DCPE vs. FDL
DCPE (DoubleLine Shiller CAPE US Equities ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both Large Cap Value Equities funds - DCPE tracks the Shiller Barclays CAPE US Sector Index while FDL tracks the Morningstar Dividend Leaders Index. Both are passively managed. Over the past 3 years, DCPE returned 12.19%/yr vs 18.97%/yr for FDL. A 0.68 correlation means they provide meaningful diversification when combined. DCPE charges 0.65%/yr vs 0.45%/yr for FDL.
Performance
DCPE vs. FDL - Performance Comparison
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Returns By Period
In the year-to-date period, DCPE achieves a -1.70% return, which is significantly lower than FDL's 13.33% return.
DCPE
- 1D
- -0.48%
- 1M
- -1.99%
- YTD
- -1.70%
- 6M
- -1.38%
- 1Y
- 3.29%
- 3Y*
- 12.19%
- 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%
DCPE vs. FDL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
DCPE DoubleLine Shiller CAPE US Equities ETF | -1.70% | 9.10% | 14.40% | 27.65% | -15.28% |
FDL First Trust Morningstar Dividend Leaders Index Fund | 13.33% | 14.79% | 17.98% | 2.94% | -0.23% |
Correlation
The correlation between DCPE and FDL is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2022 | 0.68 |
The correlation between DCPE and FDL shifts across timeframes, from 0.53 (1 year) to 0.68 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DCPE vs. FDL — Risk / Return Rank
DCPE
FDL
DCPE vs. FDL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DoubleLine Shiller CAPE US Equities ETF (DCPE) 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.
| DCPE | FDL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.80 | ||
| Sortino ratioReturn per unit of downside risk | -2.74 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.37 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | 0.34 | 5.56 | -5.22 |
| Martin ratioReturn relative to average drawdown | 1.24 | 13.56 | -12.31 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DCPE | FDL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.30 | 2.11 | -1.80 |
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 | 0.42 | 0.45 | -0.03 |
Drawdowns
DCPE vs. FDL - Drawdown Comparison
The maximum DCPE drawdown since its inception was -22.07%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for DCPE and FDL.
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Drawdown Indicators
| DCPE | FDL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.07% | -65.93% | +43.86% |
Max Drawdown (1Y)Largest decline over 1 year | -9.68% | -4.27% | -5.41% |
Max Drawdown (3Y)Largest decline over 3 years | -14.32% | -12.24% | -2.08% |
Max Drawdown (5Y)Largest decline over 5 years | — | -16.46% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.40% | — |
Current DrawdownCurrent decline from peak | -4.83% | -2.18% | -2.65% |
Average DrawdownAverage peak-to-trough decline | -4.93% | -9.66% | +4.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.65% | 1.75% | +0.90% |
Volatility
DCPE vs. FDL - Volatility Comparison
The current volatility for DoubleLine Shiller CAPE US Equities ETF (DCPE) is 2.63%, while First Trust Morningstar Dividend Leaders Index Fund (FDL) has a volatility of 2.85%. This indicates that DCPE 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.
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Volatility by Period
| DCPE | FDL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.63% | 2.85% | -0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 8.04% | 7.87% | +0.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.89% | 11.28% | -0.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.93% | 14.31% | +2.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.93% | 17.11% | -0.18% |
DCPE vs. FDL - Expense Ratio Comparison
DCPE has a 0.65% expense ratio, which is higher than FDL's 0.45% expense ratio.
Dividends
DCPE vs. FDL - Dividend Comparison
DCPE's dividend yield for the trailing twelve months is around 1.41%, less than FDL's 3.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DCPE DoubleLine Shiller CAPE US Equities ETF | 1.41% | 1.39% | 1.23% | 1.01% | 0.80% | 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
DCPE and FDL have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FDL has higher volatility (2.85%) compared to DCPE (2.63%). In terms of maximum drawdown, DCPE dropped -22.07% vs FDL's -65.93%.
On 3-year performance, FDL leads with 18.97% vs 12.19% for DCPE. On fees, FDL is cheaper at 0.45% per year. On volatility, DCPE has been the lower-risk option at 2.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, FDL has performed better with a 18.97% return vs 12.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FDL is cheaper with a 0.45% expense ratio, compared with 0.65% for DCPE.
FDL has the higher dividend yield at 3.68%, compared with 1.41% for DCPE.
DCPE tracks Shiller Barclays CAPE US Sector Index, while FDL tracks Morningstar Dividend Leaders Index. They also come from different issuers: DoubleLine and First Trust. Their fees differ too: 0.65% for DCPE and 0.45% for FDL.
FDL currently has the higher Sharpe Ratio (2.11 vs 0.30), 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.
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