DVOL vs. QCLN

Last updated Aug 2, 2026

DVOL (First Trust Dorsey Wright Momentum & Low Volatility ETF) and QCLN (First Trust NASDAQ Clean Edge Green Energy Index Fund) are both exchange-traded funds - DVOL is a Momentum fund tracking the Dorsey Wright Momentum Plus Low Volatility Index, while QCLN is a Alternative Energy Equities fund tracking the Nasdaq Clean Edge Green Energy Index. Both are passively managed. Over the past 5 years, DVOL returned 6.77%/yr vs -5.50%/yr for QCLN. Their 0.41 correlation means their historical movements had little consistent relationship. DVOL charges 0.60%/yr vs 0.59%/yr for QCLN.

Performance

DVOL vs. QCLN - 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 NASDAQ Clean Edge Green Energy Index Fund (QCLN). 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 QCLN's 10.48% 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%

QCLN

• 1D: -0.26%
• 1M: -13.14%
• 6M: 0.01%
• YTD: 10.48%
• 1Y: 41.09%
• 3Y*: -2.29%
• 5Y*: -5.50%
• 10Y*: 13.08%
• ALL TIME*: 5.32%

*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
QCLN First Trust NASDAQ Clean Edge Green Energy Index Fund	$12.39M	$13.63M	$14.46M

DVOL vs. QCLN - 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%
QCLN First Trust NASDAQ Clean Edge Green Energy Index Fund	10.48%	31.81%	-18.86%	-10.02%	-30.37%	-3.21%	184.00%	42.65%	-11.71%

Correlation

The correlation between DVOL and QCLN is 0.24, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.24
Correlation (3Y) Balances recent behavior with more history.	0.33
Correlation (5Y) Shows whether the relationship held over a longer period.	0.41
Correlation (All Time) Calculated using the full available price history since Sep 7, 2018	0.41

The correlation between DVOL and QCLN shifts across timeframes, from 0.24 (1 year) to 0.41 (all time), reflecting how their relationship changes across market environments.

DVOL vs. QCLN - Sectors Allocation Comparison

Sectors	DVOL	QCLN
Financial Services	19.1%	1.5%
Industrials	17.4%	25.3%
Energy	13.7%	0.1%
Real Estate	12.4%	-
Consumer Cyclical	9.5%	14.2%
Consumer Defensive	8.0%	-
Basic Materials	6.1%	8.0%
Technology	4.7%	43.0%
Healthcare	3.3%	-
Utilities	3.0%	7.9%
Communication Services	3.0%	-

Return for Risk

DVOL vs. QCLN — 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

QCLN

QCLN Risk / Return Rank: 39
QCLN Sharpe Ratio Rank: 40
QCLN Sortino Ratio Rank: 39
QCLN Omega Ratio Rank: 38
QCLN Calmar Ratio Rank: 36
QCLN Martin Ratio Rank: 42

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. QCLN - 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 NASDAQ Clean Edge Green Energy Index Fund (QCLN). 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	QCLN	Difference
Sharpe ratio: Return per unit of total volatility	0.90	0.99	-0.08
Sortino ratio: Return per unit of downside risk	1.39	1.48	-0.09
Omega ratio: Gain probability vs. loss probability	1.16	1.18	-0.02
Calmar ratio: Return relative to maximum drawdown	1.09	1.25	-0.16
Martin ratio: Return relative to average drawdown	3.81	4.64	-0.82

DVOL vs. QCLN - Sharpe Ratio Comparison

The current DVOL Sharpe Ratio is 0.90, which is comparable to the QCLN Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of DVOL and QCLN, 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. QCLN - Drawdown Comparison

The maximum DVOL drawdown since its inception was -38.26%, smaller than the maximum QCLN drawdown of -76.18%. Use the drawdown chart below to compare losses from any high point for DVOL and QCLN.

Drawdown Indicators

	DVOL	QCLN	Difference
Max Drawdown Largest peak-to-trough decline	-38.26%	-76.18%	+37.92%
Max Drawdown (1Y) Largest decline over 1 year	-9.82%	-32.12%	+22.30%
Max Drawdown (3Y) Largest decline over 3 years	-11.66%	-50.96%	+39.30%
Max Drawdown (5Y) Largest decline over 5 years	-24.65%	-69.49%	+44.84%
Max Drawdown (10Y) Largest decline over 10 years	—	-71.73%	—
Current Drawdown Current decline from peak	-1.02%	-42.92%	+41.90%
Average Drawdown Average peak-to-trough decline	-7.06%	-43.36%	+36.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.79%	8.62%	-5.83%

Volatility

DVOL vs. QCLN - Volatility Comparison

The current volatility for First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL) is 3.31%, while First Trust NASDAQ Clean Edge Green Energy Index Fund (QCLN) has a volatility of 15.14%. This indicates that DVOL experiences smaller price fluctuations and is considered to be less risky than QCLN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DVOL	QCLN	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.31%	15.14%	-11.83%
Volatility (6M) Calculated over the trailing 6-month period	9.42%	33.63%	-24.21%
Volatility (1Y) Calculated over the trailing 1-year period	11.82%	40.58%	-28.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.36%	38.97%	-24.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.60%	35.54%	-17.94%

DVOL vs. QCLN - Expense Ratio Comparison

DVOL has a 0.60% expense ratio, which is higher than QCLN's 0.59% expense ratio.

Dividends

DVOL vs. QCLN - Dividend Comparison

DVOL's dividend yield for the trailing twelve months is around 0.75%, more than QCLN's 0.17% 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%
QCLN First Trust NASDAQ Clean Edge Green Energy Index Fund	0.17%	0.25%	0.87%	0.76%	0.33%	0.01%	0.30%	0.85%	1.03%	0.45%	1.24%	0.72%

Frequently Asked Questions

Can I hold both DVOL and QCLN in my portfolio?

DVOL and QCLN have a correlation of 0.24, 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 QCLN?

QCLN has higher volatility (15.14%) compared to DVOL (3.31%). In terms of maximum drawdown, DVOL dropped -38.26% vs QCLN's -76.18%.

Which ETF is better, DVOL or QCLN?

On 5-year performance, DVOL leads with 6.77% vs -5.50% for QCLN. On fees, QCLN is cheaper at 0.59% 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 QCLN?

Over the 5-year period, DVOL has performed better with a 6.77% return vs -5.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DVOL or QCLN?

QCLN is cheaper with a 0.59% expense ratio, compared with 0.60% for DVOL.

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

DVOL has the higher dividend yield at 0.75%, compared with 0.17% for QCLN.

What is the main difference between DVOL and QCLN?

DVOL is categorized as Momentum, while QCLN is Alternative Energy Equities. DVOL tracks Dorsey Wright Momentum Plus Low Volatility Index, while QCLN tracks Nasdaq Clean Edge Green Energy Index. Their fees differ too: 0.60% for DVOL and 0.59% for QCLN.

Which has better risk-adjusted returns?

QCLN currently has the higher Sharpe Ratio (0.99 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.