FDL vs. GRID

Last updated Aug 4, 2026

FDL (First Trust Morningstar Dividend Leaders Index Fund) and GRID (First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund) are both exchange-traded funds - FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index, while GRID is a Infrastructure Equities fund tracking the Nasdaq Clean Edge Smart Grid Infrastructure Index. Both are passively managed. Over the past 10 years, FDL returned 11.08%/yr vs 18.61%/yr for GRID. Their 0.52 correlation means they have sometimes moved together and sometimes differently. FDL charges 0.43%/yr vs 0.70%/yr for GRID.

Performance

FDL vs. GRID - 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 NASDAQ Clean Edge Smart Grid Infrastructure Index Fund (GRID). 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 18.62% return and GRID slightly higher at 19.50%. Over the past 10 years, FDL has underperformed GRID with an annualized return of 11.08%, while GRID has yielded a comparatively higher 18.61% annualized return.

FDL

• 1D: 0.39%
• 1M: 3.67%
• 6M: 9.83%
• YTD: 18.62%
• 1Y: 28.15%
• 3Y*: 19.02%
• 5Y*: 14.10%
• 10Y*: 11.08%
• ALL TIME*: 8.96%

GRID

• 1D: 1.49%
• 1M: -1.17%
• 6M: 10.03%
• YTD: 19.50%
• 1Y: 30.04%
• 3Y*: 22.76%
• 5Y*: 14.44%
• 10Y*: 18.61%
• ALL TIME*: 12.60%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FDL First Trust Morningstar Dividend Leaders Index Fund	$51.38M	$49.50M	$43.21M
GRID First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund	$102.61M	$99.71M	$138.67M

FDL vs. GRID - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FDL First Trust Morningstar Dividend Leaders Index Fund	18.62%	14.79%	17.98%	2.94%	6.66%	26.10%	-4.30%	24.41%	-5.99%	12.02%
GRID First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund	19.50%	29.65%	15.18%	21.57%	-13.89%	27.65%	48.84%	42.80%	-22.69%	27.44%

Correlation

The correlation between FDL and GRID is -0.08, 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.	-0.08
Correlation (3Y) Balances recent behavior with more history.	0.29
Correlation (5Y) Shows whether the relationship held over a longer period.	0.44
Correlation (10Y) Provides a long-term view across more market conditions.	0.50
Correlation (All Time) Calculated using the full available price history since Nov 17, 2009	0.52

The correlation between FDL and GRID shifts across timeframes, from -0.08 (1 year) to 0.52 (all time), reflecting how their relationship changes across market environments.

FDL vs. GRID - Sectors Allocation Comparison

Sectors	FDL	GRID
Consumer Defensive	24.3%	-
Utilities	15.4%	3.9%
Financial Services	13.7%	-
Healthcare	11.7%	-
Communication Services	11.2%	-
Energy	11.1%	1.6%
Consumer Cyclical	4.4%	2.4%
Technology	4.3%	12.6%
Industrials	3.6%	23.6%
Basic Materials	0.4%	0.8%
Real Estate	-	-

Return for Risk

FDL vs. GRID — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FDL

FDL Risk / Return Rank: 92
FDL Sharpe Ratio Rank: 91
FDL Sortino Ratio Rank: 93
FDL Omega Ratio Rank: 89
FDL Calmar Ratio Rank: 96
FDL Martin Ratio Rank: 91

GRID

GRID Risk / Return Rank: 53
GRID Sharpe Ratio Rank: 52
GRID Sortino Ratio Rank: 51
GRID Omega Ratio Rank: 51
GRID Calmar Ratio Rank: 52
GRID Martin Ratio Rank: 56

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FDL vs. GRID - 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 NASDAQ Clean Edge Smart Grid Infrastructure Index Fund (GRID). 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	GRID	Difference
Sharpe ratio: Return per unit of total volatility	2.38	1.31	+1.08
Sortino ratio: Return per unit of downside risk	3.58	1.83	+1.75
Omega ratio: Gain probability vs. loss probability	1.42	1.24	+0.18
Calmar ratio: Return relative to maximum drawdown	6.62	1.91	+4.71
Martin ratio: Return relative to average drawdown	15.62	6.77	+8.84

