DDIV vs. DVOL

Last updated Jun 23, 2026

DDIV (First Trust Dorsey Wright Momentum & Dividend ETF) and DVOL (First Trust Dorsey Wright Momentum & Low Volatility ETF) are both Momentum funds from First Trust - DDIV tracks the Dorsey Wright Momentum Plus Dividend Yield Index while DVOL tracks the Dorsey Wright Momentum Plus Low Volatility Index. Both are passively managed. Over the past 5 years, DDIV returned 10.45%/yr vs 7.39%/yr for DVOL. A 0.72 correlation means they provide meaningful diversification when combined. Both charge a 0.60% expense ratio.

Performance

DDIV vs. DVOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Dorsey Wright Momentum & Dividend ETF (DDIV) and First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DDIV achieves a 8.45% return, which is significantly higher than DVOL's 4.02% return.

DDIV

• 1D: 1.03%
• 1M: -0.40%
• YTD: 8.45%
• 6M: 6.85%
• 1Y: 22.50%
• 3Y*: 20.89%
• 5Y*: 10.45%
• 10Y*: 10.06%

DVOL

• 1D: 0.64%
• 1M: -0.45%
• YTD: 4.02%
• 6M: 2.85%
• 1Y: 5.75%
• 3Y*: 13.11%
• 5Y*: 7.39%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

DDIV vs. DVOL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
DDIV First Trust Dorsey Wright Momentum & Dividend ETF	8.45%	12.23%	27.18%	9.95%	-12.44%	39.96%	-3.59%	32.40%	-17.96%
DVOL First Trust Dorsey Wright Momentum & Low Volatility ETF	4.02%	4.30%	24.84%	5.39%	-16.10%	30.08%	11.15%	26.10%	-10.21%

Correlation

The correlation between DDIV and DVOL is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (All Time) Calculated using the full available price history since Sep 7, 2018	0.72

The correlation between DDIV and DVOL shifts across timeframes, from 0.72 (all time) to 0.83 (1 year), reflecting how their relationship changes across market environments.

DDIV vs. DVOL - Sectors Allocation Comparison

Sectors	DDIV	DVOL
Energy	27.0%	13.6%
Financial Services	22.2%	19.2%
Real Estate	15.4%	12.0%
Consumer Defensive	7.6%	8.3%
Industrials	6.4%	16.7%
Consumer Cyclical	5.4%	9.7%
Utilities	5.2%	2.9%
Healthcare	4.0%	3.3%
Basic Materials	3.0%	6.1%
Communication Services	2.8%	3.5%
Technology	1.0%	4.5%

Return for Risk

DDIV vs. DVOL — Risk / Return Rank

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

DDIV

DDIV Risk / Return Rank: 45
DDIV Sharpe Ratio Rank: 46
DDIV Sortino Ratio Rank: 45
DDIV Omega Ratio Rank: 45
DDIV Calmar Ratio Rank: 41
DDIV Martin Ratio Rank: 45

DVOL

DVOL Risk / Return Rank: 16
DVOL Sharpe Ratio Rank: 16
DVOL Sortino Ratio Rank: 15
DVOL Omega Ratio Rank: 14
DVOL Calmar Ratio Rank: 15
DVOL Martin Ratio Rank: 19

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.

DDIV vs. DVOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Dorsey Wright Momentum & Dividend ETF (DDIV) and First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL). 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.

	DDIV	DVOL	Difference
Sharpe ratio: Return per unit of total volatility	1.57	0.49	+1.09
Sortino ratio: Return per unit of downside risk	2.23	0.79	+1.43
Omega ratio: Gain probability vs. loss probability	1.28	1.09	+0.19
Calmar ratio: Return relative to maximum drawdown	2.00	0.59	+1.41
Martin ratio: Return relative to average drawdown	7.34	2.04	+5.29

DDIV vs. DVOL - Sharpe Ratio Comparison

The current DDIV Sharpe Ratio is 1.57, which is higher than the DVOL Sharpe Ratio of 0.49. The chart below compares the historical Sharpe Ratios of DDIV and DVOL, 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

DDIV vs. DVOL - Drawdown Comparison

The maximum DDIV drawdown since its inception was -47.56%, which is greater than DVOL's maximum drawdown of -38.26%. Use the drawdown chart below to compare losses from any high point for DDIV and DVOL.

Drawdown Indicators

	DDIV	DVOL	Difference
Max Drawdown Largest peak-to-trough decline	-47.56%	-38.26%	-9.30%
Max Drawdown (1Y) Largest decline over 1 year	-11.31%	-9.82%	-1.49%
Max Drawdown (3Y) Largest decline over 3 years	-18.97%	-11.66%	-7.31%
Max Drawdown (5Y) Largest decline over 5 years	-21.10%	-24.65%	+3.55%
Max Drawdown (10Y) Largest decline over 10 years	-47.56%	—	—
Current Drawdown Current decline from peak	-1.06%	-2.60%	+1.54%
Average Drawdown Average peak-to-trough decline	-6.00%	-7.15%	+1.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.07%	2.82%	+0.25%

Volatility

DDIV vs. DVOL - Volatility Comparison

The current volatility for First Trust Dorsey Wright Momentum & Dividend ETF (DDIV) is 3.10%, while First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL) has a volatility of 3.35%. This indicates that DDIV experiences smaller price fluctuations and is considered to be less risky than DVOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DDIV	DVOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.10%	3.35%	-0.25%
Volatility (6M) Calculated over the trailing 6-month period	11.65%	9.47%	+2.18%
Volatility (1Y) Calculated over the trailing 1-year period	14.39%	11.87%	+2.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.54%	14.40%	+4.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.92%	17.69%	+2.23%

DDIV vs. DVOL - Expense Ratio Comparison

Both DDIV and DVOL have an expense ratio of 0.60%.

Dividends

DDIV vs. DVOL - Dividend Comparison

DDIV's dividend yield for the trailing twelve months is around 1.59%, more than DVOL's 0.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DDIV First Trust Dorsey Wright Momentum & Dividend ETF	1.59%	1.94%	2.22%	3.18%	3.60%	2.43%	2.63%	2.93%	3.27%
DVOL First Trust Dorsey Wright Momentum & Low Volatility ETF	0.67%	0.86%	0.67%	1.28%	1.37%	0.47%	0.60%	1.79%	0.39%

Frequently Asked Questions

Can I hold both DDIV and DVOL in my portfolio?

DDIV and DVOL have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DDIV or DVOL?

DVOL has higher volatility (3.35%) compared to DDIV (3.10%). In terms of maximum drawdown, DDIV dropped -47.56% vs DVOL's -38.26%.

Which ETF is better, DDIV or DVOL?

On 5-year performance, DDIV leads with 10.45% vs 7.39% for DVOL. Both ETFs have the same 0.60% expense ratio. On volatility, DDIV has been the lower-risk option at 3.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DDIV or DVOL?

Over the 5-year period, DDIV has performed better with a 10.45% return vs 7.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DDIV or DVOL?

DDIV and DVOL have the same expense ratio: 0.60% per year.

Which ETF pays a higher dividend yield, DDIV or DVOL?

DDIV has the higher dividend yield at 1.59%, compared with 0.67% for DVOL.

What is the main difference between DDIV and DVOL?

DDIV tracks Dorsey Wright Momentum Plus Dividend Yield Index, while DVOL tracks Dorsey Wright Momentum Plus Low Volatility Index.

Which has better risk-adjusted returns?

DDIV currently has the higher Sharpe Ratio (1.57 vs 0.49), 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.