DHS vs. FDL

Last updated Aug 4, 2026

DHS (WisdomTree US High Dividend Fund) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both Large Cap Value Equities funds - DHS tracks the WisdomTree U.S. High Dividend Index while FDL tracks the Morningstar Dividend Leaders Index. Both are passively managed. Over the past 10 years, DHS returned 9.67%/yr vs 11.08%/yr for FDL. Their correlation of 0.93 means they have usually moved in the same direction. DHS charges 0.38%/yr vs 0.43%/yr for FDL.

Performance

DHS vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree US High Dividend Fund (DHS) 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, DHS achieves a 17.07% return, which is significantly lower than FDL's 18.62% return. Over the past 10 years, DHS has underperformed FDL with an annualized return of 9.67%, while FDL has yielded a comparatively higher 11.08% annualized return.

DHS

• 1D: 0.35%
• 1M: 1.94%
• 6M: 9.42%
• YTD: 17.07%
• 1Y: 25.65%
• 3Y*: 17.11%
• 5Y*: 12.40%
• 10Y*: 9.67%
• ALL TIME*: 8.26%

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)
DHS WisdomTree US High Dividend Fund	$5.47M	$3.71M	$2.99M
FDL First Trust Morningstar Dividend Leaders Index Fund	$51.38M	$49.50M	$43.21M

DHS vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DHS WisdomTree US High Dividend Fund	17.07%	12.87%	18.02%	-0.19%	7.97%	23.20%	-5.70%	22.59%	-7.41%	11.69%
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 DHS and FDL is 0.87, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.87
Correlation (3Y) Balances recent behavior with more history.	0.93
Correlation (5Y) Shows whether the relationship held over a longer period.	0.95
Correlation (10Y) Provides a long-term view across more market conditions.	0.94
Correlation (All Time) Calculated using the full available price history since Jun 16, 2006	0.93

The correlation between DHS and FDL has been stable across timeframes, ranging from 0.87 to 0.95 - a consistent structural relationship.

DHS vs. FDL - Sectors Allocation Comparison

Sectors	DHS	FDL
Financial Services	23.2%	13.7%
Healthcare	15.9%	11.7%
Consumer Defensive	14.2%	24.3%
Utilities	8.9%	15.4%
Energy	8.2%	11.1%
Communication Services	8.2%	11.2%
Technology	7.4%	4.3%
Consumer Cyclical	5.4%	4.4%
Industrials	4.5%	3.6%
Real Estate	3.0%	-
Basic Materials	1.1%	0.4%

Return for Risk

DHS vs. FDL — Risk / Return Rank

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

DHS

DHS Risk / Return Rank: 92
DHS Sharpe Ratio Rank: 92
DHS Sortino Ratio Rank: 94
DHS Omega Ratio Rank: 91
DHS Calmar Ratio Rank: 91
DHS Martin Ratio Rank: 90

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.

DHS vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree US High Dividend Fund (DHS) 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.

	DHS	FDL	Difference
Sharpe ratio: Return per unit of total volatility	2.48	2.38	+0.10
Sortino ratio: Return per unit of downside risk	3.71	3.58	+0.13
Omega ratio: Gain probability vs. loss probability	1.43	1.42	+0.02
Calmar ratio: Return relative to maximum drawdown	4.09	6.62	-2.53
Martin ratio: Return relative to average drawdown	15.00	15.62	-0.61

DHS vs. FDL - Sharpe Ratio Comparison

The current DHS Sharpe Ratio is 2.48, which is comparable to the FDL Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of DHS 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

DHS vs. FDL - Drawdown Comparison

The maximum DHS drawdown since its inception was -67.25%, roughly equal to the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for DHS and FDL.

Drawdown Indicators

	DHS	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-67.25%	-65.93%	-1.32%
Max Drawdown (1Y) Largest decline over 1 year	-6.30%	-4.27%	-2.03%
Max Drawdown (3Y) Largest decline over 3 years	-11.87%	-12.24%	+0.37%
Max Drawdown (5Y) Largest decline over 5 years	-15.28%	-16.46%	+1.18%
Max Drawdown (10Y) Largest decline over 10 years	-37.35%	-41.40%	+4.05%
Current Drawdown Current decline from peak	-1.89%	-1.58%	-0.31%
Average Drawdown Average peak-to-trough decline	-9.48%	-9.59%	+0.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.71%	1.81%	-0.10%

Volatility

DHS vs. FDL - Volatility Comparison

The current volatility for WisdomTree US High Dividend Fund (DHS) is 3.77%, while First Trust Morningstar Dividend Leaders Index Fund (FDL) has a volatility of 4.65%. This indicates that DHS 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

	DHS	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.77%	4.65%	-0.88%
Volatility (6M) Calculated over the trailing 6-month period	7.84%	8.75%	-0.91%
Volatility (1Y) Calculated over the trailing 1-year period	10.40%	11.89%	-1.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.91%	14.44%	-0.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.10%	17.16%	-1.06%

DHS vs. FDL - Expense Ratio Comparison

DHS has a 0.38% expense ratio, which is lower than FDL's 0.43% expense ratio.

Dividends

DHS vs. FDL - Dividend Comparison

DHS's dividend yield for the trailing twelve months is around 3.18%, less than FDL's 3.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DHS WisdomTree US High Dividend Fund	3.18%	3.32%	3.66%	4.31%	3.42%	3.29%	4.14%	3.69%	3.76%	3.00%	3.25%	3.53%
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 DHS and FDL in my portfolio?

DHS and FDL have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DHS or FDL?

FDL has higher volatility (4.65%) compared to DHS (3.77%). In terms of maximum drawdown, DHS dropped -67.25% vs FDL's -65.93%.

Which ETF is better, DHS or FDL?

On 10-year performance, FDL leads with 11.08% vs 9.67% for DHS. On fees, DHS is cheaper at 0.38% per year. On volatility, DHS has been the lower-risk option at 3.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DHS or FDL?

Over the 10-year period, FDL has performed better with a 11.08% return vs 9.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DHS or FDL?

DHS is cheaper with a 0.38% expense ratio, compared with 0.43% for FDL.

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

FDL has the higher dividend yield at 3.58%, compared with 3.18% for DHS.

What is the main difference between DHS and FDL?

DHS tracks WisdomTree U.S. High Dividend Index, while FDL tracks Morningstar Dividend Leaders Index. They also come from different issuers: WisdomTree and First Trust. Their fees differ too: 0.38% for DHS and 0.43% for FDL.

Which has better risk-adjusted returns?

DHS currently has the higher Sharpe Ratio (2.48 vs 2.38), 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.