FNY vs IWR: Grades, Fees and Holdings Compared

First Trust Mid Cap Growth AlphaDEX Fund

FNYDNasdaq

iShares Russell Mid-Cap ETF

IWRANYSE Arca

Overlap

8.2%by weight

Expense ratio

IWR −0.55pt a year

FNY0.73%IWR0.18%

Avg volume · 30D

IWR 86.4×the volume

FNY20.7KIWR1.79M

10Y return · a year

FNY +1.5pt

FNY+13.1%IWR+11.6%

FNY vs IWR Performance

Oct 29, 2021 – Oct 30, 2026

+30.2%FNY+42.1%IWR

Expense ratio: FNY 0.73%; IWR 0.18%, better
Fund size: FNY $549M; IWR $58.1B
1Y total return: FNY +5.3%; IWR +16.3%, better
Yield (12M): FNY 0.00%; IWR 1.16%, better
Holdings: FNY 227; IWR 827
Avg volume (30D): FNY 20.7K sh; IWR 1.79M sh, better
NAV per share: FNY $98.11; IWR $110.06
52W range

ETF.net Grade

Pillar letters and Scores for FNY, IWR, with each pillar’s weight
Pillar	FNY	IWR
Cost30% weight	F10	C43Higher
Mission25% weight	A79	A100Higher
Risk15% weight	F13	B68Higher
Tradability15% weight	C51	A93Higher
Holdings10% weight	C50	A83Higher
Durability5% weight	B55	A86Higher

Rank among US Mid-Cap funds

How we build Categories ›

Same Category. FNY and IWR are both graded against the same 13 US Mid-Cap funds, so their Grades compare head to head.

US Mid-Cap⁠

Category · 13 funds

See all 13 ›

IWR ranks 4th and FNY 12th of 13 funds in the US Mid-Cap Category.

Rank 1AIMCBiShares Morningstar Mid-Cap ETFScore 82
Rank 2ASCHMSchwab U.S. Mid-Cap ETFScore 80
Rank 3AVOVanguard Morningstar Mid-Cap ETFScore 79
Rank 4AIWRiShares Russell Mid-Cap ETFScore 74
Rank 5ABKMCBNY Mellon US Mid Cap Core Equity ETFScore 70
Rank 11CCZAInvesco Zacks Mid-Cap ETFScore 44
Rank 12DFNYFirst Trust Mid Cap Growth AlphaDEX FundScore 39
Rank 13FSMCPSMART Mid Cap ETFScore 14

Our read on each fund

ETF.net Research

FNYDFirst Trust Mid Cap Growth AlphaDEX Fund

IWRAiShares Russell Mid-Cap ETF

In short

FNY Most mid-cap funds just own the market. FNY runs Nasdaq's AlphaDEX screen instead: rank mid-cap growth names, cut the weakest, weight by score rather than size. A quant stock-picker in index clothing.

IWR The Russell mid-cap standard: roughly 800 mid-sized US companies in one ticker, tracked since 2001. Big, heavily traded, and priced a notch above the index-fund floor.

Stated mandate

FNY The Fund seeks to track, before fees and expenses, the price and yield performance of the Nasdaq AlphaDEX Mid Cap Growth Index. It uses an indexing approach, normally investing at least 90% of net assets in securities comprising that index.

IWR The fund seeks to track an index composed of mid-sized U.S. companies.

Why people hold it

FNY AlphaDEX scores mid-cap names on growth and value measures, drops the low scorers, then weights survivors by rank, not market cap. Deliberately different from a cap-weighted index.ftportfolios.com
Spreads the bet across roughly 200-plus mid-cap stocks, with at least 90% of net assets in index constituents.
Trading since 2011, so this screen has a long public record across several market cycles.

IWR Has tracked the Russell MidCap Index since 2001 and hews to it about as closely as anything in the mid-cap group.ishares.com
Roughly 800 mid-size US names, so no single stock carries the fund.
A multi-billion-dollar fund that trades actively, which tends to keep bid-ask spreads thin for small and large orders alike.
Plain 1940 Act fund paying quarterly distributions. No leverage, no exotic wrapper to babysit.

