TUSA vs. IQSM

Last updated Jul 17, 2026

TUSA (First Trust Total US Market AlphaDEX ETF) and IQSM (IQ Candriam U.S. Mid Cap Equity ETF) are both Mid Cap Blend Equities funds - TUSA tracks the NASDAQ AlphaDEX Total US Market Index while IQSM tracks the IQ Candriam ESG U.S. Mid Cap Equity Index - Benchmark TR Net. Both are passively managed. Over the past 3 years, TUSA returned 16.03%/yr vs 11.95%/yr for IQSM. Their correlation of 0.81 suggests significant overlap in exposure. TUSA charges 0.70%/yr vs 0.15%/yr for IQSM.

Performance

TUSA vs. IQSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Total US Market AlphaDEX ETF (TUSA) and IQ Candriam U.S. Mid Cap Equity ETF (IQSM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TUSA achieves a 13.28% return, which is significantly lower than IQSM's 14.43% return.

TUSA

• 1D: 2.03%
• 1M: 4.86%
• 6M: 7.42%
• YTD: 13.28%
• 1Y: 22.63%
• 3Y*: 16.03%
• 5Y*: 8.37%
• 10Y*: 11.09%

IQSM

• 1D: 0.51%
• 1M: 1.47%
• 6M: 8.69%
• YTD: 14.43%
• 1Y: 22.34%
• 3Y*: 11.95%
• 5Y*: —
• 10Y*: —

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

TUSA vs. IQSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TUSA First Trust Total US Market AlphaDEX ETF	13.28%	13.64%	11.12%	11.75%	4.88%
IQSM IQ Candriam U.S. Mid Cap Equity ETF	14.43%	7.97%	9.15%	15.82%	2.29%

Correlation

The correlation between TUSA and IQSM is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (All Time) Calculated using the full available price history since Oct 25, 2022	0.81

The correlation between TUSA and IQSM shifts across timeframes, from 0.63 (1 year) to 0.81 (all time), reflecting how their relationship changes across market environments.

TUSA vs. IQSM - Sectors Allocation Comparison

Sectors	TUSA	IQSM
Financial Services	31.9%	12.1%
Industrials	19.8%	19.4%
Consumer Cyclical	16.0%	9.6%
Basic Materials	14.1%	5.2%
Utilities	7.5%	0.7%
Technology	6.1%	18.3%
Consumer Defensive	4.1%	4.6%
Real Estate	2.1%	9.7%
Healthcare	2.0%	15.1%
Communication Services	2.0%	3.4%
Energy	1.9%	1.9%

Return for Risk

TUSA vs. IQSM — Risk / Return Rank

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

TUSA

TUSA Risk / Return Rank: 70
TUSA Sharpe Ratio Rank: 67
TUSA Sortino Ratio Rank: 73
TUSA Omega Ratio Rank: 64
TUSA Calmar Ratio Rank: 82
TUSA Martin Ratio Rank: 63

IQSM

IQSM Risk / Return Rank: 58
IQSM Sharpe Ratio Rank: 54
IQSM Sortino Ratio Rank: 57
IQSM Omega Ratio Rank: 50
IQSM Calmar Ratio Rank: 63
IQSM Martin Ratio Rank: 65

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.

TUSA vs. IQSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Total US Market AlphaDEX ETF (TUSA) and IQ Candriam U.S. Mid Cap Equity ETF (IQSM). 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.

	TUSA	IQSM	Difference
Sharpe ratio: Return per unit of total volatility	1.75	1.49	+0.27
Sortino ratio: Return per unit of downside risk	2.62	2.19	+0.43
Omega ratio: Gain probability vs. loss probability	1.31	1.26	+0.05
Calmar ratio: Return relative to maximum drawdown	3.46	2.53	+0.93
Martin ratio: Return relative to average drawdown	8.78	9.22	-0.44

TUSA vs. IQSM - Sharpe Ratio Comparison

The current TUSA Sharpe Ratio is 1.75, which is comparable to the IQSM Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of TUSA and IQSM, 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

TUSA vs. IQSM - Drawdown Comparison

The maximum TUSA drawdown since its inception was -56.53%, which is greater than IQSM's maximum drawdown of -23.66%. Use the drawdown chart below to compare losses from any high point for TUSA and IQSM.

Drawdown Indicators

	TUSA	IQSM	Difference
Max Drawdown Largest peak-to-trough decline	-56.53%	-23.66%	-32.87%
Max Drawdown (1Y) Largest decline over 1 year	-6.57%	-8.86%	+2.29%
Max Drawdown (3Y) Largest decline over 3 years	-18.04%	-23.66%	+5.62%
Max Drawdown (5Y) Largest decline over 5 years	-23.35%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-42.47%	—	—
Current Drawdown Current decline from peak	0.00%	-0.94%	+0.94%
Average Drawdown Average peak-to-trough decline	-9.83%	-4.74%	-5.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.58%	2.43%	+0.15%

Volatility

TUSA vs. IQSM - Volatility Comparison

First Trust Total US Market AlphaDEX ETF (TUSA) has a higher volatility of 3.66% compared to IQ Candriam U.S. Mid Cap Equity ETF (IQSM) at 3.42%. This indicates that TUSA's price experiences larger fluctuations and is considered to be riskier than IQSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TUSA	IQSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.66%	3.42%	+0.24%
Volatility (6M) Calculated over the trailing 6-month period	8.44%	11.44%	-3.00%
Volatility (1Y) Calculated over the trailing 1-year period	12.95%	15.10%	-2.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.61%	17.78%	-0.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.04%	17.78%	+2.26%

TUSA vs. IQSM - Expense Ratio Comparison

TUSA has a 0.70% expense ratio, which is higher than IQSM's 0.15% expense ratio.

Dividends

TUSA vs. IQSM - Dividend Comparison

TUSA's dividend yield for the trailing twelve months is around 1.55%, more than IQSM's 1.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IQSM IQ Candriam U.S. Mid Cap Equity ETF	1.05%	1.18%	1.22%	1.11%	0.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TUSA First Trust Total US Market AlphaDEX ETF	1.55%	1.59%	2.05%	2.15%	2.31%	0.72%	0.99%	1.13%	1.14%	0.79%	1.24%	0.95%

Frequently Asked Questions

Can I hold both TUSA and IQSM in my portfolio?

TUSA and IQSM have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TUSA or IQSM?

TUSA has higher volatility (3.66%) compared to IQSM (3.42%). In terms of maximum drawdown, TUSA dropped -56.53% vs IQSM's -23.66%.

Which ETF is better, TUSA or IQSM?

On 3-year performance, TUSA leads with 16.03% vs 11.95% for IQSM. On fees, IQSM is cheaper at 0.15% per year. On volatility, IQSM has been the lower-risk option at 3.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TUSA or IQSM?

Over the 3-year period, TUSA has performed better with a 16.03% return vs 11.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TUSA or IQSM?

IQSM is cheaper with a 0.15% expense ratio, compared with 0.70% for TUSA.

Which ETF pays a higher dividend yield, TUSA or IQSM?

TUSA has the higher dividend yield at 1.55%, compared with 1.05% for IQSM.

What is the main difference between TUSA and IQSM?

TUSA tracks NASDAQ AlphaDEX Total US Market Index, while IQSM tracks IQ Candriam ESG U.S. Mid Cap Equity Index - Benchmark TR Net. They also come from different issuers: First Trust and IndexIQ. Their fees differ too: 0.70% for TUSA and 0.15% for IQSM.

Which has better risk-adjusted returns?

TUSA currently has the higher Sharpe Ratio (1.75 vs 1.49), 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.