CDL vs. FDL

Last updated Aug 2, 2026

CDL (VictoryShares US Large Cap High Dividend Volatility Wtd ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - CDL is a Dividend fund tracking the Nasdaq Victory U.S. Large Cap High Dividend 100 Volatility Weighted Index, while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. Both are passively managed. Over the past 10 years, CDL returned 11.17%/yr vs 11.09%/yr for FDL. Their correlation of 0.88 means they have usually moved in the same direction. CDL charges 0.35%/yr vs 0.43%/yr for FDL.

Performance

CDL vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares US Large Cap High Dividend Volatility Wtd ETF (CDL) 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, CDL achieves a 17.17% return, which is significantly lower than FDL's 18.16% return. Both investments have delivered pretty close results over the past 10 years, with CDL having a 11.17% annualized return and FDL not far behind at 11.09%.

CDL

• 1D: -0.51%
• 1M: 0.29%
• 6M: 10.38%
• YTD: 17.17%
• 1Y: 22.30%
• 3Y*: 14.61%
• 5Y*: 10.44%
• 10Y*: 11.17%
• ALL TIME*: 11.29%

FDL

• 1D: 0.02%
• 1M: 3.27%
• 6M: 9.50%
• YTD: 18.16%
• 1Y: 27.65%
• 3Y*: 18.28%
• 5Y*: 13.98%
• 10Y*: 11.09%
• ALL TIME*: 8.94%

*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)
CDL VictoryShares US Large Cap High Dividend Volatility Wtd ETF	$504.48K	$625.50K	$553.90K
FDL First Trust Morningstar Dividend Leaders Index Fund	$52.24M	$50.06M	$42.95M

CDL vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CDL VictoryShares US Large Cap High Dividend Volatility Wtd ETF	17.17%	9.04%	15.58%	3.03%	-0.45%	33.42%	-3.35%	26.38%	-5.86%	16.29%
FDL First Trust Morningstar Dividend Leaders Index Fund	18.16%	14.79%	17.98%	2.94%	6.66%	26.10%	-4.30%	24.41%	-5.99%	12.02%

Correlation

The correlation between CDL and FDL is 0.86, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.86
Correlation (3Y) Balances recent behavior with more history.	0.90
Correlation (5Y) Shows whether the relationship held over a longer period.	0.91
Correlation (10Y) Provides a long-term view across more market conditions.	0.90
Correlation (All Time) Calculated using the full available price history since Jul 8, 2015	0.88

The correlation between CDL and FDL has been stable across timeframes, ranging from 0.86 to 0.91 - a consistent structural relationship.

CDL vs. FDL - Sectors Allocation Comparison

Sectors	CDL	FDL
Utilities	24.3%	15.4%
Financial Services	24.1%	13.7%
Consumer Defensive	15.7%	24.3%
Energy	8.6%	11.1%
Healthcare	7.2%	11.7%
Consumer Cyclical	7.0%	4.4%
Technology	6.9%	4.3%
Communication Services	3.9%	11.2%
Industrials	2.3%	3.6%
Basic Materials	0.0%	0.4%
Real Estate	0.0%	-

Return for Risk

CDL vs. FDL — Risk / Return Rank

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

CDL

CDL Risk / Return Rank: 88
CDL Sharpe Ratio Rank: 88
CDL Sortino Ratio Rank: 90
CDL Omega Ratio Rank: 84
CDL Calmar Ratio Rank: 90
CDL Martin Ratio Rank: 89

FDL

FDL Risk / Return Rank: 92
FDL Sharpe Ratio Rank: 90
FDL Sortino Ratio Rank: 92
FDL Omega Ratio Rank: 88
FDL Calmar Ratio Rank: 96
FDL Martin Ratio Rank: 91

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.

CDL vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares US Large Cap High Dividend Volatility Wtd ETF (CDL) 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.

