EIPI vs. FDL

Last updated Jun 24, 2026

EIPI (FT Energy Income Partners Enhanced Income ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - EIPI is a Derivative Income fund actively managed by First Trust, while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. EIPI is actively managed, while FDL is passively managed. Over the past year, EIPI returned 21.10% vs 22.39% for FDL. A 0.57 correlation means they provide meaningful diversification when combined. EIPI charges 1.11%/yr vs 0.43%/yr for FDL.

Performance

EIPI vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Energy Income Partners Enhanced Income ETF (EIPI) 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, EIPI achieves a 14.45% return, which is significantly higher than FDL's 12.67% return.

EIPI

• 1D: 1.28%
• 1M: -2.69%
• YTD: 14.45%
• 6M: 15.14%
• 1Y: 21.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FDL

• 1D: 1.20%
• 1M: -2.75%
• YTD: 12.67%
• 6M: 13.02%
• 1Y: 22.39%
• 3Y*: 19.10%
• 5Y*: 13.08%
• 10Y*: 11.12%

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

EIPI vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EIPI FT Energy Income Partners Enhanced Income ETF	14.45%	12.38%	13.14%
FDL First Trust Morningstar Dividend Leaders Index Fund	12.67%	14.79%	11.40%

Correlation

The correlation between EIPI and FDL is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.58
Correlation (All Time) Calculated using the full available price history since May 6, 2024	0.57

The correlation between EIPI and FDL has been stable across timeframes, ranging from 0.57 to 0.58 - a consistent structural relationship.

EIPI vs. FDL - Sectors Allocation Comparison

Sectors	EIPI	FDL
Energy	63.2%	25.7%
Utilities	31.3%	6.5%
Industrials	4.9%	3.9%
Basic Materials	0.7%	0.3%
Communication Services	-	10.6%
Consumer Cyclical	-	4.7%
Consumer Defensive	-	14.4%
Financial Services	-	15.2%
Healthcare	-	17.6%
Real Estate	-	-
Technology	-	1.4%

Return for Risk

EIPI vs. FDL — Risk / Return Rank

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

EIPI

EIPI Risk / Return Rank: 76
EIPI Sharpe Ratio Rank: 73
EIPI Sortino Ratio Rank: 78
EIPI Omega Ratio Rank: 66
EIPI Calmar Ratio Rank: 85
EIPI Martin Ratio Rank: 78

FDL

FDL Risk / Return Rank: 69
FDL Sharpe Ratio Rank: 61
FDL Sortino Ratio Rank: 68
FDL Omega Ratio Rank: 57
FDL Calmar Ratio Rank: 90
FDL Martin Ratio Rank: 69

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.

EIPI vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Energy Income Partners Enhanced Income ETF (EIPI) 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.

	EIPI	FDL	Difference
Sharpe ratio: Return per unit of total volatility	2.19	1.95	+0.24
Sortino ratio: Return per unit of downside risk	3.22	2.96	+0.26
Omega ratio: Gain probability vs. loss probability	1.37	1.34	+0.03
Calmar ratio: Return relative to maximum drawdown	4.44	5.26	-0.82
Martin ratio: Return relative to average drawdown	14.04	12.40	+1.64

EIPI vs. FDL - Sharpe Ratio Comparison

The current EIPI Sharpe Ratio is 2.19, which is comparable to the FDL Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of EIPI 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

EIPI vs. FDL - Drawdown Comparison

The maximum EIPI drawdown since its inception was -12.33%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for EIPI and FDL.

Drawdown Indicators

	EIPI	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-12.33%	-65.93%	+53.60%
Max Drawdown (1Y) Largest decline over 1 year	-4.77%	-4.27%	-0.50%
Max Drawdown (3Y) Largest decline over 3 years	—	-12.24%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-16.46%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-41.40%	—
Current Drawdown Current decline from peak	-2.70%	-3.09%	+0.39%
Average Drawdown Average peak-to-trough decline	-1.70%	-9.64%	+7.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.51%	1.81%	-0.30%

Volatility

EIPI vs. FDL - Volatility Comparison

The current volatility for FT Energy Income Partners Enhanced Income ETF (EIPI) is 3.51%, while First Trust Morningstar Dividend Leaders Index Fund (FDL) has a volatility of 3.72%. This indicates that EIPI 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

	EIPI	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.51%	3.72%	-0.21%
Volatility (6M) Calculated over the trailing 6-month period	7.43%	8.09%	-0.66%
Volatility (1Y) Calculated over the trailing 1-year period	9.69%	11.54%	-1.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.03%	14.31%	-1.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.03%	17.11%	-4.08%

EIPI vs. FDL - Expense Ratio Comparison

EIPI has a 1.11% expense ratio, which is higher than FDL's 0.43% expense ratio.

Dividends

EIPI vs. FDL - Dividend Comparison

EIPI's dividend yield for the trailing twelve months is around 6.79%, more than FDL's 3.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EIPI FT Energy Income Partners Enhanced Income ETF	6.79%	9.71%	6.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FDL First Trust Morningstar Dividend Leaders Index Fund	3.70%	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 EIPI and FDL in my portfolio?

EIPI and FDL have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EIPI or FDL?

FDL has higher volatility (3.72%) compared to EIPI (3.51%). In terms of maximum drawdown, EIPI dropped -12.33% vs FDL's -65.93%.

Which ETF is better, EIPI or FDL?

On 1-year performance, FDL leads with 22.39% vs 21.10% for EIPI. On fees, FDL is cheaper at 0.43% per year. On volatility, EIPI has been the lower-risk option at 3.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EIPI or FDL?

Over the 1-year period, FDL has performed better with a 22.39% return vs 21.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EIPI or FDL?

FDL is cheaper with a 0.43% expense ratio, compared with 1.11% for EIPI.

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

EIPI has the higher dividend yield at 6.79%, compared with 3.70% for FDL.

What is the main difference between EIPI and FDL?

EIPI is categorized as Derivative Income, while FDL is Large Cap Value Equities. Their fees differ too: 1.11% for EIPI and 0.43% for FDL.

Which has better risk-adjusted returns?

EIPI currently has the higher Sharpe Ratio (2.19 vs 1.95), 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.