FDL vs. HDV

Last updated Aug 4, 2026

FDL (First Trust Morningstar Dividend Leaders Index Fund) and HDV (iShares Core High Dividend ETF) are both exchange-traded funds - FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index, while HDV is a Dividend fund tracking the Morningstar Dividend Yield Focus Index. Both are passively managed. Over the past 10 years, FDL returned 11.08%/yr vs 9.57%/yr for HDV. Their correlation of 0.93 means they have usually moved in the same direction. FDL charges 0.43%/yr vs 0.08%/yr for HDV.

Performance

FDL vs. HDV - Performance Comparison

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

Returns By Period

In the year-to-date period, FDL achieves a 18.62% return, which is significantly lower than HDV's 19.66% return. Over the past 10 years, FDL has outperformed HDV with an annualized return of 11.08%, while HDV has yielded a comparatively lower 9.57% 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%

HDV

• 1D: -0.31%
• 1M: 2.46%
• 6M: 10.00%
• YTD: 19.66%
• 1Y: 25.24%
• 3Y*: 15.80%
• 5Y*: 12.13%
• 10Y*: 9.57%
• ALL TIME*: 10.80%

*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
HDV iShares Core High Dividend ETF	$168.30M	$156.51M	$108.57M

FDL vs. HDV - 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%
HDV iShares Core High Dividend ETF	19.66%	11.90%	14.16%	1.72%	7.05%	19.45%	-6.48%	20.22%	-3.01%	13.40%

Correlation

The correlation between FDL and HDV is 0.88, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.88
Correlation (3Y) Balances recent behavior with more history.	0.89
Correlation (5Y) Shows whether the relationship held over a longer period.	0.92
Correlation (10Y) Provides a long-term view across more market conditions.	0.93
Correlation (All Time) Calculated using the full available price history since Mar 31, 2011	0.93

The correlation between FDL and HDV has been stable across timeframes, ranging from 0.88 to 0.93 - a consistent structural relationship.

FDL vs. HDV - Sectors Allocation Comparison

Sectors	FDL	HDV
Consumer Defensive	24.3%	24.3%
Utilities	15.4%	8.2%
Financial Services	13.7%	4.7%
Healthcare	11.7%	23.9%
Communication Services	11.2%	5.2%
Energy	11.1%	19.8%
Consumer Cyclical	4.4%	9.3%
Technology	4.3%	0.9%
Industrials	3.6%	2.8%
Basic Materials	0.4%	0.8%
Real Estate	-	-

Return for Risk

FDL vs. HDV — 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

HDV

HDV Risk / Return Rank: 91
HDV Sharpe Ratio Rank: 91
HDV Sortino Ratio Rank: 93
HDV Omega Ratio Rank: 89
HDV Calmar Ratio Rank: 94
HDV Martin Ratio Rank: 88

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. HDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Morningstar Dividend Leaders Index Fund (FDL) and iShares Core High Dividend ETF (HDV). 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	HDV	Difference
Sharpe ratio: Return per unit of total volatility	2.38	2.34	+0.04
Sortino ratio: Return per unit of downside risk	3.58	3.53	+0.05
Omega ratio: Gain probability vs. loss probability	1.42	1.41	0.00
Calmar ratio: Return relative to maximum drawdown	6.62	4.90	+1.72
Martin ratio: Return relative to average drawdown	15.62	13.39	+2.23

FDL vs. HDV - Sharpe Ratio Comparison

The current FDL Sharpe Ratio is 2.38, which is comparable to the HDV Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of FDL and HDV, 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. HDV - Drawdown Comparison

The maximum FDL drawdown since its inception was -65.93%, which is greater than HDV's maximum drawdown of -37.04%. Use the drawdown chart below to compare losses from any high point for FDL and HDV.

Drawdown Indicators

	FDL	HDV	Difference
Max Drawdown Largest peak-to-trough decline	-65.93%	-37.04%	-28.89%
Max Drawdown (1Y) Largest decline over 1 year	-4.27%	-5.18%	+0.91%
Max Drawdown (3Y) Largest decline over 3 years	-12.24%	-10.49%	-1.75%
Max Drawdown (5Y) Largest decline over 5 years	-16.46%	-15.42%	-1.04%
Max Drawdown (10Y) Largest decline over 10 years	-41.40%	-37.04%	-4.36%
Current Drawdown Current decline from peak	-1.58%	-1.72%	+0.14%
Average Drawdown Average peak-to-trough decline	-9.59%	-3.06%	-6.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.81%	1.89%	-0.08%

Volatility

FDL vs. HDV - Volatility Comparison

First Trust Morningstar Dividend Leaders Index Fund (FDL) and iShares Core High Dividend ETF (HDV) have volatilities of 4.65% and 4.52%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDL	HDV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.65%	4.52%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	8.75%	8.66%	+0.09%
Volatility (1Y) Calculated over the trailing 1-year period	11.89%	10.83%	+1.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.44%	12.95%	+1.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.16%	15.79%	+1.37%

FDL vs. HDV - Expense Ratio Comparison

FDL has a 0.43% expense ratio, which is higher than HDV's 0.08% expense ratio.

Dividends

FDL vs. HDV - Dividend Comparison

FDL's dividend yield for the trailing twelve months is around 3.58%, more than HDV's 3.08% 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%
HDV iShares Core High Dividend ETF	3.08%	3.22%	3.67%	3.82%	3.56%	3.47%	4.07%	3.27%	3.67%	3.27%	3.28%	3.92%

Frequently Asked Questions

Can I hold both FDL and HDV in my portfolio?

FDL and HDV have a correlation of 0.88, 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 HDV?

FDL has higher volatility (4.65%) compared to HDV (4.52%). In terms of maximum drawdown, FDL dropped -65.93% vs HDV's -37.04%.

Which ETF is better, FDL or HDV?

On 10-year performance, FDL leads with 11.08% vs 9.57% for HDV. On fees, HDV is cheaper at 0.08% per year. On volatility, HDV has been the lower-risk option at 4.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDL or HDV?

Over the 10-year period, FDL has performed better with a 11.08% return vs 9.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDL or HDV?

HDV is cheaper with a 0.08% expense ratio, compared with 0.43% for FDL.

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

FDL has the higher dividend yield at 3.58%, compared with 3.08% for HDV.

What is the main difference between FDL and HDV?

FDL is categorized as Large Cap Value Equities, while HDV is Dividend. FDL tracks Morningstar Dividend Leaders Index, while HDV tracks Morningstar Dividend Yield Focus Index. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.43% for FDL and 0.08% for HDV.

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (2.38 vs 2.34), 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.