DFLV vs. FDL

Last updated Jun 25, 2026

DFLV (Dimensional US Large Cap Value ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both Large Cap Value Equities funds. DFLV is actively managed, while FDL is passively managed. Over the past 3 years, DFLV returned 18.98%/yr vs 18.97%/yr for FDL. Their correlation of 0.81 suggests significant overlap in exposure. DFLV charges 0.22%/yr vs 0.43%/yr for FDL.

Performance

DFLV vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional US Large Cap Value ETF (DFLV) 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, DFLV achieves a 15.93% return, which is significantly higher than FDL's 12.30% return.

DFLV

• 1D: -0.13%
• 1M: 1.94%
• YTD: 15.93%
• 6M: 14.62%
• 1Y: 30.18%
• 3Y*: 18.98%
• 5Y*: —
• 10Y*: —

FDL

• 1D: -0.32%
• 1M: -3.06%
• YTD: 12.30%
• 6M: 12.10%
• 1Y: 21.91%
• 3Y*: 18.97%
• 5Y*: 12.94%
• 10Y*: 11.09%

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

DFLV vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DFLV Dimensional US Large Cap Value ETF	15.93%	15.90%	12.88%	12.31%	-0.94%
FDL First Trust Morningstar Dividend Leaders Index Fund	12.30%	14.79%	17.98%	2.94%	0.64%

Correlation

The correlation between DFLV and FDL is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (All Time) Calculated using the full available price history since Dec 7, 2022	0.81

The correlation between DFLV and FDL shifts across timeframes, from 0.62 (1 year) to 0.81 (all time), reflecting how their relationship changes across market environments.

DFLV vs. FDL - Sectors Allocation Comparison

Sectors	DFLV	FDL
Financial Services	20.2%	15.2%
Technology	16.2%	1.4%
Energy	13.8%	25.7%
Healthcare	13.4%	17.6%
Industrials	13.0%	3.9%
Consumer Cyclical	7.7%	4.7%
Basic Materials	6.8%	0.3%
Consumer Defensive	4.5%	14.4%
Communication Services	4.2%	10.6%
Real Estate	0.3%	-
Utilities	-	6.5%

Return for Risk

DFLV vs. FDL — Risk / Return Rank

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

DFLV

DFLV Risk / Return Rank: 90
DFLV Sharpe Ratio Rank: 89
DFLV Sortino Ratio Rank: 89
DFLV Omega Ratio Rank: 86
DFLV Calmar Ratio Rank: 92
DFLV Martin Ratio Rank: 91

FDL

FDL Risk / Return Rank: 72
FDL Sharpe Ratio Rank: 65
FDL Sortino Ratio Rank: 72
FDL Omega Ratio Rank: 60
FDL Calmar Ratio Rank: 91
FDL Martin Ratio Rank: 72

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.

DFLV vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional US Large Cap Value ETF (DFLV) 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.

	DFLV	FDL	Difference
Sharpe ratio: Return per unit of total volatility	2.64	1.91	+0.73
Sortino ratio: Return per unit of downside risk	3.67	2.90	+0.76
Omega ratio: Gain probability vs. loss probability	1.47	1.33	+0.14
Calmar ratio: Return relative to maximum drawdown	5.53	5.15	+0.38
Martin ratio: Return relative to average drawdown	19.20	12.05	+7.15

DFLV vs. FDL - Sharpe Ratio Comparison

The current DFLV Sharpe Ratio is 2.64, which is higher than the FDL Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of DFLV 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

DFLV vs. FDL - Drawdown Comparison

The maximum DFLV drawdown since its inception was -16.80%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for DFLV and FDL.

Drawdown Indicators

	DFLV	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-16.80%	-65.93%	+49.13%
Max Drawdown (1Y) Largest decline over 1 year	-5.48%	-4.27%	-1.21%
Max Drawdown (3Y) Largest decline over 3 years	-16.80%	-12.24%	-4.56%
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	-1.17%	-3.40%	+2.23%
Average Drawdown Average peak-to-trough decline	-3.04%	-9.63%	+6.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.58%	1.82%	-0.24%

Volatility

DFLV vs. FDL - Volatility Comparison

Dimensional US Large Cap Value ETF (DFLV) and First Trust Morningstar Dividend Leaders Index Fund (FDL) have volatilities of 3.64% and 3.54%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFLV	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.64%	3.54%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	8.37%	8.10%	+0.27%
Volatility (1Y) Calculated over the trailing 1-year period	11.51%	11.55%	-0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.20%	14.31%	-0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.20%	17.11%	-2.91%

DFLV vs. FDL - Expense Ratio Comparison

DFLV has a 0.22% expense ratio, which is lower than FDL's 0.43% expense ratio.

Dividends

DFLV vs. FDL - Dividend Comparison

DFLV's dividend yield for the trailing twelve months is around 1.41%, less than FDL's 3.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFLV Dimensional US Large Cap Value ETF	1.41%	1.61%	1.65%	1.72%	0.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FDL First Trust Morningstar Dividend Leaders Index Fund	3.71%	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 DFLV and FDL in my portfolio?

DFLV and FDL have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFLV or FDL?

DFLV has higher volatility (3.64%) compared to FDL (3.54%). In terms of maximum drawdown, DFLV dropped -16.80% vs FDL's -65.93%.

Which ETF is better, DFLV or FDL?

On 3-year performance, DFLV leads with 18.98% vs 18.97% for FDL. On fees, DFLV is cheaper at 0.22% per year. On volatility, FDL has been the lower-risk option at 3.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFLV or FDL?

Over the 3-year period, DFLV has performed better with a 18.98% return vs 18.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFLV or FDL?

DFLV is cheaper with a 0.22% expense ratio, compared with 0.43% for FDL.

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

FDL has the higher dividend yield at 3.71%, compared with 1.41% for DFLV.

What is the main difference between DFLV and FDL?

They also come from different issuers: Dimensional and First Trust. Their fees differ too: 0.22% for DFLV and 0.43% for FDL.

Which has better risk-adjusted returns?

DFLV currently has the higher Sharpe Ratio (2.64 vs 1.91), 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.