DWUS vs. MDIV

Last updated Jun 4, 2026

DWUS (AdvisorShares Dorsey Wright FSM US Core ETF) and MDIV (First Trust Multi-Asset Diversified Income Index Fund) are both Diversified Portfolio funds. DWUS is actively managed, while MDIV is passively managed. Over the past 5 years, DWUS returned 12.00%/yr vs 5.65%/yr for MDIV. At a 0.47 correlation, their price movements are largely independent. DWUS charges 1.17%/yr vs 0.73%/yr for MDIV.

Performance

DWUS vs. MDIV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AdvisorShares Dorsey Wright FSM US Core ETF (DWUS) and First Trust Multi-Asset Diversified Income Index Fund (MDIV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DWUS achieves a 15.72% return, which is significantly higher than MDIV's 7.68% return.

DWUS

• 1D: 0.53%
• 1M: 10.17%
• YTD: 15.72%
• 6M: 15.19%
• 1Y: 24.82%
• 3Y*: 21.40%
• 5Y*: 12.00%
• 10Y*: —

MDIV

• 1D: -0.65%
• 1M: 0.10%
• YTD: 7.68%
• 6M: 7.38%
• 1Y: 11.03%
• 3Y*: 11.41%
• 5Y*: 5.65%
• 10Y*: 4.66%

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

DWUS vs. MDIV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
DWUS AdvisorShares Dorsey Wright FSM US Core ETF	15.72%	12.75%	20.26%	20.62%	-17.89%	20.21%	35.99%	-0.10%
MDIV First Trust Multi-Asset Diversified Income Index Fund	7.68%	3.77%	10.05%	11.50%	-3.86%	16.51%	-14.84%	-0.00%

Correlation

The correlation between DWUS and MDIV is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (All Time) Calculated using the full available price history since Dec 30, 2019	0.47

The correlation between DWUS and MDIV shifts across timeframes, from 0.29 (1 year) to 0.50 (5 years), reflecting how their relationship changes across market environments.

DWUS vs. MDIV - Sectors Allocation Comparison

Sectors	DWUS	MDIV
Technology	45.9%	-
Communication Services	13.4%	3.2%
Consumer Cyclical	10.8%	3.2%
Healthcare	6.4%	1.6%
Consumer Defensive	6.3%	8.0%
Financial Services	5.8%	22.4%
Industrials	5.3%	1.6%
Energy	2.3%	17.6%
Utilities	1.6%	9.6%
Basic Materials	1.4%	0.7%
Real Estate	0.9%	21.6%

Return for Risk

DWUS vs. MDIV — Risk / Return Rank

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

DWUS

DWUS Risk / Return Rank: 45
DWUS Sharpe Ratio Rank: 46
DWUS Sortino Ratio Rank: 45
DWUS Omega Ratio Rank: 45
DWUS Calmar Ratio Rank: 42
DWUS Martin Ratio Rank: 47

MDIV

MDIV Risk / Return Rank: 52
MDIV Sharpe Ratio Rank: 47
MDIV Sortino Ratio Rank: 49
MDIV Omega Ratio Rank: 45
MDIV Calmar Ratio Rank: 65
MDIV Martin Ratio Rank: 53

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.

DWUS vs. MDIV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AdvisorShares Dorsey Wright FSM US Core ETF (DWUS) and First Trust Multi-Asset Diversified Income Index Fund (MDIV). 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.

	DWUS	MDIV	Difference
Sharpe ratio: Return per unit of total volatility	1.61	1.65	-0.04
Sortino ratio: Return per unit of downside risk	2.23	2.44	-0.21
Omega ratio: Gain probability vs. loss probability	1.28	1.29	0.00
Calmar ratio: Return relative to maximum drawdown	2.08	3.27	-1.19
Martin ratio: Return relative to average drawdown	7.89	9.10	-1.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DWUS vs. MDIV - Sharpe Ratio Comparison

The current DWUS Sharpe Ratio is 1.61, which is comparable to the MDIV Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of DWUS and MDIV, 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

	DWUS	MDIV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.61	1.65	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	0.52	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.31	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	0.34	+0.37

Drawdowns

DWUS vs. MDIV - Drawdown Comparison

The maximum DWUS drawdown since its inception was -30.47%, smaller than the maximum MDIV drawdown of -48.50%. Use the drawdown chart below to compare losses from any high point for DWUS and MDIV.

