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FDL vs. IWX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FDL vs. IWX

Last updated Aug 4, 2026
Documentation

FDL (First Trust Morningstar Dividend Leaders Index Fund) and IWX (iShares Russell Top 200 Value ETF) are both Large Cap Value Equities funds - FDL tracks the Morningstar Dividend Leaders Index while IWX tracks the Russell Top 200 Value Index. Both are passively managed. Over the past 10 years, FDL returned 11.08%/yr vs 12.05%/yr for IWX. Their correlation of 0.82 means they have usually moved in the same direction. FDL charges 0.43%/yr vs 0.20%/yr for IWX.

Performance

FDL vs. IWX - 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 Russell Top 200 Value ETF (IWX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FDL achieves a 18.62% return, which is significantly lower than IWX's 22.04% return. Over the past 10 years, FDL has underperformed IWX with an annualized return of 11.08%, while IWX has yielded a comparatively higher 12.05% 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%

IWX

1D
0.94%
1M
3.56%
6M
15.64%
YTD
22.04%
1Y
36.20%
3Y*
19.92%
5Y*
12.91%
10Y*
12.05%
ALL TIME*
11.75%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. 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

IWX

iShares Russell Top 200 Value ETF
$52.73M$47.86M$34.45M

FDL vs. IWX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
IWX
iShares Russell Top 200 Value ETF		22.04%18.23%14.89%10.45%-5.33%23.33%1.46%25.82%-6.53%14.05%

Correlation

The correlation between FDL and IWX is 0.46, which is low. Their historical price movements had little consistent relationship.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.46

Correlation (3Y)
Balances recent behavior with more history.

0.73

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.81

Correlation (10Y)
Provides a long-term view across more market conditions.

0.83

Correlation (All Time)
Calculated using the full available price history since Sep 28, 2009

0.82

Over the past year, the correlation between FDL and IWX has dropped to 0.46 - well below their long-term average of 0.82, suggesting their price drivers have been diverging.

FDL vs. IWX - Sectors Allocation Comparison

Sectors
FDL
IWX

Consumer Defensive

24.3%
8.2%

Utilities

15.4%
2.6%

Financial Services

13.7%
20.0%

Healthcare

11.7%
13.6%

Communication Services

11.2%
3.5%

Energy

11.1%
5.1%

Consumer Cyclical

4.4%
11.6%

Technology

4.3%
22.6%

Industrials

3.6%
8.3%

Basic Materials

0.4%
2.8%

Real Estate

-

1.8%

Consumer Defensive

FDL
24.3%
IWX
8.2%

Utilities

FDL
15.4%
IWX
2.6%

Financial Services

FDL
13.7%
IWX
20.0%

Healthcare

FDL
11.7%
IWX
13.6%

Communication Services

FDL
11.2%
IWX
3.5%

Energy

FDL
11.1%
IWX
5.1%

Consumer Cyclical

FDL
4.4%
IWX
11.6%

Technology

FDL
4.3%
IWX
22.6%

Industrials

FDL
3.6%
IWX
8.3%

Basic Materials

FDL
0.4%
IWX
2.8%

Real Estate

FDL

-

IWX
1.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

First Trust Morningstar Dividend Leaders Index Fund

iShares Russell Top 200 Value ETF

Often compared with FDL:
FDL vs. SCHDFDL vs. FDVVFDL vs. VYMFDL vs. SPYDFDL vs. LVHDFDL vs. SPHDFDL vs. VOO
Often compared with IWX:
IWX vs. IWNIWX vs. IWYIWX vs. IWCIWX vs. IWFIWX vs. XLPIWX vs. QQQIWX vs. SPYV

Return for Risk

FDL vs. IWX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
FDL
FDL Risk / Return Rank: 9292
Overall Rank
FDL Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
FDL Sortino Ratio Rank: 9393
Sortino Ratio Rank
FDL Omega Ratio Rank: 8989
Omega Ratio Rank
FDL Calmar Ratio Rank: 9696
Calmar Ratio Rank
FDL Martin Ratio Rank: 9191
Martin Ratio Rank
IWX
IWX Risk / Return Rank: 9696
Overall Rank
IWX Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
IWX Sortino Ratio Rank: 9696
Sortino Ratio Rank
IWX Omega Ratio Rank: 9696
Omega Ratio Rank
IWX Calmar Ratio Rank: 9595
Calmar Ratio Rank
IWX Martin Ratio Rank: 9696
Martin Ratio Rank
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. IWX - 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 Russell Top 200 Value ETF (IWX). 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.

