FNX vs VYM: Grades, Fees and Holdings Compared

First Trust Mid Cap Core AlphaDEX Fund

FNXCNasdaq

Vanguard High Dividend Yield ETF

VYMANYSE Arca

Overlap

4.9%by weight

Expense ratio

VYM −0.58pt a year

FNX0.62%VYM0.04%

Avg volume · 30D

VYM 76.7×the volume

FNX14.9KVYM1.14M

10Y return · a year

VYM +0.1pt

FNX+11.9%VYM+12.0%

FNX vs VYM Performance

Oct 29, 2021 – Oct 30, 2026

+45.4%FNX+74.3%VYM

Expense ratio: FNX 0.62%; VYM 0.04%, better
Fund size: FNX $1.41B; VYM $95.8B
1Y total return: FNX +14.7%; VYM +19.3%, better
Yield (12M): FNX 0.98%; VYM 2.24%, better
Holdings: FNX 452; VYM 601
Avg volume (30D): FNX 14.9K sh; VYM 1.14M sh, better
NAV per share: FNX $141.27; VYM $163.75
52W range

ETF.net Grade

Pillar letters and Scores for FNX, VYM, with each pillar’s weight
Pillar	FNX	VYM
Cost30% weight	F11	A99Higher
Mission25% weight	A99Higher	A79
Risk15% weight	D30	A84Higher
Tradability15% weight	C52	B61Higher
Holdings10% weight	A84Higher	C53
Durability5% weight	A70	A95Higher

Rank among US Multifactor funds

How we build Categories ›

Same Category. FNX and VYM 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 ›

VYM ranks 2nd 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 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

VYMAVanguard High Dividend Yield 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.

VYM The no-frills dividend workhorse. VYM buys the higher-yielding end of the US market, roughly 600 names, for four basis points: no quality screen, no dividend-growth-streak test, just yield, at scale since 2006.

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.

VYM The Fund seeks to track a benchmark index measuring the investment return of common stocks from companies characterized by high dividend yields.

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.

VYM Four basis points a year, against a peer-group median near 0.32%. Cheaper than cohort neighbors VONV (0.06%) and FNDX (0.25%).
Running since 2006 and now a multi-billion-dollar fund that trades actively, so ordinary orders tend to fill at tight spreads.
Simple mandate: track the FTSE High Dividend Yield Index of US common stocks screened on yield. No manager discretion, no options overlay, plain 1940-Act fund.vanguard.com
Pays quarterly, and among 100-plus value and multifactor rivals it stands as one of the strongest overall packages in the group.

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.

VYM The screen is yield, not payout growth or dividend quality, so a company can qualify simply because its share price fell.
This is a value slice by design, tilted to established payers, so it behaves differently from a total US market fund.
Roughly 600 holdings, but weight leans toward the largest payers, so the top of the roster does more of the work than the count suggests.

Full FNX profile⁠

Full VYM profile⁠

FNX vs VYM Holdings

How FNX and VYM differ

Overlap by weight

4.9%

Shared holdings make up 39.7% of FNX and 4.9% of VYM.

Level by level

Holdings162 in both4.9%
Sector11 Sectors81.0%
Countryby domicile99.3%
Asset classEquity100%

Sector

Sector weights in FNX and VYM, widest gap first
Sector	More in FNXMore in VYM	FNX	VYM
Consumer Discretionary	FNX +9.5 points	15.5%	6.0%
Real Estate	FNX +6.3 points	6.3%	0.0%
Consumer Staples	VYM +4.6 points	3.6%	8.2%
Technology	VYM +4.1 points	13.4%	17.5%
Industrials	FNX +3.3 points	14.8%	11.6%
Health Care	VYM +2.5 points	11.6%	14.1%
Energy	VYM +2.4 points	7.8%	10.2%
Financials	VYM +2.2 points	18.7%	20.9%
Utilities	VYM +1.9 points	3.1%	5.0%
Communication	VYM +1.4 points	1.9%	3.3%
Materials	Same weight	3.1%	3.2%

