FDL vs. NVDY
FDL (First Trust Morningstar Dividend Leaders Index Fund) and NVDY (YieldMax NVDA Option Income Strategy ETF) are both exchange-traded funds - FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index, while NVDY is a Derivative Income fund actively managed by YieldMax. FDL is passively managed, while NVDY is actively managed. Over the past 3 years, FDL returned 19.57%/yr vs 55.07%/yr for NVDY. At a correlation of -0.02, they often move in opposite directions. FDL charges 0.45%/yr vs 0.99%/yr for NVDY.
Performance
FDL vs. NVDY - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with FDL having a 14.21% return and NVDY slightly higher at 14.49%.
FDL
- 1D
- 0.78%
- 1M
- 0.32%
- YTD
- 14.21%
- 6M
- 15.52%
- 1Y
- 25.50%
- 3Y*
- 19.57%
- 5Y*
- 12.69%
- 10Y*
- 11.28%
NVDY
- 1D
- 1.27%
- 1M
- 7.84%
- YTD
- 14.49%
- 6M
- 17.01%
- 1Y
- 47.85%
- 3Y*
- 55.07%
- 5Y*
- —
- 10Y*
- —
FDL vs. NVDY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
FDL First Trust Morningstar Dividend Leaders Index Fund | 14.21% | 14.79% | 17.98% | 9.97% |
NVDY YieldMax NVDA Option Income Strategy ETF | 14.49% | 27.38% | 114.23% | 42.02% |
Correlation
The correlation between FDL and NVDY is -0.20, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since May 12, 2023 | -0.02 |
The correlation between FDL and NVDY shifts across timeframes, from -0.20 (1 year) to -0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FDL vs. NVDY — Risk / Return Rank
FDL
NVDY
FDL vs. NVDY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Morningstar Dividend Leaders Index Fund (FDL) and YieldMax NVDA Option Income Strategy ETF (NVDY). 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 | NVDY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.51 | ||
| Sortino ratioReturn per unit of downside risk | +1.15 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.29 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 5.99 | 3.75 | +2.24 |
| Martin ratioReturn relative to average drawdown | 14.59 | 9.22 | +5.37 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FDL | NVDY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.27 | 1.76 | +0.51 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.89 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.66 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 1.65 | -1.20 |
Drawdowns
FDL vs. NVDY - Drawdown Comparison
The maximum FDL drawdown since its inception was -65.93%, which is greater than NVDY's maximum drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for FDL and NVDY.
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Drawdown Indicators
| FDL | NVDY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -65.93% | -34.08% | -31.85% |
Max Drawdown (1Y)Largest decline over 1 year | -4.27% | -12.81% | +8.54% |
Max Drawdown (3Y)Largest decline over 3 years | -12.24% | -34.08% | +21.84% |
Max Drawdown (5Y)Largest decline over 5 years | -16.46% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -41.40% | — | — |
Current DrawdownCurrent decline from peak | -1.41% | -5.47% | +4.06% |
Average DrawdownAverage peak-to-trough decline | -9.66% | -6.15% | -3.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.75% | 5.21% | -3.46% |
Volatility
FDL vs. NVDY - Volatility Comparison
The current volatility for First Trust Morningstar Dividend Leaders Index Fund (FDL) is 2.95%, while YieldMax NVDA Option Income Strategy ETF (NVDY) has a volatility of 9.43%. This indicates that FDL experiences smaller price fluctuations and is considered to be less risky than NVDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FDL | NVDY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.95% | 9.43% | -6.48% |
Volatility (6M)Calculated over the trailing 6-month period | 7.85% | 20.71% | -12.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.30% | 27.33% | -16.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.31% | 38.22% | -23.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.11% | 38.22% | -21.11% |
FDL vs. NVDY - Expense Ratio Comparison
FDL has a 0.45% expense ratio, which is lower than NVDY's 0.99% expense ratio.
Dividends
FDL vs. NVDY - Dividend Comparison
FDL's dividend yield for the trailing twelve months is around 3.65%, less than NVDY's 62.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FDL First Trust Morningstar Dividend Leaders Index Fund | 3.65% | 4.04% | 4.96% | 4.58% | 3.58% | 4.59% | 4.48% | 3.75% | 3.97% | 3.18% | 2.93% | 3.65% |
NVDY YieldMax NVDA Option Income Strategy ETF | 62.14% | 83.10% | 83.65% | 22.32% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FDL and NVDY have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NVDY has higher volatility (9.43%) compared to FDL (2.95%). In terms of maximum drawdown, FDL dropped -65.93% vs NVDY's -34.08%.
On 3-year performance, NVDY leads with 55.07% vs 19.57% for FDL. On fees, FDL is cheaper at 0.45% per year. On volatility, FDL has been the lower-risk option at 2.95%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, NVDY has performed better with a 55.07% return vs 19.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FDL is cheaper with a 0.45% expense ratio, compared with 0.99% for NVDY.
NVDY has the higher dividend yield at 62.14%, compared with 3.65% for FDL.
FDL is categorized as Large Cap Value Equities, while NVDY is Derivative Income. They also come from different issuers: First Trust and YieldMax. Their fees differ too: 0.45% for FDL and 0.99% for NVDY.
FDL currently has the higher Sharpe Ratio (2.27 vs 1.76), 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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