DARP vs. FDL

Last updated Aug 5, 2026

DARP (Grizzle Growth ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - DARP is a Large Cap Growth Equities fund actively managed by Grizzle, while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. DARP is actively managed, while FDL is passively managed. Over the past year, DARP returned 54.61% vs 28.21% for FDL. Their 0.07 correlation means their historical movements had little consistent relationship. DARP charges 0.75%/yr vs 0.43%/yr for FDL.

Performance

DARP vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grizzle Growth ETF (DARP) 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, DARP achieves a 27.36% return, which is significantly higher than FDL's 19.24% return.

DARP

• 1D: 2.64%
• 1M: 1.10%
• 6M: 15.74%
• YTD: 27.36%
• 1Y: 54.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 34.07%

FDL

• 1D: 0.52%
• 1M: 4.21%
• 6M: 8.54%
• YTD: 19.24%
• 1Y: 28.21%
• 3Y*: 19.23%
• 5Y*: 14.12%
• 10Y*: 11.14%
• ALL TIME*: 8.98%

*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)
DARP Grizzle Growth ETF	$444.32K	$313.93K	$438.54K
FDL First Trust Morningstar Dividend Leaders Index Fund	$50.65M	$49.05M	$43.27M

DARP vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DARP Grizzle Growth ETF	27.36%	40.19%	24.63%	6.25%
FDL First Trust Morningstar Dividend Leaders Index Fund	19.24%	14.79%	17.98%	7.29%

Correlation

The correlation between DARP and FDL is -0.20, 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.	-0.20
Correlation (All Time) Calculated using the full available price history since Aug 28, 2023	0.07

The correlation between DARP and FDL shifts across timeframes, from -0.20 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.

DARP vs. FDL - Sectors Allocation Comparison

Sectors	DARP	FDL
Technology	48.3%	4.3%
Communication Services	13.5%	11.2%
Energy	9.2%	11.1%
Consumer Cyclical	8.3%	4.4%
Industrials	8.2%	3.6%
Utilities	5.2%	15.4%
Basic Materials	4.2%	0.4%
Healthcare	1.4%	11.7%
Consumer Defensive	-	24.3%
Financial Services	-	13.7%
Real Estate	-	-

Return for Risk

DARP vs. FDL — Risk / Return Rank

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

DARP

DARP Risk / Return Rank: 77
DARP Sharpe Ratio Rank: 80
DARP Sortino Ratio Rank: 69
DARP Omega Ratio Rank: 67
DARP Calmar Ratio Rank: 84
DARP Martin Ratio Rank: 84

FDL

FDL Risk / Return Rank: 91
FDL Sharpe Ratio Rank: 89
FDL Sortino Ratio Rank: 92
FDL Omega Ratio Rank: 87
FDL Calmar Ratio Rank: 96
FDL Martin Ratio Rank: 90

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.

DARP vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grizzle Growth ETF (DARP) 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.

	DARP	FDL	Difference
Sharpe ratio: Return per unit of total volatility	2.04	2.39	-0.35
Sortino ratio: Return per unit of downside risk	2.53	3.59	-1.06
Omega ratio: Gain probability vs. loss probability	1.32	1.42	-0.10
Calmar ratio: Return relative to maximum drawdown	3.48	6.63	-3.15
Martin ratio: Return relative to average drawdown	13.14	15.64	-2.50

DARP vs. FDL - Sharpe Ratio Comparison

The current DARP Sharpe Ratio is 2.04, which is comparable to the FDL Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of DARP 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

DARP vs. FDL - Drawdown Comparison

The maximum DARP drawdown since its inception was -30.27%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for DARP and FDL.

Drawdown Indicators

	DARP	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-30.27%	-65.93%	+35.66%
Max Drawdown (1Y) Largest decline over 1 year	-15.76%	-4.27%	-11.49%
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	-4.73%	-1.07%	-3.66%
Average Drawdown Average peak-to-trough decline	-4.72%	-9.59%	+4.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.17%	1.81%	+2.36%

Volatility

DARP vs. FDL - Volatility Comparison

Grizzle Growth ETF (DARP) has a higher volatility of 10.12% compared to First Trust Morningstar Dividend Leaders Index Fund (FDL) at 4.55%. This indicates that DARP'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

	DARP	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.12%	4.55%	+5.57%
Volatility (6M) Calculated over the trailing 6-month period	21.55%	8.76%	+12.79%
Volatility (1Y) Calculated over the trailing 1-year period	26.96%	11.87%	+15.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.86%	14.43%	+12.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.86%	17.16%	+9.70%

DARP vs. FDL - Expense Ratio Comparison

DARP has a 0.75% expense ratio, which is higher than FDL's 0.43% expense ratio.

Dividends

DARP vs. FDL - Dividend Comparison

DARP's dividend yield for the trailing twelve months is around 0.34%, less than FDL's 3.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DARP Grizzle Growth ETF	0.34%	0.43%	1.93%	0.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FDL First Trust Morningstar Dividend Leaders Index Fund	3.56%	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 DARP and FDL in my portfolio?

DARP and FDL have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DARP or FDL?

DARP has higher volatility (10.12%) compared to FDL (4.55%). In terms of maximum drawdown, DARP dropped -30.27% vs FDL's -65.93%.

Which ETF is better, DARP or FDL?

On 1-year performance, DARP leads with 54.61% vs 28.21% for FDL. On fees, FDL is cheaper at 0.43% per year. On volatility, FDL has been the lower-risk option at 4.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DARP or FDL?

Over the 1-year period, DARP has performed better with a 54.61% return vs 28.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DARP or FDL?

FDL is cheaper with a 0.43% expense ratio, compared with 0.75% for DARP.

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

FDL has the higher dividend yield at 3.56%, compared with 0.34% for DARP.

What is the main difference between DARP and FDL?

DARP is categorized as Large Cap Growth Equities, while FDL is Large Cap Value Equities. They also come from different issuers: Grizzle and First Trust. Their fees differ too: 0.75% for DARP and 0.43% for FDL.

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (2.39 vs 2.04), 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.