FNK vs IWD: Grades, Fees and Holdings Compared

First Trust Mid Cap Value AlphaDEX Fund

FNKCNasdaq

iShares Russell 1000 Value ETF

IWDANYSE Arca

Overlap

3.6%by weight

Expense ratio

IWD −0.56pt a year

FNK0.74%IWD0.18%

Avg volume · 30D

IWD 247.3×the volume

FNK7.33KIWD1.81M

10Y return · a year

IWD +2.0pt

FNK+9.8%IWD+11.8%

FNK vs IWD Performance

Nov 9, 2021 – Nov 9, 2026

+47.4%FNK+72.9%IWD

Expense ratio: FNK 0.74%; IWD 0.18%, better
Fund size: FNK $238M; IWD $82.9B
1Y total return: FNK +22.8%; IWD +30.5%, better
Yield (12M): FNK 1.52%, better; IWD 1.34%
Holdings: FNK 227; IWD 872
Avg volume (30D): FNK 7.33K sh; IWD 1.81M sh, better
NAV per share: FNK $63.53; IWD $257.40
52W range

ETF.net Grade

Pillar letters and Scores for FNK, IWD, with each pillar’s weight
Pillar	FNK	IWD
Cost30% weight	F3	B59Higher
Mission25% weight	A93	A100Higher
Risk15% weight	D31	A84Higher
Tradability15% weight	C51	A95Higher
Holdings10% weight	A70Higher	C41
Durability5% weight	B55	A85Higher

Rank among US Value Index funds

How we build Categories ›

Same Category. FNK and IWD are both graded against the same 40 US Value Index funds, so their Grades compare head to head.

US Value Index⁠

Category · 40 funds

See all 40 ›

IWD ranks 4th and FNK 33rd of 40 funds in the US Value Index Category.

Rank 1ASCHVSchwab U.S. Large-Cap Value ETFScore 85
Rank 2AVTVVanguard Morningstar Value ETFScore 82
Rank 3AIUSViShares Core S&P U.S. Value ETFScore 81
Rank 4AIWDiShares Russell 1000 Value ETFScore 77
Rank 5AVOEVanguard Morningstar Mid-Cap Value ETFScore 76
Rank 32CNIXTResearch Affiliates Deletions ETFScore 46
Rank 33CFNKFirst Trust Mid Cap Value AlphaDEX FundScore 45
Rank 34CFYTFirst Trust Small Cap Value AlphaDEX FundScore 44

Our read on each fund

ETF.net Research

FNKCFirst Trust Mid Cap Value AlphaDEX Fund

IWDAiShares Russell 1000 Value ETF

In short

FNK Not a plain value index fund: the AlphaDEX screen ranks mid-cap value stocks on growth and value metrics, keeps a subset and weights by rank rather than size. A quant strategy in an index wrapper, priced closer to active.

IWD The original Russell 1000 Value tracker, live since 2000 and still one of the most traded ways to own the value half of US large caps. Roughly 900 stocks, followed closely, at a price that reflects the plumbing.

Stated mandate

FNK The Fund seeks to track, before fees and expenses, the price and yield performance of the Nasdaq AlphaDEX Mid Cap Value Index. The index uses AlphaDEX to select and weight securities from the Nasdaq US 600 Mid Cap Value Index.

IWD The fund seeks to track an index of U.S. large- and mid-cap stocks that may be undervalued relative to comparable companies.

Why people hold it

FNK Rank drives weight, not market cap: the AlphaDEX screen scores stocks on growth and value metrics, then tiers them, so size alone doesn't buy a big slot.ftportfolios.com otcmarkets.com
Roughly 230 mid-cap names, so no single stock steers the portfolio.
Running since 2011, one of the longer-lived rules-based factor funds, and it distributes quarterly.

IWD Follows the Russell 1000 Value Index closely, one of the tightest index-following records among US value funds.
About 900 large- and mid-cap names, so no single stock or sector drives the result.
Trading since 2000 and actively traded, it is among the easier value ETFs to move in and out of, in size.

Worth knowing

FNK At 0.74% a year it sits at the pricey end of the factor aisle (VONV charges 0.06%, FNDX 0.25%), and that cost is what keeps it in the back of its peer group.
Thinly traded, so spreads can run wider than on household-name index ETFs; the cost of getting in and out matters more here.
Value label, but the screen scores growth metrics too, so the basket won't always look like a textbook value fund.ftportfolios.com

IWD At 0.18% a year, it costs more than several broad value rivals (VTV 0.03%, SCHV 0.04%, IUSV 0.04%). The extra buys the Russell index and the trading depth.
Holding roughly 900 names out of a 1,000-stock parent index, the value tilt is wide and mild, not a concentrated deep-value bet.ishares.com
Distributions land quarterly, and the amount rides on what the underlying companies pay.