FDL vs. GRID - Sharpe Ratio Comparison

The current FDL Sharpe Ratio is 2.38, which is higher than the GRID Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of FDL and GRID, 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. GRID - Drawdown Comparison

The maximum FDL drawdown since its inception was -65.93%, which is greater than GRID's maximum drawdown of -40.56%. Use the drawdown chart below to compare losses from any high point for FDL and GRID.

Drawdown Indicators

	FDL	GRID	Difference
Max Drawdown Largest peak-to-trough decline	-65.93%	-40.56%	-25.37%
Max Drawdown (1Y) Largest decline over 1 year	-4.27%	-15.82%	+11.55%
Max Drawdown (3Y) Largest decline over 3 years	-12.24%	-20.62%	+8.38%
Max Drawdown (5Y) Largest decline over 5 years	-16.46%	-29.64%	+13.18%
Max Drawdown (10Y) Largest decline over 10 years	-41.40%	-40.56%	-0.84%
Current Drawdown Current decline from peak	-1.58%	-8.53%	+6.95%
Average Drawdown Average peak-to-trough decline	-9.59%	-8.42%	-1.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.81%	4.45%	-2.64%

Volatility

FDL vs. GRID - Volatility Comparison

The current volatility for First Trust Morningstar Dividend Leaders Index Fund (FDL) is 4.65%, while First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund (GRID) has a volatility of 8.94%. This indicates that FDL experiences smaller price fluctuations and is considered to be less risky than GRID based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDL	GRID	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.65%	8.94%	-4.29%
Volatility (6M) Calculated over the trailing 6-month period	8.75%	20.34%	-11.59%
Volatility (1Y) Calculated over the trailing 1-year period	11.89%	23.13%	-11.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.44%	21.70%	-7.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.16%	22.83%	-5.67%

FDL vs. GRID - Expense Ratio Comparison

FDL has a 0.43% expense ratio, which is lower than GRID's 0.70% expense ratio.

Dividends

FDL vs. GRID - Dividend Comparison

FDL's dividend yield for the trailing twelve months is around 3.58%, more than GRID's 0.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDL First Trust Morningstar Dividend Leaders Index Fund	3.58%	4.04%	4.96%	4.58%	3.58%	4.59%	4.48%	3.75%	3.97%	3.18%	2.93%	3.65%
GRID First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund	0.79%	1.01%	1.06%	1.23%	1.26%	0.63%	0.68%	1.26%	1.28%	1.07%	1.07%	1.23%

Frequently Asked Questions

Can I hold both FDL and GRID in my portfolio?

FDL and GRID have a correlation of -0.08, 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 GRID?

GRID has higher volatility (8.94%) compared to FDL (4.65%). In terms of maximum drawdown, FDL dropped -65.93% vs GRID's -40.56%.

Which ETF is better, FDL or GRID?

On 10-year performance, GRID leads with 18.61% vs 11.08% for FDL. On fees, FDL is cheaper at 0.43% per year. On volatility, FDL has been the lower-risk option at 4.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDL or GRID?

Over the 10-year period, GRID has performed better with a 18.61% return vs 11.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDL or GRID?

FDL is cheaper with a 0.43% expense ratio, compared with 0.70% for GRID.

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

FDL has the higher dividend yield at 3.58%, compared with 0.79% for GRID.

What is the main difference between FDL and GRID?

FDL is categorized as Large Cap Value Equities, while GRID is Infrastructure Equities. FDL tracks Morningstar Dividend Leaders Index, while GRID tracks Nasdaq Clean Edge Smart Grid Infrastructure Index. Their fees differ too: 0.43% for FDL and 0.70% for GRID.

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (2.38 vs 1.31), 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.