BNGE vs. FDL

Last updated Jun 4, 2026

BNGE (First Trust S-Network Streaming and Gaming ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - BNGE is a Technology Equities fund tracking the S-Network Streaming & Gaming Index, while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. Both are passively managed. Over the past 3 years, BNGE returned 13.39%/yr vs 18.97%/yr for FDL. At a 0.40 correlation, their price movements are largely independent. BNGE charges 0.70%/yr vs 0.45%/yr for FDL.

Performance

BNGE vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust S-Network Streaming and Gaming ETF (BNGE) 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, BNGE achieves a -18.00% return, which is significantly lower than FDL's 13.33% return.

BNGE

• 1D: -1.95%
• 1M: 0.12%
• YTD: -18.00%
• 6M: -18.35%
• 1Y: -6.57%
• 3Y*: 13.39%
• 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)

BNGE vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BNGE First Trust S-Network Streaming and Gaming ETF	-18.00%	35.18%	19.23%	37.21%	-28.77%
FDL First Trust Morningstar Dividend Leaders Index Fund	13.33%	14.79%	17.98%	2.94%	6.84%

Correlation

The correlation between BNGE and FDL is 0.07, 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	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (All Time) Calculated using the full available price history since Jan 27, 2022	0.40

Over the past year, the correlation between BNGE and FDL has dropped to 0.07 - well below their long-term average of 0.40, suggesting their price drivers have been diverging.

BNGE vs. FDL - Sectors Allocation Comparison

Sectors	BNGE	FDL
Communication Services	66.2%	10.6%
Consumer Cyclical	26.7%	3.8%
Technology	7.1%	1.1%
Basic Materials	-	0.3%
Consumer Defensive	-	14.7%
Energy	-	27.3%
Financial Services	-	15.1%
Healthcare	-	16.8%
Industrials	-	3.8%
Real Estate	-	-
Utilities	-	6.5%

Return for Risk

BNGE vs. FDL — Risk / Return Rank

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

BNGE

BNGE Risk / Return Rank: 6
BNGE Sharpe Ratio Rank: 5
BNGE Sortino Ratio Rank: 5
BNGE Omega Ratio Rank: 5
BNGE Calmar Ratio Rank: 7
BNGE Martin Ratio Rank: 7

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.

BNGE vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust S-Network Streaming and Gaming ETF (BNGE) 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.

	BNGE	FDL	Difference
Sharpe ratio: Return per unit of total volatility	-0.37	2.11	-2.48
Sortino ratio: Return per unit of downside risk	-0.40	3.25	-3.65
Omega ratio: Gain probability vs. loss probability	0.95	1.37	-0.42
Calmar ratio: Return relative to maximum drawdown	-0.24	5.56	-5.80
Martin ratio: Return relative to average drawdown	-0.47	13.56	-14.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BNGE vs. FDL - Sharpe Ratio Comparison

The current BNGE Sharpe Ratio is -0.37, which is lower than the FDL Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of BNGE 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

	BNGE	FDL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.37	2.11	-2.48
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	0.24	0.45	-0.21

Drawdowns

BNGE vs. FDL - Drawdown Comparison

The maximum BNGE drawdown since its inception was -40.54%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for BNGE and FDL.

Drawdown Indicators

	BNGE	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-40.54%	-65.93%	+25.39%
Max Drawdown (1Y) Largest decline over 1 year	-27.88%	-4.27%	-23.61%
Max Drawdown (3Y) Largest decline over 3 years	-27.88%	-12.24%	-15.64%
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	-24.44%	-2.18%	-22.26%
Average Drawdown Average peak-to-trough decline	-13.82%	-9.66%	-4.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.00%	1.75%	+12.25%

Volatility

BNGE vs. FDL - Volatility Comparison

First Trust S-Network Streaming and Gaming ETF (BNGE) has a higher volatility of 4.26% compared to First Trust Morningstar Dividend Leaders Index Fund (FDL) at 2.85%. This indicates that BNGE'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

	BNGE	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.26%	2.85%	+1.41%
Volatility (6M) Calculated over the trailing 6-month period	13.27%	7.87%	+5.40%
Volatility (1Y) Calculated over the trailing 1-year period	17.84%	11.28%	+6.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.18%	14.31%	+10.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.18%	17.11%	+8.07%

BNGE vs. FDL - Expense Ratio Comparison

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

Dividends

BNGE vs. FDL - Dividend Comparison

BNGE's dividend yield for the trailing twelve months is around 1.08%, less than FDL's 3.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BNGE First Trust S-Network Streaming and Gaming ETF	1.08%	0.89%	0.01%	0.81%	0.59%	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 BNGE and FDL in my portfolio?

BNGE and FDL have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BNGE or FDL?

BNGE has higher volatility (4.26%) compared to FDL (2.85%). In terms of maximum drawdown, BNGE dropped -40.54% vs FDL's -65.93%.

Which ETF is better, BNGE or FDL?

On 3-year performance, FDL leads with 18.97% vs 13.39% for BNGE. 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, BNGE or FDL?

Over the 3-year period, FDL has performed better with a 18.97% return vs 13.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BNGE or FDL?

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

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

FDL has the higher dividend yield at 3.68%, compared with 1.08% for BNGE.

What is the main difference between BNGE and FDL?

BNGE is categorized as Technology Equities, while FDL is Large Cap Value Equities. BNGE tracks S-Network Streaming & Gaming Index, while FDL tracks Morningstar Dividend Leaders Index. Their fees differ too: 0.70% for BNGE and 0.45% for FDL.

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (2.11 vs -0.37), 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.