XMVM vs. FNK

Last updated Jul 15, 2026

XMVM (Invesco S&P MidCap Value with Momentum ETF) and FNK (First Trust Mid Cap Value AlphaDEX Fund) are both exchange-traded funds - XMVM is a Momentum fund tracking the S&P MidCap 400 High Momentum Value Index, while FNK is a Small Cap Value Equities fund tracking the NASDAQ AlphaDEX Mid Cap Value Index. Both are passively managed. Over the past 10 years, XMVM returned 11.89%/yr vs 9.54%/yr for FNK. Their correlation of 0.88 suggests significant overlap in exposure. XMVM charges 0.39%/yr vs 0.70%/yr for FNK.

Performance

XMVM vs. FNK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P MidCap Value with Momentum ETF (XMVM) and First Trust Mid Cap Value AlphaDEX Fund (FNK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XMVM achieves a 13.92% return, which is significantly higher than FNK's 11.52% return. Over the past 10 years, XMVM has outperformed FNK with an annualized return of 11.89%, while FNK has yielded a comparatively lower 9.54% annualized return.

XMVM

• 1D: -0.03%
• 1M: 1.59%
• 6M: 11.37%
• YTD: 13.92%
• 1Y: 28.02%
• 3Y*: 17.85%
• 5Y*: 12.38%
• 10Y*: 11.89%

FNK

• 1D: -0.07%
• 1M: 0.57%
• 6M: 7.11%
• YTD: 11.52%
• 1Y: 16.46%
• 3Y*: 11.49%
• 5Y*: 8.77%
• 10Y*: 9.54%

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

XMVM vs. FNK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XMVM Invesco S&P MidCap Value with Momentum ETF	13.92%	18.46%	11.73%	16.31%	-8.21%	35.15%	5.68%	30.38%	-9.62%	2.79%
FNK First Trust Mid Cap Value AlphaDEX Fund	11.52%	5.65%	6.65%	21.03%	-7.24%	33.60%	1.23%	20.56%	-14.72%	11.81%

Correlation

The correlation between XMVM and FNK is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Apr 20, 2011	0.88

The correlation between XMVM and FNK has been stable across timeframes, ranging from 0.85 to 0.94 - a consistent structural relationship.

XMVM vs. FNK - Sectors Allocation Comparison

Sectors	XMVM	FNK
Financial Services	41.9%	25.8%
Consumer Cyclical	15.0%	20.3%
Utilities	9.5%	4.3%
Industrials	8.8%	10.7%
Energy	8.0%	9.3%
Consumer Defensive	7.1%	3.7%
Real Estate	4.2%	9.0%
Technology	4.0%	7.7%
Communication Services	0.9%	1.4%
Basic Materials	0.8%	3.8%
Healthcare	0.7%	3.9%

Return for Risk

XMVM vs. FNK — Risk / Return Rank

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

XMVM

XMVM Risk / Return Rank: 73
XMVM Sharpe Ratio Rank: 74
XMVM Sortino Ratio Rank: 77
XMVM Omega Ratio Rank: 72
XMVM Calmar Ratio Rank: 75
XMVM Martin Ratio Rank: 67

FNK

FNK Risk / Return Rank: 40
FNK Sharpe Ratio Rank: 38
FNK Sortino Ratio Rank: 41
FNK Omega Ratio Rank: 37
FNK Calmar Ratio Rank: 44
FNK Martin Ratio Rank: 41

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.

XMVM vs. FNK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap Value with Momentum ETF (XMVM) and First Trust Mid Cap Value AlphaDEX Fund (FNK). 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.