Worth knowing

FNY At 0.73% a year the fee sits well above the mid-cap peer median near 0.15%; cap-weighted rivals VO and SCHM charge 0.03%. The screen has that hurdle to clear.
Thinly traded next to the mid-cap giants, so bid-ask spreads and order slippage matter more here.
Rank weighting tilts toward smaller, higher-momentum names, so results can diverge widely from a standard mid-cap index, in either direction.ftportfolios.com

IWR 0.18% a year, versus 0.03% for mid-cap rivals like VO and SCHM. Same aisle, different sticker.
Different yardstick than several rivals: Russell MidCap rather than a Morningstar mid-cap index, so the holdings and the size cutoffs differ.
All equity, all US. Nothing here (bonds, cash, foreign stocks) cushions a domestic stock selloff.

Full FNY profile⁠

Full IWR profile⁠

FNY vs IWR Holdings

How FNY and IWR differ

Overlap by weight

8.2%

Shared holdings make up 50.3% of FNY and 8.2% of IWR.

Level by level

Holdings124 in both8.2%
Sector11 Sectors77.8%
Countryby domicile98.7%
Asset classEquity100%

Sector

Sector weights in FNY and IWR, widest gap first
Sector	More in FNYMore in IWR	FNY	IWR
Health Care	FNY +9.8 points	22.6%	12.8%
Energy	IWR +5.8 points	1.3%	7.1%
Utilities	IWR +5.4 points	0.3%	5.7%
Technology	FNY +5.3 points	21.3%	16.0%
Financials	IWR +4.8 points	9.1%	13.9%
Consumer Discretionary	FNY +4.1 points	12.9%	8.8%
Materials	IWR +3.5 points	1.3%	4.8%
Industrials	FNY +3.0 points	19.9%	16.9%
Consumer Staples	IWR +2.5 points	2.7%	5.2%
Real Estate	IWR +0.3 points	6.1%	6.4%
Communication	Same weight	2.5%	2.5%

Country, concentration and asset class

Country by domicile

Country weights in FNY and IWR, widest gap first
Country	More in FNYMore in IWR	FNY	IWR
United States	FNY +1.1 points	99.5%	98.4%
Other countries (11)	IWR +1.1 points	0.5%	1.6%

Concentration

Weight in the 10 largest Holdings

FNY8.9%
IWR6.5%

Securities held

FNY226
IWR823

Asset class

FNY: Equity
IWR: Equity

Holdings

Only in FNY102
In both124
Only in IWR699

Only in FNY

102 securities, 49.6% of FNY by weight

Glaukos Corporation1.08%
Qualys, Inc.0.89%
Hinge Health, Inc. (Class A)0.87%
Concentra Group Holdings Parent, Inc.0.87%
PACS Group, Inc.0.86%
Haemonetics Corporation0.84%
Remitly Global, Inc.0.84%
LifeStance Health Group, Inc.0.83%
TG Therapeutics, Inc.0.82%
Brinker International, Inc.0.82%
Victoria's Secret & Co.0.81%
The Cheesecake Factory Incorporated0.80%
Amneal Pharmaceuticals, Inc.0.79%
Box, Inc. (Class A)0.77%
Ligand Pharmaceuticals Inc. (Class B)0.77%
Protagonist Therapeutics, Inc.0.76%
Matson, Inc.0.76%
Victory Capital Holdings, Inc. (Class A)0.74%
Zeta Global Holdings Corp. (Class A)0.73%
Oscar Health, Inc. (Class A)0.73%
Frontdoor, Inc.0.71%
BrightSpring Health Services, Inc.0.70%
Oceaneering International, Inc.0.70%
The Chefs' Warehouse, Inc.0.69%
Xometry, Inc. (Class A)0.68%
Kymera Therapeutics, Inc.0.67%
Life Time Group Holdings, Inc.0.67%
Ryman Hospitality Properties, Inc.0.66%
Commvault Systems, Inc.0.66%
ImmunityBio, Inc.0.65%
ViaSat, Inc.0.65%
FirstCash Holdings, Inc.0.64%
Eastern Bankshares, Inc.0.64%
Travere Therapeutics, Inc.0.64%
RadNet, Inc.0.63%
Enova International, Inc.0.62%
Materion Corporation0.61%
Plexus Corp.0.59%
CSW Industrials, Inc.0.59%
Amylyx Pharmaceuticals, Inc.0.59%
Twist Bioscience Corporation0.59%
PriceSmart, Inc.0.58%
Moog Inc.0.55%
CG Oncology, Inc.0.54%
Sensient Technologies Corporation0.54%
Laureate Education, Inc. (Class A)0.52%
ACI Worldwide, Inc.0.51%
Griffon Corporation0.48%
Sphere Entertainment Co.0.48%
Tidewater Inc.0.48%

