FCVT vs. FDL
FCVT (First Trust SSI Strategic Convertible Securities ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - FCVT is a Convertible Bonds fund actively managed by First Trust, while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. FCVT is actively managed, while FDL is passively managed. Over the past 10 years, FCVT returned 10.87%/yr vs 11.09%/yr for FDL. Their 0.35 correlation means their historical movements had little consistent relationship. FCVT charges 0.95%/yr vs 0.43%/yr for FDL.
Performance
FCVT vs. FDL - Performance Comparison
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Returns By Period
In the year-to-date period, FCVT achieves a 14.79% return, which is significantly lower than FDL's 18.16% return. Both investments have delivered pretty close results over the past 10 years, with FCVT having a 10.87% annualized return and FDL not far ahead at 11.09%.
FCVT
- 1D
- 0.19%
- 1M
- -4.59%
- 6M
- 8.08%
- YTD
- 14.79%
- 1Y
- 27.00%
- 3Y*
- 15.74%
- 5Y*
- 5.37%
- 10Y*
- 10.87%
- ALL TIME*
- 10.52%
FDL
- 1D
- 0.02%
- 1M
- 3.27%
- 6M
- 9.50%
- YTD
- 18.16%
- 1Y
- 27.65%
- 3Y*
- 18.28%
- 5Y*
- 13.98%
- 10Y*
- 11.09%
- ALL TIME*
- 8.94%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.38M | $2.19M | $1.42M | |
| $52.24M | $50.06M | $42.95M |
FCVT vs. FDL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FCVT First Trust SSI Strategic Convertible Securities ETF | 14.79% | 19.60% | 11.92% | 7.12% | -20.88% | 4.23% | 51.02% | 22.30% | -2.28% | 12.66% |
FDL First Trust Morningstar Dividend Leaders Index Fund | 18.16% | 14.79% | 17.98% | 2.94% | 6.66% | 26.10% | -4.30% | 24.41% | -5.99% | 12.02% |
Correlation
The correlation between FCVT and FDL is -0.10, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.10 |
Correlation (3Y) Balances recent behavior with more history. | 0.22 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.36 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.37 |
Correlation (All Time) Calculated using the full available price history since Nov 4, 2015 | 0.35 |
The correlation between FCVT and FDL shifts across timeframes, from -0.10 (1 year) to 0.37 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
FCVT vs. FDL — Risk / Return Rank
FCVT
FDL
FCVT vs. FDL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust SSI Strategic Convertible Securities ETF (FCVT) 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.
| FCVT | FDL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.94 | ||
| Sortino ratioReturn per unit of downside risk | -1.59 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.39 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.82 | 6.29 | -4.47 |
| Martin ratioReturn relative to average drawdown | 7.30 | 14.86 | -7.56 |
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Drawdowns
FCVT vs. FDL - Drawdown Comparison
The maximum FCVT drawdown since its inception was -31.79%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for FCVT and FDL.
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Drawdown Indicators
| FCVT | FDL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.79% | -65.93% | +34.14% |
Max Drawdown (1Y)Largest decline over 1 year | -13.87% | -4.27% | -9.60% |
Max Drawdown (3Y)Largest decline over 3 years | -15.06% | -12.24% | -2.82% |
Max Drawdown (5Y)Largest decline over 5 years | -30.43% | -16.46% | -13.97% |
Max Drawdown (10Y)Largest decline over 10 years | -31.79% | -41.40% | +9.61% |
Current DrawdownCurrent decline from peak | -10.08% | -1.96% | -8.12% |
Average DrawdownAverage peak-to-trough decline | -10.29% | -9.59% | -0.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.45% | 1.81% | +1.64% |
Volatility
FCVT vs. FDL - Volatility Comparison
First Trust SSI Strategic Convertible Securities ETF (FCVT) has a higher volatility of 7.70% compared to First Trust Morningstar Dividend Leaders Index Fund (FDL) at 4.96%. This indicates that FCVT'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.
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Volatility by Period
| FCVT | FDL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.70% | 4.96% | +2.74% |
Volatility (6M)Calculated over the trailing 6-month period | 16.06% | 8.97% | +7.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.11% | 11.95% | +7.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.76% | 14.44% | +0.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.99% | 17.16% | -2.17% |
FCVT vs. FDL - Expense Ratio Comparison
FCVT has a 0.95% expense ratio, which is higher than FDL's 0.43% expense ratio.
Dividends
FCVT vs. FDL - Dividend Comparison
FCVT's dividend yield for the trailing twelve months is around 1.14%, less than FDL's 3.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FCVT First Trust SSI Strategic Convertible Securities ETF | 1.14% | 1.98% | 1.30% | 1.76% | 3.71% | 23.07% | 1.72% | 1.60% | 1.85% | 2.18% | 1.88% | 0.59% |
FDL First Trust Morningstar Dividend Leaders Index Fund | 3.59% | 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
FCVT and FDL have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FCVT has higher volatility (7.70%) compared to FDL (4.96%). In terms of maximum drawdown, FCVT dropped -31.79% vs FDL's -65.93%.
On 10-year performance, FDL leads with 11.09% vs 10.87% for FCVT. On fees, FDL is cheaper at 0.43% per year. On volatility, FDL has been the lower-risk option at 4.96%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FDL has performed better with a 11.09% return vs 10.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FDL is cheaper with a 0.43% expense ratio, compared with 0.95% for FCVT.
FDL has the higher dividend yield at 3.59%, compared with 1.14% for FCVT.
FCVT is categorized as Convertible Bonds, while FDL is Large Cap Value Equities. Their fees differ too: 0.95% for FCVT and 0.43% for FDL.
FDL currently has the higher Sharpe Ratio (2.26 vs 1.32), 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.
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