FDL vs. VOO

Last updated Aug 2, 2026

FDL (First Trust Morningstar Dividend Leaders Index Fund) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, FDL returned 11.09%/yr vs 15.14%/yr for VOO. Their 0.70 correlation means they have sometimes moved together and sometimes differently. FDL charges 0.43%/yr vs 0.03%/yr for VOO.

Performance

FDL vs. VOO - Performance Comparison

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

Returns By Period

In the year-to-date period, FDL achieves a 18.16% return, which is significantly higher than VOO's 10.16% return. Over the past 10 years, FDL has underperformed VOO with an annualized return of 11.09%, while VOO has yielded a comparatively higher 15.14% annualized return.

FDL

• 1D: 0.02%
• 1M: 3.27%
• 6M: 9.50%
• YTD: 18.16%
• 1Y: 27.65%
• 3Y*: 18.28%
• 5Y*: 13.98%
• 10Y*: 11.09%
• ALL TIME*: 8.94%

VOO

• 1D: 0.71%
• 1M: 0.26%
• 6M: 8.58%
• YTD: 10.16%
• 1Y: 21.58%
• 3Y*: 19.42%
• 5Y*: 12.83%
• 10Y*: 15.14%
• ALL TIME*: 14.78%

*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	$52.24M	$50.06M	$42.95M
VOO Vanguard S&P 500 ETF	$3.82B	$3.78B	$5.44B

FDL vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FDL First Trust Morningstar Dividend Leaders Index Fund	18.16%	14.79%	17.98%	2.94%	6.66%	26.10%	-4.30%	24.41%	-5.99%	12.02%
VOO Vanguard S&P 500 ETF	10.16%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between FDL and VOO is 0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.03
Correlation (3Y) Balances recent behavior with more history.	0.35
Correlation (5Y) Shows whether the relationship held over a longer period.	0.52
Correlation (10Y) Provides a long-term view across more market conditions.	0.62
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010	0.70

Over the past year, the correlation between FDL and VOO has dropped to 0.03 - well below their long-term average of 0.70, suggesting their price drivers have been diverging.

FDL vs. VOO - Sectors Allocation Comparison

Sectors	FDL	VOO
Consumer Defensive	24.3%	4.5%
Utilities	15.4%	2.2%
Financial Services	13.7%	11.4%
Healthcare	11.7%	8.9%
Communication Services	11.2%	9.9%
Energy	11.1%	3.0%
Consumer Cyclical	4.4%	9.5%
Technology	4.3%	38.6%
Industrials	3.6%	8.5%
Basic Materials	0.4%	1.7%
Real Estate	-	1.8%

Return for Risk

FDL vs. VOO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FDL

FDL Risk / Return Rank: 92
FDL Sharpe Ratio Rank: 90
FDL Sortino Ratio Rank: 92
FDL Omega Ratio Rank: 88
FDL Calmar Ratio Rank: 96
FDL Martin Ratio Rank: 91

VOO

VOO Risk / Return Rank: 68
VOO Sharpe Ratio Rank: 68
VOO Sortino Ratio Rank: 65
VOO Omega Ratio Rank: 66
VOO Calmar Ratio Rank: 64
VOO Martin Ratio Rank: 76

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Morningstar Dividend Leaders Index Fund (FDL) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	2.26	1.53	+0.73
Sortino ratio: Return per unit of downside risk	3.41	2.13	+1.28
Omega ratio: Gain probability vs. loss probability	1.39	1.28	+0.12
Calmar ratio: Return relative to maximum drawdown	6.29	2.21	+4.08
Martin ratio: Return relative to average drawdown	14.86	9.44	+5.42

FDL vs. VOO - Sharpe Ratio Comparison

The current FDL Sharpe Ratio is 2.26, which is higher than the VOO Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of FDL and VOO, 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. VOO - Drawdown Comparison

The maximum FDL drawdown since its inception was -65.93%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for FDL and VOO.

Drawdown Indicators

	FDL	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-65.93%	-33.99%	-31.94%
Max Drawdown (1Y) Largest decline over 1 year	-4.27%	-8.90%	+4.63%
Max Drawdown (3Y) Largest decline over 3 years	-12.24%	-18.69%	+6.45%
Max Drawdown (5Y) Largest decline over 5 years	-16.46%	-24.52%	+8.06%
Max Drawdown (10Y) Largest decline over 10 years	-41.40%	-33.99%	-7.41%
Current Drawdown Current decline from peak	-1.96%	-1.38%	-0.58%
Average Drawdown Average peak-to-trough decline	-9.59%	-3.67%	-5.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.81%	2.08%	-0.27%

Volatility

FDL vs. VOO - Volatility Comparison

First Trust Morningstar Dividend Leaders Index Fund (FDL) has a higher volatility of 4.96% compared to Vanguard S&P 500 ETF (VOO) at 3.54%. This indicates that FDL's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDL	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.96%	3.54%	+1.42%
Volatility (6M) Calculated over the trailing 6-month period	8.97%	10.10%	-1.13%
Volatility (1Y) Calculated over the trailing 1-year period	11.95%	12.82%	-0.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.44%	16.93%	-2.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.16%	18.01%	-0.85%

FDL vs. VOO - Expense Ratio Comparison

FDL has a 0.43% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

FDL vs. VOO - Dividend Comparison

FDL's dividend yield for the trailing twelve months is around 3.59%, more than VOO's 1.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDL First Trust Morningstar Dividend Leaders Index Fund	3.59%	4.04%	4.96%	4.58%	3.58%	4.59%	4.48%	3.75%	3.97%	3.18%	2.93%	3.65%
VOO Vanguard S&P 500 ETF	1.07%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both FDL and VOO in my portfolio?

FDL and VOO have a correlation of 0.03, 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 VOO?

FDL has higher volatility (4.96%) compared to VOO (3.54%). In terms of maximum drawdown, FDL dropped -65.93% vs VOO's -33.99%.

Which ETF is better, FDL or VOO?

On 10-year performance, VOO leads with 15.14% vs 11.09% for FDL. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 3.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDL or VOO?

Over the 10-year period, VOO has performed better with a 15.14% return vs 11.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDL or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.43% for FDL.

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

FDL has the higher dividend yield at 3.59%, compared with 1.07% for VOO.

What is the main difference between FDL and VOO?

FDL is categorized as Large Cap Value Equities, while VOO is S&P 500. FDL tracks Morningstar Dividend Leaders Index, while VOO tracks S&P 500 Index. They also come from different issuers: First Trust and Vanguard. Their fees differ too: 0.43% for FDL and 0.03% for VOO.

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (2.26 vs 1.53), 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.