DLFE vs. FDL

Last updated Jun 6, 2026

DLFE (FT Vest U.S. Equity Dual Directional Buffer ETF - February) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - DLFE is a Defined Outcome fund tracking the SPDR S&P 500 ETF Trust (SPY), while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. Both are passively managed. At a correlation of -0.03, they often move in opposite directions. DLFE charges 0.85%/yr vs 0.45%/yr for FDL.

Performance

DLFE vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Dual Directional Buffer ETF - February (DLFE) and First Trust Morningstar Dividend Leaders Index Fund (FDL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

DLFE

• 1D: -0.74%
• 1M: 0.34%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FDL

• 1D: 0.18%
• 1M: 1.25%
• YTD: 14.42%
• 6M: 15.89%
• 1Y: 25.91%
• 3Y*: 19.36%
• 5Y*: 12.73%
• 10Y*: 11.25%

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

DLFE vs. FDL - Yearly Performance Comparison

	2026 (YTD)
DLFE FT Vest U.S. Equity Dual Directional Buffer ETF - February	4.27%
FDL First Trust Morningstar Dividend Leaders Index Fund	-0.39%

Correlation

The correlation between DLFE and FDL is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 24, 2026	-0.03

Return for Risk

DLFE vs. FDL — Risk / Return Rank

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

FDL

FDL Risk / Return Rank: 79
FDL Sharpe Ratio Rank: 73
FDL Sortino Ratio Rank: 81
FDL Omega Ratio Rank: 69
FDL Calmar Ratio Rank: 92
FDL Martin Ratio Rank: 78

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.

DLFE vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Dual Directional Buffer ETF - February (DLFE) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	DLFE	FDL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.31	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.89	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.98	0.45	+1.53

Drawdowns

DLFE vs. FDL - Drawdown Comparison

The maximum DLFE drawdown since its inception was -5.03%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for DLFE and FDL.

Drawdown Indicators

	DLFE	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-5.03%	-65.93%	+60.90%
Max Drawdown (1Y) Largest decline over 1 year	—	-4.27%	—
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	-0.88%	-1.24%	+0.36%
Average Drawdown Average peak-to-trough decline	-0.98%	-9.65%	+8.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.75%	—

Volatility

Volatility by Period

	DLFE	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.84%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.78%	—
Volatility (1Y) Calculated over the trailing 1-year period	8.01%	11.27%	-3.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.01%	14.31%	-6.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.01%	17.11%	-9.10%

DLFE vs. FDL - Expense Ratio Comparison

DLFE has a 0.85% expense ratio, which is higher than FDL's 0.45% expense ratio.

Dividends

DLFE vs. FDL - Dividend Comparison

DLFE has not paid dividends to shareholders, while FDL's dividend yield for the trailing twelve months is around 3.64%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DLFE FT Vest U.S. Equity Dual Directional Buffer ETF - February	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	3.64%	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 DLFE and FDL in my portfolio?

DLFE and FDL have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DLFE or FDL?

On fees, FDL is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DLFE or FDL?

FDL is cheaper with a 0.45% expense ratio, compared with 0.85% for DLFE.

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

FDL has the higher dividend yield at 3.64%, compared with 0.00% for DLFE.

What is the main difference between DLFE and FDL?

DLFE is categorized as Defined Outcome, while FDL is Large Cap Value Equities. DLFE tracks SPDR S&P 500 ETF Trust (SPY), while FDL tracks Morningstar Dividend Leaders Index. Their fees differ too: 0.85% for DLFE and 0.45% for FDL.