TSME vs. FNY

Last updated Jun 24, 2026

TSME (Thrivent Small-Mid Cap ESG ETF) and FNY (First Trust Mid Cap Growth AlphaDEX Fund) are both exchange-traded funds - TSME is a Mid Cap Blend Equities fund actively managed by Thrivent, while FNY is a Mid Cap Growth Equities fund tracking the NASDAQ AlphaDEX Mid Cap Growth Index. TSME is actively managed, while FNY is passively managed. Over the past 3 years, TSME returned 22.33%/yr vs 20.41%/yr for FNY. Their correlation of 0.92 suggests significant overlap in exposure. TSME charges 0.65%/yr vs 0.70%/yr for FNY.

Performance

TSME vs. FNY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thrivent Small-Mid Cap ESG ETF (TSME) and First Trust Mid Cap Growth AlphaDEX Fund (FNY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSME achieves a 20.35% return, which is significantly higher than FNY's 17.52% return.

TSME

• 1D: -2.09%
• 1M: 7.53%
• YTD: 20.35%
• 6M: 17.91%
• 1Y: 37.53%
• 3Y*: 22.33%
• 5Y*: —
• 10Y*: —

FNY

• 1D: -1.48%
• 1M: 4.69%
• YTD: 17.52%
• 6M: 14.07%
• 1Y: 32.58%
• 3Y*: 20.41%
• 5Y*: 7.80%
• 10Y*: 14.20%

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

TSME vs. FNY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TSME Thrivent Small-Mid Cap ESG ETF	20.35%	13.79%	18.98%	17.82%	2.90%
FNY First Trust Mid Cap Growth AlphaDEX Fund	17.52%	14.03%	18.09%	21.13%	-1.29%

Correlation

The correlation between TSME and FNY is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (All Time) Calculated using the full available price history since Oct 5, 2022	0.92

The correlation between TSME and FNY has been stable across timeframes, ranging from 0.88 to 0.92 - a consistent structural relationship.

TSME vs. FNY - Sectors Allocation Comparison

Sectors	TSME	FNY
Industrials	27.7%	24.9%
Technology	23.4%	19.3%
Consumer Cyclical	16.4%	11.8%
Healthcare	9.5%	18.6%
Financial Services	8.6%	9.4%
Basic Materials	6.2%	1.9%
Consumer Defensive	4.3%	2.0%
Utilities	2.2%	0.6%
Energy	1.6%	1.7%
Communication Services	-	3.7%
Real Estate	-	6.0%

Return for Risk

TSME vs. FNY — Risk / Return Rank

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

TSME

TSME Risk / Return Rank: 54
TSME Sharpe Ratio Rank: 55
TSME Sortino Ratio Rank: 55
TSME Omega Ratio Rank: 51
TSME Calmar Ratio Rank: 56
TSME Martin Ratio Rank: 54

FNY

FNY Risk / Return Rank: 52
FNY Sharpe Ratio Rank: 49
FNY Sortino Ratio Rank: 48
FNY Omega Ratio Rank: 44
FNY Calmar Ratio Rank: 59
FNY Martin Ratio Rank: 59

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.

TSME vs. FNY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thrivent Small-Mid Cap ESG ETF (TSME) and First Trust Mid Cap Growth AlphaDEX Fund (FNY). 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.

	TSME	FNY	Difference
Sharpe ratio: Return per unit of total volatility	1.72	1.58	+0.14
Sortino ratio: Return per unit of downside risk	2.44	2.24	+0.20
Omega ratio: Gain probability vs. loss probability	1.30	1.27	+0.03
Calmar ratio: Return relative to maximum drawdown	2.56	2.73	-0.16
Martin ratio: Return relative to average drawdown	8.75	9.82	-1.07

TSME vs. FNY - Sharpe Ratio Comparison

The current TSME Sharpe Ratio is 1.72, which is comparable to the FNY Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of TSME and FNY, 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

TSME vs. FNY - Drawdown Comparison

The maximum TSME drawdown since its inception was -26.59%, smaller than the maximum FNY drawdown of -38.91%. Use the drawdown chart below to compare losses from any high point for TSME and FNY.

Drawdown Indicators

	TSME	FNY	Difference
Max Drawdown Largest peak-to-trough decline	-26.59%	-38.91%	+12.32%
Max Drawdown (1Y) Largest decline over 1 year	-14.72%	-12.01%	-2.71%
Max Drawdown (3Y) Largest decline over 3 years	-26.59%	-24.97%	-1.62%
Max Drawdown (5Y) Largest decline over 5 years	—	-33.94%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-38.91%	—
Current Drawdown Current decline from peak	-2.09%	-1.48%	-0.61%
Average Drawdown Average peak-to-trough decline	-5.13%	-7.57%	+2.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.30%	3.33%	+0.97%

Volatility

TSME vs. FNY - Volatility Comparison

Thrivent Small-Mid Cap ESG ETF (TSME) has a higher volatility of 7.80% compared to First Trust Mid Cap Growth AlphaDEX Fund (FNY) at 7.20%. This indicates that TSME's price experiences larger fluctuations and is considered to be riskier than FNY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSME	FNY	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.80%	7.20%	+0.60%
Volatility (6M) Calculated over the trailing 6-month period	17.97%	15.86%	+2.11%
Volatility (1Y) Calculated over the trailing 1-year period	21.93%	20.68%	+1.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.82%	22.41%	-0.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.82%	22.41%	-0.59%

TSME vs. FNY - Expense Ratio Comparison

TSME has a 0.65% expense ratio, which is lower than FNY's 0.70% expense ratio.

Dividends

TSME vs. FNY - Dividend Comparison

TSME's dividend yield for the trailing twelve months is around 0.14%, more than FNY's 0.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNY First Trust Mid Cap Growth AlphaDEX Fund	0.03%	0.03%	0.56%	0.24%	0.24%	0.00%	0.25%	0.28%	0.06%	0.21%	0.60%	0.46%
TSME Thrivent Small-Mid Cap ESG ETF	0.14%	0.17%	0.38%	0.53%	0.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSME and FNY in my portfolio?

TSME and FNY have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSME or FNY?

TSME has higher volatility (7.80%) compared to FNY (7.20%). In terms of maximum drawdown, TSME dropped -26.59% vs FNY's -38.91%.

Which ETF is better, TSME or FNY?

On 3-year performance, TSME leads with 22.33% vs 20.41% for FNY. On fees, TSME is cheaper at 0.65% per year. On volatility, FNY has been the lower-risk option at 7.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSME or FNY?

Over the 3-year period, TSME has performed better with a 22.33% return vs 20.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSME or FNY?

TSME is cheaper with a 0.65% expense ratio, compared with 0.70% for FNY.

Which ETF pays a higher dividend yield, TSME or FNY?

TSME has the higher dividend yield at 0.14%, compared with 0.03% for FNY.

What is the main difference between TSME and FNY?

TSME is categorized as Mid Cap Blend Equities, while FNY is Mid Cap Growth Equities. They also come from different issuers: Thrivent and First Trust. Their fees differ too: 0.65% for TSME and 0.70% for FNY.

Which has better risk-adjusted returns?

TSME currently has the higher Sharpe Ratio (1.72 vs 1.58), 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.