FDV vs. FDL

Last updated Jun 24, 2026

FDV (Federated Hermes U.S. Strategic Dividend ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both Large Cap Value Equities funds. FDV is actively managed, while FDL is passively managed. Their correlation of 0.91 suggests significant overlap in exposure. FDV charges 0.50%/yr vs 0.43%/yr for FDL.

Performance

FDV vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes U.S. Strategic Dividend ETF (FDV) and First Trust Morningstar Dividend Leaders Index Fund (FDL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FDV

• 1D: 1.19%
• 1M: -0.18%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FDL

• 1D: 1.20%
• 1M: -2.75%
• YTD: 12.67%
• 6M: 13.02%
• 1Y: 22.39%
• 3Y*: 19.10%
• 5Y*: 13.08%
• 10Y*: 11.12%

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

FDV vs. FDL - Yearly Performance Comparison

	2026 (YTD)
FDV Federated Hermes U.S. Strategic Dividend ETF	0.36%
FDL First Trust Morningstar Dividend Leaders Index Fund	-1.74%

Correlation

The correlation between FDV and FDL is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 22, 2026	0.91

FDV vs. FDL - Sectors Allocation Comparison

Sectors	FDV	FDL
Financial Services	15.7%	15.2%
Utilities	15.1%	6.5%
Healthcare	12.8%	17.6%
Consumer Defensive	12.3%	14.4%
Technology	10.7%	1.4%
Real Estate	9.7%	-
Energy	9.3%	25.7%
Consumer Cyclical	7.7%	4.7%
Industrials	3.1%	3.9%
Communication Services	2.0%	10.6%
Basic Materials	1.7%	0.3%

Return for Risk

FDV vs. FDL — Risk / Return Rank

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

FDV

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

FDL

FDL Risk / Return Rank: 69
FDL Sharpe Ratio Rank: 61
FDL Sortino Ratio Rank: 68
FDL Omega Ratio Rank: 57
FDL Calmar Ratio Rank: 90
FDL Martin Ratio Rank: 69

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.

FDV vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes U.S. Strategic Dividend ETF (FDV) and First Trust Morningstar Dividend Leaders Index Fund (FDL). 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.

	FDV	FDL	Difference
Sharpe ratio: Return per unit of total volatility	—	1.95	—
Sortino ratio: Return per unit of downside risk	—	2.96	—
Omega ratio: Gain probability vs. loss probability	—	1.34	—
Calmar ratio: Return relative to maximum drawdown	—	5.26	—
Martin ratio: Return relative to average drawdown	—	12.40	—

Drawdowns

FDV vs. FDL - Drawdown Comparison

The maximum FDV drawdown since its inception was -3.33%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for FDV and FDL.

Drawdown Indicators

	FDV	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-3.33%	-65.93%	+62.60%
Max Drawdown (1Y) Largest decline over 1 year	—	-4.27%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-12.24%	—
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	-1.78%	-3.09%	+1.31%
Average Drawdown Average peak-to-trough decline	-1.13%	-9.64%	+8.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.81%	—

Volatility

Volatility by Period

	FDV	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.72%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.09%	—
Volatility (1Y) Calculated over the trailing 1-year period	12.45%	11.54%	+0.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.45%	14.31%	-1.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.45%	17.11%	-4.66%

FDV vs. FDL - Expense Ratio Comparison

FDV has a 0.50% expense ratio, which is higher than FDL's 0.43% expense ratio.

Dividends

FDV vs. FDL - Dividend Comparison

FDV's dividend yield for the trailing twelve months is around 0.27%, less than FDL's 3.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDL First Trust Morningstar Dividend Leaders Index Fund	3.70%	4.04%	4.96%	4.58%	3.58%	4.59%	4.48%	3.75%	3.97%	3.18%	2.93%	3.65%
FDV Federated Hermes U.S. Strategic Dividend ETF	0.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FDV and FDL in my portfolio?

With a correlation of 0.91, FDV and FDL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, FDV or FDL?

On fees, FDL is cheaper at 0.43% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FDV or FDL?

FDL is cheaper with a 0.43% expense ratio, compared with 0.50% for FDV.

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

FDL has the higher dividend yield at 3.70%, compared with 0.27% for FDV.

What is the main difference between FDV and FDL?

They also come from different issuers: Federated and First Trust. Their fees differ too: 0.50% for FDV and 0.43% for FDL.