FDL vs. VOOG

Last updated Jun 13, 2026

FDL (First Trust Morningstar Dividend Leaders Index Fund) and VOOG (Vanguard S&P 500 Growth ETF) are both exchange-traded funds - FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index, while VOOG is a S&P 500 fund tracking the S&P 500 Growth Index. Both are passively managed. Over the past 10 years, FDL returned 11.39%/yr vs 17.86%/yr for VOOG. A 0.57 correlation means they provide meaningful diversification when combined. FDL charges 0.43%/yr vs 0.07%/yr for VOOG.

Performance

FDL vs. VOOG - 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 Growth ETF (VOOG). 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 VOOG's 9.67% return. Over the past 10 years, FDL has underperformed VOOG with an annualized return of 11.39%, while VOOG has yielded a comparatively higher 17.86% annualized return.

FDL

• 1D: 0.91%
• 1M: 3.46%
• YTD: 16.26%
• 6M: 16.15%
• 1Y: 24.87%
• 3Y*: 19.25%
• 5Y*: 13.10%
• 10Y*: 11.39%

VOOG

• 1D: 0.38%
• 1M: -1.66%
• YTD: 9.67%
• 6M: 10.61%
• 1Y: 27.55%
• 3Y*: 25.78%
• 5Y*: 14.86%
• 10Y*: 17.86%

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

FDL vs. VOOG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FDL First Trust Morningstar Dividend Leaders Index Fund	16.26%	14.79%	17.98%	2.94%	6.66%	26.10%	-4.30%	24.41%	-5.99%	12.02%
VOOG Vanguard S&P 500 Growth ETF	9.67%	22.11%	35.89%	29.96%	-29.48%	31.95%	33.35%	30.93%	-0.21%	27.19%

Correlation

The correlation between FDL and VOOG is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.46
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010	0.57

The correlation between FDL and VOOG shifts across timeframes, from -0.08 (1 year) to 0.57 (all time), reflecting how their relationship changes across market environments.

FDL vs. VOOG - Sectors Allocation Comparison

Sectors	FDL	VOOG
Energy	27.3%	0.1%
Healthcare	16.8%	5.8%
Financial Services	15.1%	8.8%
Consumer Defensive	14.7%	1.0%
Communication Services	10.6%	18.0%
Utilities	6.5%	0.4%
Industrials	3.8%	6.2%
Consumer Cyclical	3.8%	9.4%
Technology	1.1%	49.4%
Basic Materials	0.3%	0.4%
Real Estate	-	0.6%

Return for Risk

FDL vs. VOOG — 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

VOOG

VOOG Risk / Return Rank: 52
VOOG Sharpe Ratio Rank: 57
VOOG Sortino Ratio Rank: 53
VOOG Omega Ratio Rank: 53
VOOG Calmar Ratio Rank: 46
VOOG Martin Ratio Rank: 53

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. VOOG - 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 Growth ETF (VOOG). 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	VOOG	Difference
Sharpe ratio: Return per unit of total volatility	2.22	1.67	+0.55
Sortino ratio: Return per unit of downside risk	3.41	2.26	+1.15
Omega ratio: Gain probability vs. loss probability	1.39	1.29	+0.10
Calmar ratio: Return relative to maximum drawdown	5.85	2.02	+3.83
Martin ratio: Return relative to average drawdown	14.28	8.11	+6.17

FDL vs. VOOG - Sharpe Ratio Comparison

The current FDL Sharpe Ratio is 2.22, which is higher than the VOOG Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of FDL and VOOG, 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. VOOG - Drawdown Comparison

The maximum FDL drawdown since its inception was -65.93%, which is greater than VOOG's maximum drawdown of -32.73%. Use the drawdown chart below to compare losses from any high point for FDL and VOOG.

Drawdown Indicators

	FDL	VOOG	Difference
Max Drawdown Largest peak-to-trough decline	-65.93%	-32.73%	-33.20%
Max Drawdown (1Y) Largest decline over 1 year	-4.27%	-13.71%	+9.44%
Max Drawdown (3Y) Largest decline over 3 years	-12.24%	-22.18%	+9.94%
Max Drawdown (5Y) Largest decline over 5 years	-16.46%	-32.73%	+16.27%
Max Drawdown (10Y) Largest decline over 10 years	-41.40%	-32.73%	-8.67%
Current Drawdown Current decline from peak	0.00%	-4.65%	+4.65%
Average Drawdown Average peak-to-trough decline	-9.64%	-4.97%	-4.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.76%	3.40%	-1.64%

Volatility

FDL vs. VOOG - Volatility Comparison

The current volatility for First Trust Morningstar Dividend Leaders Index Fund (FDL) is 2.70%, while Vanguard S&P 500 Growth ETF (VOOG) has a volatility of 6.29%. This indicates that FDL experiences smaller price fluctuations and is considered to be less risky than VOOG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDL	VOOG	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.70%	6.29%	-3.59%
Volatility (6M) Calculated over the trailing 6-month period	7.69%	13.43%	-5.74%
Volatility (1Y) Calculated over the trailing 1-year period	11.25%	16.60%	-5.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.31%	21.29%	-6.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.11%	20.78%	-3.67%

FDL vs. VOOG - Expense Ratio Comparison

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

Dividends

FDL vs. VOOG - Dividend Comparison

FDL's dividend yield for the trailing twelve months is around 3.58%, more than VOOG's 0.45% 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%
VOOG Vanguard S&P 500 Growth ETF	0.45%	0.49%	0.49%	1.12%	0.93%	0.53%	0.88%	1.26%	1.34%	1.32%	1.47%	1.56%

Frequently Asked Questions

Can I hold both FDL and VOOG in my portfolio?

FDL and VOOG have a correlation of -0.08, 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 VOOG?

VOOG has higher volatility (6.29%) compared to FDL (2.70%). In terms of maximum drawdown, FDL dropped -65.93% vs VOOG's -32.73%.

Which ETF is better, FDL or VOOG?

On 10-year performance, VOOG leads with 17.86% vs 11.39% for FDL. On fees, VOOG is cheaper at 0.07% 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 VOOG?

Over the 10-year period, VOOG has performed better with a 17.86% return vs 11.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDL or VOOG?

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

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

FDL has the higher dividend yield at 3.58%, compared with 0.45% for VOOG.

What is the main difference between FDL and VOOG?

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

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (2.22 vs 1.67), 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.