Only in IWR

699 securities, 91.6% of IWR by weight

Marathon Petroleum0.96%
Phillips 660.83%
Snowflake0.75%
Cloudflare Class A0.66%
Moderna0.59%
Datadog Inc Class A0.57%
Royal Caribbean Group0.57%
United Rentals0.53%
Hewlett Packard Enterprise0.53%
Simon Property Group Reit Inc0.51%
Cheniere Energy0.51%
Digital Realty Trust Reit0.49%
Targa Resources0.49%
Allstate Corp0.49%
Robinhood Markets Class A0.48%
Kinder Morgan0.48%
Lumentum Holdings0.48%
Cencora0.45%
Oneok0.44%
Nucor0.44%
Fastenal0.44%
Ww Grainger Inc0.43%
Devon Energy0.43%
Cardinal Health0.43%
Natera0.41%
Ametek Inc0.40%
Baker Hughes Class A0.40%
Becton Dickinson0.40%
Realty Income Reit0.39%
Autodesk0.39%
Keysight Technologies0.38%
Edwards Lifesciences0.38%
L3HARRIS Technologies0.38%
Entergy Corp0.38%
Xcel Energy Inc0.36%
Humana0.36%
Agilent Technologies Inc0.36%
Delta Air Lines0.36%
Rockwell Automation Inc0.36%
Ebay0.36%
Fifth Third Bancorp0.36%
Vylor0.36%
PayPal Holdings0.36%
Ford Motor Co0.35%
Exelon Corp0.35%
Westinghouse Air Brake Technologie0.35%
Vivmark Residential0.34%
Nasdaq Inc0.34%
Veeva Systems Class A0.34%
Vistra0.34%

Weight gaps

The 100 widest of 124 Holdings in both funds.