Country, concentration and asset class

Country by domicile

Country weights in FNX and VYM, widest gap first
Country	More in FNXMore in VYM	FNX	VYM
United States	VYM +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%
VYM26.2%

Securities held

FNX451
VYM594

Asset class

FNX: Equity
VYM: Equity

Holdings

Only in FNX289
In both162
Only in VYM432

Only in FNX

289 securities, 60.3% of FNX by weight

Glaukos Corporation0.51%
EPAM Systems, Inc.0.46%
Antero Resources Corporation0.45%
Amentum Holdings, Inc.0.43%
CNX Resources Corporation0.43%
Qualys, Inc.0.42%
Urban Outfitters, Inc.0.42%
Halozyme Therapeutics, Inc.0.42%
Hinge Health, Inc. (Class A)0.42%
Concentra Group Holdings Parent, Inc.0.41%
PACS Group, Inc.0.41%
Haemonetics Corporation0.40%
White Mountains Insurance Group Ltd.0.40%
Caris Life Sciences, Inc.0.40%
Mohawk Industries, Inc.0.40%
LifeStance Health Group, Inc.0.39%
Coca-Cola Consolidated, Inc.0.39%
Crescent Energy Company0.39%
TG Therapeutics, Inc.0.39%
Brinker International, Inc.0.39%
Boyd Gaming Corporation0.39%
Victoria's Secret & Co.0.39%
RingCentral, Inc. (Class A)0.39%
Rubrik, Inc. (Class A)0.38%
Toll Brothers, Inc.0.38%
Lyft, Inc. (Class A)0.38%
Dropbox, Inc. (Class A)0.38%
Amneal Pharmaceuticals, Inc.0.38%
RenaissanceRe Holdings Ltd.0.38%
SentinelOne, Inc. (Class A)0.37%
Chime Financial, Inc. (Class A)0.37%
Maplebear Inc. (Instacart)0.37%
Box, Inc. (Class A)0.37%
Federated Hermes, Inc. (Class B)0.37%
Commercial Metals Company0.36%
Protagonist Therapeutics, Inc.0.36%
Lithia Motors, Inc.0.36%
Crocs, Inc.0.36%
ACADIA Pharmaceuticals Inc.0.36%
Matson, Inc.0.36%
International Seaways, Inc.0.36%
Universal Health Services, Inc. (Class B)0.36%
TransUnion0.36%
Versant Media Group, Inc. (Class A)0.35%
Zeta Global Holdings Corp. (Class A)0.35%
Millrose Properties, Inc. (Class A)0.35%
Oscar Health, Inc. (Class A)0.35%
DocuSign, Inc.0.35%
Abercrombie & Fitch Co. (Class A)0.35%
Charles River Laboratories International, Inc.0.34%

Only in VYM

432 securities, 95.0% of VYM by weight

Broadcom Inc6.94%
JPMorgan Chase & Co3.76%
ExxonMobil Holdings Corp2.85%
Johnson & Johnson2.71%
AbbVie Inc1.97%
Cisco Systems Inc1.81%
Chevron Corp1.61%
Caterpillar Inc1.56%
Merck & Co Inc1.53%
Bank of America Corp1.50%
Procter & Gamble Co/The1.44%
Coca-Cola Co/The1.42%
UnitedHealth Group Inc1.41%
Philip Morris International Inc1.26%
Home Depot Inc/The1.21%
Texas Instruments Inc1.08%
RTX Corp1.06%
Goldman Sachs Group Inc/The1.03%
Wells Fargo & Co1.03%
Oracle Corp1.00%
Linde PLC0.93%
Citigroup Inc0.92%
Morgan Stanley0.90%
Amgen Inc0.89%
International Business Machines Corp0.88%
QUALCOMM Inc0.82%
Analog Devices Inc0.82%
Verizon Communications Inc0.82%
Gilead Sciences Inc0.79%
Walt Disney Co/The0.78%
PepsiCo Inc0.73%
Abbott Laboratories0.73%
Eaton Corp PLC0.71%
McDonald's Corp0.70%
AT&T Inc0.69%
Pfizer Inc0.69%
Dell Technologies Inc0.69%
Blackrock Inc0.69%
Union Pacific Corp0.69%
NextEra Energy Inc0.67%
ConocoPhillips0.65%
Bristol-Myers Squibb Co0.54%
Newmont Corp0.52%
Progressive Corp/The0.51%
Capital One Financial Corp0.49%
Marathon Petroleum Corp0.49%
Chubb Ltd0.49%
Altria Group Inc0.48%
Accenture PLC0.48%
Valero Energy Corp0.47%

