DVOL vs. DDIV

Last updated Jun 23, 2026

DVOL (First Trust Dorsey Wright Momentum & Low Volatility ETF) and DDIV (First Trust Dorsey Wright Momentum & Dividend ETF) are both Momentum funds from First Trust - DVOL tracks the Dorsey Wright Momentum Plus Low Volatility Index while DDIV tracks the Dorsey Wright Momentum Plus Dividend Yield Index. Both are passively managed. Over the past 5 years, DVOL returned 7.39%/yr vs 10.45%/yr for DDIV. A 0.72 correlation means they provide meaningful diversification when combined. Both charge a 0.60% expense ratio.

Performance

DVOL vs. DDIV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL) and First Trust Dorsey Wright Momentum & Dividend ETF (DDIV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DVOL achieves a 4.02% return, which is significantly lower than DDIV's 8.45% return.

DVOL

• 1D: 0.64%
• 1M: -0.45%
• YTD: 4.02%
• 6M: 2.85%
• 1Y: 5.75%
• 3Y*: 13.11%
• 5Y*: 7.39%
• 10Y*: —

DDIV

• 1D: 1.03%
• 1M: -0.40%
• YTD: 8.45%
• 6M: 6.85%
• 1Y: 22.50%
• 3Y*: 20.89%
• 5Y*: 10.45%
• 10Y*: 10.06%

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

DVOL vs. DDIV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
DVOL First Trust Dorsey Wright Momentum & Low Volatility ETF	4.02%	4.30%	24.84%	5.39%	-16.10%	30.08%	11.15%	26.10%	-10.21%
DDIV First Trust Dorsey Wright Momentum & Dividend ETF	8.45%	12.23%	27.18%	9.95%	-12.44%	39.96%	-3.59%	32.40%	-17.96%

Correlation

The correlation between DVOL and DDIV is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (All Time) Calculated using the full available price history since Sep 7, 2018	0.72

The correlation between DVOL and DDIV shifts across timeframes, from 0.72 (all time) to 0.83 (1 year), reflecting how their relationship changes across market environments.

DVOL vs. DDIV - Sectors Allocation Comparison

Sectors	DVOL	DDIV
Financial Services	19.2%	22.2%
Industrials	16.7%	6.4%
Energy	13.6%	27.0%
Real Estate	12.0%	15.4%
Consumer Cyclical	9.7%	5.4%
Consumer Defensive	8.3%	7.6%
Basic Materials	6.1%	3.0%
Technology	4.5%	1.0%
Communication Services	3.5%	2.8%
Healthcare	3.3%	4.0%
Utilities	2.9%	5.2%

Return for Risk

DVOL vs. DDIV — Risk / Return Rank

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

DVOL

DVOL Risk / Return Rank: 16
DVOL Sharpe Ratio Rank: 16
DVOL Sortino Ratio Rank: 15
DVOL Omega Ratio Rank: 14
DVOL Calmar Ratio Rank: 15
DVOL Martin Ratio Rank: 19

DDIV

DDIV Risk / Return Rank: 45
DDIV Sharpe Ratio Rank: 46
DDIV Sortino Ratio Rank: 45
DDIV Omega Ratio Rank: 45
DDIV Calmar Ratio Rank: 41
DDIV Martin Ratio Rank: 45

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.

DVOL vs. DDIV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL) and First Trust Dorsey Wright Momentum & Dividend ETF (DDIV). 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.

	DVOL	DDIV	Difference
Sharpe ratio: Return per unit of total volatility	0.49	1.57	-1.09
Sortino ratio: Return per unit of downside risk	0.79	2.23	-1.43
Omega ratio: Gain probability vs. loss probability	1.09	1.28	-0.19
Calmar ratio: Return relative to maximum drawdown	0.59	2.00	-1.41
Martin ratio: Return relative to average drawdown	2.04	7.34	-5.29

DVOL vs. DDIV - Sharpe Ratio Comparison

The current DVOL Sharpe Ratio is 0.49, which is lower than the DDIV Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of DVOL and DDIV, 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

DVOL vs. DDIV - Drawdown Comparison

The maximum DVOL drawdown since its inception was -38.26%, smaller than the maximum DDIV drawdown of -47.56%. Use the drawdown chart below to compare losses from any high point for DVOL and DDIV.

Drawdown Indicators

	DVOL	DDIV	Difference
Max Drawdown Largest peak-to-trough decline	-38.26%	-47.56%	+9.30%
Max Drawdown (1Y) Largest decline over 1 year	-9.82%	-11.31%	+1.49%
Max Drawdown (3Y) Largest decline over 3 years	-11.66%	-18.97%	+7.31%
Max Drawdown (5Y) Largest decline over 5 years	-24.65%	-21.10%	-3.55%
Max Drawdown (10Y) Largest decline over 10 years	—	-47.56%	—
Current Drawdown Current decline from peak	-2.60%	-1.06%	-1.54%
Average Drawdown Average peak-to-trough decline	-7.15%	-6.00%	-1.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.82%	3.07%	-0.25%

Volatility

DVOL vs. DDIV - Volatility Comparison

First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL) has a higher volatility of 3.35% compared to First Trust Dorsey Wright Momentum & Dividend ETF (DDIV) at 3.10%. This indicates that DVOL's price experiences larger fluctuations and is considered to be riskier than DDIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DVOL	DDIV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.35%	3.10%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	9.47%	11.65%	-2.18%
Volatility (1Y) Calculated over the trailing 1-year period	11.87%	14.39%	-2.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.40%	18.54%	-4.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.69%	19.92%	-2.23%

DVOL vs. DDIV - Expense Ratio Comparison

Both DVOL and DDIV have an expense ratio of 0.60%.

Dividends

DVOL vs. DDIV - Dividend Comparison

DVOL's dividend yield for the trailing twelve months is around 0.67%, less than DDIV's 1.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DDIV First Trust Dorsey Wright Momentum & Dividend ETF	1.59%	1.94%	2.22%	3.18%	3.60%	2.43%	2.63%	2.93%	3.27%
DVOL First Trust Dorsey Wright Momentum & Low Volatility ETF	0.67%	0.86%	0.67%	1.28%	1.37%	0.47%	0.60%	1.79%	0.39%

Frequently Asked Questions

Can I hold both DVOL and DDIV in my portfolio?

DVOL and DDIV have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DVOL or DDIV?

DVOL has higher volatility (3.35%) compared to DDIV (3.10%). In terms of maximum drawdown, DVOL dropped -38.26% vs DDIV's -47.56%.

Which ETF is better, DVOL or DDIV?

On 5-year performance, DDIV leads with 10.45% vs 7.39% for DVOL. Both ETFs have the same 0.60% expense ratio. On volatility, DDIV has been the lower-risk option at 3.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DVOL or DDIV?

Over the 5-year period, DDIV has performed better with a 10.45% return vs 7.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DVOL or DDIV?

DVOL and DDIV have the same expense ratio: 0.60% per year.

Which ETF pays a higher dividend yield, DVOL or DDIV?

DDIV has the higher dividend yield at 1.59%, compared with 0.67% for DVOL.

What is the main difference between DVOL and DDIV?

DVOL tracks Dorsey Wright Momentum Plus Low Volatility Index, while DDIV tracks Dorsey Wright Momentum Plus Dividend Yield Index.

Which has better risk-adjusted returns?

DDIV currently has the higher Sharpe Ratio (1.57 vs 0.49), 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.