Drawdown Indicators

	DWUS	MDIV	Difference
Max Drawdown Largest peak-to-trough decline	-30.47%	-48.50%	+18.03%
Max Drawdown (1Y) Largest decline over 1 year	-11.98%	-3.39%	-8.59%
Max Drawdown (3Y) Largest decline over 3 years	-19.63%	-9.62%	-10.01%
Max Drawdown (5Y) Largest decline over 5 years	-26.45%	-13.02%	-13.43%
Max Drawdown (10Y) Largest decline over 10 years	—	-48.50%	—
Current Drawdown Current decline from peak	0.00%	-1.14%	+1.14%
Average Drawdown Average peak-to-trough decline	-6.86%	-4.58%	-2.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.16%	1.22%	+1.94%

Volatility

DWUS vs. MDIV - Volatility Comparison

AdvisorShares Dorsey Wright FSM US Core ETF (DWUS) has a higher volatility of 4.85% compared to First Trust Multi-Asset Diversified Income Index Fund (MDIV) at 1.62%. This indicates that DWUS's price experiences larger fluctuations and is considered to be riskier than MDIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DWUS	MDIV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.85%	1.62%	+3.23%
Volatility (6M) Calculated over the trailing 6-month period	12.46%	4.32%	+8.14%
Volatility (1Y) Calculated over the trailing 1-year period	15.46%	6.71%	+8.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.82%	10.93%	+7.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.88%	15.23%	+6.65%

DWUS vs. MDIV - Expense Ratio Comparison

DWUS has a 1.17% expense ratio, which is higher than MDIV's 0.73% expense ratio.

Dividends

DWUS vs. MDIV - Dividend Comparison

DWUS's dividend yield for the trailing twelve months is around 0.03%, less than MDIV's 6.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DWUS AdvisorShares Dorsey Wright FSM US Core ETF	0.03%	0.03%	0.18%	0.29%	0.89%	0.35%	0.08%	0.00%	0.00%	0.00%	0.00%	0.00%
MDIV First Trust Multi-Asset Diversified Income Index Fund	6.39%	6.51%	6.40%	6.08%	6.71%	5.30%	6.00%	5.90%	6.76%	6.04%	6.35%	7.38%

Frequently Asked Questions

Can I hold both DWUS and MDIV in my portfolio?

DWUS and MDIV have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DWUS or MDIV?

DWUS has higher volatility (4.85%) compared to MDIV (1.62%). In terms of maximum drawdown, DWUS dropped -30.47% vs MDIV's -48.50%.

Which ETF is better, DWUS or MDIV?

On 5-year performance, DWUS leads with 12.00% vs 5.65% for MDIV. On fees, MDIV is cheaper at 0.73% per year. On volatility, MDIV has been the lower-risk option at 1.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DWUS or MDIV?

Over the 5-year period, DWUS has performed better with a 12.00% return vs 5.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DWUS or MDIV?

MDIV is cheaper with a 0.73% expense ratio, compared with 1.17% for DWUS.

Which ETF pays a higher dividend yield, DWUS or MDIV?

MDIV has the higher dividend yield at 6.39%, compared with 0.03% for DWUS.

What is the main difference between DWUS and MDIV?

They also come from different issuers: AdvisorShares and First Trust. Their fees differ too: 1.17% for DWUS and 0.73% for MDIV.

Which has better risk-adjusted returns?

MDIV currently has the higher Sharpe Ratio (1.65 vs 1.61), 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.