Weight gaps

The 100 widest of 162 Holdings in both funds.

Holding weights in FNX and VYM, widest gap first
Holding	More in FNXMore in VYM	FNX	VYM
ADT Inc.ADT	FNX +0.56 points	0.57%	0.01%
Range Resources CorporationRRC	FNX +0.48 points	0.52%	0.04%
Genpact LimitedG	FNX +0.41 points	0.43%	0.02%
Murphy Oil CorporationMUR	FNX +0.40 points	0.42%	0.02%
Radian Group Inc.RDN	FNX +0.39 points	0.41%	0.02%
Matador Resources CompanyMTDR	FNX +0.39 points	0.42%	0.03%
Spire Inc.SR	FNX +0.39 points	0.41%	0.02%
SM Energy CompanySM	FNX +0.39 points	0.42%	0.03%
Essent Group Ltd.ESNT	FNX +0.39 points	0.41%	0.02%
APA CorporationAPA	FNX +0.39 points	0.45%	0.06%
Chord Energy CorporationCHRD	FNX +0.38 points	0.41%	0.03%
Enact Holdings, Inc.ACT	FNX +0.38 points	0.39%	<0.01%
Southwest Gas Holdings, Inc.SWX	FNX +0.38 points	0.40%	0.02%
Sirius XM Holdings Inc.SIRI	FNX +0.38 points	0.40%	0.02%
Magnolia Oil & Gas Corporation (Class A)MGY	FNX +0.38 points	0.40%	0.02%
Bank OZKOZK	FNX +0.37 points	0.39%	0.02%
MGIC Investment CorporationMTG	FNX +0.37 points	0.39%	0.02%
Axis Capital Holdings LimitedAXS	FNX +0.36 points	0.39%	0.03%
The Cheesecake Factory IncorporatedCAKE	FNX +0.36 points	0.38%	0.02%
UFP Industries Inc.UFPI	FNX +0.36 points	0.38%	0.02%
Mercury General CorporationMCY	FNX +0.36 points	0.37%	0.01%
UGI CorporationUGI	FNX +0.35 points	0.38%	0.03%
Macy's, Inc.M	FNX +0.34 points	0.37%	0.03%
First American Financial CorporationFAF	FNX +0.34 points	0.37%	0.03%
Sonoco Products CompanySON	FNX +0.34 points	0.36%	0.02%
National Fuel Gas CompanyNFG	FNX +0.34 points	0.37%	0.03%
Everest Group, Ltd.EG	FNX +0.34 points	0.40%	0.06%
Victory Capital Holdings, Inc. (Class A)VCTR	FNX +0.33 points	0.35%	0.02%
H&R Block, Inc.HRB	FNX +0.34 points	0.36%	0.02%
Ingredion IncorporatedINGR	FNX +0.33 points	0.36%	0.03%
Lincoln National CorporationLNC	FNX +0.33 points	0.36%	0.03%
Lear CorporationLEA	FNX +0.34 points	0.35%	0.02%
Old Republic International CorporationORI	FNX +0.33 points	0.37%	0.04%
PBF Energy Inc.PBF	FNX +0.33 points	0.36%	0.03%
The Gap, Inc.GAP	FNX +0.33 points	0.35%	0.02%
Silgan Holdings Inc.SLGN	FNX +0.32 points	0.33%	0.01%
Selective Insurance Group, Inc.SIGI	FNX +0.31 points	0.33%	0.02%
McCormick & Company, IncorporatedMKC	FNX +0.31 points	0.36%	0.05%
Black Hills CorporationBKH	FNX +0.31 points	0.33%	0.02%
Reynolds Consumer Products Inc.REYN	FNX +0.30 points	0.31%	<0.01%
Gentex CorporationGNTX	FNX +0.30 points	0.32%	0.02%
Weatherford International PlcWFRD	FNX +0.31 points	0.33%	0.02%
KBR, Inc.KBR	FNX +0.29 points	0.31%	0.02%
Valley National BancorpVLY	FNX +0.29 points	0.32%	0.03%
ONE Gas, Inc.OGS	FNX +0.29 points	0.31%	0.02%
The Campbell's CompanyCPB	FNX +0.29 points	0.31%	0.02%
The Hanover Insurance Group, Inc.THG	FNX +0.29 points	0.32%	0.03%
New Jersey Resources CorporationNJR	FNX +0.28 points	0.30%	0.02%
Pinnacle West Capital CorporationPNW	FNX +0.27 points	0.32%	0.05%
Oshkosh CorporationOSK	FNX +0.28 points	0.31%	0.03%
