FNX vs VONV: Grades, Fees and Holdings Compared

First Trust Mid Cap Core AlphaDEX Fund

FNXCNasdaq

Vanguard Russell 1000 Value ETF

VONVANasdaq

Overlap

5.6%by weight

Expense ratio

VONV −0.56pt a year

FNX0.62%VONV0.06%

Avg volume · 30D

VONV 52.0×the volume

FNX14.9KVONV774K

10Y return · a year

VONV +0.1pt

FNX+11.9%VONV+12.0%

FNX vs VONV Performance

Oct 29, 2021 – Oct 30, 2026

+45.4%FNX+73.8%VONV

Expense ratio: FNX 0.62%; VONV 0.06%, better
Fund size: FNX $1.41B; VONV $23.3B
1Y total return: FNX +14.7%; VONV +28.5%, better
Yield (12M): FNX 0.98%; VONV 1.53%, better
Holdings: FNX 452; VONV 873
Avg volume (30D): FNX 14.9K sh; VONV 774K sh, better
NAV per share: FNX $141.27; VONV $113.44
52W range

ETF.net Grade

Pillar letters and Scores for FNX, VONV, with each pillar’s weight
Pillar	FNX	VONV
Cost30% weight	F11	A96Higher
Mission25% weight	A99	A100Higher
Risk15% weight	D30	A86Higher
Tradability15% weight	C52	B60Higher
Holdings10% weight	A84Higher	C49
Durability5% weight	A70	A93Higher

Rank among US Multifactor funds

How we build Categories ›

Same Category. FNX and VONV 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 ›

VONV ranks 1st 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 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

VONVAVanguard Russell 1000 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.

VONV The plain-vanilla value trade, done cheap: about 900 large US value stocks, full replication of the Russell 1000 Value Index, 0.06% a year. No factor cocktail, no premium price tag, and one of the strongest implementations in its factor peer group.

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.

VONV The fund seeks to track the Russell 1000 Value Index, representing large-capitalization value stocks in the United States. It uses passive indexing and full replication to remain closely aligned with that benchmark.

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.

VONV 0.06% a year, a fraction of the typical fee among factor ETFs. On a rules-based value index there is little room for cleverness, so cost does most of the work.vanguard.com
Full replication, not sampling: it owns the index's roughly 900 names and has stayed tightly aligned with the Russell 1000 Value benchmark since launching in 2010.
Same Russell benchmark as pricier rivals for less: the Goldman MarketBeta version (GVUS) charges 0.12% to track the identical value index.
A multi-billion-dollar fund that trades actively, among the easiest in its group to get in and out of, and it distributes quarterly.

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.

VONV One screen, one style. Value only, with no quality or momentum overlay, so the ride follows the value side of the market wherever it goes.vanguard.com
This is the entire value bucket, not a best-ideas portfolio. About 900 holdings means results hug the large-cap value category rather than stray from it.
Cheaper exists nearby: Vanguard's VYM charges 0.04%, but it screens for dividend yield, a different portfolio than a Russell value index.

Full FNX profile⁠

Full VONV profile⁠

FNX vs VONV Holdings

How FNX and VONV differ

Overlap by weight

5.6%

Shared holdings make up 60.6% of FNX and 5.6% of VONV.

Level by level

Holdings272 in both5.6%
Sector11 Sectors84.3%
Countryby domicile99.3%
Asset classEquity100%

Sector

Sector weights in FNX and VONV, widest gap first
Sector	More in FNXMore in VONV	FNX	VONV
Technology	VONV +8.5 points	13.4%	21.9%
Industrials	FNX +5.4 points	14.8%	9.5%
Consumer Discretionary	FNX +5.1 points	15.5%	10.4%
Consumer Staples	VONV +3.6 points	3.6%	7.2%
Real Estate	FNX +2.8 points	6.3%	3.5%
Health Care	VONV +1.8 points	11.6%	13.4%
Energy	FNX +1.6 points	7.8%	6.2%
Communication	VONV +1.5 points	1.9%	3.4%
Financials	FNX +0.8 points	18.7%	17.9%
Utilities	VONV +0.3 points	3.1%	3.4%
Materials	VONV +0.1 points	3.1%	3.3%

