FDL vs. SMRI

Last updated Aug 4, 2026

FDL (First Trust Morningstar Dividend Leaders Index Fund) and SMRI (Bushido Capital US Equity ETF) are both Large Cap Value Equities funds. FDL is passively managed, while SMRI is actively managed. Over the past year, FDL returned 28.15% vs 41.31% for SMRI. Their 0.64 correlation means they have sometimes moved together and sometimes differently. FDL charges 0.43%/yr vs 0.71%/yr for SMRI.

Performance

FDL vs. SMRI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Morningstar Dividend Leaders Index Fund (FDL) and Bushido Capital US Equity ETF (SMRI). 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 SMRI's 23.66% 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%

SMRI

• 1D: 0.51%
• 1M: 6.05%
• 6M: 23.81%
• YTD: 23.66%
• 1Y: 41.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 23.09%

*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
SMRI Bushido Capital US Equity ETF	$788.40K	$487.27K	$377.44K

FDL vs. SMRI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FDL First Trust Morningstar Dividend Leaders Index Fund	18.62%	14.79%	17.98%	5.90%
SMRI Bushido Capital US Equity ETF	23.66%	17.41%	19.16%	5.27%

Correlation

The correlation between FDL and SMRI is 0.47, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.47
Correlation (All Time) Calculated using the full available price history since Sep 14, 2023	0.64

The correlation between FDL and SMRI shifts across timeframes, from 0.47 (1 year) to 0.64 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FDL vs. SMRI — 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

SMRI

SMRI Risk / Return Rank: 94
SMRI Sharpe Ratio Rank: 94
SMRI Sortino Ratio Rank: 94
SMRI Omega Ratio Rank: 93
SMRI Calmar Ratio Rank: 96
SMRI Martin Ratio Rank: 93

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. SMRI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Morningstar Dividend Leaders Index Fund (FDL) and Bushido Capital US Equity ETF (SMRI). 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	SMRI	Difference
Sharpe ratio: Return per unit of total volatility	2.38	2.81	-0.42
Sortino ratio: Return per unit of downside risk	3.58	3.89	-0.31
Omega ratio: Gain probability vs. loss probability	1.42	1.50	-0.08
Calmar ratio: Return relative to maximum drawdown	6.62	6.10	+0.51
Martin ratio: Return relative to average drawdown	15.62	17.90	-2.28

FDL vs. SMRI - Sharpe Ratio Comparison

The current FDL Sharpe Ratio is 2.38, which is comparable to the SMRI Sharpe Ratio of 2.81. The chart below compares the historical Sharpe Ratios of FDL and SMRI, 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. SMRI - Drawdown Comparison

The maximum FDL drawdown since its inception was -65.93%, which is greater than SMRI's maximum drawdown of -18.45%. Use the drawdown chart below to compare losses from any high point for FDL and SMRI.

Drawdown Indicators

	FDL	SMRI	Difference
Max Drawdown Largest peak-to-trough decline	-65.93%	-18.45%	-47.48%
Max Drawdown (1Y) Largest decline over 1 year	-4.27%	-6.80%	+2.53%
Max Drawdown (3Y) Largest decline over 3 years	-12.24%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.46%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-41.40%	—	—
Current Drawdown Current decline from peak	-1.58%	0.00%	-1.58%
Average Drawdown Average peak-to-trough decline	-9.59%	-2.71%	-6.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.81%	2.31%	-0.50%

Volatility

FDL vs. SMRI - Volatility Comparison

First Trust Morningstar Dividend Leaders Index Fund (FDL) has a higher volatility of 4.65% compared to Bushido Capital US Equity ETF (SMRI) at 3.39%. This indicates that FDL's price experiences larger fluctuations and is considered to be riskier than SMRI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDL	SMRI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.65%	3.39%	+1.26%
Volatility (6M) Calculated over the trailing 6-month period	8.75%	11.78%	-3.03%
Volatility (1Y) Calculated over the trailing 1-year period	11.89%	14.82%	-2.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.44%	15.83%	-1.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.16%	15.83%	+1.33%

FDL vs. SMRI - Expense Ratio Comparison

FDL has a 0.43% expense ratio, which is lower than SMRI's 0.71% expense ratio.

Dividends

FDL vs. SMRI - Dividend Comparison

FDL's dividend yield for the trailing twelve months is around 3.58%, more than SMRI's 0.85% 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%
SMRI Bushido Capital US Equity ETF	0.85%	1.32%	0.98%	0.45%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FDL and SMRI in my portfolio?

FDL and SMRI have a correlation of 0.47, 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 SMRI?

FDL has higher volatility (4.65%) compared to SMRI (3.39%). In terms of maximum drawdown, FDL dropped -65.93% vs SMRI's -18.45%.

Which ETF is better, FDL or SMRI?

On 1-year performance, SMRI leads with 41.31% vs 28.15% for FDL. On fees, FDL is cheaper at 0.43% per year. On volatility, SMRI has been the lower-risk option at 3.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDL or SMRI?

Over the 1-year period, SMRI has performed better with a 41.31% return vs 28.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDL or SMRI?

FDL is cheaper with a 0.43% expense ratio, compared with 0.71% for SMRI.

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

FDL has the higher dividend yield at 3.58%, compared with 0.85% for SMRI.

What is the main difference between FDL and SMRI?

They also come from different issuers: First Trust and Bushido. Their fees differ too: 0.43% for FDL and 0.71% for SMRI.

Which has better risk-adjusted returns?

SMRI currently has the higher Sharpe Ratio (2.81 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.