rank
FNX Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
FNX Sortino Ratio Rank: 5353
Sortino Ratio Rank
FNX Omega Ratio Rank: 4949
Omega Ratio Rank
FNX Calmar Ratio Rank: 6262
Calmar Ratio Rank
FNX Martin Ratio Rank: 5959
Martin Ratio Rank
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.

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.

SPMDFNXDifference
Sharpe ratioReturn per unit of total volatility
1.70
1.74

-0.04

Sortino ratioReturn per unit of downside risk
2.47
2.54

-0.07

Omega ratioGain probability vs. loss probability

1.30

1.30

0.00

Calmar ratioReturn relative to maximum drawdown

2.97

3.03

-0.05

Martin ratioReturn relative to average drawdown

10.91

10.42

+0.50

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPMD vs. FNX - Sharpe Ratio Comparison

The current SPMD Sharpe Ratio is 1.70, which is comparable to the FNX Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of SPMD and FNX, 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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Sharpe Ratios by Period

SPMDFNXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.70

1.74

-0.04

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.42

0.42

+0.01

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.54

0.54

0.00

Sharpe Ratio (All Time)

Calculated using the full available price history

0.45

0.42

+0.03

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

SPMDFNXDifference

Max Drawdown

Largest peak-to-trough decline

-57.62%

-57.11%

-0.51%

Max Drawdown (1Y)

Largest decline over 1 year

-8.86%

-9.24%

+0.38%

Max Drawdown (3Y)

Largest decline over 3 years

-24.08%

-24.97%

+0.89%

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 Drawdown

Current decline from peak

0.00%

-0.05%

+0.05%

Average Drawdown

Average peak-to-trough decline

-8.12%

-8.40%

+0.28%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.41%

2.68%

-0.27%

Volatility

SPMD vs. FNX - Volatility Comparison

SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) and First Trust Mid Cap Core AlphaDEX Fund (FNX) have volatilities of 4.23% and 4.33%, 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.

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Volatility by Period

SPMDFNXDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.23%

4.33%

-0.10%

Volatility (6M)

Calculated over the trailing 6-month period

11.36%

11.43%

-0.07%

Volatility (1Y)

Calculated over the trailing 1-year period

15.53%

16.08%

-0.55%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.70%

20.49%

-0.79%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.18%

21.96%

-0.78%

SPMD vs. FNX - Expense Ratio Comparison

SPMD has a 0.05% expense ratio, which is lower than FNX's 0.60% expense ratio.

Dividends

SPMD vs. FNX - Dividend Comparison

SPMD's dividend yield for the trailing twelve months is around 1.22%, more than FNX's 0.82% yield.

PositionTTM20252024202320222021202020192018201720162015
FNX
First Trust Mid Cap Core AlphaDEX Fund		0.82%0.88%1.26%1.11%1.19%0.94%1.04%1.21%1.01%0.90%1.07%1.07%
SPMD
SPDR Portfolio S&P 400 Mid Cap ETF		1.22%1.39%1.42%1.47%1.64%1.24%1.30%1.57%1.85%1.97%2.13%5.33%

Frequently Asked Questions

With a correlation of 0.97, SPMD and FNX 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.

FNX has higher volatility (4.33%) compared to SPMD (4.23%). In terms of maximum drawdown, SPMD dropped -57.62% vs FNX's -57.11%.

On 10-year performance, FNX leads with 11.88% vs 11.39% for SPMD. On fees, SPMD is cheaper at 0.05% per year. On volatility, SPMD has been the lower-risk option at 4.23%. 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 11.88% return vs 11.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPMD is cheaper with a 0.05% expense ratio, compared with 0.60% for FNX.

SPMD has the higher dividend yield at 1.22%, compared with 0.82% for FNX.

SPMD tracks S&P MidCap 400 Index, while FNX tracks NASDAQ AlphaDEX Mid Cap Core Index. They also come from different issuers: State Street and First Trust. Their fees differ too: 0.05% for SPMD and 0.60% for FNX.

FNX currently has the higher Sharpe Ratio (1.74 vs 1.70), 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.

Portfolio Optimizer

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