Country, concentration and asset class

Country by domicile

Country weights in FNX and VONV, widest gap first
Country	More in FNXMore in VONV	FNX	VONV
United States	VONV +0.7 points	99.3%	100.0%
Other countries (2)	FNX +0.7 points	0.7%	0.0%

Concentration

Weight in the 10 largest Holdings

FNX4.7%
VONV29.8%

Securities held

FNX451
VONV871

Asset class

FNX: Equity
VONV: Equity

Holdings

Only in FNX179
In both272
Only in VONV599

Only in FNX

179 securities, 39.4% of FNX by weight

Glaukos Corporation0.51%
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%
Hinge Health, Inc. (Class A)0.42%
Concentra Group Holdings Parent, Inc.0.41%
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%
Magnolia Oil & Gas Corporation (Class A)0.40%
LifeStance Health Group, Inc.0.39%
Crescent Energy Company0.39%
TG Therapeutics, Inc.0.39%
Brinker International, Inc.0.39%
Victoria's Secret & Co.0.39%
Enact Holdings, Inc.0.39%
The Cheesecake Factory Incorporated0.38%
Amneal Pharmaceuticals, Inc.0.38%
UFP Industries Inc.0.38%
Box, Inc. (Class A)0.37%
Federated Hermes, Inc. (Class B)0.37%
Mercury General Corporation0.37%
Commercial Metals Company0.36%
Protagonist Therapeutics, Inc.0.36%
ACADIA Pharmaceuticals Inc.0.36%
Matson, Inc.0.36%
International Seaways, Inc.0.36%
PBF Energy Inc.0.36%
Victory Capital Holdings, Inc. (Class A)0.35%
Zeta Global Holdings Corp. (Class A)0.35%
Oscar Health, Inc. (Class A)0.35%
Abercrombie & Fitch Co. (Class A)0.35%
Frontdoor, Inc.0.34%
Selective Insurance Group, Inc.0.33%
BrightSpring Health Services, Inc.0.33%
Black Hills Corporation0.33%
Venture Global, Inc. (Class A)0.33%
The Chefs' Warehouse, Inc.0.33%
Xometry, Inc. (Class A)0.32%
Kymera Therapeutics, Inc.0.32%
Remitly Global, Inc.0.32%
Life Time Group Holdings, Inc.0.32%
Valley National Bancorp0.32%
ImmunityBio, Inc.0.31%

Only in VONV

599 securities, 94.2% of VONV by weight

Amazon.com Inc6.09%
Apple Inc6.07%
Microsoft Corp5.24%
Berkshire Hathaway Inc2.55%
JPMorgan Chase & Co2.43%
ExxonMobil Holdings Corp1.84%
Johnson & Johnson1.75%
Intel Corp1.51%
AbbVie Inc1.17%
Cisco Systems Inc1.17%
Walmart Inc1.15%
Chevron Corp1.04%
Merck & Co Inc0.99%
Procter & Gamble Co/The0.93%
UnitedHealth Group Inc0.91%
Bank of America Corp0.91%
Philip Morris International Inc0.82%
Coca-Cola Co/The0.81%
Meta Platforms Inc0.80%
Thermo Fisher Scientific Inc0.69%
RTX Corp0.69%
Goldman Sachs Group Inc/The0.67%
Wells Fargo & Co0.67%
Costco Wholesale Corp0.63%
Linde PLC0.60%
Morgan Stanley0.58%
International Business Machines Corp0.57%
QUALCOMM Inc0.53%
Verizon Communications Inc0.53%
Gilead Sciences Inc0.51%
Salesforce Inc0.50%
Walt Disney Co/The0.50%
Citigroup Inc0.50%
Analog Devices Inc0.49%
Abbott Laboratories0.47%
Welltower Inc0.46%
Deere & Co0.46%
McDonald's Corp0.45%
AT&T Inc0.45%
Pfizer Inc0.45%
Blackrock Inc0.44%
NextEra Energy Inc0.43%
ConocoPhillips0.42%
PepsiCo Inc0.42%
Union Pacific Corp0.41%
Charles Schwab Corp/The0.41%
Dell Technologies Inc0.39%
Eaton Corp PLC0.39%
Danaher Corp0.39%
Vertex Pharmaceuticals Inc0.37%

Weight gaps

The 100 widest of 272 Holdings in both funds.

