FNX vs IMCV: Grades, Fees and Holdings Compared

First Trust Mid Cap Core AlphaDEX Fund

FNXCNasdaq

iShares Morningstar Mid-Cap Value ETF

IMCVANasdaq

Overlap

1.1%by weight

Expense ratio

IMCV −0.56pt a year

FNX0.62%IMCV0.06%

Avg volume · 30D

IMCV 2.6×the volume

FNX14.9KIMCV38.9K

10Y return · a year

FNX +0.8pt

FNX+11.9%IMCV+11.1%

FNX vs IMCV Performance

Oct 29, 2021 – Oct 30, 2026

+45.4%FNX+68.3%IMCV

Expense ratio: FNX 0.62%; IMCV 0.06%, better
Fund size: FNX $1.41B; IMCV $1.27B
1Y total return: FNX +14.7%; IMCV +27.0%, better
Yield (12M): FNX 0.98%; IMCV 1.84%, better
Holdings: FNX 452; IMCV 271
Avg volume (30D): FNX 14.9K sh; IMCV 38.9K sh, better
NAV per share: FNX $141.27; IMCV $99.16
52W range

ETF.net Grade

Pillar letters and Scores for FNX, IMCV, with each pillar’s weight
Pillar	FNX	IMCV
Cost30% weight	F11	A96Higher
Mission25% weight	A99Higher	A76
Risk15% weight	D30	A77Higher
Tradability15% weight	C52	B69Higher
Holdings10% weight	A84Higher	B69
Durability5% weight	A70	A77Higher

Rank among US Multifactor funds

How we build Categories ›

Same Category. FNX and IMCV are both graded against the same 99 US Multifactor funds, so their Grades compare head to head.

US Multifactor⁠

Category · 99 funds

See all 99 ›

IMCV ranks 4th and FNX 56th of 99 funds in the US Multifactor Category.

Rank 1AVONVVanguard Russell 1000 Value ETFScore 85
Rank 2AILCViShares Morningstar Value ETFScore 81
Rank 2AVYMVanguard High Dividend Yield ETFScore 81
Rank 4AIMCViShares Morningstar Mid-Cap Value ETFScore 80
Rank 5ADCORU.S. Core Equity 1 Portfolio ETF Class SharesScore 79
Rank 56CFLQSFranklin U.S. Small Cap Multifactor Index ETFScore 52
Rank 56CFNXFirst Trust Mid Cap Core AlphaDEX FundScore 52
Rank 56CGRPMInvesco S&P MidCap 400 GARP ETFScore 52

Our read on each fund

ETF.net Research

FNXCFirst Trust Mid Cap Core AlphaDEX Fund

IMCVAiShares Morningstar Mid-Cap Value ETF

In short

FNX One of the original smart-beta funds (2007): FNX runs the Nasdaq US 600 mid caps through First Trust's AlphaDEX growth-and-value screen and holds roughly 500 survivors. Screened mid-cap exposure, priced closer to active management.

IMCV No data

Stated mandate

FNX The Fund is an exchange-traded fund seeking results that generally correspond to the price and yield of the Nasdaq AlphaDEX Mid Cap Core Index before fees and expenses. The index uses an enhanced selection process for stocks from the Nasdaq US 600 Mid Cap Index.

IMCV No data

Why people hold it

FNX Launched in 2007, before smart beta was even a marketing category. The AlphaDEX screen has been grinding through mid caps for more than 15 years.ftportfolios.com
Not a closet mid-cap index. Names are pulled from the Nasdaq US 600 Mid Cap universe by an enhanced selection process that scores stocks on growth and value marks.ftportfolios.com
Roughly 500 holdings, so no single stock steers the fund. Distributions land quarterly.
A multi-billion-dollar fund and the mid-cap anchor of First Trust's AlphaDEX lineup, which has kept the strategy funded through multiple market cycles.

IMCV No data

Worth knowing

FNX At 0.62%, it sits near the top of the US multifactor cost range. Broad rivals such as VONV and IUSG charge a small fraction of that.
Thinly traded next to the category's giants, so the spread you pay at the screen can matter as much as the expense ratio.
Screening on growth and value together means the portfolio can look nothing like a plain mid-cap index, in either direction. That is the design, not a defect.

IMCV No data

Full FNX profile⁠

Full IMCV profile⁠

FNX vs IMCV Holdings

How FNX and IMCV differ

Overlap by weight

1.1%

Shared holdings make up 1.9% of FNX and 1.1% of IMCV.