Meritage Homes CorporationMTH	FNX +0.27 points	0.29%	0.02%
F.N.B. CorporationFNB	FNX +0.27 points	0.30%	0.03%
Atlantic Union Bankshares CorporationAUB	FNX +0.27 points	0.29%	0.02%
Columbia Banking System, Inc.COLB	FNX +0.27 points	0.30%	0.03%
DICK'S Sporting Goods, Inc.DKS	FNX +0.26 points	0.30%	0.04%
Herc Holdings, Inc.HRI	FNX +0.26 points	0.28%	0.02%
LKQ CorporationLKQ	FNX +0.27 points	0.29%	0.02%
OneMain Holdings, Inc.OMF	FNX +0.26 points	0.29%	0.03%
Tyson Foods, Inc. (Class A)TSN	FNX +0.26 points	0.32%	0.06%
Portland General Electric CompanyPOR	FNX +0.26 points	0.28%	0.02%
Eastman Chemical CompanyEMN	FNX +0.26 points	0.29%	0.03%
SouthState Bank CorporationSSB	FNX +0.26 points	0.30%	0.04%
Zions Bancorporation, National AssociationZION	FNX +0.26 points	0.30%	0.04%
Virtu Financial, Inc. (Class A)VIRT	FNX +0.26 points	0.28%	0.02%
V.F. CorporationVFC	FNX +0.26 points	0.28%	0.02%
Western Alliance BancorporationWAL	FNX +0.26 points	0.29%	0.03%
Lamb Weston Holdings, Inc.LW	FNX +0.26 points	0.28%	0.02%
AGCO CorporationAGCO	FNX +0.24 points	0.27%	0.03%
Ally Financial Inc.ALLY	FNX +0.25 points	0.29%	0.04%
SEI Investments CompanySEIC	FNX +0.25 points	0.29%	0.04%
Booz Allen Hamilton Holding CorporationBAH	FNX +0.23 points	0.27%	0.04%
Sensient Technologies CorporationSXT	FNX +0.23 points	0.25%	0.02%
RLI Corp.RLI	FNX +0.23 points	0.25%	0.02%
Science Applications International CorporationSAIC	FNX +0.23 points	0.25%	0.02%
Ryder System, Inc.R	FNX +0.22 points	0.26%	0.04%
FactSet Research Systems Inc.FDS	FNX +0.22 points	0.26%	0.04%
California Resources CorporationCRC	FNX +0.21 points	0.23%	0.02%
A.O. Smith CorporationAOS	FNX +0.21 points	0.24%	0.03%
CNO Financial Group, Inc.CNO	FNX +0.21 points	0.23%	0.02%
Penske Automotive Group, Inc.PAG	FNX +0.20 points	0.22%	0.01%
BOK Financial CorporationBOKF	FNX +0.21 points	0.22%	0.01%
Eastern Bankshares, Inc.EBC	FNX +0.21 points	0.23%	0.02%
AptarGroup, Inc.ATR	FNX +0.21 points	0.24%	0.03%
Huntington Ingalls Industries, Inc.HII	FNX +0.21 points	0.25%	0.04%
FirstCash Holdings, Inc.FCFS	FNX +0.20 points	0.24%	0.04%
Nexstar Media Group, Inc.NXST	FNX +0.21 points	0.23%	0.02%
Associated Banc-CorpASB	FNX +0.20 points	0.22%	0.02%
SLM CorporationSLM	FNX +0.20 points	0.22%	0.02%
Fulton Financial CorporationFULT	FNX +0.20 points	0.22%	0.02%
Home BancShares, Inc.HOMB	FNX +0.20 points	0.22%	0.02%
Prosperity Bancshares, Inc.PB	FNX +0.20 points	0.23%	0.03%
United Bankshares, Inc.UBSI	FNX +0.19 points	0.22%	0.03%
Dillard's, Inc. (Class A)DDS	FNX +0.19 points	0.20%	<0.01%
OGE Energy Corp.OGE	FNX +0.19 points	0.23%	0.04%
Stanley Black & Decker, Inc.SWK	FNX +0.19 points	0.25%	0.06%
Wintrust Financial CorporationWTFC	FNX +0.19 points	0.23%	0.04%
Jefferies Financial Group Inc.JEF	FNX +0.18 points	0.21%	0.03%
Primerica, Inc.PRI	FNX +0.18 points	0.22%	0.04%
Fidelity National Financial, Inc.FNF	FNX +0.18 points	0.22%	0.04%
Old National BancorpONB	FNX +0.18 points	0.22%	0.04%

