DDIV vs. FDL

Last updated Aug 4, 2026

DDIV (First Trust Dorsey Wright Momentum & Dividend ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - DDIV is a Momentum fund tracking the Dorsey Wright Momentum Plus Dividend Yield 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, DDIV returned 10.11%/yr vs 11.08%/yr for FDL. Their 0.71 correlation means they have sometimes moved together and sometimes differently. DDIV charges 0.60%/yr vs 0.43%/yr for FDL.

Performance

DDIV vs. FDL - 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 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, DDIV achieves a 14.18% return, which is significantly lower than FDL's 18.62% return. Over the past 10 years, DDIV has underperformed FDL with an annualized return of 10.11%, while FDL has yielded a comparatively higher 11.08% annualized return.

DDIV

• 1D: 0.39%
• 1M: 3.93%
• 6M: 9.75%
• YTD: 14.18%
• 1Y: 26.26%
• 3Y*: 20.51%
• 5Y*: 12.00%
• 10Y*: 10.11%
• ALL TIME*: 9.22%

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)
DDIV First Trust Dorsey Wright Momentum & Dividend ETF	$943.17K	$544.16K	$292.85K
FDL First Trust Morningstar Dividend Leaders Index Fund	$51.38M	$49.50M	$43.21M

DDIV vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DDIV First Trust Dorsey Wright Momentum & Dividend ETF	14.18%	12.23%	27.18%	9.95%	-12.44%	39.96%	-3.59%	32.40%	-16.50%	11.31%
FDL First Trust Morningstar Dividend Leaders Index Fund	18.62%	14.79%	17.98%	2.94%	6.66%	26.10%	-4.30%	24.41%	-5.99%	12.02%

Correlation

The correlation between DDIV and FDL is 0.49, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.49
Correlation (3Y) Balances recent behavior with more history.	0.65
Correlation (5Y) Shows whether the relationship held over a longer period.	0.73
Correlation (10Y) Provides a long-term view across more market conditions.	0.72
Correlation (All Time) Calculated using the full available price history since Mar 11, 2014	0.71

Over the past year, the correlation between DDIV and FDL has dropped to 0.49 - well below their long-term average of 0.71, suggesting their price drivers have been diverging.

DDIV vs. FDL - Sectors Allocation Comparison

Sectors	DDIV	FDL
Energy	26.5%	11.1%
Financial Services	22.8%	13.7%
Real Estate	15.5%	-
Consumer Defensive	7.3%	24.3%
Industrials	6.8%	3.6%
Consumer Cyclical	5.5%	4.4%
Utilities	5.4%	15.4%
Healthcare	4.0%	11.7%
Basic Materials	2.9%	0.4%
Communication Services	2.3%	11.2%
Technology	1.0%	4.3%

Return for Risk

DDIV vs. FDL — Risk / Return Rank

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

DDIV

DDIV Risk / Return Rank: 72
DDIV Sharpe Ratio Rank: 77
DDIV Sortino Ratio Rank: 75
DDIV Omega Ratio Rank: 77
DDIV Calmar Ratio Rank: 64
DDIV Martin Ratio Rank: 68

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.

DDIV vs. FDL - 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 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.

	DDIV	FDL	Difference
Sharpe ratio: Return per unit of total volatility	1.83	2.38	-0.55
Sortino ratio: Return per unit of downside risk	2.54	3.58	-1.05
Omega ratio: Gain probability vs. loss probability	1.33	1.42	-0.08
Calmar ratio: Return relative to maximum drawdown	2.33	6.62	-4.29
Martin ratio: Return relative to average drawdown	8.58	15.62	-7.04

DDIV vs. FDL - Sharpe Ratio Comparison

The current DDIV Sharpe Ratio is 1.83, which is comparable to the FDL Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of DDIV 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

DDIV vs. FDL - Drawdown Comparison

The maximum DDIV drawdown since its inception was -47.56%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for DDIV and FDL.

Drawdown Indicators

	DDIV	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-47.56%	-65.93%	+18.37%
Max Drawdown (1Y) Largest decline over 1 year	-11.31%	-4.27%	-7.04%
Max Drawdown (3Y) Largest decline over 3 years	-18.97%	-12.24%	-6.73%
Max Drawdown (5Y) Largest decline over 5 years	-21.10%	-16.46%	-4.64%
Max Drawdown (10Y) Largest decline over 10 years	-47.56%	-41.40%	-6.16%
Current Drawdown Current decline from peak	-1.15%	-1.58%	+0.43%
Average Drawdown Average peak-to-trough decline	-5.95%	-9.59%	+3.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.07%	1.81%	+1.26%

Volatility

DDIV vs. FDL - Volatility Comparison

The current volatility for First Trust Dorsey Wright Momentum & Dividend ETF (DDIV) is 3.60%, while First Trust Morningstar Dividend Leaders Index Fund (FDL) has a volatility of 4.65%. This indicates that DDIV 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

	DDIV	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.60%	4.65%	-1.05%
Volatility (6M) Calculated over the trailing 6-month period	11.39%	8.75%	+2.64%
Volatility (1Y) Calculated over the trailing 1-year period	14.42%	11.89%	+2.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.25%	14.44%	+3.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.91%	17.16%	+2.75%

DDIV vs. FDL - Expense Ratio Comparison

DDIV has a 0.60% expense ratio, which is higher than FDL's 0.43% expense ratio.

Dividends

DDIV vs. FDL - Dividend Comparison

DDIV's dividend yield for the trailing twelve months is around 1.52%, less than FDL's 3.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DDIV First Trust Dorsey Wright Momentum & Dividend ETF	1.52%	1.94%	2.22%	3.18%	3.60%	2.43%	2.63%	2.93%	3.27%	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 DDIV and FDL in my portfolio?

DDIV and FDL have a correlation of 0.49, 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 FDL?

FDL has higher volatility (4.65%) compared to DDIV (3.60%). In terms of maximum drawdown, DDIV dropped -47.56% vs FDL's -65.93%.

Which ETF is better, DDIV or FDL?

On 10-year performance, FDL leads with 11.08% vs 10.11% for DDIV. On fees, FDL is cheaper at 0.43% per year. On volatility, DDIV has been the lower-risk option at 3.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DDIV or FDL?

Over the 10-year period, FDL has performed better with a 11.08% return vs 10.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DDIV or FDL?

FDL is cheaper with a 0.43% expense ratio, compared with 0.60% for DDIV.

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

FDL has the higher dividend yield at 3.58%, compared with 1.52% for DDIV.

What is the main difference between DDIV and FDL?

DDIV is categorized as Momentum, while FDL is Large Cap Value Equities. DDIV tracks Dorsey Wright Momentum Plus Dividend Yield Index, while FDL tracks Morningstar Dividend Leaders Index. Their fees differ too: 0.60% for DDIV and 0.43% for FDL.

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (2.38 vs 1.83), 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.