Level by level

Holdings9 in both1.1%
Sector11 Sectors81.1%
Countryby domicile98.9%
Asset classEquity100%

Sector

Sector weights in FNX and IMCV, widest gap first
Sector	More in FNXMore in IMCV	FNX	IMCV
Consumer Discretionary	FNX +8.6 points	15.5%	6.9%
Technology	FNX +6.9 points	13.4%	6.5%
Utilities	IMCV +5.9 points	3.1%	9.0%
Energy	IMCV +5.6 points	7.8%	13.4%
Consumer Staples	IMCV +5.1 points	3.6%	8.7%
Materials	IMCV +1.8 points	3.1%	5.0%
Real Estate	FNX +1.7 points	6.3%	4.6%
Communication	FNX +0.8 points	1.9%	1.1%
Industrials	FNX +0.7 points	14.8%	14.2%
Health Care	IMCV +0.6 points	11.6%	12.2%
Financials	FNX +0.2 points	18.7%	18.5%

Country, concentration and asset class

Country by domicile

Country weights in FNX and IMCV, widest gap first
Country	More in FNXMore in IMCV	FNX	IMCV
United States	FNX +0.6 points	99.3%	98.7%
Other countries (5)	IMCV +0.6 points	0.7%	1.3%

Concentration

Weight in the 10 largest Holdings

FNX4.7%
IMCV13.2%

Securities held

FNX451
IMCV268

Asset class

FNX: Equity
IMCV: Equity

Holdings

Only in FNX442
In both9
Only in IMCV259

Only in FNX

442 securities, 98.0% of FNX by weight

ADT Inc.0.57%
Range Resources Corporation0.52%
Glaukos Corporation0.51%
EPAM Systems, Inc.0.46%
APA Corporation0.45%
Antero Resources Corporation0.45%
Genpact Limited0.43%
Amentum Holdings, Inc.0.43%
CNX Resources Corporation0.43%
Qualys, Inc.0.42%
SM Energy Company0.42%
Urban Outfitters, Inc.0.42%
Murphy Oil Corporation0.42%
Halozyme Therapeutics, Inc.0.42%
Matador Resources Company0.42%
Hinge Health, Inc. (Class A)0.42%
Concentra Group Holdings Parent, Inc.0.41%
Chord Energy Corporation0.41%
Radian Group Inc.0.41%
Essent Group Ltd.0.41%
Spire Inc.0.41%
PACS Group, Inc.0.41%
Southwest Gas Holdings, Inc.0.40%
Haemonetics Corporation0.40%
White Mountains Insurance Group Ltd.0.40%
Magnolia Oil & Gas Corporation (Class A)0.40%
Everest Group, Ltd.0.40%
Sirius XM Holdings Inc.0.40%
Caris Life Sciences, Inc.0.40%
Mohawk Industries, Inc.0.40%
LifeStance Health Group, Inc.0.39%
Axis Capital Holdings Limited0.39%
Coca-Cola Consolidated, Inc.0.39%
Bank OZK0.39%
Crescent Energy Company0.39%
MGIC Investment Corporation0.39%
TG Therapeutics, Inc.0.39%
Brinker International, Inc.0.39%
Boyd Gaming Corporation0.39%
Victoria's Secret & Co.0.39%
Enact Holdings, Inc.0.39%
RingCentral, Inc. (Class A)0.39%
Rubrik, Inc. (Class A)0.38%
UGI Corporation0.38%
Toll Brothers, Inc.0.38%
Lyft, Inc. (Class A)0.38%
Dropbox, Inc. (Class A)0.38%
The Cheesecake Factory Incorporated0.38%
Amneal Pharmaceuticals, Inc.0.38%
RenaissanceRe Holdings Ltd.0.38%

Only in IMCV

259 securities, 98.7% of IMCV by weight

Automatic Data Processing Inc1.60%
Valero Energy Corp1.57%
Phillips 661.54%
Us Bancorp1.27%
Regeneron Pharmaceuticals1.25%
Pnc Financial Services Group1.24%
3M1.23%
Elevance Health Inc1.20%
Eog Resources1.19%
Mondelez International Class A1.14%
Travelers Companies1.13%
United Parcel Service Inc Class B1.11%
Slb1.09%
Moderna1.08%
General Motors1.05%
Cigna1.04%
Hewlett Packard Enterprise1.00%
Target Corp0.96%
Cheniere Energy0.93%
Kinder Morgan0.91%
Marathon Petroleum0.88%
Oneok0.83%
Truist Financial0.82%
Marsh0.82%
Devon Energy0.78%
Sempra0.77%
Dominion Energy0.77%
Aflac0.76%
Becton Dickinson0.74%
Metlife0.73%
Williams0.72%
Delta Air Lines0.72%
Paccar Inc0.69%
Colgate-Palmolive0.69%
Xcel Energy Inc0.68%
PayPal Holdings0.67%
Keurig Dr Pepper Inc0.66%
Ford Motor Co0.66%
Strategy Inc Class A0.65%
Exelon Corp0.65%
Northrop Grumman Corp0.64%
Occidental Petroleum Corp0.64%
Nike Class B0.62%
Iqvia Holdings Inc0.60%
Consolidated Edison0.59%
Norfolk Southern Corp0.59%
American Electric Power Inc0.56%
American International Group0.56%
Prudential Financial Inc0.55%
Sysco0.54%

