ARVR vs. FDL

Last updated Jun 4, 2026

ARVR (First Trust Indxx Metaverse ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - ARVR is a Technology Equities fund tracking the Indxx Metaverse Index - Benchmark TR Net, while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. Both are passively managed. Over the past 3 years, ARVR returned 24.89%/yr vs 18.97%/yr for FDL. At a 0.39 correlation, their price movements are largely independent. ARVR charges 0.70%/yr vs 0.45%/yr for FDL.

Performance

ARVR vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Indxx Metaverse ETF (ARVR) 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, ARVR achieves a 18.88% return, which is significantly higher than FDL's 13.33% return.

ARVR

• 1D: -0.64%
• 1M: 11.38%
• YTD: 18.88%
• 6M: 17.88%
• 1Y: 35.02%
• 3Y*: 24.89%
• 5Y*: —
• 10Y*: —

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)

ARVR vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ARVR First Trust Indxx Metaverse ETF	18.88%	29.07%	10.11%	43.39%	-17.28%
FDL First Trust Morningstar Dividend Leaders Index Fund	13.33%	14.79%	17.98%	2.94%	-3.08%

Correlation

The correlation between ARVR and FDL is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (All Time) Calculated using the full available price history since Apr 21, 2022	0.39

Over the past year, the correlation between ARVR and FDL has dropped to 0.06 - well below their long-term average of 0.39, suggesting their price drivers have been diverging.

ARVR vs. FDL - Sectors Allocation Comparison

Sectors	ARVR	FDL
Technology	43.8%	1.1%
Communication Services	10.4%	10.6%
Healthcare	2.1%	16.8%
Industrials	1.1%	3.8%
Basic Materials	-	0.3%
Consumer Cyclical	-	3.8%
Consumer Defensive	-	14.7%
Energy	-	27.3%
Financial Services	-	15.1%
Real Estate	-	-
Utilities	-	6.5%

Return for Risk

ARVR vs. FDL — Risk / Return Rank

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

ARVR

ARVR Risk / Return Rank: 47
ARVR Sharpe Ratio Rank: 54
ARVR Sortino Ratio Rank: 50
ARVR Omega Ratio Rank: 51
ARVR Calmar Ratio Rank: 40
ARVR Martin Ratio Rank: 38

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.

ARVR vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Indxx Metaverse ETF (ARVR) 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.

	ARVR	FDL	Difference
Sharpe ratio Return per unit of total volatility	1.82	2.11	-0.28
Sortino ratio Return per unit of downside risk	2.44	3.25	-0.81
Omega ratio Gain probability vs. loss probability	1.32	1.37	-0.05
Calmar ratio Return relative to maximum drawdown	1.98	5.56	-3.58
Martin ratio Return relative to average drawdown	6.02	13.56	-7.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ARVR vs. FDL - Sharpe Ratio Comparison

The current ARVR Sharpe Ratio is 1.82, which is comparable to the FDL Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of ARVR 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

	ARVR	FDL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.82	2.11	-0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.88	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	0.45	+0.34

Drawdowns

ARVR vs. FDL - Drawdown Comparison

The maximum ARVR drawdown since its inception was -26.25%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for ARVR and FDL.

Drawdown Indicators

	ARVR	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-26.25%	-65.93%	+39.68%
Max Drawdown (1Y) Largest decline over 1 year	-17.73%	-4.27%	-13.46%
Max Drawdown (3Y) Largest decline over 3 years	-21.46%	-12.24%	-9.22%
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	-0.64%	-2.18%	+1.54%
Average Drawdown Average peak-to-trough decline	-5.85%	-9.66%	+3.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.83%	1.75%	+4.08%

Volatility

ARVR vs. FDL - Volatility Comparison

First Trust Indxx Metaverse ETF (ARVR) has a higher volatility of 5.84% compared to First Trust Morningstar Dividend Leaders Index Fund (FDL) at 2.85%. This indicates that ARVR'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

	ARVR	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.84%	2.85%	+2.99%
Volatility (6M) Calculated over the trailing 6-month period	14.85%	7.87%	+6.98%
Volatility (1Y) Calculated over the trailing 1-year period	19.31%	11.28%	+8.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.44%	14.31%	+9.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.44%	17.11%	+6.33%

ARVR vs. FDL - Expense Ratio Comparison

ARVR has a 0.70% expense ratio, which is higher than FDL's 0.45% expense ratio.

Dividends

ARVR vs. FDL - Dividend Comparison

ARVR's dividend yield for the trailing twelve months is around 0.45%, less than FDL's 3.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARVR First Trust Indxx Metaverse ETF	0.45%	0.53%	0.81%	0.11%	0.27%	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 ARVR and FDL in my portfolio?

ARVR and FDL have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ARVR or FDL?

ARVR has higher volatility (5.84%) compared to FDL (2.85%). In terms of maximum drawdown, ARVR dropped -26.25% vs FDL's -65.93%.

Which ETF is better, ARVR or FDL?

On 3-year performance, ARVR leads with 24.89% vs 18.97% for FDL. On fees, FDL is cheaper at 0.45% per year. On volatility, FDL has been the lower-risk option at 2.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ARVR or FDL?

Over the 3-year period, ARVR has performed better with a 24.89% return vs 18.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ARVR or FDL?

FDL is cheaper with a 0.45% expense ratio, compared with 0.70% for ARVR.

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

FDL has the higher dividend yield at 3.68%, compared with 0.45% for ARVR.

What is the main difference between ARVR and FDL?

ARVR is categorized as Technology Equities, while FDL is Large Cap Value Equities. ARVR tracks Indxx Metaverse Index - Benchmark TR Net, while FDL tracks Morningstar Dividend Leaders Index. Their fees differ too: 0.70% for ARVR and 0.45% for FDL.

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (2.11 vs 1.82), 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.