FELV vs. FDL

Last updated Jun 24, 2026

FELV (Fidelity Enhanced Large Cap Value ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both Large Cap Value Equities funds. FELV is actively managed, while FDL is passively managed. Over the past year, FELV returned 29.92% vs 22.39% for FDL. A 0.68 correlation means they provide meaningful diversification when combined. FELV charges 0.18%/yr vs 0.43%/yr for FDL.

Performance

FELV vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced Large Cap Value ETF (FELV) and First Trust Morningstar Dividend Leaders Index Fund (FDL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FELV achieves a 15.89% return, which is significantly higher than FDL's 12.67% return.

FELV

• 1D: -1.07%
• 1M: 2.65%
• YTD: 15.89%
• 6M: 15.09%
• 1Y: 29.92%
• 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)

FELV vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FELV Fidelity Enhanced Large Cap Value ETF	15.89%	15.80%	15.89%	7.49%
FDL First Trust Morningstar Dividend Leaders Index Fund	12.67%	14.79%	17.98%	7.73%

Correlation

The correlation between FELV and FDL is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (All Time) Calculated using the full available price history since Nov 20, 2023	0.68

Over the past year, the correlation between FELV and FDL has dropped to 0.45 - well below their long-term average of 0.68, suggesting their price drivers have been diverging.

FELV vs. FDL - Sectors Allocation Comparison

Sectors	FELV	FDL
Technology	21.0%	1.4%
Financial Services	18.6%	15.2%
Industrials	13.6%	3.9%
Healthcare	10.3%	17.6%
Communication Services	8.6%	10.6%
Consumer Cyclical	7.7%	4.7%
Energy	5.8%	25.7%
Consumer Defensive	4.7%	14.4%
Basic Materials	3.5%	0.3%
Utilities	3.3%	6.5%
Real Estate	3.1%	-

Return for Risk

FELV vs. FDL — Risk / Return Rank

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

FELV

FELV Risk / Return Rank: 86
FELV Sharpe Ratio Rank: 87
FELV Sortino Ratio Rank: 87
FELV Omega Ratio Rank: 85
FELV Calmar Ratio Rank: 85
FELV Martin Ratio Rank: 89

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.

FELV vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Large Cap Value ETF (FELV) 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.

	FELV	FDL	Difference
Sharpe ratio: Return per unit of total volatility	2.69	1.95	+0.74
Sortino ratio: Return per unit of downside risk	3.72	2.96	+0.76
Omega ratio: Gain probability vs. loss probability	1.49	1.34	+0.15
Calmar ratio: Return relative to maximum drawdown	4.39	5.26	-0.88
Martin ratio: Return relative to average drawdown	18.74	12.40	+6.34

FELV vs. FDL - Sharpe Ratio Comparison

The current FELV Sharpe Ratio is 2.69, which is higher than the FDL Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of FELV and FDL, 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

FELV vs. FDL - Drawdown Comparison

The maximum FELV drawdown since its inception was -16.08%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for FELV and FDL.

Drawdown Indicators

	FELV	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-16.08%	-65.93%	+49.85%
Max Drawdown (1Y) Largest decline over 1 year	-6.85%	-4.27%	-2.58%
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	-1.07%	-3.09%	+2.02%
Average Drawdown Average peak-to-trough decline	-2.04%	-9.64%	+7.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.60%	1.81%	-0.21%

Volatility

FELV vs. FDL - Volatility Comparison

Fidelity Enhanced Large Cap Value ETF (FELV) has a higher volatility of 4.19% compared to First Trust Morningstar Dividend Leaders Index Fund (FDL) at 3.72%. This indicates that FELV's price experiences larger fluctuations and is considered to be riskier than FDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FELV	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.19%	3.72%	+0.47%
Volatility (6M) Calculated over the trailing 6-month period	8.57%	8.09%	+0.48%
Volatility (1Y) Calculated over the trailing 1-year period	11.22%	11.54%	-0.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.47%	14.31%	-0.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.47%	17.11%	-3.64%

FELV vs. FDL - Expense Ratio Comparison

FELV has a 0.18% expense ratio, which is lower than FDL's 0.43% expense ratio.

Dividends

FELV vs. FDL - Dividend Comparison

FELV's dividend yield for the trailing twelve months is around 1.49%, 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%
FELV Fidelity Enhanced Large Cap Value ETF	1.49%	1.67%	2.02%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FELV and FDL in my portfolio?

FELV and FDL have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FELV or FDL?

FELV has higher volatility (4.19%) compared to FDL (3.72%). In terms of maximum drawdown, FELV dropped -16.08% vs FDL's -65.93%.

Which ETF is better, FELV or FDL?

On 1-year performance, FELV leads with 29.92% vs 22.39% for FDL. On fees, FELV is cheaper at 0.18% per year. On volatility, FDL has been the lower-risk option at 3.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FELV or FDL?

Over the 1-year period, FELV has performed better with a 29.92% return vs 22.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FELV or FDL?

FELV is cheaper with a 0.18% expense ratio, compared with 0.43% for FDL.

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

FDL has the higher dividend yield at 3.70%, compared with 1.49% for FELV.

What is the main difference between FELV and FDL?

They also come from different issuers: Fidelity and First Trust. Their fees differ too: 0.18% for FELV and 0.43% for FDL.

Which has better risk-adjusted returns?

FELV currently has the higher Sharpe Ratio (2.69 vs 1.95), 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.