FDLIWXDifference
Sharpe ratioReturn per unit of total volatility
2.38
3.40

-1.02

Sortino ratioReturn per unit of downside risk
3.58
4.70

-1.12

Omega ratioGain probability vs. loss probability

1.42

1.61

-0.20

Calmar ratioReturn relative to maximum drawdown

6.62

5.52

+1.10

Martin ratioReturn relative to average drawdown

15.62

24.26

-8.65

FDL vs. IWX - Sharpe Ratio Comparison

The current FDL Sharpe Ratio is 2.38, which is comparable to the IWX Sharpe Ratio of 3.40. The chart below compares the historical Sharpe Ratios of FDL and IWX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

FDL vs. IWX - Drawdown Comparison

The maximum FDL drawdown since its inception was -65.93%, which is greater than IWX's maximum drawdown of -35.76%. Use the drawdown chart below to compare losses from any high point for FDL and IWX.

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Drawdown Indicators

FDLIWXDifference

Max Drawdown

Largest peak-to-trough decline

-65.93%

-35.76%

-30.17%

Max Drawdown (1Y)

Largest decline over 1 year

-4.27%

-6.59%

+2.32%

Max Drawdown (3Y)

Largest decline over 3 years

-12.24%

-13.37%

+1.13%

Max Drawdown (5Y)

Largest decline over 5 years

-16.46%

-18.13%

+1.67%

Max Drawdown (10Y)

Largest decline over 10 years

-41.40%

-35.76%

-5.64%

Current Drawdown

Current decline from peak

-1.58%

0.00%

-1.58%

Average Drawdown

Average peak-to-trough decline

-9.59%

-3.79%

-5.80%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.81%

1.50%

+0.31%

Volatility

FDL vs. IWX - Volatility Comparison

First Trust Morningstar Dividend Leaders Index Fund (FDL) has a higher volatility of 4.65% compared to iShares Russell Top 200 Value ETF (IWX) at 2.94%. This indicates that FDL's price experiences larger fluctuations and is considered to be riskier than IWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FDLIWXDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.65%

2.94%

+1.71%

Volatility (6M)

Calculated over the trailing 6-month period

8.75%

8.50%

+0.25%

Volatility (1Y)

Calculated over the trailing 1-year period

11.89%

10.71%

+1.18%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.44%

13.89%

+0.55%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.16%

16.49%

+0.67%

FDL vs. IWX - Expense Ratio Comparison

FDL has a 0.43% expense ratio, which is higher than IWX's 0.20% expense ratio.

Dividends

FDL vs. IWX - Dividend Comparison

FDL's dividend yield for the trailing twelve months is around 3.58%, more than IWX's 1.38% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
IWX
iShares Russell Top 200 Value ETF		1.38%1.59%1.97%2.13%2.07%1.79%2.12%2.60%2.66%2.12%2.22%2.77%

Frequently Asked Questions

FDL and IWX have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FDL has higher volatility (4.65%) compared to IWX (2.94%). In terms of maximum drawdown, FDL dropped -65.93% vs IWX's -35.76%.

On 10-year performance, IWX leads with 12.05% vs 11.08% for FDL. On fees, IWX is cheaper at 0.20% per year. On volatility, IWX has been the lower-risk option at 2.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IWX has performed better with a 12.05% return vs 11.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IWX is cheaper with a 0.20% expense ratio, compared with 0.43% for FDL.

FDL has the higher dividend yield at 3.58%, compared with 1.38% for IWX.

FDL tracks Morningstar Dividend Leaders Index, while IWX tracks Russell Top 200 Value Index. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.43% for FDL and 0.20% for IWX.

IWX currently has the higher Sharpe Ratio (3.40 vs 2.38), 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.

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