FDL vs. FTA

Last updated Jun 25, 2026

FDL (First Trust Morningstar Dividend Leaders Index Fund) and FTA (First Trust Large Cap Value AlphaDEX Fund) are both Large Cap Value Equities funds from First Trust - FDL tracks the Morningstar Dividend Leaders Index while FTA tracks the NASDAQ AlphaDEX Large Cap Value Index. Both are passively managed. Over the past 10 years, FDL returned 11.09%/yr vs 11.72%/yr for FTA. Their correlation of 0.81 suggests significant overlap in exposure. FDL charges 0.43%/yr vs 0.60%/yr for FTA.

Performance

FDL vs. FTA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Morningstar Dividend Leaders Index Fund (FDL) and First Trust Large Cap Value AlphaDEX Fund (FTA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with FDL having a 12.30% return and FTA slightly higher at 12.90%. Over the past 10 years, FDL has underperformed FTA with an annualized return of 11.09%, while FTA has yielded a comparatively higher 11.72% annualized return.

FDL

• 1D: -0.32%
• 1M: -3.06%
• YTD: 12.30%
• 6M: 12.10%
• 1Y: 21.91%
• 3Y*: 18.97%
• 5Y*: 12.94%
• 10Y*: 11.09%

FTA

• 1D: 0.72%
• 1M: 2.05%
• YTD: 12.90%
• 6M: 12.07%
• 1Y: 25.96%
• 3Y*: 16.67%
• 5Y*: 10.15%
• 10Y*: 11.72%

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

FDL vs. FTA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FDL First Trust Morningstar Dividend Leaders Index Fund	12.30%	14.79%	17.98%	2.94%	6.66%	26.10%	-4.30%	24.41%	-5.99%	12.02%
FTA First Trust Large Cap Value AlphaDEX Fund	12.90%	14.94%	10.13%	10.08%	-3.73%	29.32%	-0.38%	24.73%	-13.63%	18.47%

Correlation

The correlation between FDL and FTA is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since May 11, 2007	0.81

The correlation between FDL and FTA has been stable across timeframes, ranging from 0.78 to 0.87 - a consistent structural relationship.

FDL vs. FTA - Sectors Allocation Comparison

Sectors	FDL	FTA
Energy	25.7%	9.8%
Healthcare	17.6%	9.7%
Financial Services	15.2%	21.9%
Consumer Defensive	14.4%	6.4%
Communication Services	10.6%	5.0%
Utilities	6.5%	10.8%
Consumer Cyclical	4.7%	9.0%
Industrials	3.9%	8.5%
Technology	1.4%	8.8%
Basic Materials	0.3%	3.4%
Real Estate	-	6.6%

Return for Risk

FDL vs. FTA — Risk / Return Rank

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

FDL

FDL Risk / Return Rank: 72
FDL Sharpe Ratio Rank: 65
FDL Sortino Ratio Rank: 72
FDL Omega Ratio Rank: 60
FDL Calmar Ratio Rank: 91
FDL Martin Ratio Rank: 72

FTA

FTA Risk / Return Rank: 83
FTA Sharpe Ratio Rank: 79
FTA Sortino Ratio Rank: 83
FTA Omega Ratio Rank: 74
FTA Calmar Ratio Rank: 91
FTA Martin Ratio Rank: 86

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. FTA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Morningstar Dividend Leaders Index Fund (FDL) and First Trust Large Cap Value AlphaDEX Fund (FTA). 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	FTA	Difference
Sharpe ratio: Return per unit of total volatility	1.91	2.22	-0.32
Sortino ratio: Return per unit of downside risk	2.90	3.27	-0.37
Omega ratio: Gain probability vs. loss probability	1.33	1.38	-0.05
Calmar ratio: Return relative to maximum drawdown	5.15	5.08	+0.07
Martin ratio: Return relative to average drawdown	12.05	15.98	-3.93

FDL vs. FTA - Sharpe Ratio Comparison

The current FDL Sharpe Ratio is 1.91, which is comparable to the FTA Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of FDL and FTA, 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. FTA - Drawdown Comparison

The maximum FDL drawdown since its inception was -65.93%, which is greater than FTA's maximum drawdown of -62.45%. Use the drawdown chart below to compare losses from any high point for FDL and FTA.

Drawdown Indicators

	FDL	FTA	Difference
Max Drawdown Largest peak-to-trough decline	-65.93%	-62.45%	-3.48%
Max Drawdown (1Y) Largest decline over 1 year	-4.27%	-5.13%	+0.86%
Max Drawdown (3Y) Largest decline over 3 years	-12.24%	-18.73%	+6.49%
Max Drawdown (5Y) Largest decline over 5 years	-16.46%	-19.80%	+3.34%
Max Drawdown (10Y) Largest decline over 10 years	-41.40%	-44.97%	+3.57%
Current Drawdown Current decline from peak	-3.40%	-0.56%	-2.84%
Average Drawdown Average peak-to-trough decline	-9.63%	-9.01%	-0.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.82%	1.63%	+0.19%

Volatility

FDL vs. FTA - Volatility Comparison

First Trust Morningstar Dividend Leaders Index Fund (FDL) has a higher volatility of 3.54% compared to First Trust Large Cap Value AlphaDEX Fund (FTA) at 3.37%. This indicates that FDL's price experiences larger fluctuations and is considered to be riskier than FTA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDL	FTA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.54%	3.37%	+0.17%
Volatility (6M) Calculated over the trailing 6-month period	8.10%	7.71%	+0.39%
Volatility (1Y) Calculated over the trailing 1-year period	11.55%	11.74%	-0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.31%	16.26%	-1.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.11%	19.91%	-2.80%

FDL vs. FTA - Expense Ratio Comparison

FDL has a 0.43% expense ratio, which is lower than FTA's 0.60% expense ratio.

Dividends

FDL vs. FTA - Dividend Comparison

FDL's dividend yield for the trailing twelve months is around 3.71%, more than FTA's 1.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDL First Trust Morningstar Dividend Leaders Index Fund	3.71%	4.04%	4.96%	4.58%	3.58%	4.59%	4.48%	3.75%	3.97%	3.18%	2.93%	3.65%
FTA First Trust Large Cap Value AlphaDEX Fund	1.65%	1.89%	2.02%	2.10%	2.15%	1.54%	2.03%	1.88%	2.28%	1.53%	1.56%	2.05%

Frequently Asked Questions

Can I hold both FDL and FTA in my portfolio?

FDL and FTA have a correlation of 0.78, 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 FTA?

FDL has higher volatility (3.54%) compared to FTA (3.37%). In terms of maximum drawdown, FDL dropped -65.93% vs FTA's -62.45%.

Which ETF is better, FDL or FTA?

On 10-year performance, FTA leads with 11.72% vs 11.09% for FDL. On fees, FDL is cheaper at 0.43% per year. On volatility, FTA has been the lower-risk option at 3.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDL or FTA?

Over the 10-year period, FTA has performed better with a 11.72% return vs 11.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDL or FTA?

FDL is cheaper with a 0.43% expense ratio, compared with 0.60% for FTA.

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

FDL has the higher dividend yield at 3.71%, compared with 1.65% for FTA.

What is the main difference between FDL and FTA?

FDL tracks Morningstar Dividend Leaders Index, while FTA tracks NASDAQ AlphaDEX Large Cap Value Index. Their fees differ too: 0.43% for FDL and 0.60% for FTA.

Which has better risk-adjusted returns?

FTA currently has the higher Sharpe Ratio (2.22 vs 1.91), 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.