AD vs. FDL

Last updated Jun 4, 2026

AD (Array Digital Infrastructure, Inc) is a stock, while FDL (First Trust Morningstar Dividend Leaders Index Fund) is Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. Over the past 10 years, AD returned 8.95%/yr vs 11.24%/yr for FDL. At a 0.43 correlation, their price movements are largely independent.

Performance

AD vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Array Digital Infrastructure, Inc (AD) and First Trust Morningstar Dividend Leaders Index Fund (FDL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AD achieves a 15.30% return, which is significantly higher than FDL's 13.33% return. Over the past 10 years, AD has underperformed FDL with an annualized return of 8.95%, while FDL has yielded a comparatively higher 11.24% annualized return.

AD

• 1D: -2.56%
• 1M: 4.20%
• YTD: 15.30%
• 6M: 24.64%
• 1Y: 41.80%
• 3Y*: 81.77%
• 5Y*: 17.82%
• 10Y*: 8.95%

FDL

• 1D: -0.26%
• 1M: -0.26%
• YTD: 13.33%
• 6M: 14.76%
• 1Y: 23.67%
• 3Y*: 18.97%
• 5Y*: 12.51%
• 10Y*: 11.24%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AD vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AD Array Digital Infrastructure, Inc	15.30%	22.59%	50.99%	99.23%	-33.85%	2.70%	-15.29%	-30.29%	38.11%	-13.93%
FDL First Trust Morningstar Dividend Leaders Index Fund	13.33%	14.79%	17.98%	2.94%	6.66%	26.10%	-4.30%	24.41%	-5.99%	12.02%

Correlation

The correlation between AD and FDL is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (10Y) Calculated over the trailing 10-year period	0.40
Correlation (All Time) Calculated using the full available price history since Mar 16, 2006	0.43

Over the past year, the correlation between AD and FDL has dropped to 0.17 - well below their long-term average of 0.43, suggesting their price drivers have been diverging.

Return for Risk

AD vs. FDL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AD

AD Risk / Return Rank: 77
AD Sharpe Ratio Rank: 80
AD Sortino Ratio Rank: 78
AD Omega Ratio Rank: 75
AD Calmar Ratio Rank: 75
AD Martin Ratio Rank: 76

FDL

FDL Risk / Return Rank: 70
FDL Sharpe Ratio Rank: 61
FDL Sortino Ratio Rank: 70
FDL Omega Ratio Rank: 59
FDL Calmar Ratio Rank: 90
FDL Martin Ratio Rank: 71

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AD vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Array Digital Infrastructure, Inc (AD) and First Trust Morningstar Dividend Leaders Index Fund (FDL). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	AD	FDL	Difference
Sharpe ratio: Return per unit of total volatility	1.38	2.11	-0.72
Sortino ratio: Return per unit of downside risk	2.17	3.25	-1.08
Omega ratio: Gain probability vs. loss probability	1.26	1.37	-0.10
Calmar ratio: Return relative to maximum drawdown	2.06	5.56	-3.50
Martin ratio: Return relative to average drawdown	5.25	13.56	-8.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AD vs. FDL - Sharpe Ratio Comparison

The current AD Sharpe Ratio is 1.38, which is lower than the FDL Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of AD and FDL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AD	FDL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.38	2.11	-0.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	0.88	-0.58
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.18	0.66	-0.48
Sharpe Ratio (All Time) Calculated using the full available price history	0.13	0.45	-0.33

Drawdowns

AD vs. FDL - Drawdown Comparison

The maximum AD drawdown since its inception was -83.49%, which is greater than FDL's maximum drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for AD and FDL.

Drawdown Indicators

	AD	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-83.49%	-65.93%	-17.56%
Max Drawdown (1Y) Largest decline over 1 year	-20.38%	-4.27%	-16.11%
Max Drawdown (3Y) Largest decline over 3 years	-31.97%	-12.24%	-19.73%
Max Drawdown (5Y) Largest decline over 5 years	-64.23%	-16.46%	-47.77%
Max Drawdown (10Y) Largest decline over 10 years	-75.91%	-41.40%	-34.51%
Current Drawdown Current decline from peak	-8.00%	-2.18%	-5.82%
Average Drawdown Average peak-to-trough decline	-46.82%	-9.66%	-37.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.98%	1.75%	+6.23%

Volatility

AD vs. FDL - Volatility Comparison

Array Digital Infrastructure, Inc (AD) has a higher volatility of 15.11% compared to First Trust Morningstar Dividend Leaders Index Fund (FDL) at 2.85%. This indicates that AD's price experiences larger fluctuations and is considered to be riskier than FDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AD	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.11%	2.85%	+12.26%
Volatility (6M) Calculated over the trailing 6-month period	23.73%	7.87%	+15.86%
Volatility (1Y) Calculated over the trailing 1-year period	30.35%	11.28%	+19.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.29%	14.31%	+45.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.80%	17.11%	+33.69%

Dividends

AD vs. FDL - Dividend Comparison

AD's dividend yield for the trailing twelve months is around 64.80%, more than FDL's 3.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AD Array Digital Infrastructure, Inc	64.80%	42.89%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FDL First Trust Morningstar Dividend Leaders Index Fund	3.68%	4.04%	4.96%	4.58%	3.58%	4.59%	4.48%	3.75%	3.97%	3.18%	2.93%	3.65%

Frequently Asked Questions

Can I hold both AD and FDL in my portfolio?

AD and FDL have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AD or FDL?

AD has higher volatility (15.11%) compared to FDL (2.85%). In terms of maximum drawdown, AD dropped -83.49% vs FDL's -65.93%.

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (2.11 vs 1.38), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.