AIPI vs. FDL

Last updated Aug 6, 2026

AIPI (REX AI Equity Premium Income ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - AIPI is a Derivative Income fund actively managed by REX, while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. AIPI is actively managed, while FDL is passively managed. Over the past year, AIPI returned 20.47% vs 26.71% for FDL. Their 0.01 correlation means their historical movements had little consistent relationship. AIPI charges 0.65%/yr vs 0.43%/yr for FDL.

Performance

AIPI vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in REX AI Equity Premium Income ETF (AIPI) 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, AIPI achieves a 10.93% return, which is significantly lower than FDL's 18.60% return.

AIPI

• 1D: 0.04%
• 1M: 2.25%
• 6M: 18.55%
• YTD: 10.93%
• 1Y: 20.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 20.37%

FDL

• 1D: -0.54%
• 1M: 4.47%
• 6M: 5.75%
• YTD: 18.60%
• 1Y: 26.71%
• 3Y*: 19.02%
• 5Y*: 13.96%
• 10Y*: 11.08%
• ALL TIME*: 8.95%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AIPI REX AI Equity Premium Income ETF	$5.73M	$5.54M	$6.87M
FDL First Trust Morningstar Dividend Leaders Index Fund	$48.97M	$49.30M	$42.41M

AIPI vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AIPI REX AI Equity Premium Income ETF	10.93%	16.38%	15.79%
FDL First Trust Morningstar Dividend Leaders Index Fund	18.60%	14.79%	9.22%

Correlation

The correlation between AIPI and FDL is -0.22, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.22
Correlation (All Time) Calculated using the full available price history since Jun 4, 2024	0.01

The correlation between AIPI and FDL shifts across timeframes, from -0.22 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.

AIPI vs. FDL - Sectors Allocation Comparison

Sectors	AIPI	FDL
Technology	91.6%	4.3%
Communication Services	5.6%	11.2%
Consumer Cyclical	2.8%	4.4%
Basic Materials	-	0.4%
Consumer Defensive	-	24.3%
Energy	-	11.1%
Financial Services	-	13.7%
Healthcare	-	11.7%
Industrials	-	3.6%
Real Estate	-	-
Utilities	-	15.4%

Return for Risk

AIPI vs. FDL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

AIPI

AIPI Risk / Return Rank: 37
AIPI Sharpe Ratio Rank: 39
AIPI Sortino Ratio Rank: 38
AIPI Omega Ratio Rank: 37
AIPI Calmar Ratio Rank: 36
AIPI Martin Ratio Rank: 36

FDL

FDL Risk / Return Rank: 89
FDL Sharpe Ratio Rank: 87
FDL Sortino Ratio Rank: 90
FDL Omega Ratio Rank: 83
FDL Calmar Ratio Rank: 96
FDL Martin Ratio Rank: 88

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AIPI vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for REX AI Equity Premium Income ETF (AIPI) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AIPI	FDL	Difference
Sharpe ratio: Return per unit of total volatility	1.11	2.26	-1.15
Sortino ratio: Return per unit of downside risk	1.60	3.41	-1.81
Omega ratio: Gain probability vs. loss probability	1.20	1.39	-0.19
Calmar ratio: Return relative to maximum drawdown	1.43	6.28	-4.85
Martin ratio: Return relative to average drawdown	4.03	14.78	-10.75

AIPI vs. FDL - Sharpe Ratio Comparison

The current AIPI Sharpe Ratio is 1.11, which is lower than the FDL Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of AIPI 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.

Drawdowns

AIPI vs. FDL - Drawdown Comparison

The maximum AIPI drawdown since its inception was -25.25%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for AIPI and FDL.

Drawdown Indicators

	AIPI	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-25.25%	-65.93%	+40.68%
Max Drawdown (1Y) Largest decline over 1 year	-14.40%	-4.27%	-10.13%
Max Drawdown (3Y) Largest decline over 3 years	—	-12.24%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-16.46%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-41.40%	—
Current Drawdown Current decline from peak	-0.58%	-1.60%	+1.02%
Average Drawdown Average peak-to-trough decline	-4.66%	-9.59%	+4.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.09%	1.81%	+3.28%

Volatility

AIPI vs. FDL - Volatility Comparison

REX AI Equity Premium Income ETF (AIPI) has a higher volatility of 7.49% compared to First Trust Morningstar Dividend Leaders Index Fund (FDL) at 4.48%. This indicates that AIPI'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

	AIPI	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.49%	4.48%	+3.01%
Volatility (6M) Calculated over the trailing 6-month period	15.42%	8.63%	+6.79%
Volatility (1Y) Calculated over the trailing 1-year period	18.52%	11.88%	+6.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.68%	14.43%	+7.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.68%	17.16%	+4.52%

AIPI vs. FDL - Expense Ratio Comparison

AIPI has a 0.65% expense ratio, which is higher than FDL's 0.43% expense ratio.

Dividends

AIPI vs. FDL - Dividend Comparison

AIPI's dividend yield for the trailing twelve months is around 35.92%, more than FDL's 3.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AIPI REX AI Equity Premium Income ETF	35.92%	37.84%	18.13%	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	3.58%	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 AIPI and FDL in my portfolio?

AIPI and FDL have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AIPI or FDL?

AIPI has higher volatility (7.49%) compared to FDL (4.48%). In terms of maximum drawdown, AIPI dropped -25.25% vs FDL's -65.93%.

Which ETF is better, AIPI or FDL?

On 1-year performance, FDL leads with 26.71% vs 20.47% for AIPI. On fees, FDL is cheaper at 0.43% per year. On volatility, FDL has been the lower-risk option at 4.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AIPI or FDL?

Over the 1-year period, FDL has performed better with a 26.71% return vs 20.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AIPI or FDL?

FDL is cheaper with a 0.43% expense ratio, compared with 0.65% for AIPI.

Which ETF pays a higher dividend yield, AIPI or FDL?

AIPI has the higher dividend yield at 35.92%, compared with 3.58% for FDL.

What is the main difference between AIPI and FDL?

AIPI is categorized as Derivative Income, while FDL is Large Cap Value Equities. They also come from different issuers: REX and First Trust. Their fees differ too: 0.65% for AIPI and 0.43% for FDL.

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (2.26 vs 1.11), 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.