Full FNK profile⁠

Full IWD profile⁠

FNK vs IWD Holdings

How FNK and IWD differ

Overlap by weight

3.6%

Shared holdings make up 73.5% of FNK and 3.6% of IWD.

Level by level

Holdings166 in both3.6%
Sector11 Sectors73.6%
Countryby domicile99.2%
Asset classStocks100%

Sector

Sector weights in FNK and IWD, widest gap first
Sector	Gap	FNK	IWD
Technology	IWD +13.0 points	5.8%	18.8%
Health Care	IWD +10.2 points	3.5%	13.7%
Consumer Discretionary	FNK +8.9 points	19.5%	10.6%
Financials	FNK +8.2 points	27.0%	18.8%
Energy	FNK +4.6 points	10.6%	6.0%
Consumer Staples	IWD +2.7 points	5.3%	8.0%
Utilities	FNK +1.9 points	5.5%	3.6%
Industrials	FNK +1.4 points	11.8%	10.4%
Real Estate	FNK +1.3 points	4.8%	3.5%
Communication	IWD +0.4 points	2.6%	3.0%
Materials	FNK +0.1 points	3.6%	3.5%

Country, concentration and asset class

Country by domicile

Country weights in FNK and IWD, widest gap first
Country	More in FNKMore in IWD	Gap	FNK	IWD
India		FNK +0.7 points	0.7%	0.0%
Other countries (10)		IWD +0.7 points	99.3%	100.0%

Concentration

Weight in the 10 largest Holdings

FNK8.5%
IWD29.8%

Securities held

FNK226
IWD869

Asset class

FNK: Stocks
IWD: Stocks

Holdings

Only in FNK60
In both166
Only in IWD703

Only in FNK

60 securities, 26.4% of FNK by weight

Radian Group Inc.0.81%
Spire Inc.0.81%
CNX Resources Corporation0.77%
Southwest Gas Holdings, Inc.0.77%
Essent Group Ltd.0.76%
Enact Holdings, Inc.0.74%
Magnolia Oil & Gas Corporation (Class A)0.70%
Commercial Metals Company0.69%
Murphy Oil Corporation0.67%
Black Hills Corporation0.67%
Selective Insurance Group, Inc.0.66%
ONE Gas, Inc.0.62%
International Seaways, Inc.0.61%
Abercrombie & Fitch Co. (Class A)0.61%
Urban Outfitters, Inc.0.61%
SM Energy Company0.61%
PBF Energy Inc.0.60%
Meritage Homes Corporation0.60%
ACADIA Pharmaceuticals Inc.0.58%
Mercury General Corporation0.58%
UFP Industries Inc.0.57%
Portland General Electric Company0.57%
Core Natural Resources, Inc.0.51%
JBT Marel Corporation0.50%
Crescent Energy Company0.48%
Federated Hermes, Inc. (Class B)0.47%
Valley National Bancorp0.46%
Boot Barn Holdings, Inc.0.45%
New Jersey Resources Corporation0.44%
Axos Financial, Inc.0.44%
Associated Banc-Corp0.44%
Home BancShares, Inc.0.44%
Fulton Financial Corporation0.44%
CNO Financial Group, Inc.0.43%
Atlantic Union Bankshares Corporation0.43%
UMB Financial Corporation0.43%
Old National Bancorp0.42%
Warrior Met Coal, Inc.0.40%
Venture Global, Inc. (Class A)0.38%
Erie Indemnity Company0.34%
Herc Holdings, Inc.0.34%
Waystar Holding Corp.0.31%
United Bankshares, Inc.0.29%
Murphy USA Inc.0.29%
Rush Enterprises, Inc. (Class A)0.27%
U-Haul Holding Co. (Series N)0.26%
California Resources Corporation0.26%
Belden Inc.0.25%
GoDaddy Inc. (Class A)0.17%
Choice Hotels International, Inc.0.16%