Holding weights in FNX and VONV, widest gap first
Holding	More in FNXMore in VONV	FNX	VONV
ADT Inc.ADT	FNX +0.56 points	0.57%	<0.01%
Range Resources CorporationRRC	FNX +0.50 points	0.52%	0.02%
EPAM Systems, Inc.EPAM	FNX +0.44 points	0.46%	0.02%
Amentum Holdings, Inc.AMTM	FNX +0.42 points	0.43%	<0.01%
Antero Resources CorporationAR	FNX +0.42 points	0.45%	0.03%
Genpact LimitedG	FNX +0.42 points	0.43%	0.01%
APA CorporationAPA	FNX +0.41 points	0.45%	0.04%
Matador Resources CompanyMTDR	FNX +0.41 points	0.42%	0.01%
Caris Life Sciences, Inc.CAI	FNX +0.40 points	0.40%	<0.01%
Chord Energy CorporationCHRD	FNX +0.39 points	0.41%	0.02%
White Mountains Insurance Group Ltd.WTM	FNX +0.39 points	0.40%	0.01%
Sirius XM Holdings Inc.SIRI	FNX +0.39 points	0.40%	0.01%
Boyd Gaming CorporationBYD	FNX +0.38 points	0.39%	<0.01%
Bank OZKOZK	FNX +0.38 points	0.39%	0.01%
Mohawk Industries, Inc.MHK	FNX +0.38 points	0.40%	0.02%
Axis Capital Holdings LimitedAXS	FNX +0.37 points	0.39%	0.02%
MGIC Investment CorporationMTG	FNX +0.38 points	0.39%	0.01%
RingCentral, Inc. (Class A)RNG	FNX +0.38 points	0.39%	0.01%
SentinelOne, Inc. (Class A)S	FNX +0.36 points	0.37%	<0.01%
Rubrik, Inc. (Class A)RBRK	FNX +0.36 points	0.38%	0.02%
Lyft, Inc. (Class A)LYFT	FNX +0.37 points	0.38%	0.01%
Coca-Cola Consolidated, Inc.COKE	FNX +0.36 points	0.39%	0.03%
Dropbox, Inc. (Class A)DBX	FNX +0.37 points	0.38%	0.01%
UGI CorporationUGI	FNX +0.36 points	0.38%	0.02%
Maplebear Inc. (Instacart)CART	FNX +0.36 points	0.37%	<0.01%
Everest Group, Ltd.EG	FNX +0.36 points	0.40%	0.04%
Macy's, Inc.M	FNX +0.35 points	0.37%	0.02%
First American Financial CorporationFAF	FNX +0.35 points	0.37%	0.02%
Chime Financial, Inc. (Class A)CHYM	FNX +0.35 points	0.37%	0.02%
National Fuel Gas CompanyNFG	FNX +0.35 points	0.37%	0.02%
Sonoco Products CompanySON	FNX +0.35 points	0.36%	0.01%
Toll Brothers, Inc.TOL	FNX +0.35 points	0.38%	0.03%
Crocs, Inc.CROX	FNX +0.34 points	0.36%	0.02%
Lithia Motors, Inc.LAD	FNX +0.34 points	0.36%	0.02%
H&R Block, Inc.HRB	FNX +0.35 points	0.36%	0.01%
Old Republic International CorporationORI	FNX +0.35 points	0.37%	0.02%
RenaissanceRe Holdings Ltd.RNR	FNX +0.34 points	0.38%	0.04%
Ingredion IncorporatedINGR	FNX +0.34 points	0.36%	0.02%
Lincoln National CorporationLNC	FNX +0.34 points	0.36%	0.02%
Lear CorporationLEA	FNX +0.34 points	0.35%	0.02%
Versant Media Group, Inc. (Class A)VSNT	FNX +0.34 points	0.35%	0.01%
Millrose Properties, Inc. (Class A)MRP	FNX +0.34 points	0.35%	0.01%
Universal Health Services, Inc. (Class B)UHS	FNX +0.34 points	0.36%	0.02%
The Gap, Inc.GAP	FNX +0.34 points	0.35%	0.01%
McCormick & Company, IncorporatedMKC	FNX +0.33 points	0.36%	0.03%
TransUnionTRU	FNX +0.33 points	0.36%	0.03%
Silgan Holdings Inc.SLGN	FNX +0.32 points	0.33%	<0.01%
Norwegian Cruise Line Holdings Ltd.NCLH	FNX +0.32 points	0.34%	0.02%
DocuSign, Inc.DOCU	FNX +0.32 points	0.35%	0.03%
