DDIV vs. MBOX

Last updated Jun 23, 2026

DDIV (First Trust Dorsey Wright Momentum & Dividend ETF) and MBOX (Freedom Day Dividend ETF) are both exchange-traded funds - DDIV is a Momentum fund tracking the Dorsey Wright Momentum Plus Dividend Yield Index, while MBOX is a Dividend fund actively managed by EMPIRICAL FINANCE LLC. DDIV is passively managed, while MBOX is actively managed. Over the past 5 years, DDIV returned 10.45%/yr vs 12.29%/yr for MBOX. Their correlation of 0.84 suggests significant overlap in exposure. DDIV charges 0.60%/yr vs 0.39%/yr for MBOX.

Performance

DDIV vs. MBOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Dorsey Wright Momentum & Dividend ETF (DDIV) and Freedom Day Dividend ETF (MBOX). 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 lower than MBOX's 15.24% 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%

MBOX

• 1D: 0.48%
• 1M: 1.01%
• YTD: 15.24%
• 6M: 14.33%
• 1Y: 23.19%
• 3Y*: 19.11%
• 5Y*: 12.29%
• 10Y*: —

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

DDIV vs. MBOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DDIV First Trust Dorsey Wright Momentum & Dividend ETF	8.45%	12.23%	27.18%	9.95%	-12.44%	10.13%
MBOX Freedom Day Dividend ETF	15.24%	8.72%	16.39%	15.84%	-4.32%	10.13%

Correlation

The correlation between DDIV and MBOX is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since May 5, 2021	0.84

The correlation between DDIV and MBOX has been stable across timeframes, ranging from 0.78 to 0.85 - a consistent structural relationship.

DDIV vs. MBOX - Sectors Allocation Comparison

Sectors	DDIV	MBOX
Energy	27.0%	13.3%
Financial Services	22.2%	25.2%
Real Estate	15.4%	4.2%
Consumer Defensive	7.6%	3.7%
Industrials	6.4%	7.8%
Consumer Cyclical	5.4%	1.4%
Utilities	5.2%	2.1%
Healthcare	4.0%	10.5%
Basic Materials	3.0%	3.4%
Communication Services	2.8%	3.6%
Technology	1.0%	24.6%

Return for Risk

DDIV vs. MBOX — 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

MBOX

MBOX Risk / Return Rank: 72
MBOX Sharpe Ratio Rank: 68
MBOX Sortino Ratio Rank: 72
MBOX Omega Ratio Rank: 64
MBOX Calmar Ratio Rank: 80
MBOX Martin Ratio Rank: 73

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. MBOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Dorsey Wright Momentum & Dividend ETF (DDIV) and Freedom Day Dividend ETF (MBOX). 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	MBOX	Difference
Sharpe ratio: Return per unit of total volatility	1.57	2.14	-0.56
Sortino ratio: Return per unit of downside risk	2.23	3.12	-0.89
Omega ratio: Gain probability vs. loss probability	1.28	1.37	-0.09
Calmar ratio: Return relative to maximum drawdown	2.00	4.05	-2.05
Martin ratio: Return relative to average drawdown	7.34	13.34	-6.00

DDIV vs. MBOX - Sharpe Ratio Comparison

The current DDIV Sharpe Ratio is 1.57, which is comparable to the MBOX Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of DDIV and MBOX, 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. MBOX - Drawdown Comparison

The maximum DDIV drawdown since its inception was -47.56%, which is greater than MBOX's maximum drawdown of -16.42%. Use the drawdown chart below to compare losses from any high point for DDIV and MBOX.

Drawdown Indicators

	DDIV	MBOX	Difference
Max Drawdown Largest peak-to-trough decline	-47.56%	-16.42%	-31.14%
Max Drawdown (1Y) Largest decline over 1 year	-11.31%	-5.75%	-5.56%
Max Drawdown (3Y) Largest decline over 3 years	-18.97%	-16.37%	-2.60%
Max Drawdown (5Y) Largest decline over 5 years	-21.10%	-16.42%	-4.68%
Max Drawdown (10Y) Largest decline over 10 years	-47.56%	—	—
Current Drawdown Current decline from peak	-1.06%	-1.21%	+0.15%
Average Drawdown Average peak-to-trough decline	-6.00%	-3.43%	-2.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.07%	1.74%	+1.33%

Volatility

DDIV vs. MBOX - Volatility Comparison

The current volatility for First Trust Dorsey Wright Momentum & Dividend ETF (DDIV) is 3.10%, while Freedom Day Dividend ETF (MBOX) has a volatility of 3.41%. This indicates that DDIV experiences smaller price fluctuations and is considered to be less risky than MBOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DDIV	MBOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.10%	3.41%	-0.31%
Volatility (6M) Calculated over the trailing 6-month period	11.65%	7.95%	+3.70%
Volatility (1Y) Calculated over the trailing 1-year period	14.39%	10.93%	+3.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.54%	14.50%	+4.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.92%	14.44%	+5.48%

DDIV vs. MBOX - Expense Ratio Comparison

DDIV has a 0.60% expense ratio, which is higher than MBOX's 0.39% expense ratio.

Dividends

DDIV vs. MBOX - Dividend Comparison

DDIV's dividend yield for the trailing twelve months is around 1.59%, less than MBOX's 1.90% 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%
MBOX Freedom Day Dividend ETF	1.90%	1.94%	1.60%	2.13%	2.87%	1.17%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DDIV and MBOX in my portfolio?

DDIV and MBOX have a correlation of 0.78, 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 MBOX?

MBOX has higher volatility (3.41%) compared to DDIV (3.10%). In terms of maximum drawdown, DDIV dropped -47.56% vs MBOX's -16.42%.

Which ETF is better, DDIV or MBOX?

On 5-year performance, MBOX leads with 12.29% vs 10.45% for DDIV. On fees, MBOX is cheaper at 0.39% per year. 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 MBOX?

Over the 5-year period, MBOX has performed better with a 12.29% return vs 10.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DDIV or MBOX?

MBOX is cheaper with a 0.39% expense ratio, compared with 0.60% for DDIV.

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

MBOX has the higher dividend yield at 1.90%, compared with 1.59% for DDIV.

What is the main difference between DDIV and MBOX?

DDIV is categorized as Momentum, while MBOX is Dividend. They also come from different issuers: First Trust and EMPIRICAL FINANCE LLC. Their fees differ too: 0.60% for DDIV and 0.39% for MBOX.

Which has better risk-adjusted returns?

MBOX currently has the higher Sharpe Ratio (2.14 vs 1.57), 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.