First Trust Multi-Asset Diversified Income Index Fund (MDIV) belongs to the Diversified Portfolio category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with MDIV. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to MDIV
MDIV charges 0.73% annually. There are 35 ETFs in the Diversified Portfolio category with lower expense ratios, going as low as 0.10%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| Simplify US Equity PLUS Managed Futures Strategy E... | 0.10% | 177.84M | Dec 2025 | MDIV vs CTAP | |
| iShares Core 80/20 Aggressive Allocation ETF | 0.15% | 3.17B | Nov 2008 | MDIV vs AOA | |
| iShares ESG Aware Aggressive Allocation ETF | 0.18% | 37.39M | Jun 2020 | MDIV vs EAOA | |
| iShares ESG Aware Conservative Allocation ETF | 0.18% | 9.22M | Jun 2020 | MDIV vs EAOK | |
| iShares ESG Aware Moderate Allocation ETF | 0.18% | 8.63M | Jun 2020 | MDIV vs EAOM |
Best Risk-Adjusted Alternatives to MDIV
MDIV has a PortfoliosLab risk / return rank of 52. There are 46 ETFs in the Diversified Portfolio category with higher risk-adjusted ranks, going as high as 89.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| Franklin Income Focus ETF | 89 | 1.54B | Jun 2023 | MDIV vs INCM | |
| Draco Evolution AI ETF | 87 | 20.72M | Jul 2024 | MDIV vs DRAI | |
| WisdomTree Emerging Markets Efficient Core Fund | 87 | 53.56M | May 2021 | MDIV vs NTSE | |
| VanEck Inflation Allocation ETF | 85 | 969.68M | Apr 2018 | MDIV vs RAAX | |
| Cabana Target Leading Sector Moderate ETF | 82 | 114.31M | Jul 2021 | MDIV vs CLSM |
Top Performing MDIV Alternatives (YTD)
MDIV is at 7.68% YTD. There are 30 ETFs in the Diversified Portfolio category with higher YTD returns, going as high as 45.39%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Adaptive Core ETF | 45.39% | 12.20M | Nov 2021 | MDIV vs RULE | |
| WisdomTree Emerging Markets Efficient Core Fund | 32.02% | 53.56M | May 2021 | MDIV vs NTSE | |
| Myriad Dynamic Asset Allocation ETF | 22.13% | — | Oct 2025 | MDIV vs MDAA | |
| Simplify US Equity PLUS Managed Futures Strategy E... | 21.95% | 177.84M | Dec 2025 | MDIV vs CTAP | |
| Cabana Target Leading Sector Moderate ETF | 20.45% | 114.31M | Jul 2021 | MDIV vs CLSM |
Lowest Volatility Alternatives to MDIV
MDIV has 6.71% 1-year volatility. There are 17 ETFs in the Diversified Portfolio category with lower 1-year volatility, going as low as 0.00%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| FlexShares Real Assets Allocation Index Fund | 0.00% | 7.49M | Nov 2015 | MDIV vs ASET | |
| Prospera Income ETF | 2.92% | 2.20M | Sep 2025 | MDIV vs THRV | |
| First Trust High Income Strategic Focus ETF | 3.32% | 95.53M | Aug 2014 | MDIV vs HISF | |
| Mindful Conservative ETF | 3.93% | 26.13M | Nov 2021 | MDIV vs MFUL | |
| Alpha Architect High Inflation And Deflation ETF | 4.43% | 100.05M | Nov 2022 | MDIV vs HIDE |
Lowest Drawdown Alternatives to MDIV
MDIV has a 1-year max drawdown of -3.39%. There are 5 ETFs in the Diversified Portfolio category with shallower 1-year drawdowns, going as shallow as -2.31%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| Alpha Architect High Inflation And Deflation ETF | -2.31% | 100.05M | Nov 2022 | MDIV vs HIDE | |
| Brookstone Yield ETF | -2.48% | 45.58M | Sep 2023 | MDIV vs BAMY | |
| First Trust High Income Strategic Focus ETF | -2.90% | 95.53M | Aug 2014 | MDIV vs HISF | |
| Franklin Income Focus ETF | -3.19% | 1.54B | Jun 2023 | MDIV vs INCM | |
| Mindful Conservative ETF | -3.36% | 26.13M | Nov 2021 | MDIV vs MFUL |
Other ETFs from First Trust
The 10 most viewed First Trust ETFs shown here include CIBR, GRID, NFTY and span 11 categories. AUM among these funds goes as high as $14B.
Often Compared With MDIV
Investors most often compare MDIV with HNDL, IYLD, GAA. These 20 comparison targets span 5 categories, based on PortfoliosLab usage data.
Compare MDIV with Any Fund or Stock
Compare MDIV with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair MDIV with funds that move differently
First Trust Multi-Asset Diversified Income Index Fund alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to MDIV.
Explore MDIV Diversifiers