AutoNation, Inc.AN	FNX +0.31 points	0.32%	0.01%
Weatherford International PlcWFRD	FNX +0.31 points	0.33%	0.02%
Gentex CorporationGNTX	FNX +0.31 points	0.32%	0.01%
Exelixis, Inc.EXEL	FNX +0.31 points	0.34%	0.03%
Reynolds Consumer Products Inc.REYN	FNX +0.31 points	0.31%	<0.01%
Charles River Laboratories International, Inc.CRL	FNX +0.30 points	0.34%	0.04%
GitLab Inc. (Class A)GTLB	FNX +0.30 points	0.32%	0.02%
JBS N.V. (Class A)JBS	FNX +0.30 points	0.31%	0.01%
Alcoa CorporationAA	FNX +0.30 points	0.33%	0.03%
The Hanover Insurance Group, Inc.THG	FNX +0.30 points	0.32%	0.02%
KBR, Inc.KBR	FNX +0.30 points	0.31%	0.01%
Darling Ingredients Inc.DAR	FNX +0.29 points	0.32%	0.03%
Repligen CorporationRGEN	FNX +0.30 points	0.33%	0.03%
Ingram Micro Holding CorporationINGM	FNX +0.30 points	0.30%	<0.01%
The Campbell's CompanyCPB	FNX +0.30 points	0.31%	0.01%
Pinnacle West Capital CorporationPNW	FNX +0.29 points	0.32%	0.03%
Kirby CorporationKEX	FNX +0.29 points	0.31%	0.02%
Five Below, Inc.FIVE	FNX +0.29 points	0.31%	0.02%
Wayfair Inc. (Class A)W	FNX +0.29 points	0.32%	0.03%
Eagle Materials Inc.EXP	FNX +0.29 points	0.30%	0.01%
DaVita Inc.DVA	FNX +0.28 points	0.30%	0.02%
Oshkosh CorporationOSK	FNX +0.29 points	0.31%	0.02%
Textron Inc.TXT	FNX +0.28 points	0.32%	0.04%
Columbia Banking System, Inc.COLB	FNX +0.28 points	0.30%	0.02%
Rithm Capital Corp.RITM	FNX +0.29 points	0.30%	0.01%
Tyson Foods, Inc. (Class A)TSN	FNX +0.28 points	0.32%	0.04%
F.N.B. CorporationFNB	FNX +0.28 points	0.30%	0.02%
DICK'S Sporting Goods, Inc.DKS	FNX +0.28 points	0.30%	0.02%
EPR PropertiesEPR	FNX +0.28 points	0.29%	0.01%
Host Hotels & Resorts, Inc.HST	FNX +0.28 points	0.32%	0.04%
The Trade Desk, Inc. (Class A)TTD	FNX +0.28 points	0.29%	<0.01%
SouthState Bank CorporationSSB	FNX +0.27 points	0.30%	0.03%
LKQ CorporationLKQ	FNX +0.27 points	0.29%	0.02%
OneMain Holdings, Inc.OMF	FNX +0.27 points	0.29%	0.02%
Zions Bancorporation, National AssociationZION	FNX +0.27 points	0.30%	0.03%
Deckers Outdoor CorporationDECK	FNX +0.27 points	0.30%	0.03%
Eastman Chemical CompanyEMN	FNX +0.27 points	0.29%	0.02%
Affiliated Managers Group, Inc.AMG	FNX +0.27 points	0.30%	0.03%
Western Alliance BancorporationWAL	FNX +0.27 points	0.29%	0.02%
The Cooper Companies, Inc.COO	FNX +0.27 points	0.30%	0.03%
Aptiv PlcAPTV	FNX +0.26 points	0.29%	0.03%
Virtu Financial, Inc. (Class A)VIRT	FNX +0.27 points	0.28%	0.01%
V.F. CorporationVFC	FNX +0.27 points	0.28%	0.01%
Ally Financial Inc.ALLY	FNX +0.26 points	0.29%	0.03%
Gaming and Leisure Properties, Inc.GLPI	FNX +0.26 points	0.29%	0.03%
Lamb Weston Holdings, Inc.LW	FNX +0.26 points	0.28%	0.02%
AGCO CorporationAGCO	FNX +0.25 points	0.27%	0.02%
SEI Investments CompanySEIC	FNX +0.26 points	0.29%	0.03%
Etsy, Inc.ETSY	FNX +0.25 points	0.26%	<0.01%
Churchill Downs IncorporatedCHDN	FNX +0.26 points	0.27%	0.01%
Booz Allen Hamilton Holding CorporationBAH	FNX +0.25 points	0.27%	0.02%

