FDL vs. SPYD

Last updated Jun 23, 2026

FDL (First Trust Morningstar Dividend Leaders Index Fund) and SPYD (State Street SPDR Portfolio S&P 500 High Dividend ETF) are both exchange-traded funds - FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index, while SPYD is a S&P 500 fund tracking the S&P 500 High Dividend Index. Both are passively managed. Over the past 10 years, FDL returned 10.99%/yr vs 8.76%/yr for SPYD. Their correlation of 0.88 suggests significant overlap in exposure. FDL charges 0.43%/yr vs 0.07%/yr for SPYD.

Performance

FDL vs. SPYD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Morningstar Dividend Leaders Index Fund (FDL) and State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with FDL having a 11.33% return and SPYD slightly higher at 11.52%. Over the past 10 years, FDL has outperformed SPYD with an annualized return of 10.99%, while SPYD has yielded a comparatively lower 8.76% annualized return.

FDL

• 1D: -0.16%
• 1M: -3.91%
• YTD: 11.33%
• 6M: 11.38%
• 1Y: 21.02%
• 3Y*: 18.63%
• 5Y*: 12.95%
• 10Y*: 10.99%

SPYD

• 1D: 0.52%
• 1M: 0.07%
• YTD: 11.52%
• 6M: 11.31%
• 1Y: 17.94%
• 3Y*: 14.80%
• 5Y*: 7.99%
• 10Y*: 8.76%

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

FDL vs. SPYD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FDL First Trust Morningstar Dividend Leaders Index Fund	11.33%	14.79%	17.98%	2.94%	6.66%	26.10%	-4.30%	24.41%	-5.99%	12.02%
SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF	11.52%	4.65%	15.34%	3.91%	-1.17%	32.73%	-11.64%	21.20%	-4.89%	12.67%

Correlation

The correlation between FDL and SPYD is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Oct 22, 2015	0.88

The correlation between FDL and SPYD has been stable across timeframes, ranging from 0.83 to 0.90 - a consistent structural relationship.

FDL vs. SPYD - Sectors Allocation Comparison

Sectors	FDL	SPYD
Energy	25.7%	8.5%
Healthcare	17.6%	5.3%
Financial Services	15.2%	11.9%
Consumer Defensive	14.4%	16.0%
Communication Services	10.6%	4.8%
Utilities	6.5%	11.2%
Consumer Cyclical	4.7%	7.3%
Industrials	3.9%	2.3%
Technology	1.4%	3.2%
Basic Materials	0.3%	3.0%
Real Estate	-	26.5%

Return for Risk

FDL vs. SPYD — Risk / Return Rank

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

FDL

FDL Risk / Return Rank: 65
FDL Sharpe Ratio Rank: 57
FDL Sortino Ratio Rank: 62
FDL Omega Ratio Rank: 53
FDL Calmar Ratio Rank: 88
FDL Martin Ratio Rank: 66

SPYD

SPYD Risk / Return Rank: 46
SPYD Sharpe Ratio Rank: 45
SPYD Sortino Ratio Rank: 47
SPYD Omega Ratio Rank: 41
SPYD Calmar Ratio Rank: 53
SPYD Martin Ratio Rank: 46

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. SPYD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Morningstar Dividend Leaders Index Fund (FDL) and State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD). 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	SPYD	Difference
Sharpe ratio: Return per unit of total volatility	1.84	1.52	+0.32
Sortino ratio: Return per unit of downside risk	2.80	2.27	+0.53
Omega ratio: Gain probability vs. loss probability	1.32	1.26	+0.06
Calmar ratio: Return relative to maximum drawdown	4.94	2.55	+2.39
Martin ratio: Return relative to average drawdown	11.71	7.37	+4.34

FDL vs. SPYD - Sharpe Ratio Comparison

The current FDL Sharpe Ratio is 1.84, which is comparable to the SPYD Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of FDL and SPYD, 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. SPYD - Drawdown Comparison

The maximum FDL drawdown since its inception was -65.93%, which is greater than SPYD's maximum drawdown of -46.42%. Use the drawdown chart below to compare losses from any high point for FDL and SPYD.

Drawdown Indicators

	FDL	SPYD	Difference
Max Drawdown Largest peak-to-trough decline	-65.93%	-46.42%	-19.51%
Max Drawdown (1Y) Largest decline over 1 year	-4.27%	-7.05%	+2.78%
Max Drawdown (3Y) Largest decline over 3 years	-12.24%	-16.13%	+3.89%
Max Drawdown (5Y) Largest decline over 5 years	-16.46%	-22.25%	+5.79%
Max Drawdown (10Y) Largest decline over 10 years	-41.40%	-46.42%	+5.02%
Current Drawdown Current decline from peak	-4.24%	-2.80%	-1.44%
Average Drawdown Average peak-to-trough decline	-9.64%	-6.15%	-3.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	2.44%	-0.64%

Volatility

FDL vs. SPYD - Volatility Comparison

First Trust Morningstar Dividend Leaders Index Fund (FDL) and State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) have volatilities of 3.52% and 3.59%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDL	SPYD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.52%	3.59%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	8.03%	8.02%	+0.01%
Volatility (1Y) Calculated over the trailing 1-year period	11.51%	11.87%	-0.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.30%	16.07%	-1.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.13%	19.80%	-2.67%

FDL vs. SPYD - Expense Ratio Comparison

FDL has a 0.43% expense ratio, which is higher than SPYD's 0.07% expense ratio.

Dividends

FDL vs. SPYD - Dividend Comparison

FDL's dividend yield for the trailing twelve months is around 3.74%, less than SPYD's 5.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDL First Trust Morningstar Dividend Leaders Index Fund	3.74%	4.04%	4.96%	4.58%	3.58%	4.59%	4.48%	3.75%	3.97%	3.18%	2.93%	3.65%
SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF	5.36%	4.52%	4.31%	4.66%	5.01%	3.68%	4.95%	4.42%	4.75%	4.63%	4.34%	1.13%

Frequently Asked Questions

Can I hold both FDL and SPYD in my portfolio?

FDL and SPYD have a correlation of 0.83, 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 SPYD?

SPYD has higher volatility (3.59%) compared to FDL (3.52%). In terms of maximum drawdown, FDL dropped -65.93% vs SPYD's -46.42%.

Which ETF is better, FDL or SPYD?

On 10-year performance, FDL leads with 10.99% vs 8.76% for SPYD. On fees, SPYD is cheaper at 0.07% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDL or SPYD?

Over the 10-year period, FDL has performed better with a 10.99% return vs 8.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDL or SPYD?

SPYD is cheaper with a 0.07% expense ratio, compared with 0.43% for FDL.

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

SPYD has the higher dividend yield at 5.36%, compared with 3.74% for FDL.

What is the main difference between FDL and SPYD?

FDL is categorized as Large Cap Value Equities, while SPYD is S&P 500. FDL tracks Morningstar Dividend Leaders Index, while SPYD tracks S&P 500 High Dividend Index. They also come from different issuers: First Trust and State Street. Their fees differ too: 0.43% for FDL and 0.07% for SPYD.

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (1.84 vs 1.52), 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.