FDL vs. SPD

Last updated Jun 14, 2026

FDL (First Trust Morningstar Dividend Leaders Index Fund) and SPD (Simplify US Equity PLUS Downside Convexity ETF) are both exchange-traded funds - FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index, while SPD is a Large Cap Blend Equities fund actively managed by Simplify. FDL is passively managed, while SPD is actively managed. Over the past 5 years, FDL returned 13.10%/yr vs 8.03%/yr for SPD. A 0.50 correlation means they provide meaningful diversification when combined. FDL charges 0.43%/yr vs 0.53%/yr for SPD.

Performance

FDL vs. SPD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Morningstar Dividend Leaders Index Fund (FDL) and Simplify US Equity PLUS Downside Convexity ETF (SPD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FDL achieves a 16.26% return, which is significantly higher than SPD's 5.42% return.

FDL

• 1D: 0.91%
• 1M: 2.94%
• YTD: 16.26%
• 6M: 16.15%
• 1Y: 25.94%
• 3Y*: 19.25%
• 5Y*: 13.10%
• 10Y*: 11.39%

SPD

• 1D: 0.40%
• 1M: 0.53%
• YTD: 5.42%
• 6M: 5.44%
• 1Y: 14.06%
• 3Y*: 16.67%
• 5Y*: 8.03%
• 10Y*: —

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

FDL vs. SPD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FDL First Trust Morningstar Dividend Leaders Index Fund	16.26%	14.79%	17.98%	2.94%	6.66%	26.10%	12.19%
SPD Simplify US Equity PLUS Downside Convexity ETF	5.42%	18.86%	17.49%	20.94%	-25.96%	24.81%	8.06%

Correlation

The correlation between FDL and SPD is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (All Time) Calculated using the full available price history since Sep 4, 2020	0.50

Over the past year, the correlation between FDL and SPD has dropped to 0.20 - well below their long-term average of 0.50, suggesting their price drivers have been diverging.

FDL vs. SPD - Sectors Allocation Comparison

Sectors	FDL	SPD
Energy	25.7%	3.2%
Healthcare	17.6%	8.4%
Financial Services	15.2%	11.0%
Consumer Defensive	14.4%	4.6%
Communication Services	10.6%	10.8%
Utilities	6.5%	2.1%
Consumer Cyclical	4.7%	10.0%
Industrials	3.9%	7.9%
Technology	1.4%	38.4%
Basic Materials	0.3%	1.7%
Real Estate	-	1.8%

Return for Risk

FDL vs. SPD — Risk / Return Rank

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

FDL

FDL Risk / Return Rank: 84
FDL Sharpe Ratio Rank: 80
FDL Sortino Ratio Rank: 87
FDL Omega Ratio Rank: 76
FDL Calmar Ratio Rank: 93
FDL Martin Ratio Rank: 83

SPD

SPD Risk / Return Rank: 27
SPD Sharpe Ratio Rank: 29
SPD Sortino Ratio Rank: 28
SPD Omega Ratio Rank: 26
SPD Calmar Ratio Rank: 25
SPD Martin Ratio Rank: 27

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. SPD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Morningstar Dividend Leaders Index Fund (FDL) and Simplify US Equity PLUS Downside Convexity ETF (SPD). 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	SPD	Difference
Sharpe ratio: Return per unit of total volatility	2.22	0.92	+1.30
Sortino ratio: Return per unit of downside risk	3.41	1.37	+2.04
Omega ratio: Gain probability vs. loss probability	1.39	1.16	+0.23
Calmar ratio: Return relative to maximum drawdown	5.85	1.04	+4.80
Martin ratio: Return relative to average drawdown	14.28	3.23	+11.05

FDL vs. SPD - Sharpe Ratio Comparison

The current FDL Sharpe Ratio is 2.22, which is higher than the SPD Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of FDL and SPD, 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. SPD - Drawdown Comparison

The maximum FDL drawdown since its inception was -65.93%, which is greater than SPD's maximum drawdown of -27.38%. Use the drawdown chart below to compare losses from any high point for FDL and SPD.

Drawdown Indicators

	FDL	SPD	Difference
Max Drawdown Largest peak-to-trough decline	-65.93%	-27.38%	-38.55%
Max Drawdown (1Y) Largest decline over 1 year	-4.27%	-11.90%	+7.63%
Max Drawdown (3Y) Largest decline over 3 years	-12.24%	-15.18%	+2.94%
Max Drawdown (5Y) Largest decline over 5 years	-16.46%	-27.38%	+10.92%
Max Drawdown (10Y) Largest decline over 10 years	-41.40%	—	—
Current Drawdown Current decline from peak	0.00%	-1.89%	+1.89%
Average Drawdown Average peak-to-trough decline	-9.64%	-7.70%	-1.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.76%	3.85%	-2.09%

Volatility

FDL vs. SPD - Volatility Comparison

The current volatility for First Trust Morningstar Dividend Leaders Index Fund (FDL) is 2.70%, while Simplify US Equity PLUS Downside Convexity ETF (SPD) has a volatility of 4.24%. This indicates that FDL experiences smaller price fluctuations and is considered to be less risky than SPD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDL	SPD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.70%	4.24%	-1.54%
Volatility (6M) Calculated over the trailing 6-month period	7.69%	9.14%	-1.45%
Volatility (1Y) Calculated over the trailing 1-year period	11.25%	13.45%	-2.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.31%	16.10%	-1.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.11%	15.99%	+1.12%

FDL vs. SPD - Expense Ratio Comparison

FDL has a 0.43% expense ratio, which is lower than SPD's 0.53% expense ratio.

Dividends

FDL vs. SPD - Dividend Comparison

FDL's dividend yield for the trailing twelve months is around 3.58%, more than SPD's 0.97% 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%
SPD Simplify US Equity PLUS Downside Convexity ETF	0.97%	0.97%	1.14%	1.91%	1.64%	0.88%	0.43%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FDL and SPD in my portfolio?

FDL and SPD 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.

Which is riskier, FDL or SPD?

SPD has higher volatility (4.24%) compared to FDL (2.70%). In terms of maximum drawdown, FDL dropped -65.93% vs SPD's -27.38%.

Which ETF is better, FDL or SPD?

On 5-year performance, FDL leads with 13.10% vs 8.03% for SPD. On fees, FDL is cheaper at 0.43% per year. On volatility, FDL has been the lower-risk option at 2.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDL or SPD?

Over the 5-year period, FDL has performed better with a 13.10% return vs 8.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDL or SPD?

FDL is cheaper with a 0.43% expense ratio, compared with 0.53% for SPD.

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

FDL has the higher dividend yield at 3.58%, compared with 0.97% for SPD.

What is the main difference between FDL and SPD?

FDL is categorized as Large Cap Value Equities, while SPD is Large Cap Blend Equities. They also come from different issuers: First Trust and Simplify. Their fees differ too: 0.43% for FDL and 0.53% for SPD.

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (2.22 vs 0.92), 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.