All 451 FNX holdings⁠All 872 VONV 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 VONV Cost

Overpaying FNX vs VONV

$10,909

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

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

Amount$10,000

Years30 years

Cost over time

FNX 0.62%
VONV 0.06%
Overpaying

Year by year

Year	FNX	VONV	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%VONV, cheaper

VONV0.06%FNX0.62%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

VONV 4th cheapest of 99 funds

FNX 88th cheapest of 99 funds

FNX vs VONV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FNX 0.98%; VONV 1.53%, better
Payout (12M): FNX $1.38; VONV $1.74
Last payment: FNX $0.41; VONV $0.42
Ex-dividend: FNX Sep 24, 2026; VONV Sep 23, 2026
Paid on: FNX Sep 30, 2026; VONV Sep 25, 2026
Frequency: FNX Quarterly; VONV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FNXQuarterly · 39 paymentsAll FNX payments⁠

VONVQuarterly · 39 paymentsAll VONV payments⁠

FNX vs VONV Risk

Fall from peak · 5 years

FNX
VONV

Risk facts

VolatilityStd dev, 3 years: FNX 17.1%VONV 12.1%, better
Return per unit of riskSharpe ratio, 3 years: FNX 0.85VONV 1.43, better
Worst fallMax drawdown, 5 years: FNX −25.0%VONV −18.9%, better
Market sensitivityBeta, 5 years: FNX 1.07VONV 0.85; Market = 1

FNX and VONV in the news

All news⁠

Best ETFs
Best value ETFs: Vanguard's 0.03% fund, unless you want Russell's list
Updated Nov 2, 2026VONV
Best ETFs
The best value ETF depends on whose list you bought
Updated Oct 2, 2026VONV
Category Review
US multifactor funds ran 30 points apart
Updated Oct 23, 2026VONV

Popular comparisons

FNXCvsILCVA
First Trust Mid Cap Core AlphaDEX Fund · iShares Morningstar Value ETF
Expense ratio
0.62% · 0.04%
Category
VONVAvsILCVA
Vanguard Russell 1000 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
VONVAvsVYMA
Vanguard Russell 1000 Value ETF · Vanguard High Dividend Yield ETF
Expense ratio
0.06% · 0.04%
Category
FNXCvsIMCVA
First Trust Mid Cap Core AlphaDEX Fund · iShares Morningstar Mid-Cap Value ETF
Expense ratio
0.62% · 0.06%
Category
VONVAvsIMCVA
Vanguard Russell 1000 Value ETF · iShares Morningstar Mid-Cap Value ETF
Expense ratio
0.06% · 0.06%
Category

FNX vs VONV

In short

Stated mandate

Why people hold it

Worth knowing

How FNX and VONV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FNX

Only in VONV

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Best value ETFs: Vanguard's 0.03% fund, unless you want Russell's list

The best value ETF depends on whose list you bought

US multifactor funds ran 30 points apart

Best value ETFs: Vanguard's 0.03% fund, unless you want Russell's list

The best value ETF depends on whose list you bought

US multifactor funds ran 30 points apart

How FNX and VONV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FNX

Only in VONV

Weight gaps