FDL vs. DIVO

Last updated Jul 15, 2026

FDL (First Trust Morningstar Dividend Leaders Index Fund) and DIVO (Amplify CWP Enhanced Dividend Income ETF) are both exchange-traded funds - FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index, while DIVO is a Derivative Income fund actively managed by Amplify. FDL is passively managed, while DIVO is actively managed. Over the past 5 years, FDL returned 13.30%/yr vs 10.45%/yr for DIVO. A 0.71 correlation means they provide meaningful diversification when combined. FDL charges 0.43%/yr vs 0.56%/yr for DIVO.

Performance

FDL vs. DIVO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Morningstar Dividend Leaders Index Fund (FDL) and Amplify CWP Enhanced Dividend Income ETF (DIVO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FDL achieves a 14.12% return, which is significantly higher than DIVO's 6.60% return.

FDL

• 1D: -0.96%
• 1M: -1.84%
• 6M: 11.21%
• YTD: 14.12%
• 1Y: 20.00%
• 3Y*: 18.33%
• 5Y*: 13.30%
• 10Y*: 10.66%

DIVO

• 1D: -0.58%
• 1M: 0.16%
• 6M: 4.58%
• YTD: 6.60%
• 1Y: 15.40%
• 3Y*: 14.69%
• 5Y*: 10.45%
• 10Y*: —

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

FDL vs. DIVO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FDL First Trust Morningstar Dividend Leaders Index Fund	14.12%	14.79%	17.98%	2.94%	6.66%	26.10%	-4.30%	24.41%	-5.99%	12.02%
DIVO Amplify CWP Enhanced Dividend Income ETF	6.60%	17.40%	16.22%	6.95%	-1.46%	22.87%	12.40%	24.90%	-3.18%	21.41%

Correlation

The correlation between FDL and DIVO is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (All Time) Calculated using the full available price history since Dec 14, 2016	0.71

The correlation between FDL and DIVO shifts across timeframes, from 0.52 (1 year) to 0.74 (5 years), reflecting how their relationship changes across market environments.

FDL vs. DIVO - Sectors Allocation Comparison

Sectors	FDL	DIVO
Energy	25.7%	6.7%
Healthcare	17.6%	7.6%
Financial Services	15.2%	30.0%
Consumer Defensive	14.4%	7.5%
Communication Services	10.6%	1.0%
Utilities	6.5%	2.0%
Consumer Cyclical	4.7%	10.5%
Industrials	3.9%	14.6%
Technology	1.4%	16.1%
Basic Materials	0.3%	4.0%
Real Estate	-	-

Return for Risk

FDL vs. DIVO — Risk / Return Rank

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

FDL

FDL Risk / Return Rank: 73
FDL Sharpe Ratio Rank: 67
FDL Sortino Ratio Rank: 73
FDL Omega Ratio Rank: 62
FDL Calmar Ratio Rank: 92
FDL Martin Ratio Rank: 74

DIVO

DIVO Risk / Return Rank: 65
DIVO Sharpe Ratio Rank: 64
DIVO Sortino Ratio Rank: 70
DIVO Omega Ratio Rank: 61
DIVO Calmar Ratio Rank: 65
DIVO Martin Ratio Rank: 65

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.

FDL vs. DIVO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Morningstar Dividend Leaders Index Fund (FDL) and Amplify CWP Enhanced Dividend Income ETF (DIVO). 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.

	FDL	DIVO	Difference
Sharpe ratio: Return per unit of total volatility	1.72	1.68	+0.04
Sortino ratio: Return per unit of downside risk	2.61	2.52	+0.09
Omega ratio: Gain probability vs. loss probability	1.30	1.30	0.00
Calmar ratio: Return relative to maximum drawdown	4.70	2.60	+2.10
Martin ratio: Return relative to average drawdown	10.73	9.17	+1.56

FDL vs. DIVO - Sharpe Ratio Comparison

The current FDL Sharpe Ratio is 1.72, which is comparable to the DIVO Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of FDL and DIVO, 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

FDL vs. DIVO - Drawdown Comparison

The maximum FDL drawdown since its inception was -65.93%, which is greater than DIVO's maximum drawdown of -30.04%. Use the drawdown chart below to compare losses from any high point for FDL and DIVO.

Drawdown Indicators

	FDL	DIVO	Difference
Max Drawdown Largest peak-to-trough decline	-65.93%	-30.04%	-35.89%
Max Drawdown (1Y) Largest decline over 1 year	-4.27%	-5.95%	+1.68%
Max Drawdown (3Y) Largest decline over 3 years	-12.24%	-12.12%	-0.12%
Max Drawdown (5Y) Largest decline over 5 years	-16.46%	-13.72%	-2.74%
Max Drawdown (10Y) Largest decline over 10 years	-41.40%	—	—
Current Drawdown Current decline from peak	-1.84%	-0.58%	-1.26%
Average Drawdown Average peak-to-trough decline	-9.62%	-2.59%	-7.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.88%	1.68%	+0.20%

Volatility

FDL vs. DIVO - Volatility Comparison

First Trust Morningstar Dividend Leaders Index Fund (FDL) has a higher volatility of 4.75% compared to Amplify CWP Enhanced Dividend Income ETF (DIVO) at 2.45%. This indicates that FDL's price experiences larger fluctuations and is considered to be riskier than DIVO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDL	DIVO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.75%	2.45%	+2.30%
Volatility (6M) Calculated over the trailing 6-month period	8.43%	7.05%	+1.38%
Volatility (1Y) Calculated over the trailing 1-year period	11.67%	9.19%	+2.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.37%	11.93%	+2.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.12%	14.79%	+2.33%

FDL vs. DIVO - Expense Ratio Comparison

FDL has a 0.43% expense ratio, which is lower than DIVO's 0.56% expense ratio.

Dividends

FDL vs. DIVO - Dividend Comparison

FDL's dividend yield for the trailing twelve months is around 3.72%, less than DIVO's 6.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DIVO Amplify CWP Enhanced Dividend Income ETF	6.41%	6.44%	4.70%	4.67%	4.76%	4.79%	4.91%	8.16%	5.27%	3.83%	0.00%	0.00%
FDL First Trust Morningstar Dividend Leaders Index Fund	3.72%	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 FDL and DIVO in my portfolio?

FDL and DIVO have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDL or DIVO?

FDL has higher volatility (4.75%) compared to DIVO (2.45%). In terms of maximum drawdown, FDL dropped -65.93% vs DIVO's -30.04%.

Which ETF is better, FDL or DIVO?

On 5-year performance, FDL leads with 13.30% vs 10.45% for DIVO. On fees, FDL is cheaper at 0.43% per year. On volatility, DIVO has been the lower-risk option at 2.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDL or DIVO?

Over the 5-year period, FDL has performed better with a 13.30% return vs 10.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDL or DIVO?

FDL is cheaper with a 0.43% expense ratio, compared with 0.56% for DIVO.

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

DIVO has the higher dividend yield at 6.41%, compared with 3.72% for FDL.

What is the main difference between FDL and DIVO?

FDL is categorized as Large Cap Value Equities, while DIVO is Derivative Income. They also come from different issuers: First Trust and Amplify. Their fees differ too: 0.43% for FDL and 0.56% for DIVO.

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (1.72 vs 1.68), 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.