DHDG vs. FDL

Last updated Aug 2, 2026

DHDG (FT Vest U.S. Equity Quarterly 2.5 to 15 Buffer ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - DHDG is a Defined Outcome fund actively managed by First Trust, while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. DHDG is actively managed, while FDL is passively managed. Over the past year, DHDG returned 16.40% vs 27.65% for FDL. Their 0.20 correlation means their historical movements had little consistent relationship. DHDG charges 0.85%/yr vs 0.43%/yr for FDL.

Performance

DHDG vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Quarterly 2.5 to 15 Buffer ETF (DHDG) 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, DHDG achieves a 8.93% return, which is significantly lower than FDL's 18.16% return.

DHDG

• 1D: 0.44%
• 1M: 1.33%
• 6M: 6.98%
• YTD: 8.93%
• 1Y: 16.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.84%

FDL

• 1D: 0.02%
• 1M: 3.27%
• 6M: 9.50%
• YTD: 18.16%
• 1Y: 27.65%
• 3Y*: 18.28%
• 5Y*: 13.98%
• 10Y*: 11.09%
• ALL TIME*: 8.94%

*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)
DHDG FT Vest U.S. Equity Quarterly 2.5 to 15 Buffer ETF	$405.89K	$4.10M	$2.06M
FDL First Trust Morningstar Dividend Leaders Index Fund	$52.24M	$50.06M	$42.95M

DHDG vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DHDG FT Vest U.S. Equity Quarterly 2.5 to 15 Buffer ETF	8.93%	11.43%	0.48%
FDL First Trust Morningstar Dividend Leaders Index Fund	18.16%	14.79%	-3.29%

Correlation

The correlation between DHDG and FDL is 0.04, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.04
Correlation (All Time) Calculated using the full available price history since Oct 21, 2024	0.20

The correlation between DHDG and FDL shifts across timeframes, from 0.04 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.

DHDG vs. FDL - Sectors Allocation Comparison

Sectors	DHDG	FDL
Technology	37.9%	4.3%
Financial Services	11.7%	13.7%
Communication Services	10.0%	11.2%
Consumer Cyclical	9.6%	4.4%
Healthcare	9.1%	11.7%
Industrials	8.4%	3.6%
Consumer Defensive	4.6%	24.3%
Energy	3.0%	11.1%
Utilities	2.3%	15.4%
Real Estate	1.9%	-
Basic Materials	1.7%	0.4%

Return for Risk

DHDG vs. FDL — Risk / Return Rank

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

DHDG

DHDG Risk / Return Rank: 93
DHDG Sharpe Ratio Rank: 94
DHDG Sortino Ratio Rank: 94
DHDG Omega Ratio Rank: 94
DHDG Calmar Ratio Rank: 92
DHDG Martin Ratio Rank: 93

FDL

FDL Risk / Return Rank: 92
FDL Sharpe Ratio Rank: 90
FDL Sortino Ratio Rank: 92
FDL Omega Ratio Rank: 88
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.

DHDG vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Quarterly 2.5 to 15 Buffer ETF (DHDG) 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.

	DHDG	FDL	Difference
Sharpe ratio: Return per unit of total volatility	2.59	2.26	+0.33
Sortino ratio: Return per unit of downside risk	3.90	3.41	+0.48
Omega ratio: Gain probability vs. loss probability	1.52	1.39	+0.13
Calmar ratio: Return relative to maximum drawdown	4.25	6.29	-2.03
Martin ratio: Return relative to average drawdown	17.05	14.86	+2.19

DHDG vs. FDL - Sharpe Ratio Comparison

The current DHDG Sharpe Ratio is 2.59, which is comparable to the FDL Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of DHDG 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

DHDG vs. FDL - Drawdown Comparison

The maximum DHDG drawdown since its inception was -8.26%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for DHDG and FDL.

Drawdown Indicators

	DHDG	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-8.26%	-65.93%	+57.67%
Max Drawdown (1Y) Largest decline over 1 year	-3.66%	-4.27%	+0.61%
Max Drawdown (3Y) Largest decline over 3 years	—	-12.24%	—
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	0.00%	-1.96%	+1.96%
Average Drawdown Average peak-to-trough decline	-0.82%	-9.59%	+8.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	1.81%	-0.90%

Volatility

DHDG vs. FDL - Volatility Comparison

The current volatility for FT Vest U.S. Equity Quarterly 2.5 to 15 Buffer ETF (DHDG) is 1.57%, while First Trust Morningstar Dividend Leaders Index Fund (FDL) has a volatility of 4.96%. This indicates that DHDG 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

	DHDG	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.57%	4.96%	-3.39%
Volatility (6M) Calculated over the trailing 6-month period	4.58%	8.97%	-4.39%
Volatility (1Y) Calculated over the trailing 1-year period	6.01%	11.95%	-5.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.42%	14.44%	-7.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.42%	17.16%	-9.74%

DHDG vs. FDL - Expense Ratio Comparison

DHDG has a 0.85% expense ratio, which is higher than FDL's 0.43% expense ratio.

Dividends

DHDG vs. FDL - Dividend Comparison

DHDG has not paid dividends to shareholders, while FDL's dividend yield for the trailing twelve months is around 3.59%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DHDG FT Vest U.S. Equity Quarterly 2.5 to 15 Buffer ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FDL First Trust Morningstar Dividend Leaders Index Fund	3.59%	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 DHDG and FDL in my portfolio?

DHDG and FDL have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DHDG or FDL?

FDL has higher volatility (4.96%) compared to DHDG (1.57%). In terms of maximum drawdown, DHDG dropped -8.26% vs FDL's -65.93%.

Which ETF is better, DHDG or FDL?

On 1-year performance, FDL leads with 27.65% vs 16.40% for DHDG. On fees, FDL is cheaper at 0.43% per year. On volatility, DHDG has been the lower-risk option at 1.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DHDG or FDL?

Over the 1-year period, FDL has performed better with a 27.65% return vs 16.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DHDG or FDL?

FDL is cheaper with a 0.43% expense ratio, compared with 0.85% for DHDG.

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

FDL has the higher dividend yield at 3.59%, compared with 0.00% for DHDG.

What is the main difference between DHDG and FDL?

DHDG is categorized as Defined Outcome, while FDL is Large Cap Value Equities. Their fees differ too: 0.85% for DHDG and 0.43% for FDL.

Which has better risk-adjusted returns?

DHDG currently has the higher Sharpe Ratio (2.59 vs 2.26), 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.