FDL vs. IUSV

Last updated Jun 4, 2026

FDL (First Trust Morningstar Dividend Leaders Index Fund) and IUSV (iShares Core S&P U.S. Value ETF) are both Large Cap Value Equities funds - FDL tracks the Morningstar Dividend Leaders Index while IUSV tracks the S&P 900 Value Index. Both are passively managed. Over the past 10 years, FDL returned 11.24%/yr vs 12.04%/yr for IUSV. Their correlation of 0.84 suggests significant overlap in exposure. FDL charges 0.45%/yr vs 0.04%/yr for IUSV.

Performance

FDL vs. IUSV - 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 S&P U.S. Value ETF (IUSV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FDL achieves a 13.33% return, which is significantly higher than IUSV's 7.63% return. Over the past 10 years, FDL has underperformed IUSV with an annualized return of 11.24%, while IUSV has yielded a comparatively higher 12.04% annualized return.

FDL

• 1D: -0.26%
• 1M: -0.26%
• YTD: 13.33%
• 6M: 14.76%
• 1Y: 23.67%
• 3Y*: 18.97%
• 5Y*: 12.51%
• 10Y*: 11.24%

IUSV

• 1D: -0.37%
• 1M: 2.24%
• YTD: 7.63%
• 6M: 7.88%
• 1Y: 21.24%
• 3Y*: 15.62%
• 5Y*: 10.47%
• 10Y*: 12.04%

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

FDL vs. IUSV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FDL First Trust Morningstar Dividend Leaders Index Fund	13.33%	14.79%	17.98%	2.94%	6.66%	26.10%	-4.30%	24.41%	-5.99%	12.02%
IUSV iShares Core S&P U.S. Value ETF	7.63%	12.85%	12.18%	21.73%	-5.40%	25.22%	1.56%	31.47%	-9.21%	15.09%

Correlation

The correlation between FDL and IUSV is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Mar 16, 2006	0.84

Over the past year, the correlation between FDL and IUSV has dropped to 0.63 - well below their long-term average of 0.84, suggesting their price drivers have been diverging.

FDL vs. IUSV - Sectors Allocation Comparison

Sectors	FDL	IUSV
Energy	27.3%	7.2%
Healthcare	16.8%	11.0%
Financial Services	15.1%	15.0%
Consumer Defensive	14.7%	8.8%
Communication Services	10.6%	3.1%
Utilities	6.5%	4.3%
Industrials	3.8%	11.2%
Consumer Cyclical	3.8%	11.1%
Technology	1.1%	20.8%
Basic Materials	0.3%	3.6%
Real Estate	-	3.7%

Return for Risk

FDL vs. IUSV — Risk / Return Rank

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

FDL

FDL Risk / Return Rank: 70
FDL Sharpe Ratio Rank: 61
FDL Sortino Ratio Rank: 70
FDL Omega Ratio Rank: 59
FDL Calmar Ratio Rank: 90
FDL Martin Ratio Rank: 71

IUSV

IUSV Risk / Return Rank: 65
IUSV Sharpe Ratio Rank: 62
IUSV Sortino Ratio Rank: 64
IUSV Omega Ratio Rank: 62
IUSV Calmar Ratio Rank: 67
IUSV Martin Ratio Rank: 68

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. IUSV - 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 S&P U.S. Value ETF (IUSV). 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.

	FDL	IUSV	Difference
Sharpe ratio: Return per unit of total volatility	2.11	2.14	-0.03
Sortino ratio: Return per unit of downside risk	3.25	3.01	+0.24
Omega ratio: Gain probability vs. loss probability	1.37	1.38	-0.01
Calmar ratio: Return relative to maximum drawdown	5.56	3.35	+2.21
Martin ratio: Return relative to average drawdown	13.56	12.84	+0.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FDL vs. IUSV - Sharpe Ratio Comparison

The current FDL Sharpe Ratio is 2.11, which is comparable to the IUSV Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of FDL and IUSV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FDL	IUSV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.11	2.14	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.88	0.72	+0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	0.71	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.60	-0.15

Drawdowns

FDL vs. IUSV - Drawdown Comparison

The maximum FDL drawdown since its inception was -65.93%, which is greater than IUSV's maximum drawdown of -56.88%. Use the drawdown chart below to compare losses from any high point for FDL and IUSV.

Drawdown Indicators

	FDL	IUSV	Difference
Max Drawdown Largest peak-to-trough decline	-65.93%	-56.88%	-9.05%
Max Drawdown (1Y) Largest decline over 1 year	-4.27%	-6.36%	+2.09%
Max Drawdown (3Y) Largest decline over 3 years	-12.24%	-17.76%	+5.52%
Max Drawdown (5Y) Largest decline over 5 years	-16.46%	-17.95%	+1.49%
Max Drawdown (10Y) Largest decline over 10 years	-41.40%	-37.54%	-3.86%
Current Drawdown Current decline from peak	-2.18%	-0.51%	-1.67%
Average Drawdown Average peak-to-trough decline	-9.66%	-6.29%	-3.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.75%	1.66%	+0.09%

Volatility

FDL vs. IUSV - Volatility Comparison

First Trust Morningstar Dividend Leaders Index Fund (FDL) has a higher volatility of 2.85% compared to iShares Core S&P U.S. Value ETF (IUSV) at 2.14%. This indicates that FDL's price experiences larger fluctuations and is considered to be riskier than IUSV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDL	IUSV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.85%	2.14%	+0.71%
Volatility (6M) Calculated over the trailing 6-month period	7.87%	7.14%	+0.73%
Volatility (1Y) Calculated over the trailing 1-year period	11.28%	9.98%	+1.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.31%	14.55%	-0.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.11%	17.07%	+0.04%

FDL vs. IUSV - Expense Ratio Comparison

FDL has a 0.45% expense ratio, which is higher than IUSV's 0.04% expense ratio.

Dividends

FDL vs. IUSV - Dividend Comparison

FDL's dividend yield for the trailing twelve months is around 3.68%, more than IUSV's 1.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDL First Trust Morningstar Dividend Leaders Index Fund	3.68%	4.04%	4.96%	4.58%	3.58%	4.59%	4.48%	3.75%	3.97%	3.18%	2.93%	3.65%
IUSV iShares Core S&P U.S. Value ETF	1.68%	1.78%	2.15%	1.75%	2.22%	1.87%	2.40%	2.19%	2.67%	1.93%	4.44%	7.63%

Frequently Asked Questions

Can I hold both FDL and IUSV in my portfolio?

FDL and IUSV have a correlation of 0.63, 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 IUSV?

FDL has higher volatility (2.85%) compared to IUSV (2.14%). In terms of maximum drawdown, FDL dropped -65.93% vs IUSV's -56.88%.

Which ETF is better, FDL or IUSV?

On 10-year performance, IUSV leads with 12.04% vs 11.24% for FDL. On fees, IUSV is cheaper at 0.04% per year. On volatility, IUSV has been the lower-risk option at 2.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDL or IUSV?

Over the 10-year period, IUSV has performed better with a 12.04% return vs 11.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDL or IUSV?

IUSV is cheaper with a 0.04% expense ratio, compared with 0.45% for FDL.

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

FDL has the higher dividend yield at 3.68%, compared with 1.68% for IUSV.

What is the main difference between FDL and IUSV?

FDL tracks Morningstar Dividend Leaders Index, while IUSV tracks S&P 900 Value Index. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.45% for FDL and 0.04% for IUSV.

Which has better risk-adjusted returns?

IUSV currently has the higher Sharpe Ratio (2.14 vs 2.11), 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.