FNK vs SPY
First Trust Mid Cap Value AlphaDEX Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, FNK or SPY?
Mid Cap Value against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. FNK is less concentrated, with 9.3% of the fund in its ten largest positions against 38.0%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | FNK | SPY |
|---|---|---|
| Expense Ratio | 0.74% | 0.09%Best |
| AUM | $231M | $804.7B |
| Dividend Yield | 1.41% | 0.98% |
| Holdings | 452 | 505 |
| YTD Return | +13.32%Best | +11.52% |
| 1Y Return | +15.27% | +17.48%Best |
| 3Y Return (annualized) | +13.33% | +20.62%Best |
| 5Y Return (annualized) | +9.07% | +12.73%Best |
| Volatility (annualized) | 20.4% | 14.3%Best |
| Max Drawdown | -52.1% | -34.1%Best |
| $10,000 over 5 years | $15,436 | $18,205Best |
| Top 10 Weight | 9.3%Best | 38.0% |
| Fund Family | First Trust Portfolios (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid Cap Value | Large Cap Blend |
| Inception | Apr 19, 2011 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Apr 20, 2011 to Sep 10, 2026 (15.4 years).
FNK vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 15.4 years both funds cover.
FNK vs SPY Performance
First Trust Mid Cap Value AlphaDEX Fund (FNK) is an ETF from First Trust Portfolios (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year FNK returned +15.27% while SPY returned +17.48%. Year to date, FNK is up 13.32% versus a gain of 11.52% for SPY.
Over three years, FNK compounded at +13.33% per year against +20.62% for SPY; over five years the annualized figures are +9.07% and +12.73% respectively. Across the full 15-year window we track, SPY has the edge at +12.50% annualized vs +8.28%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FNK has been the more volatile fund, with annualized monthly volatility of 20.4% compared with 14.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -52.1% for FNK and -34.1% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.84. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
FNK charges 0.74% per year while SPY charges 0.09%. On a $10,000 position that is $74 vs $9 annually, a gap of $65 per year that compounds over a long holding period. On income, FNK currently yields 1.41% against 0.98% for SPY.
Holdings Overlap
10.2% of FNK's money is in holdings SPY also owns. 0.5% of SPY's money is in holdings FNK also owns.
FNK and SPY share little of their money.
27 positions in common, counted across the 225 positions we hold weights for in FNK and 504 in SPY, against full books of 452 and 505.
What only one of them owns
Our book lists 467 positions for SPY that do not appear in our book for FNK (99.0% of the fund), and 192 for FNK that do not appear in SPY (85.6%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in FNK | Weight in SPY | Difference |
|---|---|---|---|
| APAApa Corp | 0.93% | 0.02% | 0.91% |
| CFCf Industries Holdings Inc. | 0.84% | 0.03% | 0.81% |
| UHSUniversal Health Services Inc. | 0.80% | 0.01% | 0.79% |
| SOLVSolventum Corp | 0.66% | 0.02% | 0.64% |
| ITGartner Inc. | 0.64% | 0.02% | 0.62% |
| MOSMosaic Co. | 0.64% | 0.01% | 0.63% |
| FDSFactset Research Systems Inc. | 0.57% | 0.02% | 0.55% |
| HSTHost Hotels & Resorts Inc | 0.52% | 0.02% | 0.50% |
| BBYBest Buy Co. Inc. | 0.44% | 0.03% | 0.41% |
| VTRSViatris Inc. | 0.44% | 0.03% | 0.41% |
You are not choosing between two funds in isolation.
Whichever of FNK and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, FNK or SPY?
FNK has an expense ratio of 0.74% while SPY charges 0.09%. SPY is the cheaper option, by $65 a year on a $10,000 investment.
Which performed better, FNK or SPY?
Over the past year FNK returned +15.27% vs +17.48% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (15 years), FNK annualized +8.28% vs +12.50% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FNK or SPY?
FNK has been the more volatile fund at 20.4% annualized versus 14.3% for SPY. Worst drawdown: FNK -52.1% vs SPY -34.1%.
Should I hold both FNK and SPY?
FNK and SPY have a monthly-return correlation of 0.84, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between FNK and SPY?
10.2% of FNK's money is in holdings SPY also owns. 0.5% of SPY's is in holdings FNK also owns. They hold 27 positions in common, counted across the 225 positions we hold weights for in FNK and 504 in SPY.
Which pays a higher dividend, FNK or SPY?
FNK yields 1.41% while SPY yields 0.98%, so FNK currently pays the higher dividend yield.
Is SPY better than FNK?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. FNK is less concentrated, with 9.3% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.