	CDL	FDL	Difference
Sharpe ratio: Return per unit of total volatility	2.13	2.26	-0.13
Sortino ratio: Return per unit of downside risk	3.18	3.41	-0.24
Omega ratio: Gain probability vs. loss probability	1.36	1.39	-0.03
Calmar ratio: Return relative to maximum drawdown	3.87	6.29	-2.41
Martin ratio: Return relative to average drawdown	13.78	14.86	-1.08

CDL vs. FDL - Sharpe Ratio Comparison

The current CDL Sharpe Ratio is 2.13, which is comparable to the FDL Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of CDL 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

CDL vs. FDL - Drawdown Comparison

The maximum CDL drawdown since its inception was -41.03%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for CDL and FDL.

Drawdown Indicators

	CDL	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-41.03%	-65.93%	+24.90%
Max Drawdown (1Y) Largest decline over 1 year	-5.66%	-4.27%	-1.39%
Max Drawdown (3Y) Largest decline over 3 years	-12.87%	-12.24%	-0.63%
Max Drawdown (5Y) Largest decline over 5 years	-17.28%	-16.46%	-0.82%
Max Drawdown (10Y) Largest decline over 10 years	-41.03%	-41.40%	+0.37%
Current Drawdown Current decline from peak	-2.35%	-1.96%	-0.39%
Average Drawdown Average peak-to-trough decline	-4.29%	-9.59%	+5.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.59%	1.81%	-0.22%

Volatility

CDL vs. FDL - Volatility Comparison

The current volatility for VictoryShares US Large Cap High Dividend Volatility Wtd ETF (CDL) is 4.20%, while First Trust Morningstar Dividend Leaders Index Fund (FDL) has a volatility of 4.96%. This indicates that CDL experiences smaller price fluctuations and is considered to be less risky than FDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CDL	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.20%	4.96%	-0.76%
Volatility (6M) Calculated over the trailing 6-month period	7.85%	8.97%	-1.12%
Volatility (1Y) Calculated over the trailing 1-year period	10.34%	11.95%	-1.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.88%	14.44%	-0.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.04%	17.16%	-0.12%

CDL vs. FDL - Expense Ratio Comparison

CDL has a 0.35% expense ratio, which is lower than FDL's 0.43% expense ratio.

Dividends

CDL vs. FDL - Dividend Comparison

CDL's dividend yield for the trailing twelve months is around 3.06%, less than FDL's 3.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CDL VictoryShares US Large Cap High Dividend Volatility Wtd ETF	3.06%	3.33%	3.27%	3.61%	3.31%	2.60%	3.32%	3.04%	3.32%	2.87%	2.97%	1.28%
FDL First Trust Morningstar Dividend Leaders Index Fund	3.59%	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 CDL and FDL in my portfolio?

CDL and FDL have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CDL or FDL?

FDL has higher volatility (4.96%) compared to CDL (4.20%). In terms of maximum drawdown, CDL dropped -41.03% vs FDL's -65.93%.

Which ETF is better, CDL or FDL?

On 10-year performance, CDL leads with 11.17% vs 11.09% for FDL. On fees, CDL is cheaper at 0.35% per year. On volatility, CDL has been the lower-risk option at 4.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CDL or FDL?

Over the 10-year period, CDL has performed better with a 11.17% return vs 11.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CDL or FDL?

CDL is cheaper with a 0.35% expense ratio, compared with 0.43% for FDL.

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

FDL has the higher dividend yield at 3.59%, compared with 3.06% for CDL.

What is the main difference between CDL and FDL?

CDL is categorized as Dividend, while FDL is Large Cap Value Equities. CDL tracks Nasdaq Victory U.S. Large Cap High Dividend 100 Volatility Weighted Index, while FDL tracks Morningstar Dividend Leaders Index. They also come from different issuers: Crestview and First Trust. Their fees differ too: 0.35% for CDL and 0.43% for FDL.

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (2.26 vs 2.13), 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.