FDN vs. ILCB

Last updated Jun 24, 2026

FDN (First Trust Dow Jones Internet Index) and ILCB (iShares Morningstar U.S. Equity ETF) are both Large Cap Growth Equities funds - FDN tracks the Dow Jones Internet Index while ILCB tracks the Morningstar US Large-Mid Cap Index. Both are passively managed. Over the past 10 years, FDN returned 13.85%/yr vs 14.97%/yr for ILCB. A 0.76 correlation means they provide meaningful diversification when combined. FDN charges 0.52%/yr vs 0.03%/yr for ILCB.

Performance

FDN vs. ILCB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Dow Jones Internet Index (FDN) and iShares Morningstar U.S. Equity ETF (ILCB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FDN achieves a -3.99% return, which is significantly lower than ILCB's 8.52% return. Over the past 10 years, FDN has underperformed ILCB with an annualized return of 13.85%, while ILCB has yielded a comparatively higher 14.97% annualized return.

FDN

• 1D: -0.49%
• 1M: -5.63%
• YTD: -3.99%
• 6M: -4.90%
• 1Y: 0.72%
• 3Y*: 17.44%
• 5Y*: 1.19%
• 10Y*: 13.85%

ILCB

• 1D: -1.36%
• 1M: -1.01%
• YTD: 8.52%
• 6M: 7.55%
• 1Y: 23.81%
• 3Y*: 21.04%
• 5Y*: 12.58%
• 10Y*: 14.97%

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

FDN vs. ILCB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FDN First Trust Dow Jones Internet Index	-3.99%	10.70%	30.35%	51.48%	-45.54%	6.55%	52.55%	19.25%	6.17%	37.64%
ILCB iShares Morningstar U.S. Equity ETF	8.52%	17.70%	24.96%	26.91%	-19.48%	24.07%	19.40%	32.68%	-8.51%	22.09%

Correlation

The correlation between FDN and ILCB 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	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Jun 23, 2006	0.76

The correlation between FDN and ILCB has been stable across timeframes, ranging from 0.74 to 0.84 - a consistent structural relationship.

FDN vs. ILCB - Sectors Allocation Comparison

Sectors	FDN	ILCB
Technology	43.1%	38.9%
Communication Services	27.0%	9.9%
Consumer Cyclical	25.5%	9.3%
Financial Services	2.0%	11.4%
Industrials	1.3%	8.4%
Healthcare	1.2%	8.4%
Basic Materials	-	1.8%
Consumer Defensive	-	4.5%
Energy	-	3.1%
Real Estate	-	1.7%
Utilities	-	2.6%

Return for Risk

FDN vs. ILCB — Risk / Return Rank

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

FDN

FDN Risk / Return Rank: 9
FDN Sharpe Ratio Rank: 9
FDN Sortino Ratio Rank: 9
FDN Omega Ratio Rank: 9
FDN Calmar Ratio Rank: 9
FDN Martin Ratio Rank: 9

ILCB

ILCB Risk / Return Rank: 60
ILCB Sharpe Ratio Rank: 60
ILCB Sortino Ratio Rank: 57
ILCB Omega Ratio Rank: 59
ILCB Calmar Ratio Rank: 57
ILCB Martin Ratio Rank: 67

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.

FDN vs. ILCB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Dow Jones Internet Index (FDN) and iShares Morningstar U.S. Equity ETF (ILCB). 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.

	FDN	ILCB	Difference
Sharpe ratio: Return per unit of total volatility	0.04	1.89	-1.86
Sortino ratio: Return per unit of downside risk	0.18	2.59	-2.40
Omega ratio: Gain probability vs. loss probability	1.02	1.34	-0.32
Calmar ratio: Return relative to maximum drawdown	0.03	2.63	-2.60
Martin ratio: Return relative to average drawdown	0.09	11.66	-11.58

FDN vs. ILCB - Sharpe Ratio Comparison

The current FDN Sharpe Ratio is 0.04, which is lower than the ILCB Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of FDN and ILCB, 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

FDN vs. ILCB - Drawdown Comparison

The maximum FDN drawdown since its inception was -61.55%, which is greater than ILCB's maximum drawdown of -51.53%. Use the drawdown chart below to compare losses from any high point for FDN and ILCB.

Drawdown Indicators

	FDN	ILCB	Difference
Max Drawdown Largest peak-to-trough decline	-61.55%	-51.53%	-10.02%
Max Drawdown (1Y) Largest decline over 1 year	-21.31%	-9.09%	-12.22%
Max Drawdown (3Y) Largest decline over 3 years	-24.98%	-19.05%	-5.93%
Max Drawdown (5Y) Largest decline over 5 years	-53.97%	-25.47%	-28.50%
Max Drawdown (10Y) Largest decline over 10 years	-53.97%	-35.30%	-18.67%
Current Drawdown Current decline from peak	-10.81%	-3.00%	-7.81%
Average Drawdown Average peak-to-trough decline	-11.81%	-6.23%	-5.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.54%	2.05%	+6.49%

Volatility

FDN vs. ILCB - Volatility Comparison

First Trust Dow Jones Internet Index (FDN) has a higher volatility of 7.48% compared to iShares Morningstar U.S. Equity ETF (ILCB) at 4.82%. This indicates that FDN's price experiences larger fluctuations and is considered to be riskier than ILCB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDN	ILCB	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.48%	4.82%	+2.66%
Volatility (6M) Calculated over the trailing 6-month period	15.51%	9.99%	+5.52%
Volatility (1Y) Calculated over the trailing 1-year period	19.77%	12.66%	+7.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.36%	17.23%	+10.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.63%	18.20%	+7.43%

FDN vs. ILCB - Expense Ratio Comparison

FDN has a 0.52% expense ratio, which is higher than ILCB's 0.03% expense ratio.

Dividends

FDN vs. ILCB - Dividend Comparison

FDN has not paid dividends to shareholders, while ILCB's dividend yield for the trailing twelve months is around 1.00%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDN First Trust Dow Jones Internet Index	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ILCB iShares Morningstar U.S. Equity ETF	1.00%	1.11%	1.19%	1.43%	1.65%	1.16%	1.26%	2.25%	2.17%	1.81%	1.97%	2.44%

Frequently Asked Questions

Can I hold both FDN and ILCB in my portfolio?

FDN and ILCB 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, FDN or ILCB?

FDN has higher volatility (7.48%) compared to ILCB (4.82%). In terms of maximum drawdown, FDN dropped -61.55% vs ILCB's -51.53%.

Which ETF is better, FDN or ILCB?

On 10-year performance, ILCB leads with 14.97% vs 13.85% for FDN. On fees, ILCB is cheaper at 0.03% per year. On volatility, ILCB has been the lower-risk option at 4.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDN or ILCB?

Over the 10-year period, ILCB has performed better with a 14.97% return vs 13.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDN or ILCB?

ILCB is cheaper with a 0.03% expense ratio, compared with 0.52% for FDN.

Which ETF pays a higher dividend yield, FDN or ILCB?

ILCB has the higher dividend yield at 1.00%, compared with 0.00% for FDN.

What is the main difference between FDN and ILCB?

FDN tracks Dow Jones Internet Index, while ILCB tracks Morningstar US Large-Mid Cap Index. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.52% for FDN and 0.03% for ILCB.

Which has better risk-adjusted returns?

ILCB currently has the higher Sharpe Ratio (1.89 vs 0.04), 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.