Only in IWD

703 securities, 96.2% of IWD by weight

Amazon.com Inc6.12%
Apple6.02%
Microsoft5.23%
Berkshire Hathaway Inc Class B2.82%
JPMorgan Chase & Co2.37%
Exxonmobil Holdings Corp1.81%
Johnson & Johnson1.77%
Walmart1.34%
AbbVie1.26%
Chevron1.05%
Procter & Gamble1.02%
Cisco Systems Inc0.98%
Merck & Co Inc0.96%
UnitedHealth Group0.94%
Coca-Cola0.87%
Philip Morris International0.82%
Bank of America0.79%
Costco Wholesale Corp0.70%
Thermo Fisher Scientific0.69%
Intel Corporation0.68%
Rtx0.68%
Wells Fargo0.67%
Goldman Sachs Group0.66%
Meta Platforms Class A0.65%
Linde PLC0.63%
International Business Machines Co0.61%
Gilead Sciences0.55%
Morgan Stanley0.54%
Walt Disney0.54%
Mcdonalds Corp0.52%
Verizon Communications Inc0.51%
Abbott Laboratories0.51%
Nextera Energy0.48%
BlackRock0.48%
Welltower0.47%
Qualcomm0.46%
Pepsico0.45%
Salesforce0.45%
Citigroup0.45%
Pfizer0.44%
Conocophillips0.44%
Deere0.44%
Analog Devices0.44%
Union Pacific0.43%
Accenture PLC Class A0.42%
Danaher0.39%
AT&T0.38%
Vertex Pharmaceuticals0.37%
Charles Schwab0.37%
S&P Global0.37%

Weight gaps

The 100 widest of 166 Holdings in both funds.