Holding weights in FNY and IWR, widest gap first
Holding	More in FNYMore in IWR	FNY	IWR
Caris Life Sciences, Inc.CAI	FNY +0.80 points	0.83%	0.03%
GitLab Inc. (Class A)GTLB	FNY +0.79 points	0.85%	0.06%
Charles River Laboratories International, Inc.CRL	FNY +0.78 points	0.91%	0.13%
Halozyme Therapeutics, Inc.HALO	FNY +0.77 points	0.88%	0.11%
RingCentral, Inc. (Class A)RNG	FNY +0.77 points	0.81%	0.04%
Exelixis, Inc.EXEL	FNY +0.75 points	0.88%	0.13%
Dropbox, Inc. (Class A)DBX	FNY +0.76 points	0.80%	0.04%
Coca-Cola Consolidated, Inc.COKE	FNY +0.74 points	0.83%	0.09%
SentinelOne, Inc. (Class A)S	FNY +0.73 points	0.79%	0.06%
Chime Financial, Inc. (Class A)CHYM	FNY +0.73 points	0.78%	0.05%
Five Below, Inc.FIVE	FNY +0.72 points	0.82%	0.10%
Maplebear Inc. (Instacart)CART	FNY +0.72 points	0.78%	0.06%
Virtu Financial, Inc. (Class A)VIRT	FNY +0.69 points	0.72%	0.03%
Etsy, Inc.ETSY	FNY +0.68 points	0.74%	0.06%
Morningstar, Inc.MORN	FNY +0.68 points	0.71%	0.03%
Rubrik, Inc. (Class A)RBRK	FNY +0.67 points	0.81%	0.14%
Dynatrace, Inc.DT	FNY +0.62 points	0.74%	0.12%
DocuSign, Inc.DOCU	FNY +0.61 points	0.73%	0.12%
Bruker CorporationBRKR	FNY +0.61 points	0.66%	0.05%
Tempus AI, Inc. (Class A)TEM	FNY +0.60 points	0.66%	0.06%
UiPath, Inc. (Class A)PATH	FNY +0.60 points	0.64%	0.04%
DaVita Inc.DVA	FNY +0.59 points	0.64%	0.05%
Wayfair Inc. (Class A)W	FNY +0.58 points	0.67%	0.09%
Match Group Inc.MTCH	FNY +0.54 points	0.61%	0.07%
Ralliant CorporationRAL	FNY +0.53 points	0.58%	0.05%
SEI Investments CompanySEIC	FNY +0.52 points	0.60%	0.08%
Sanmina CorporationSANM	FNY +0.51 points	0.57%	0.06%
Allison Transmission Holdings, Inc.ALSN	FNY +0.50 points	0.57%	0.07%
Ryan Specialty Holdings, Inc. (Class A)RYAN	FNY +0.50 points	0.53%	0.03%
Littelfuse, Inc.LFUS	FNY +0.48 points	0.55%	0.07%
Repligen CorporationRGEN	FNY +0.47 points	0.55%	0.08%
Clean Harbors, Inc.CLH	FNY +0.47 points	0.58%	0.11%
Manhattan Associates, Inc.MANH	FNY +0.46 points	0.56%	0.10%
Applied Industrial Technologies, Inc.AIT	FNY +0.45 points	0.53%	0.08%
AppFolio, Inc. (Class A)APPF	FNY +0.43 points	0.47%	0.04%
Americold Realty Trust Inc.COLD	FNY +0.43 points	0.46%	0.03%
Primo Brands Corporation (Class A)PRMB	FNY +0.42 points	0.46%	0.04%
TPG Inc. (Class A)TPG	FNY +0.42 points	0.47%	0.05%
Amkor Technology, Inc.AMKR	FNY +0.41 points	0.45%	0.04%
Hecla Mining CompanyHL	FNY +0.41 points	0.47%	0.06%
Flowserve CorporationFLS	FNY +0.41 points	0.48%	0.07%
Sotera Health CompanySHC	FNY +0.40 points	0.44%	0.04%
Globus Medical, Inc. (Class A)GMED	FNY +0.41 points	0.47%	0.06%
MSA Safety IncorporatedMSA	FNY +0.40 points	0.45%	0.05%
Pinterest, Inc. (Class A)PINS	FNY +0.39 points	0.46%	0.07%
Ralph Lauren CorporationRL	FNY +0.39 points	0.49%	0.10%
Samsara Inc. (Class A)IOT	FNY +0.38 points	0.49%	0.11%
Credit Acceptance CorporationCACC	FNY +0.38 points	0.39%	0.01%
Watts Water Technologies, Inc.WTS	FNY +0.37 points	0.44%	0.07%
Element Solutions IncESI	FNY +0.36 points	0.42%	0.06%
Corcept Therapeutics Inc.CORT	FNY +0.36 points	0.42%	0.06%
Crane CompanyCR	FNY +0.36 points	0.43%	0.07%
American Airlines Group Inc.AAL	FNY +0.36 points	0.42%	0.06%
Lincoln Electric Holdings, Inc.LECO	FNY +0.36 points	0.47%	0.11%
IES Holdings, Inc.IESC	FNY +0.35 points	0.38%	0.03%
Neurocrine Biosciences, Inc.NBIX	FNY +0.35 points	0.46%	0.11%
AGNC Investment Corp.AGNC	FNY +0.36 points	0.43%	0.07%
Everus Construction Group, Inc.ECG	FNY +0.35 points	0.39%	0.04%
Valmont Industries, Inc.VMI	FNY +0.35 points	0.41%	0.06%
TTM Technologies, Inc.TTMI	FNY +0.34 points	0.40%	0.06%
Semtech CorporationSMTC	FNY +0.33 points	0.42%	0.09%
Madrigal Pharmaceuticals, Inc.MDGL	FNY +0.32 points	0.38%	0.06%
Travel + Leisure Co.TNL	FNY +0.31 points	0.34%	0.03%
MSG Knickerbockers Corp. (Class A)MSGK	FNY +0.30 points	0.34%	0.04%
Axsome Therapeutics, Inc.AXSM	FNY +0.30 points	0.35%	0.05%
FormFactor, Inc.FORM	FNY +0.30 points	0.35%	0.05%
Procore Technologies, Inc.PCOR	FNY +0.30 points	0.35%	0.05%
Kinsale Capital Group, Inc.KNSL	FNY +0.28 points	0.34%	0.06%
Figma, Inc. (Class A)FIG	FNY +0.28 points	0.31%	0.03%
Viavi Solutions Inc.VIAV	FNY +0.27 points	0.32%	0.05%
Evercore Inc.EVR	FNY +0.26 points	0.34%	0.08%
Vicor CorporationVICR	FNY +0.26 points	0.30%	0.04%
Armstrong World Industries, Inc.AWI	FNY +0.26 points	0.31%	0.05%
BridgeBio Pharma, Inc.BBIO	FNY +0.25 points	0.34%	0.09%
Guidewire Software, Inc.GWRE	FNY +0.24 points	0.34%	0.10%
Sterling Infrastructure, Inc.STRL	FNY +0.23 points	0.31%	0.08%
DigitalOcean Holdings, Inc.DOCN	FNY +0.24 points	0.30%	0.06%
American Healthcare REIT, Inc.AHR	FNY +0.24 points	0.31%	0.07%
Hexcel CorporationHXL	FNY +0.24 points	0.28%	0.04%
Lamar Advertising CompanyLAMR	FNY +0.23 points	0.33%	0.10%
Elanco Animal Health IncorporatedELAN	FNY +0.23 points	0.31%	0.08%
EastGroup Properties, Inc.EGP	FNY +0.22 points	0.30%	0.08%
Onto Innovation Inc.ONTO	FNY +0.22 points	0.29%	0.07%
TKO Group Holdings, Inc. (Class A)TKO	FNY +0.22 points	0.30%	0.08%
Donaldson Company, Inc.DCI	FNY +0.21 points	0.28%	0.07%
Arrowhead Pharmaceuticals, Inc.ARWR	FNY +0.21 points	0.27%	0.06%
Cognex CorporationCGNX	FNY +0.21 points	0.28%	0.07%
Omega Healthcare Investors, Inc.OHI	FNY +0.20 points	0.30%	0.10%
Aurora Innovation, Inc.AUR	FNY +0.19 points	0.23%	0.04%
Galaxy Digital Inc. (Class A)GLXY	FNY +0.19 points	0.21%	0.02%
Healthpeak Properties, Inc.DOC	FNY +0.18 points	0.28%	0.10%
Advanced Energy Industries, Inc.AEIS	FNY +0.17 points	0.23%	0.06%
Applied Optoelectronics, Inc.AAOI	FNY +0.17 points	0.21%	0.04%
Akamai Technologies, Inc.AKAM	FNY +0.16 points	0.26%	0.10%
Modine Manufacturing CompanyMOD	FNY +0.16 points	0.21%	0.05%
Bentley Systems, Inc. (Class B)BSY	FNY +0.14 points	0.19%	0.05%
Chewy, Inc. (Class A)CHWY	FNY +0.13 points	0.17%	0.04%
Loar Holdings Inc.LOAR	FNY +0.13 points	0.15%	0.02%
MSG Rangers Corp.MSGR	FNY +0.11 points	0.12%	0.01%
Vornado Realty TrustVNO	FNY +0.11 points	0.15%	0.04%

