DLN vs. FDL

Last updated Aug 4, 2026

DLN (WisdomTree U.S. LargeCap Dividend Fund) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both Large Cap Value Equities funds - DLN tracks the WisdomTree U.S. LargeCap Dividend Index while FDL tracks the Morningstar Dividend Leaders Index. Both are passively managed. Over the past 10 years, DLN returned 12.58%/yr vs 11.08%/yr for FDL. Their correlation of 0.87 means they have usually moved in the same direction. DLN charges 0.28%/yr vs 0.43%/yr for FDL.

Performance

DLN vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree U.S. LargeCap Dividend Fund (DLN) 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, DLN achieves a 13.81% return, which is significantly lower than FDL's 18.62% return. Over the past 10 years, DLN has outperformed FDL with an annualized return of 12.58%, while FDL has yielded a comparatively lower 11.08% annualized return.

DLN

• 1D: 0.69%
• 1M: 2.28%
• 6M: 9.47%
• YTD: 13.81%
• 1Y: 22.57%
• 3Y*: 18.10%
• 5Y*: 12.59%
• 10Y*: 12.58%
• ALL TIME*: 9.89%

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)
DLN WisdomTree U.S. LargeCap Dividend Fund	$10.06M	$9.95M	$12.21M
FDL First Trust Morningstar Dividend Leaders Index Fund	$51.38M	$49.50M	$43.21M

DLN vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DLN WisdomTree U.S. LargeCap Dividend Fund	13.81%	15.53%	19.66%	9.95%	-3.78%	25.60%	4.59%	28.91%	-5.82%	18.22%
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 DLN and FDL is 0.55, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.55
Correlation (3Y) Balances recent behavior with more history.	0.73
Correlation (5Y) Shows whether the relationship held over a longer period.	0.81
Correlation (10Y) Provides a long-term view across more market conditions.	0.84
Correlation (All Time) Calculated using the full available price history since Jun 16, 2006	0.87

Over the past year, the correlation between DLN and FDL has dropped to 0.55 - well below their long-term average of 0.87, suggesting their price drivers have been diverging.

DLN vs. FDL - Sectors Allocation Comparison

Sectors	DLN	FDL
Technology	21.6%	4.3%
Financial Services	17.7%	13.7%
Healthcare	13.4%	11.7%
Consumer Defensive	9.0%	24.3%
Industrials	8.0%	3.6%
Communication Services	7.7%	11.2%
Energy	7.0%	11.1%
Utilities	5.7%	15.4%
Consumer Cyclical	4.9%	4.4%
Real Estate	3.9%	-
Basic Materials	1.0%	0.4%

Return for Risk

DLN vs. FDL — Risk / Return Rank

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

DLN

DLN Risk / Return Rank: 92
DLN Sharpe Ratio Rank: 93
DLN Sortino Ratio Rank: 93
DLN Omega Ratio Rank: 92
DLN Calmar Ratio Rank: 89
DLN Martin Ratio Rank: 91

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.

DLN vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree U.S. LargeCap Dividend Fund (DLN) 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.

	DLN	FDL	Difference
Sharpe ratio: Return per unit of total volatility	2.53	2.38	+0.14
Sortino ratio: Return per unit of downside risk	3.58	3.58	0.00
Omega ratio: Gain probability vs. loss probability	1.46	1.42	+0.04
Calmar ratio: Return relative to maximum drawdown	3.72	6.62	-2.90
Martin ratio: Return relative to average drawdown	15.65	15.62	+0.03

DLN vs. FDL - Sharpe Ratio Comparison

The current DLN Sharpe Ratio is 2.53, which is comparable to the FDL Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of DLN 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

DLN vs. FDL - Drawdown Comparison

The maximum DLN drawdown since its inception was -57.84%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for DLN and FDL.

Drawdown Indicators

	DLN	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-57.84%	-65.93%	+8.09%
Max Drawdown (1Y) Largest decline over 1 year	-6.10%	-4.27%	-1.83%
Max Drawdown (3Y) Largest decline over 3 years	-13.71%	-12.24%	-1.47%
Max Drawdown (5Y) Largest decline over 5 years	-16.26%	-16.46%	+0.20%
Max Drawdown (10Y) Largest decline over 10 years	-35.82%	-41.40%	+5.58%
Current Drawdown Current decline from peak	0.00%	-1.58%	+1.58%
Average Drawdown Average peak-to-trough decline	-7.47%	-9.59%	+2.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.45%	1.81%	-0.36%

Volatility

DLN vs. FDL - Volatility Comparison

The current volatility for WisdomTree U.S. LargeCap Dividend Fund (DLN) is 2.34%, while First Trust Morningstar Dividend Leaders Index Fund (FDL) has a volatility of 4.65%. This indicates that DLN 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

	DLN	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.34%	4.65%	-2.31%
Volatility (6M) Calculated over the trailing 6-month period	6.92%	8.75%	-1.83%
Volatility (1Y) Calculated over the trailing 1-year period	8.99%	11.89%	-2.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.24%	14.44%	-1.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.12%	17.16%	-1.04%

DLN vs. FDL - Expense Ratio Comparison

DLN has a 0.28% expense ratio, which is lower than FDL's 0.43% expense ratio.

Dividends

DLN vs. FDL - Dividend Comparison

DLN's dividend yield for the trailing twelve months is around 1.74%, less than FDL's 3.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DLN WisdomTree U.S. LargeCap Dividend Fund	1.74%	1.90%	2.00%	2.43%	2.53%	2.01%	2.66%	2.51%	2.90%	2.33%	2.64%	2.80%
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 DLN and FDL in my portfolio?

DLN and FDL have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DLN or FDL?

FDL has higher volatility (4.65%) compared to DLN (2.34%). In terms of maximum drawdown, DLN dropped -57.84% vs FDL's -65.93%.

Which ETF is better, DLN or FDL?

On 10-year performance, DLN leads with 12.58% vs 11.08% for FDL. On fees, DLN is cheaper at 0.28% per year. On volatility, DLN has been the lower-risk option at 2.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DLN or FDL?

Over the 10-year period, DLN has performed better with a 12.58% return vs 11.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DLN or FDL?

DLN is cheaper with a 0.28% expense ratio, compared with 0.43% for FDL.

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

FDL has the higher dividend yield at 3.58%, compared with 1.74% for DLN.

What is the main difference between DLN and FDL?

DLN tracks WisdomTree U.S. LargeCap Dividend Index, while FDL tracks Morningstar Dividend Leaders Index. They also come from different issuers: WisdomTree and First Trust. Their fees differ too: 0.28% for DLN and 0.43% for FDL.

Which has better risk-adjusted returns?

DLN currently has the higher Sharpe Ratio (2.53 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.