	XMVM	FNK	Difference
Sharpe ratio: Return per unit of total volatility	1.88	1.11	+0.78
Sortino ratio: Return per unit of downside risk	2.74	1.74	+1.00
Omega ratio: Gain probability vs. loss probability	1.34	1.20	+0.14
Calmar ratio: Return relative to maximum drawdown	3.07	1.81	+1.26
Martin ratio: Return relative to average drawdown	9.58	5.27	+4.32

XMVM vs. FNK - Sharpe Ratio Comparison

The current XMVM Sharpe Ratio is 1.88, which is higher than the FNK Sharpe Ratio of 1.11. The chart below compares the historical Sharpe Ratios of XMVM and FNK, 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

XMVM vs. FNK - Drawdown Comparison

The maximum XMVM drawdown since its inception was -62.83%, which is greater than FNK's maximum drawdown of -50.70%. Use the drawdown chart below to compare losses from any high point for XMVM and FNK.

Drawdown Indicators

	XMVM	FNK	Difference
Max Drawdown Largest peak-to-trough decline	-62.83%	-50.70%	-12.13%
Max Drawdown (1Y) Largest decline over 1 year	-9.18%	-9.13%	-0.05%
Max Drawdown (3Y) Largest decline over 3 years	-24.12%	-25.16%	+1.04%
Max Drawdown (5Y) Largest decline over 5 years	-24.12%	-25.16%	+1.04%
Max Drawdown (10Y) Largest decline over 10 years	-45.07%	-50.70%	+5.63%
Current Drawdown Current decline from peak	-0.03%	-0.27%	+0.24%
Average Drawdown Average peak-to-trough decline	-10.22%	-6.80%	-3.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.94%	3.14%	-0.20%

Volatility

XMVM vs. FNK - Volatility Comparison

The current volatility for Invesco S&P MidCap Value with Momentum ETF (XMVM) is 3.18%, while First Trust Mid Cap Value AlphaDEX Fund (FNK) has a volatility of 3.50%. This indicates that XMVM experiences smaller price fluctuations and is considered to be less risky than FNK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XMVM	FNK	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.18%	3.50%	-0.32%
Volatility (6M) Calculated over the trailing 6-month period	9.44%	9.45%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	14.94%	14.94%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.34%	20.93%	+0.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.74%	23.75%	-1.01%

XMVM vs. FNK - Expense Ratio Comparison

XMVM has a 0.39% expense ratio, which is lower than FNK's 0.70% expense ratio.

Dividends

XMVM vs. FNK - Dividend Comparison

XMVM's dividend yield for the trailing twelve months is around 1.84%, more than FNK's 1.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNK First Trust Mid Cap Value AlphaDEX Fund	1.47%	1.53%	1.63%	1.76%	1.66%	1.27%	1.61%	1.82%	1.76%	1.40%	1.38%	1.45%
XMVM Invesco S&P MidCap Value with Momentum ETF	1.84%	2.07%	1.43%	1.57%	1.76%	1.10%	1.37%	1.73%	2.87%	2.22%	2.27%	2.58%

Frequently Asked Questions

Can I hold both XMVM and FNK in my portfolio?

XMVM and FNK have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XMVM or FNK?

FNK has higher volatility (3.50%) compared to XMVM (3.18%). In terms of maximum drawdown, XMVM dropped -62.83% vs FNK's -50.70%.

Which ETF is better, XMVM or FNK?

On 10-year performance, XMVM leads with 11.89% vs 9.54% for FNK. On fees, XMVM is cheaper at 0.39% per year. On volatility, XMVM has been the lower-risk option at 3.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XMVM or FNK?

Over the 10-year period, XMVM has performed better with a 11.89% return vs 9.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XMVM or FNK?

XMVM is cheaper with a 0.39% expense ratio, compared with 0.70% for FNK.

Which ETF pays a higher dividend yield, XMVM or FNK?

XMVM has the higher dividend yield at 1.84%, compared with 1.47% for FNK.

What is the main difference between XMVM and FNK?

XMVM is categorized as Momentum, while FNK is Small Cap Value Equities. XMVM tracks S&P MidCap 400 High Momentum Value Index, while FNK tracks NASDAQ AlphaDEX Mid Cap Value Index. They also come from different issuers: Invesco and First Trust. Their fees differ too: 0.39% for XMVM and 0.70% for FNK.

Which has better risk-adjusted returns?

XMVM currently has the higher Sharpe Ratio (1.88 vs 1.11), 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.