FBT vs. FDL

Last updated Jun 4, 2026

FBT (First Trust Amex Biotechnology Index) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - FBT is a Health & Biotech Equities fund tracking the NYSE Arca Biotechnology 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, FBT returned 8.86%/yr vs 11.24%/yr for FDL. At a 0.48 correlation, their price movements are largely independent. FBT charges 0.57%/yr vs 0.45%/yr for FDL.

Performance

FBT vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Amex Biotechnology Index (FBT) 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, FBT achieves a 7.08% return, which is significantly lower than FDL's 13.33% return. Over the past 10 years, FBT has underperformed FDL with an annualized return of 8.86%, while FDL has yielded a comparatively higher 11.24% annualized return.

FBT

• 1D: 2.92%
• 1M: 6.19%
• YTD: 7.08%
• 6M: 3.95%
• 1Y: 35.94%
• 3Y*: 12.40%
• 5Y*: 6.79%
• 10Y*: 8.86%

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)

FBT vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FBT First Trust Amex Biotechnology Index	7.08%	24.25%	5.88%	2.55%	-4.83%	-2.26%	12.96%	19.74%	-0.30%	37.07%
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 FBT and FDL is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since Jun 26, 2006	0.48

The correlation between FBT and FDL shifts across timeframes, from 0.28 (1 year) to 0.48 (all time), reflecting how their relationship changes across market environments.

FBT vs. FDL - Sectors Allocation Comparison

Sectors	FBT	FDL
Healthcare	100.0%	16.8%
Basic Materials	-	0.3%
Communication Services	-	10.6%
Consumer Cyclical	-	3.8%
Consumer Defensive	-	14.7%
Energy	-	27.3%
Financial Services	-	15.1%
Industrials	-	3.8%
Real Estate	-	-
Technology	-	1.1%
Utilities	-	6.5%

Return for Risk

FBT vs. FDL — Risk / Return Rank

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

FBT

FBT Risk / Return Rank: 49
FBT Sharpe Ratio Rank: 50
FBT Sortino Ratio Rank: 52
FBT Omega Ratio Rank: 48
FBT Calmar Ratio Rank: 52
FBT Martin Ratio Rank: 45

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.

FBT vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Amex Biotechnology Index (FBT) 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.

	FBT	FDL	Difference
Sharpe ratio: Return per unit of total volatility	1.74	2.11	-0.37
Sortino ratio: Return per unit of downside risk	2.56	3.25	-0.69
Omega ratio: Gain probability vs. loss probability	1.31	1.37	-0.06
Calmar ratio: Return relative to maximum drawdown	2.53	5.56	-3.03
Martin ratio: Return relative to average drawdown	7.43	13.56	-6.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FBT vs. FDL - Sharpe Ratio Comparison

The current FBT Sharpe Ratio is 1.74, which is comparable to the FDL Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of FBT 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

	FBT	FDL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.74	2.11	-0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	0.88	-0.57
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	0.66	-0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.45	+0.06

Drawdowns

FBT vs. FDL - Drawdown Comparison

The maximum FBT drawdown since its inception was -40.51%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for FBT and FDL.

Drawdown Indicators

	FBT	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-40.51%	-65.93%	+25.42%
Max Drawdown (1Y) Largest decline over 1 year	-14.26%	-4.27%	-9.99%
Max Drawdown (3Y) Largest decline over 3 years	-20.05%	-12.24%	-7.81%
Max Drawdown (5Y) Largest decline over 5 years	-29.05%	-16.46%	-12.59%
Max Drawdown (10Y) Largest decline over 10 years	-32.37%	-41.40%	+9.03%
Current Drawdown Current decline from peak	-0.72%	-2.18%	+1.46%
Average Drawdown Average peak-to-trough decline	-11.17%	-9.66%	-1.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.85%	1.75%	+3.10%

Volatility

FBT vs. FDL - Volatility Comparison

First Trust Amex Biotechnology Index (FBT) has a higher volatility of 6.94% compared to First Trust Morningstar Dividend Leaders Index Fund (FDL) at 2.85%. This indicates that FBT'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

	FBT	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.94%	2.85%	+4.09%
Volatility (6M) Calculated over the trailing 6-month period	15.87%	7.87%	+8.00%
Volatility (1Y) Calculated over the trailing 1-year period	20.79%	11.28%	+9.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.89%	14.31%	+7.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.91%	17.11%	+6.80%

FBT vs. FDL - Expense Ratio Comparison

FBT has a 0.57% expense ratio, which is higher than FDL's 0.45% expense ratio.

Dividends

FBT vs. FDL - Dividend Comparison

FBT has not paid dividends to shareholders, while FDL's dividend yield for the trailing twelve months is around 3.68%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBT First Trust Amex Biotechnology Index	0.00%	0.00%	0.71%	0.00%	0.00%	1.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.12%
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 FBT and FDL in my portfolio?

FBT and FDL have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FBT or FDL?

FBT has higher volatility (6.94%) compared to FDL (2.85%). In terms of maximum drawdown, FBT dropped -40.51% vs FDL's -65.93%.

Which ETF is better, FBT or FDL?

On 10-year performance, FDL leads with 11.24% vs 8.86% for FBT. 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, FBT or FDL?

Over the 10-year period, FDL has performed better with a 11.24% return vs 8.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FBT or FDL?

FDL is cheaper with a 0.45% expense ratio, compared with 0.57% for FBT.

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

FDL has the higher dividend yield at 3.68%, compared with 0.00% for FBT.

What is the main difference between FBT and FDL?

FBT is categorized as Health & Biotech Equities, while FDL is Large Cap Value Equities. FBT tracks NYSE Arca Biotechnology Index, while FDL tracks Morningstar Dividend Leaders Index. Their fees differ too: 0.57% for FBT and 0.45% for FDL.

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (2.11 vs 1.74), 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.