Holding weights in FNK and IWD, widest gap first
Holding	Gap	FNK	IWD
ADT Inc.ADT	FNK +1.11 points	1.12%	0.01%
Range Resources CorporationRRC	FNK +0.88 points	0.91%	0.03%
Sirius XM Holdings Inc.SIRI	FNK +0.84 points	0.86%	0.02%
Mohawk Industries, Inc.MHK	FNK +0.81 points	0.83%	0.02%
EPAM Systems, Inc.EPAM	FNK +0.79 points	0.81%	0.02%
Boyd Gaming CorporationBYD	FNK +0.78 points	0.79%	0.01%
Lyft, Inc. (Class A)LYFT	FNK +0.78 points	0.79%	0.01%
White Mountains Insurance Group Ltd.WTM	FNK +0.76 points	0.77%	0.01%
Axis Capital Holdings LimitedAXS	FNK +0.76 points	0.78%	0.02%
MGIC Investment CorporationMTG	FNK +0.74 points	0.76%	0.02%
Universal Health Services, Inc. (Class B)UHS	FNK +0.74 points	0.77%	0.03%
Bank OZKOZK	FNK +0.75 points	0.76%	0.01%
First American Financial CorporationFAF	FNK +0.74 points	0.76%	0.02%
Everest Group, Ltd.EG	FNK +0.74 points	0.78%	0.04%
Versant Media Group, Inc. (Class A)VSNT	FNK +0.72 points	0.73%	0.01%
Antero Resources CorporationAR	FNK +0.72 points	0.75%	0.03%
RenaissanceRe Holdings Ltd.RNR	FNK +0.71 points	0.75%	0.04%
Lithia Motors, Inc.LAD	FNK +0.71 points	0.73%	0.02%
Genpact LimitedG	FNK +0.70 points	0.72%	0.02%
APA CorporationAPA	FNK +0.70 points	0.74%	0.04%
Sonoco Products CompanySON	FNK +0.70 points	0.71%	0.01%
H&R Block, Inc.HRB	FNK +0.70 points	0.71%	0.01%
Crocs, Inc.CROX	FNK +0.69 points	0.71%	0.02%
McCormick & Company, IncorporatedMKC	FNK +0.69 points	0.72%	0.03%
Macy's, Inc.M	FNK +0.68 points	0.70%	0.02%
Chord Energy CorporationCHRD	FNK +0.68 points	0.70%	0.02%
Millrose Properties, Inc. (Class A)MRP	FNK +0.68 points	0.69%	0.01%
Lincoln National CorporationLNC	FNK +0.67 points	0.69%	0.02%
Matador Resources CompanyMTDR	FNK +0.66 points	0.67%	0.01%
National Fuel Gas CompanyNFG	FNK +0.65 points	0.67%	0.02%
Ingredion IncorporatedINGR	FNK +0.64 points	0.66%	0.02%
Silgan Holdings Inc.SLGN	FNK +0.64 points	0.65%	<0.01%
Amentum Holdings, Inc.AMTM	FNK +0.64 points	0.65%	<0.01%
The Gap, Inc.GAP	FNK +0.64 points	0.65%	0.01%
AutoNation, Inc.AN	FNK +0.64 points	0.65%	0.01%
The Campbell's CompanyCPB	FNK +0.63 points	0.64%	0.01%
Lear CorporationLEA	FNK +0.63 points	0.64%	0.01%
Alcoa CorporationAA	FNK +0.62 points	0.65%	0.03%
Gentex CorporationGNTX	FNK +0.62 points	0.63%	0.01%
Reynolds Consumer Products Inc.REYN	FNK +0.62 points	0.62%	<0.01%
Tyson Foods, Inc. (Class A)TSN	FNK +0.61 points	0.65%	0.04%
JBS N.V. (Class A)JBS	FNK +0.60 points	0.61%	0.01%
LKQ CorporationLKQ	FNK +0.60 points	0.61%	0.01%
Toll Brothers, Inc.TOL	FNK +0.59 points	0.63%	0.04%
The Cooper Companies, Inc.COO	FNK +0.58 points	0.61%	0.03%
EPR PropertiesEPR	FNK +0.58 points	0.59%	0.01%
Textron Inc.TXT	FNK +0.57 points	0.61%	0.04%
Host Hotels & Resorts, Inc.HST	FNK +0.57 points	0.61%	0.04%
Old Republic International CorporationORI	FNK +0.57 points	0.59%	0.02%
F.N.B. CorporationFNB	FNK +0.55 points	0.57%	0.02%
Rithm Capital Corp.RITM	FNK +0.56 points	0.57%	0.01%
DICK'S Sporting Goods, Inc.DKS	FNK +0.56 points	0.58%	0.02%
Oshkosh CorporationOSK	FNK +0.56 points	0.58%	0.02%
UGI CorporationUGI	FNK +0.55 points	0.57%	0.02%
SouthState Bank CorporationSSB	FNK +0.55 points	0.58%	0.03%
Zions Bancorporation, National AssociationZION	FNK +0.54 points	0.57%	0.03%
OneMain Holdings, Inc.OMF	FNK +0.54 points	0.56%	0.02%
Vontier CorporationVNT	FNK +0.54 points	0.56%	0.02%
Western Alliance BancorporationWAL	FNK +0.54 points	0.56%	0.02%
Gaming and Leisure Properties, Inc.GLPI	FNK +0.54 points	0.57%	0.03%
Ally Financial Inc.ALLY	FNK +0.53 points	0.56%	0.03%
Solventum CorporationSOLV	FNK +0.53 points	0.57%	0.04%
Eastman Chemical CompanyEMN	FNK +0.53 points	0.55%	0.02%
Churchill Downs IncorporatedCHDN	FNK +0.53 points	0.54%	0.01%
TransUnionTRU	FNK +0.51 points	0.55%	0.04%
Booz Allen Hamilton Holding CorporationBAH	FNK +0.49 points	0.51%	0.02%
Norwegian Cruise Line Holdings Ltd.NCLH	FNK +0.49 points	0.51%	0.02%
Aptiv PlcAPTV	FNK +0.49 points	0.51%	0.02%
Nexstar Media Group, Inc.NXST	FNK +0.48 points	0.49%	0.01%
Ryder System, Inc.R	FNK +0.45 points	0.48%	0.03%
Floor & Decor Holdings, Inc. (Class A)FND	FNK +0.45 points	0.46%	0.01%
The Hanover Insurance Group, Inc.THG	FNK +0.45 points	0.47%	0.02%
Fidelity National Financial, Inc.FNF	FNK +0.44 points	0.47%	0.03%
Darling Ingredients Inc.DAR	FNK +0.44 points	0.46%	0.02%
Eagle Materials Inc.EXP	FNK +0.43 points	0.45%	0.02%
OGE Energy Corp.OGE	FNK +0.43 points	0.46%	0.03%
Deckers Outdoor CorporationDECK	FNK +0.43 points	0.46%	0.03%
Pinnacle West Capital CorporationPNW	FNK +0.43 points	0.46%	0.03%
The Trade Desk, Inc. (Class A)TTD	FNK +0.43 points	0.44%	0.01%
Weatherford International PlcWFRD	FNK +0.42 points	0.44%	0.02%
KBR, Inc.KBR	FNK +0.43 points	0.44%	0.01%
American Homes 4 Rent (Class A)AMH	FNK +0.42 points	0.45%	0.03%
Columbia Banking System, Inc.COLB	FNK +0.42 points	0.44%	0.02%
Huntington Ingalls Industries, Inc.HII	FNK +0.42 points	0.45%	0.03%
Wintrust Financial CorporationWTFC	FNK +0.41 points	0.44%	0.03%
Jefferies Financial Group Inc.JEF	FNK +0.41 points	0.43%	0.02%
Alaska Air Group, Inc.ALK	FNK +0.41 points	0.42%	<0.01%
SLM CorporationSLM	FNK +0.40 points	0.41%	<0.01%
Sprouts Farmers Market, Inc.SFM	FNK +0.40 points	0.41%	0.01%
GameStop Corp. (Class A)GME	FNK +0.39 points	0.42%	0.03%
Ingram Micro Holding CorporationINGM	FNK +0.39 points	0.39%	<0.01%
Affiliated Managers Group, Inc.AMG	FNK +0.39 points	0.41%	0.02%
First Horizon CorporationFHN	FNK +0.38 points	0.41%	0.03%
AGCO CorporationAGCO	FNK +0.38 points	0.40%	0.02%
V.F. CorporationVFC	FNK +0.38 points	0.40%	0.02%
Gates Industrial Corporation Ltd.GTES	FNK +0.36 points	0.38%	0.02%
Kirby CorporationKEX	FNK +0.36 points	0.38%	0.02%
Lamb Weston Holdings, Inc.LW	FNK +0.35 points	0.37%	0.02%
ESAB CorporationESAB	FNK +0.34 points	0.35%	0.01%
RLI Corp.RLI	FNK +0.33 points	0.34%	0.01%

