DVY vs. FDL

Last updated Jun 4, 2026

DVY (iShares Select Dividend ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both Large Cap Value Equities funds - DVY tracks the Dow Jones U.S. Select Dividend Index while FDL tracks the Morningstar Dividend Leaders Index. Both are passively managed. Over the past 10 years, DVY returned 10.13%/yr vs 11.24%/yr for FDL. Their correlation of 0.90 suggests significant overlap in exposure. DVY charges 0.39%/yr vs 0.45%/yr for FDL.

Performance

DVY vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Select Dividend ETF (DVY) 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, DVY achieves a 9.70% return, which is significantly lower than FDL's 13.33% return. Over the past 10 years, DVY has underperformed FDL with an annualized return of 10.13%, while FDL has yielded a comparatively higher 11.24% annualized return.

DVY

• 1D: -0.76%
• 1M: 0.05%
• YTD: 9.70%
• 6M: 10.36%
• 1Y: 21.04%
• 3Y*: 15.52%
• 5Y*: 8.51%
• 10Y*: 10.13%

FDL

• 1D: -0.26%
• 1M: -0.26%
• YTD: 13.33%
• 6M: 14.76%
• 1Y: 23.67%
• 3Y*: 18.97%
• 5Y*: 12.51%
• 10Y*: 11.24%

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

DVY vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DVY iShares Select Dividend ETF	9.70%	11.60%	16.24%	1.12%	1.80%	31.70%	-4.91%	22.62%	-6.36%	14.82%
FDL First Trust Morningstar Dividend Leaders Index Fund	13.33%	14.79%	17.98%	2.94%	6.66%	26.10%	-4.30%	24.41%	-5.99%	12.02%

Correlation

The correlation between DVY and FDL is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Mar 16, 2006	0.90

The correlation between DVY and FDL shifts across timeframes, from 0.81 (1 year) to 0.91 (10 years), reflecting how their relationship changes across market environments.

DVY vs. FDL - Sectors Allocation Comparison

Sectors	DVY	FDL
Financial Services	24.9%	15.1%
Utilities	24.2%	6.5%
Consumer Defensive	13.5%	14.7%
Consumer Cyclical	9.4%	3.8%
Energy	9.1%	27.3%
Communication Services	6.0%	10.6%
Healthcare	5.0%	16.8%
Technology	3.4%	1.1%
Basic Materials	2.3%	0.3%
Industrials	2.1%	3.8%
Real Estate	-	-

Return for Risk

DVY vs. FDL — Risk / Return Rank

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

DVY

DVY Risk / Return Rank: 57
DVY Sharpe Ratio Rank: 54
DVY Sortino Ratio Rank: 58
DVY Omega Ratio Rank: 51
DVY Calmar Ratio Rank: 61
DVY Martin Ratio Rank: 60

FDL

FDL Risk / Return Rank: 70
FDL Sharpe Ratio Rank: 61
FDL Sortino Ratio Rank: 70
FDL Omega Ratio Rank: 59
FDL Calmar Ratio Rank: 90
FDL Martin Ratio Rank: 71

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.

DVY vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Select Dividend ETF (DVY) 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.

	DVY	FDL	Difference
Sharpe ratio: Return per unit of total volatility	1.90	2.11	-0.21
Sortino ratio: Return per unit of downside risk	2.79	3.25	-0.46
Omega ratio: Gain probability vs. loss probability	1.32	1.37	-0.04
Calmar ratio: Return relative to maximum drawdown	3.07	5.56	-2.50
Martin ratio: Return relative to average drawdown	10.83	13.56	-2.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DVY vs. FDL - Sharpe Ratio Comparison

The current DVY Sharpe Ratio is 1.90, which is comparable to the FDL Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of DVY 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.

Sharpe Ratios by Period

	DVY	FDL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.90	2.11	-0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.56	0.88	-0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.66	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.45	+0.02

Drawdowns

DVY vs. FDL - Drawdown Comparison

The maximum DVY drawdown since its inception was -62.59%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for DVY and FDL.

Drawdown Indicators

	DVY	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-62.59%	-65.93%	+3.34%
Max Drawdown (1Y) Largest decline over 1 year	-6.89%	-4.27%	-2.62%
Max Drawdown (3Y) Largest decline over 3 years	-16.00%	-12.24%	-3.76%
Max Drawdown (5Y) Largest decline over 5 years	-17.54%	-16.46%	-1.08%
Max Drawdown (10Y) Largest decline over 10 years	-41.59%	-41.40%	-0.19%
Current Drawdown Current decline from peak	-1.96%	-2.18%	+0.22%
Average Drawdown Average peak-to-trough decline	-8.79%	-9.66%	+0.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	1.75%	+0.20%

Volatility

DVY vs. FDL - Volatility Comparison

iShares Select Dividend ETF (DVY) and First Trust Morningstar Dividend Leaders Index Fund (FDL) have volatilities of 2.79% and 2.85%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DVY	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.79%	2.85%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	7.56%	7.87%	-0.31%
Volatility (1Y) Calculated over the trailing 1-year period	11.14%	11.28%	-0.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.20%	14.31%	+0.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.01%	17.11%	+0.90%

DVY vs. FDL - Expense Ratio Comparison

DVY has a 0.39% expense ratio, which is lower than FDL's 0.45% expense ratio.

Dividends

DVY vs. FDL - Dividend Comparison

DVY's dividend yield for the trailing twelve months is around 3.41%, less than FDL's 3.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DVY iShares Select Dividend ETF	3.41%	3.65%	3.65%	3.82%	3.43%	3.12%	3.66%	3.41%	3.58%	3.00%	3.04%	3.45%
FDL First Trust Morningstar Dividend Leaders Index Fund	3.68%	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 DVY and FDL in my portfolio?

DVY and FDL have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DVY or FDL?

FDL has higher volatility (2.85%) compared to DVY (2.79%). In terms of maximum drawdown, DVY dropped -62.59% vs FDL's -65.93%.

Which ETF is better, DVY or FDL?

On 10-year performance, FDL leads with 11.24% vs 10.13% for DVY. On fees, DVY is cheaper at 0.39% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DVY or FDL?

Over the 10-year period, FDL has performed better with a 11.24% return vs 10.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DVY or FDL?

DVY is cheaper with a 0.39% expense ratio, compared with 0.45% for FDL.

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

FDL has the higher dividend yield at 3.68%, compared with 3.41% for DVY.

What is the main difference between DVY and FDL?

DVY tracks Dow Jones U.S. Select Dividend Index, while FDL tracks Morningstar Dividend Leaders Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.39% for DVY and 0.45% for FDL.

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (2.11 vs 1.90), 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.