Weight gaps

All 9 Holdings in both funds, largest gap first.

Holding weights in FNX and IMCV, widest gap first
Holding	More in FNXMore in IMCV	FNX	IMCV
Alcoa CorporationAA	FNX +0.19 points	0.33%	0.14%
Textron Inc.TXT	FNX +0.19 points	0.32%	0.13%
DICK'S Sporting Goods, Inc.DKS	FNX +0.17 points	0.30%	0.13%
Tyson Foods, Inc. (Class A)TSN	FNX +0.10 points	0.32%	0.22%
Fidelity National Financial, Inc.FNF	FNX +0.08 points	0.22%	0.14%
Albemarle CorporationALB	FNX +0.05 points	0.12%	0.07%
Mid-America Apartment Communities, Inc.MAA	IMCV +0.05 points	0.14%	0.19%
TKO Group Holdings, Inc. (Class A)TKO	FNX +0.02 points	0.07%	0.05%
Watsco, Inc.WSO	Same weight	0.07%	0.07%

All 451 FNX holdings⁠All 268 IMCV 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.

FNX vs IMCV Cost

Overpaying FNX vs IMCV

$10,909

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

FNX 0.62%
$12,179
IMCV 0.06%
$1,270

Amount$10,000

Years30 years

Cost over time

FNX 0.62%
IMCV 0.06%
Overpaying

Year by year

Year	FNX	IMCV	Overpaying
10	$1,111	$110	$1,001
20	$4,246	$432	$3,814
30	$12,179	$1,270	$10,909

Expense ratio

0.62%FNX
0.06%IMCV, cheaper

IMCV0.06%FNX0.62%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

IMCV 4th cheapest of 99 funds

FNX 88th cheapest of 99 funds

FNX vs IMCV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FNX 0.98%; IMCV 1.84%, better
Payout (12M): FNX $1.38; IMCV $1.83
Last payment: FNX $0.41; IMCV $0.52
Ex-dividend: FNX Sep 24, 2026; IMCV Sep 15, 2026
Paid on: FNX Sep 30, 2026; IMCV Sep 18, 2026
Frequency: FNX Quarterly; IMCV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FNXQuarterly · 39 paymentsAll FNX payments⁠

IMCVQuarterly · 39 paymentsAll IMCV payments⁠

FNX vs IMCV Risk

Fall from peak · 5 years

FNX
IMCV

Risk facts

VolatilityStd dev, 3 years: FNX 17.1%IMCV 13.6%, better
Return per unit of riskSharpe ratio, 3 years: FNX 0.85IMCV 1.22, better
Worst fallMax drawdown, 5 years: FNX −25.0%IMCV −19.9%, better
Market sensitivityBeta, 5 years: FNX 1.07IMCV 0.88; Market = 1

Popular comparisons

FNXCvsVONVA
First Trust Mid Cap Core AlphaDEX Fund · Vanguard Russell 1000 Value ETF
Expense ratio
0.62% · 0.06%
Category
IMCVAvsVONVA
iShares Morningstar Mid-Cap Value ETF · Vanguard Russell 1000 Value ETF
Expense ratio
0.06% · 0.06%
Category
FNXCvsILCVA
First Trust Mid Cap Core AlphaDEX Fund · iShares Morningstar Value ETF
Expense ratio
0.62% · 0.04%
Category
IMCVAvsILCVA
iShares Morningstar Mid-Cap Value ETF · iShares Morningstar Value ETF
Expense ratio
0.06% · 0.04%
Category
FNXCvsVYMA
First Trust Mid Cap Core AlphaDEX Fund · Vanguard High Dividend Yield ETF
Expense ratio
0.62% · 0.04%
Category
IMCVAvsVYMA
iShares Morningstar Mid-Cap Value ETF · Vanguard High Dividend Yield ETF
Expense ratio
0.06% · 0.04%
Category