DVOL vs. FDL

Last updated Aug 2, 2026

DVOL (First Trust Dorsey Wright Momentum & Low Volatility ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - DVOL is a Momentum fund tracking the Dorsey Wright Momentum Plus Low Volatility Index, while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. Both are passively managed. Over the past 5 years, DVOL returned 6.77%/yr vs 13.98%/yr for FDL. Their 0.56 correlation means they have sometimes moved together and sometimes differently. DVOL charges 0.60%/yr vs 0.43%/yr for FDL.

Performance

DVOL vs. FDL - 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 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, DVOL achieves a 8.15% return, which is significantly lower than FDL's 18.16% return.

DVOL

• 1D: 0.16%
• 1M: 2.33%
• 6M: 5.83%
• YTD: 8.15%
• 1Y: 10.88%
• 3Y*: 13.90%
• 5Y*: 6.77%
• 10Y*: —
• ALL TIME*: 9.44%

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)
DVOL First Trust Dorsey Wright Momentum & Low Volatility ETF	$232.56K	$170.69K	$310.57K
FDL First Trust Morningstar Dividend Leaders Index Fund	$52.24M	$50.06M	$42.95M

DVOL vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
DVOL First Trust Dorsey Wright Momentum & Low Volatility ETF	8.15%	4.30%	24.84%	5.39%	-16.10%	30.08%	11.15%	26.10%	-10.21%
FDL First Trust Morningstar Dividend Leaders Index Fund	18.16%	14.79%	17.98%	2.94%	6.66%	26.10%	-4.30%	24.41%	-6.22%

Correlation

The correlation between DVOL and FDL is 0.49, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.49
Correlation (3Y) Balances recent behavior with more history.	0.57
Correlation (5Y) Shows whether the relationship held over a longer period.	0.63
Correlation (All Time) Calculated using the full available price history since Sep 7, 2018	0.56

The correlation between DVOL and FDL shifts across timeframes, from 0.49 (1 year) to 0.63 (5 years), reflecting how their relationship changes across market environments.

DVOL vs. FDL - Sectors Allocation Comparison

Sectors	DVOL	FDL
Financial Services	19.1%	13.7%
Industrials	17.4%	3.6%
Energy	13.7%	11.1%
Real Estate	12.4%	-
Consumer Cyclical	9.5%	4.4%
Consumer Defensive	8.0%	24.3%
Basic Materials	6.1%	0.4%
Technology	4.7%	4.3%
Healthcare	3.3%	11.7%
Utilities	3.0%	15.4%
Communication Services	3.0%	11.2%

Return for Risk

DVOL vs. FDL — Risk / Return Rank

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

DVOL

DVOL Risk / Return Rank: 35
DVOL Sharpe Ratio Rank: 36
DVOL Sortino Ratio Rank: 37
DVOL Omega Ratio Rank: 34
DVOL Calmar Ratio Rank: 32
DVOL Martin Ratio Rank: 37

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.

DVOL vs. FDL - 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 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.

	DVOL	FDL	Difference
Sharpe ratio: Return per unit of total volatility	0.90	2.26	-1.36
Sortino ratio: Return per unit of downside risk	1.39	3.41	-2.02
Omega ratio: Gain probability vs. loss probability	1.16	1.39	-0.23
Calmar ratio: Return relative to maximum drawdown	1.09	6.29	-5.20
Martin ratio: Return relative to average drawdown	3.81	14.86	-11.05

DVOL vs. FDL - Sharpe Ratio Comparison

The current DVOL Sharpe Ratio is 0.90, which is lower than the FDL Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of DVOL 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

DVOL vs. FDL - Drawdown Comparison

The maximum DVOL drawdown since its inception was -38.26%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for DVOL and FDL.

Drawdown Indicators

	DVOL	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-38.26%	-65.93%	+27.67%
Max Drawdown (1Y) Largest decline over 1 year	-9.82%	-4.27%	-5.55%
Max Drawdown (3Y) Largest decline over 3 years	-11.66%	-12.24%	+0.58%
Max Drawdown (5Y) Largest decline over 5 years	-24.65%	-16.46%	-8.19%
Max Drawdown (10Y) Largest decline over 10 years	—	-41.40%	—
Current Drawdown Current decline from peak	-1.02%	-1.96%	+0.94%
Average Drawdown Average peak-to-trough decline	-7.06%	-9.59%	+2.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.79%	1.81%	+0.98%

Volatility

DVOL vs. FDL - Volatility Comparison

The current volatility for First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL) is 3.31%, while First Trust Morningstar Dividend Leaders Index Fund (FDL) has a volatility of 4.96%. This indicates that DVOL 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

	DVOL	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.31%	4.96%	-1.65%
Volatility (6M) Calculated over the trailing 6-month period	9.42%	8.97%	+0.45%
Volatility (1Y) Calculated over the trailing 1-year period	11.82%	11.95%	-0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.36%	14.44%	-0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.60%	17.16%	+0.44%

DVOL vs. FDL - Expense Ratio Comparison

DVOL has a 0.60% expense ratio, which is higher than FDL's 0.43% expense ratio.

Dividends

DVOL vs. FDL - Dividend Comparison

DVOL's dividend yield for the trailing twelve months is around 0.75%, less than FDL's 3.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DVOL First Trust Dorsey Wright Momentum & Low Volatility ETF	0.75%	0.86%	0.67%	1.28%	1.37%	0.47%	0.60%	1.79%	0.39%	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 DVOL and FDL in my portfolio?

DVOL and FDL have a correlation of 0.49, 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 FDL?

FDL has higher volatility (4.96%) compared to DVOL (3.31%). In terms of maximum drawdown, DVOL dropped -38.26% vs FDL's -65.93%.

Which ETF is better, DVOL or FDL?

On 5-year performance, FDL leads with 13.98% vs 6.77% for DVOL. On fees, FDL is cheaper at 0.43% per year. On volatility, DVOL has been the lower-risk option at 3.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DVOL or FDL?

Over the 5-year period, FDL has performed better with a 13.98% return vs 6.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DVOL or FDL?

FDL is cheaper with a 0.43% expense ratio, compared with 0.60% for DVOL.

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

FDL has the higher dividend yield at 3.59%, compared with 0.75% for DVOL.

What is the main difference between DVOL and FDL?

DVOL is categorized as Momentum, while FDL is Large Cap Value Equities. DVOL tracks Dorsey Wright Momentum Plus Low Volatility Index, while FDL tracks Morningstar Dividend Leaders Index. Their fees differ too: 0.60% for DVOL and 0.43% for FDL.

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (2.26 vs 0.90), 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.