CSMD vs. FDL

Last updated Aug 4, 2026

CSMD (Congress SMID Growth ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - CSMD is a Mid Cap Growth Equities fund actively managed by Congress, while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. CSMD is actively managed, while FDL is passively managed. Over the past year, CSMD returned 8.60% vs 28.15% for FDL. Their 0.38 correlation means their historical movements had little consistent relationship. CSMD charges 0.68%/yr vs 0.43%/yr for FDL.

Performance

CSMD vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Congress SMID Growth ETF (CSMD) 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, CSMD achieves a 9.08% return, which is significantly lower than FDL's 18.62% return.

CSMD

• 1D: 2.31%
• 1M: -3.58%
• 6M: 2.59%
• YTD: 9.08%
• 1Y: 8.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.65%

FDL

• 1D: 0.39%
• 1M: 3.67%
• 6M: 9.83%
• YTD: 18.62%
• 1Y: 28.15%
• 3Y*: 19.02%
• 5Y*: 14.10%
• 10Y*: 11.08%
• ALL TIME*: 8.96%

*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)
CSMD Congress SMID Growth ETF	$1.22M	$1.17M	$1.44M
FDL First Trust Morningstar Dividend Leaders Index Fund	$51.38M	$49.50M	$43.21M

CSMD vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CSMD Congress SMID Growth ETF	9.08%	5.68%	12.70%	6.54%
FDL First Trust Morningstar Dividend Leaders Index Fund	18.62%	14.79%	17.98%	6.82%

Correlation

The correlation between CSMD and FDL is 0.05, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.05
Correlation (All Time) Calculated using the full available price history since Aug 22, 2023	0.38

Over the past year, the correlation between CSMD and FDL has dropped to 0.05 - well below their long-term average of 0.38, suggesting their price drivers have been diverging.

CSMD vs. FDL - Sectors Allocation Comparison

Sectors	CSMD	FDL
Industrials	23.6%	3.6%
Technology	22.1%	4.3%
Healthcare	20.7%	11.7%
Consumer Cyclical	7.4%	4.4%
Consumer Defensive	7.1%	24.3%
Financial Services	6.9%	13.7%
Basic Materials	5.9%	0.4%
Energy	3.6%	11.1%
Real Estate	1.7%	-
Communication Services	-	11.2%
Utilities	-	15.4%

Return for Risk

CSMD vs. FDL — Risk / Return Rank

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

CSMD

CSMD Risk / Return Rank: 20
CSMD Sharpe Ratio Rank: 20
CSMD Sortino Ratio Rank: 20
CSMD Omega Ratio Rank: 19
CSMD Calmar Ratio Rank: 20
CSMD Martin Ratio Rank: 22

FDL

FDL Risk / Return Rank: 92
FDL Sharpe Ratio Rank: 91
FDL Sortino Ratio Rank: 93
FDL Omega Ratio Rank: 89
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.

CSMD vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Congress SMID Growth ETF (CSMD) 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.

	CSMD	FDL	Difference
Sharpe ratio: Return per unit of total volatility	0.42	2.38	-1.97
Sortino ratio: Return per unit of downside risk	0.74	3.58	-2.85
Omega ratio: Gain probability vs. loss probability	1.09	1.42	-0.33
Calmar ratio: Return relative to maximum drawdown	0.58	6.62	-6.03
Martin ratio: Return relative to average drawdown	1.67	15.62	-13.95

CSMD vs. FDL - Sharpe Ratio Comparison

The current CSMD Sharpe Ratio is 0.42, which is lower than the FDL Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of CSMD 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

CSMD vs. FDL - Drawdown Comparison

The maximum CSMD drawdown since its inception was -22.54%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for CSMD and FDL.

Drawdown Indicators

	CSMD	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-22.54%	-65.93%	+43.39%
Max Drawdown (1Y) Largest decline over 1 year	-14.79%	-4.27%	-10.52%
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	-5.48%	-1.58%	-3.90%
Average Drawdown Average peak-to-trough decline	-4.68%	-9.59%	+4.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.16%	1.81%	+3.35%

Volatility

CSMD vs. FDL - Volatility Comparison

Congress SMID Growth ETF (CSMD) has a higher volatility of 5.75% compared to First Trust Morningstar Dividend Leaders Index Fund (FDL) at 4.65%. This indicates that CSMD'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

	CSMD	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.75%	4.65%	+1.10%
Volatility (6M) Calculated over the trailing 6-month period	16.15%	8.75%	+7.40%
Volatility (1Y) Calculated over the trailing 1-year period	20.69%	11.89%	+8.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.00%	14.44%	+5.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.00%	17.16%	+2.84%

CSMD vs. FDL - Expense Ratio Comparison

CSMD has a 0.68% expense ratio, which is higher than FDL's 0.43% expense ratio.

Dividends

CSMD vs. FDL - Dividend Comparison

CSMD has not paid dividends to shareholders, while FDL's dividend yield for the trailing twelve months is around 3.58%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSMD Congress SMID Growth ETF	0.00%	0.00%	0.40%	0.02%	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 CSMD and FDL in my portfolio?

CSMD and FDL have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CSMD or FDL?

CSMD has higher volatility (5.75%) compared to FDL (4.65%). In terms of maximum drawdown, CSMD dropped -22.54% vs FDL's -65.93%.

Which ETF is better, CSMD or FDL?

On 1-year performance, FDL leads with 28.15% vs 8.60% for CSMD. On fees, FDL is cheaper at 0.43% per year. On volatility, FDL has been the lower-risk option at 4.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CSMD or FDL?

Over the 1-year period, FDL has performed better with a 28.15% return vs 8.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CSMD or FDL?

FDL is cheaper with a 0.43% expense ratio, compared with 0.68% for CSMD.

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

FDL has the higher dividend yield at 3.58%, compared with 0.00% for CSMD.

What is the main difference between CSMD and FDL?

CSMD is categorized as Mid Cap Growth Equities, while FDL is Large Cap Value Equities. They also come from different issuers: Congress and First Trust. Their fees differ too: 0.68% for CSMD and 0.43% for FDL.

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (2.38 vs 0.42), 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.