All 451 FNX holdings⁠All 589 VYM 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 VYM Cost

Overpaying FNX vs VYM

$11,330

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

FNX 0.62%
$12,179
VYM 0.04%
$849

Amount$10,000

Years30 years

Cost over time

FNX 0.62%
VYM 0.04%
Overpaying

Year by year

Year	FNX	VYM	Overpaying
10	$1,111	$73	$1,038
20	$4,246	$288	$3,958
30	$12,179	$849	$11,330

Expense ratio

0.62%FNX
0.04%VYM, cheaper

VYM0.04%FNX0.62%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

VYM cheapest of 99 funds

FNX 88th cheapest of 99 funds

FNX vs VYM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FNX 0.98%; VYM 2.24%, better
Payout (12M): FNX $1.38; VYM $3.68
Last payment: FNX $0.41; VYM $0.89
Ex-dividend: FNX Sep 24, 2026; VYM Sep 18, 2026
Paid on: FNX Sep 30, 2026; VYM Sep 22, 2026
Frequency: FNX Quarterly; VYM Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FNXQuarterly · 39 paymentsAll FNX payments⁠

VYMQuarterly · 39 paymentsAll VYM payments⁠

FNX vs VYM Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: FNX 17.1%VYM 11.1%, better
Return per unit of riskSharpe ratio, 3 years: FNX 0.85VYM 1.38, better
Worst fallMax drawdown, 5 years: FNX −25.0%VYM −15.9%, better
Market sensitivityBeta, 5 years: FNX 1.07VYM 0.75; Market = 1

FNX and VYM in the news

All news⁠

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Updated Nov 2, 2026VYM
Head-to-Head
VTV leads VYM over 10 years. The recent gap is one year
Oct 23, 2026VYM
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Schwab's dividend ETF returned 22.8% in a year. Its income rate still trails a one-month bill.
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Category Review
US multifactor funds ran 30 points apart
Updated Oct 23, 2026VYM

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FNX vs VYM

In short

Stated mandate

Why people hold it