FDL vs. UDI

Last updated Jun 4, 2026

FDL (First Trust Morningstar Dividend Leaders Index Fund) and UDI (USCF ESG Dividend Income Fund) are both Large Cap Value Equities funds. FDL is passively managed, while UDI is actively managed. Over the past 3 years, FDL returned 18.97%/yr vs 16.39%/yr for UDI. Their correlation of 0.84 suggests significant overlap in exposure. FDL charges 0.45%/yr vs 0.65%/yr for UDI.

Performance

FDL vs. UDI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Morningstar Dividend Leaders Index Fund (FDL) and USCF ESG Dividend Income Fund (UDI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FDL achieves a 13.33% return, which is significantly higher than UDI's 9.46% return.

FDL

• 1D: -0.26%
• 1M: -0.26%
• YTD: 13.33%
• 6M: 14.76%
• 1Y: 23.67%
• 3Y*: 18.97%
• 5Y*: 12.51%
• 10Y*: 11.24%

UDI

• 1D: -0.16%
• 1M: 1.43%
• YTD: 9.46%
• 6M: 11.05%
• 1Y: 21.78%
• 3Y*: 16.39%
• 5Y*: —
• 10Y*: —

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

FDL vs. UDI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FDL First Trust Morningstar Dividend Leaders Index Fund	13.33%	14.79%	17.98%	2.94%	-2.22%
UDI USCF ESG Dividend Income Fund	9.46%	14.23%	17.07%	6.35%	3.81%

Correlation

The correlation between FDL and UDI is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jun 9, 2022	0.84

The correlation between FDL and UDI shifts across timeframes, from 0.74 (1 year) to 0.84 (all time), reflecting how their relationship changes across market environments.

FDL vs. UDI - Sectors Allocation Comparison

Sectors	FDL	UDI
Energy	27.3%	11.9%
Healthcare	16.8%	16.8%
Financial Services	15.1%	29.5%
Consumer Defensive	14.7%	2.9%
Communication Services	10.6%	6.1%
Utilities	6.5%	8.3%
Industrials	3.8%	2.5%
Consumer Cyclical	3.8%	2.4%
Technology	1.1%	6.8%
Basic Materials	0.3%	4.2%
Real Estate	-	8.7%

Return for Risk

FDL vs. UDI — Risk / Return Rank

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

FDL

FDL Risk / Return Rank: 70
FDL Sharpe Ratio Rank: 61
FDL Sortino Ratio Rank: 70
FDL Omega Ratio Rank: 59
FDL Calmar Ratio Rank: 90
FDL Martin Ratio Rank: 71

UDI

UDI Risk / Return Rank: 70
UDI Sharpe Ratio Rank: 65
UDI Sortino Ratio Rank: 67
UDI Omega Ratio Rank: 61
UDI Calmar Ratio Rank: 77
UDI Martin Ratio Rank: 77

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. UDI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Morningstar Dividend Leaders Index Fund (FDL) and USCF ESG Dividend Income Fund (UDI). 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	UDI	Difference
Sharpe ratio: Return per unit of total volatility	2.11	2.15	-0.04
Sortino ratio: Return per unit of downside risk	3.25	3.07	+0.19
Omega ratio: Gain probability vs. loss probability	1.37	1.37	0.00
Calmar ratio: Return relative to maximum drawdown	5.56	3.87	+1.70
Martin ratio: Return relative to average drawdown	13.56	14.72	-1.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FDL vs. UDI - Sharpe Ratio Comparison

The current FDL Sharpe Ratio is 2.11, which is comparable to the UDI Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of FDL and UDI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FDL	UDI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.11	2.15	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.88	—	—
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	0.92	-0.47

Drawdowns

FDL vs. UDI - Drawdown Comparison

The maximum FDL drawdown since its inception was -65.93%, which is greater than UDI's maximum drawdown of -14.17%. Use the drawdown chart below to compare losses from any high point for FDL and UDI.

Drawdown Indicators

	FDL	UDI	Difference
Max Drawdown Largest peak-to-trough decline	-65.93%	-14.17%	-51.76%
Max Drawdown (1Y) Largest decline over 1 year	-4.27%	-5.66%	+1.39%
Max Drawdown (3Y) Largest decline over 3 years	-12.24%	-14.17%	+1.93%
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	-2.18%	-0.97%	-1.21%
Average Drawdown Average peak-to-trough decline	-9.66%	-3.07%	-6.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.75%	1.48%	+0.27%

Volatility

FDL vs. UDI - Volatility Comparison

First Trust Morningstar Dividend Leaders Index Fund (FDL) has a higher volatility of 2.85% compared to USCF ESG Dividend Income Fund (UDI) at 2.67%. This indicates that FDL's price experiences larger fluctuations and is considered to be riskier than UDI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDL	UDI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.85%	2.67%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	7.87%	6.95%	+0.92%
Volatility (1Y) Calculated over the trailing 1-year period	11.28%	10.19%	+1.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.31%	14.04%	+0.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.11%	14.04%	+3.07%

FDL vs. UDI - Expense Ratio Comparison

FDL has a 0.45% expense ratio, which is lower than UDI's 0.65% expense ratio.

Dividends

FDL vs. UDI - Dividend Comparison

FDL's dividend yield for the trailing twelve months is around 3.68%, more than UDI's 2.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDL First Trust Morningstar Dividend Leaders Index Fund	3.68%	4.04%	4.96%	4.58%	3.58%	4.59%	4.48%	3.75%	3.97%	3.18%	2.93%	3.65%
UDI USCF ESG Dividend Income Fund	2.49%	2.42%	5.33%	2.61%	1.79%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FDL and UDI in my portfolio?

FDL and UDI have a correlation of 0.74, 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 UDI?

FDL has higher volatility (2.85%) compared to UDI (2.67%). In terms of maximum drawdown, FDL dropped -65.93% vs UDI's -14.17%.

Which ETF is better, FDL or UDI?

On 3-year performance, FDL leads with 18.97% vs 16.39% for UDI. On fees, FDL is cheaper at 0.45% per year. On volatility, UDI has been the lower-risk option at 2.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDL or UDI?

Over the 3-year period, FDL has performed better with a 18.97% return vs 16.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDL or UDI?

FDL is cheaper with a 0.45% expense ratio, compared with 0.65% for UDI.

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

FDL has the higher dividend yield at 3.68%, compared with 2.49% for UDI.

What is the main difference between FDL and UDI?

They also come from different issuers: First Trust and USCF Advisers. Their fees differ too: 0.45% for FDL and 0.65% for UDI.

Which has better risk-adjusted returns?

UDI currently has the higher Sharpe Ratio (2.15 vs 2.11), 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.