EDIV vs. FDL

Last updated Jun 4, 2026

EDIV (SPDR S&P Emerging Markets Dividend ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - EDIV is a Emerging Markets Equities fund tracking the S&P Emerging Markets Dividend Opportunities Index, while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. Both are passively managed. Over the past 10 years, EDIV returned 9.16%/yr vs 11.24%/yr for FDL. A 0.53 correlation means they provide meaningful diversification when combined. EDIV charges 0.49%/yr vs 0.45%/yr for FDL.

Performance

EDIV vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Emerging Markets Dividend ETF (EDIV) 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, EDIV achieves a 6.42% return, which is significantly lower than FDL's 13.33% return. Over the past 10 years, EDIV has underperformed FDL with an annualized return of 9.16%, while FDL has yielded a comparatively higher 11.24% annualized return.

EDIV

• 1D: -1.27%
• 1M: 2.48%
• YTD: 6.42%
• 6M: 7.80%
• 1Y: 14.08%
• 3Y*: 19.05%
• 5Y*: 10.66%
• 10Y*: 9.16%

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)

EDIV vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EDIV SPDR S&P Emerging Markets Dividend ETF	6.42%	16.45%	12.75%	41.91%	-15.31%	11.21%	-9.95%	11.80%	-6.16%	28.20%
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 EDIV and FDL is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (10Y) Calculated over the trailing 10-year period	0.46
Correlation (All Time) Calculated using the full available price history since Feb 25, 2011	0.53

Over the past year, the correlation between EDIV and FDL has dropped to 0.22 - well below their long-term average of 0.53, suggesting their price drivers have been diverging.

EDIV vs. FDL - Sectors Allocation Comparison

Sectors	EDIV	FDL
Financial Services	29.7%	15.1%
Communication Services	13.8%	10.6%
Consumer Defensive	12.8%	14.7%
Consumer Cyclical	11.8%	3.8%
Industrials	9.7%	3.8%
Technology	8.4%	1.1%
Real Estate	5.1%	-
Energy	3.2%	27.3%
Utilities	2.5%	6.5%
Basic Materials	1.7%	0.3%
Healthcare	1.3%	16.8%

Return for Risk

EDIV vs. FDL — Risk / Return Rank

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

EDIV

EDIV Risk / Return Rank: 30
EDIV Sharpe Ratio Rank: 31
EDIV Sortino Ratio Rank: 31
EDIV Omega Ratio Rank: 31
EDIV Calmar Ratio Rank: 28
EDIV Martin Ratio Rank: 29

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.

EDIV vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Emerging Markets Dividend ETF (EDIV) 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.

	EDIV	FDL	Difference
Sharpe ratio: Return per unit of total volatility	1.16	2.11	-0.95
Sortino ratio: Return per unit of downside risk	1.70	3.25	-1.55
Omega ratio: Gain probability vs. loss probability	1.22	1.37	-0.15
Calmar ratio: Return relative to maximum drawdown	1.37	5.56	-4.20
Martin ratio: Return relative to average drawdown	4.23	13.56	-9.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EDIV vs. FDL - Sharpe Ratio Comparison

The current EDIV Sharpe Ratio is 1.16, which is lower than the FDL Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of EDIV 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

	EDIV	FDL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.16	2.11	-0.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	0.88	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.66	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	0.45	-0.28

Drawdowns

EDIV vs. FDL - Drawdown Comparison

The maximum EDIV drawdown since its inception was -53.36%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for EDIV and FDL.

Drawdown Indicators

	EDIV	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-53.36%	-65.93%	+12.57%
Max Drawdown (1Y) Largest decline over 1 year	-10.36%	-4.27%	-6.09%
Max Drawdown (3Y) Largest decline over 3 years	-13.84%	-12.24%	-1.60%
Max Drawdown (5Y) Largest decline over 5 years	-28.32%	-16.46%	-11.86%
Max Drawdown (10Y) Largest decline over 10 years	-40.76%	-41.40%	+0.64%
Current Drawdown Current decline from peak	-4.07%	-2.18%	-1.89%
Average Drawdown Average peak-to-trough decline	-19.36%	-9.66%	-9.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.34%	1.75%	+1.59%

Volatility

EDIV vs. FDL - Volatility Comparison

SPDR S&P Emerging Markets Dividend ETF (EDIV) has a higher volatility of 4.11% compared to First Trust Morningstar Dividend Leaders Index Fund (FDL) at 2.85%. This indicates that EDIV's price experiences larger fluctuations and is considered to be riskier than FDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EDIV	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.11%	2.85%	+1.26%
Volatility (6M) Calculated over the trailing 6-month period	10.03%	7.87%	+2.16%
Volatility (1Y) Calculated over the trailing 1-year period	12.19%	11.28%	+0.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.83%	14.31%	-0.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.49%	17.11%	+0.38%

EDIV vs. FDL - Expense Ratio Comparison

EDIV has a 0.49% expense ratio, which is higher than FDL's 0.45% expense ratio.

Dividends

EDIV vs. FDL - Dividend Comparison

EDIV's dividend yield for the trailing twelve months is around 4.50%, more than FDL's 3.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EDIV SPDR S&P Emerging Markets Dividend ETF	4.50%	4.69%	3.94%	4.26%	4.94%	3.84%	3.52%	3.83%	3.41%	2.99%	4.94%	5.33%
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 EDIV and FDL in my portfolio?

EDIV and FDL have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EDIV or FDL?

EDIV has higher volatility (4.11%) compared to FDL (2.85%). In terms of maximum drawdown, EDIV dropped -53.36% vs FDL's -65.93%.

Which ETF is better, EDIV or FDL?

On 10-year performance, FDL leads with 11.24% vs 9.16% for EDIV. On fees, FDL is cheaper at 0.45% per year. On volatility, FDL has been the lower-risk option at 2.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EDIV or FDL?

Over the 10-year period, FDL has performed better with a 11.24% return vs 9.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EDIV or FDL?

FDL is cheaper with a 0.45% expense ratio, compared with 0.49% for EDIV.

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

EDIV has the higher dividend yield at 4.50%, compared with 3.68% for FDL.

What is the main difference between EDIV and FDL?

EDIV is categorized as Emerging Markets Equities, while FDL is Large Cap Value Equities. EDIV tracks S&P Emerging Markets Dividend Opportunities Index, while FDL tracks Morningstar Dividend Leaders Index. They also come from different issuers: State Street and First Trust. Their fees differ too: 0.49% for EDIV and 0.45% for FDL.

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (2.11 vs 1.16), 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.