FCEF vs. MDIV
Compare and contrast key facts about First Trust CEF Income Opportunity ETF (FCEF) and First Trust Multi-Asset Diversified Income Index Fund (MDIV).
FCEF and MDIV are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FCEF is an actively managed fund by First Trust. It was launched on Sep 27, 2016. MDIV is a passively managed fund by First Trust that tracks the performance of the NASDAQ US Multi-Asset Diversified Income Index. It was launched on Aug 14, 2012.
Performance
FCEF vs. MDIV - Performance Comparison
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FCEF vs. MDIV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FCEF First Trust CEF Income Opportunity ETF | 0.61% | 14.39% | 17.51% | 10.27% | -19.51% | 19.50% | 3.80% | 28.28% | -9.65% | 15.72% |
MDIV First Trust Multi-Asset Diversified Income Index Fund | 4.58% | 3.77% | 10.05% | 11.50% | -3.86% | 16.51% | -14.84% | 18.59% | -5.78% | 5.61% |
Returns By Period
In the year-to-date period, FCEF achieves a 0.61% return, which is significantly lower than MDIV's 4.58% return.
FCEF
- 1D
- 0.91%
- 1M
- -4.17%
- YTD
- 0.61%
- 6M
- 2.48%
- 1Y
- 12.92%
- 3Y*
- 13.54%
- 5Y*
- 5.85%
- 10Y*
- —
MDIV
- 1D
- -0.01%
- 1M
- -2.26%
- YTD
- 4.58%
- 6M
- 3.63%
- 1Y
- 5.03%
- 3Y*
- 10.12%
- 5Y*
- 6.28%
- 10Y*
- 5.01%
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FCEF vs. MDIV - Expense Ratio Comparison
FCEF has a 2.91% expense ratio, which is higher than MDIV's 0.73% expense ratio.
Return for Risk
FCEF vs. MDIV — Risk / Return Rank
FCEF
MDIV
FCEF vs. MDIV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust CEF Income Opportunity ETF (FCEF) 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.
| FCEF | MDIV | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.03 | 0.52 | +0.51 |
Sortino ratioReturn per unit of downside risk | 1.39 | 0.75 | +0.64 |
Omega ratioGain probability vs. loss probability | 1.25 | 1.11 | +0.14 |
Calmar ratioReturn relative to maximum drawdown | 1.18 | 0.61 | +0.57 |
Martin ratioReturn relative to average drawdown | 5.70 | 2.45 | +3.25 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FCEF | MDIV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.03 | 0.52 | +0.51 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.48 | 0.57 | -0.09 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.33 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.33 | +0.17 |
Correlation
The correlation between FCEF and MDIV is 0.63, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
FCEF vs. MDIV - Dividend Comparison
FCEF's dividend yield for the trailing twelve months is around 7.14%, more than MDIV's 6.30% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FCEF First Trust CEF Income Opportunity ETF | 7.14% | 7.05% | 7.13% | 7.17% | 7.26% | 4.74% | 5.03% | 5.07% | 5.96% | 4.90% | 1.51% | 0.00% |
MDIV First Trust Multi-Asset Diversified Income Index Fund | 6.30% | 6.51% | 6.40% | 6.08% | 6.71% | 5.30% | 6.00% | 5.90% | 6.76% | 6.04% | 6.35% | 7.38% |
Drawdowns
FCEF vs. MDIV - Drawdown Comparison
The maximum FCEF drawdown since its inception was -44.81%, smaller than the maximum MDIV drawdown of -48.50%. Use the drawdown chart below to compare losses from any high point for FCEF and MDIV.
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Drawdown Indicators
| FCEF | MDIV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.81% | -48.50% | +3.69% |
Max Drawdown (1Y)Largest decline over 1 year | -10.61% | -8.78% | -1.83% |
Max Drawdown (5Y)Largest decline over 5 years | -25.32% | -13.02% | -12.30% |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.50% | — |
Current DrawdownCurrent decline from peak | -4.17% | -2.26% | -1.91% |
Average DrawdownAverage peak-to-trough decline | -6.38% | -4.64% | -1.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.20% | 2.21% | -0.01% |
Volatility
FCEF vs. MDIV - Volatility Comparison
First Trust CEF Income Opportunity ETF (FCEF) has a higher volatility of 4.36% compared to First Trust Multi-Asset Diversified Income Index Fund (MDIV) at 2.06%. This indicates that FCEF'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.
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Volatility by Period
| FCEF | MDIV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.36% | 2.06% | +2.30% |
Volatility (6M)Calculated over the trailing 6-month period | 6.34% | 4.81% | +1.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.56% | 9.73% | +2.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.21% | 11.01% | +1.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.52% | 15.27% | +0.25% |