All 226 FNY holdings⁠All 823 IWR 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.

FNY vs IWR Cost

Overpaying FNY vs IWR

$10,384

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

FNY 0.73%
$14,133
IWR 0.18%
$3,749

Amount$10,000

Years30 years

Cost over time

FNY 0.73%
IWR 0.18%
Overpaying

Year by year

Year	FNY	IWR	Overpaying
10	$1,302	$328	$974
20	$4,952	$1,281	$3,671
30	$14,133	$3,749	$10,384

Expense ratio

0.73%FNY
0.18%IWR, cheaper

IWR0.18%FNY0.73%

0.03%0.79%

Middle half of US Mid-Cap funds
Median 0.15%

IWR 8th cheapest of 13 funds

FNY 12th cheapest of 13 funds

FNY vs IWR Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FNY 0.00%; IWR 1.16%, better
Payout (12M): FNY None; IWR $1.27
Last payment: FNY No data; IWR $0.33
Ex-dividend: FNY No data; IWR Sep 15, 2026
Paid on: FNY No data; IWR Sep 18, 2026
Frequency: FNY No data; IWR Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FNY17 paymentsAll FNY payments⁠

IWRQuarterly · 36 paymentsAll IWR payments⁠

FNY vs IWR Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: FNY 18.8%IWR 14.1%, better
Return per unit of riskSharpe ratio, 3 years: FNY 0.86IWR 1.08, better
Worst fallMax drawdown, 5 years: FNY −33.9%IWR −26.2%, better
Market sensitivityBeta, 5 years: FNY 1.20IWR 1.01; Market = 1

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