All 226 FNK holdings⁠All 869 IWD holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FNK vs IWD Cost

Overpaying FNK vs IWD

$10,558

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

FNK 0.74%
$14,307
IWD 0.18%
$3,749

Amount$10,000

Years30 years

Cost over time

FNK 0.74%
IWD 0.18%
Overpaying

Year by year

Year	FNK	IWD	Overpaying
10	$1,319	$328	$991
20	$5,015	$1,281	$3,734
30	$14,307	$3,749	$10,558

Expense ratio

0.74%FNK
0.18%IWD, cheaper

IWD0.18%FNK0.74%

0.03%0.80%

Middle half of US Value Index funds
Median 0.20%

IWD 16th cheapest of 40 funds

FNK 39th cheapest of 40 funds

FNK vs IWD Dividends

Last 12 months to Nov 9, 2026

Yield (12M): FNK 1.52%, better; IWD 1.34%
Payout (12M): FNK $0.98; IWD $3.53
Last payment: FNK $0.28; IWD $0.93
Ex-dividend: FNK Sep 24, 2026; IWD Sep 15, 2026
Paid on: FNK Sep 30, 2026; IWD Sep 18, 2026
Frequency: FNK Quarterly; IWD Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FNKQuarterly · 39 paymentsAll FNK payments⁠

IWDQuarterly · 39 paymentsAll IWD payments⁠

FNK vs IWD Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: FNK 17.7%IWD 12.1%, better
Return per unit of riskSharpe ratio, 3 years: FNK 0.71IWD 1.42, better
Worst fallMax drawdown, 5 years: FNK −25.2%IWD −19.0%, better
Market sensitivityBeta, 5 years: FNK 0.98IWD 0.85; Market = 1

FNK and IWD in the news

All news⁠

Best ETFs
Best large-cap value ETFs: Vanguard’s VTV at 0.03%, or VONV for the Russell 1000 Value
Updated Nov 3, 2026IWD
Head-to-Head
IWD vs VBR: a lower fee does not buy the other value portfolio
Nov 2, 2026IWD
Category Review
U.S. value funds beat the S&P 500 over the past year, but the funds did not move together
Updated Oct 21, 2026IWD
New ETFs
Avantis Investors' Avantis U.S. Core Equity ETF AVUC overlaps a fund it already runs
Oct 16, 2026IWD
Best ETFs
The best value ETF depends on whose list you bought
Updated Oct 2, 2026IWD
Category Review
One US value fund returned 68% with Micron at 22.5%. The median returned 22%
Updated Sep 23, 2026IWD

Popular comparisons

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FNK vs IWD

In short

Stated mandate

Why people hold it