FMNY vs. FDL
FMNY (First Trust New York High Income Municipal ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - FMNY is a Municipal Bonds fund actively managed by First Trust, while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. FMNY is actively managed, while FDL is passively managed. Over the past 5 years, FMNY returned 0.58%/yr vs 12.69%/yr for FDL. At a 0.06 correlation, their price movements are largely independent. FMNY charges 0.65%/yr vs 0.45%/yr for FDL.
Performance
FMNY vs. FDL - Performance Comparison
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Returns By Period
In the year-to-date period, FMNY achieves a 1.81% return, which is significantly lower than FDL's 14.21% return.
FMNY
- 1D
- -0.12%
- 1M
- 0.52%
- YTD
- 1.81%
- 6M
- 2.18%
- 1Y
- 7.40%
- 3Y*
- 4.02%
- 5Y*
- 0.58%
- 10Y*
- —
FDL
- 1D
- 0.78%
- 1M
- 0.32%
- YTD
- 14.21%
- 6M
- 15.52%
- 1Y
- 25.50%
- 3Y*
- 19.57%
- 5Y*
- 12.69%
- 10Y*
- 11.28%
FMNY vs. FDL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
FMNY First Trust New York High Income Municipal ETF | 1.81% | 3.94% | 1.74% | 6.14% | -10.65% | 1.60% |
FDL First Trust Morningstar Dividend Leaders Index Fund | 14.21% | 14.79% | 17.98% | 2.94% | 6.66% | 6.34% |
Correlation
The correlation between FMNY and FDL is -0.01, 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 | -0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since May 14, 2021 | 0.06 |
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Return for Risk
FMNY vs. FDL — Risk / Return Rank
FMNY
FDL
FMNY vs. FDL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust New York High Income Municipal ETF (FMNY) 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.
| FMNY | FDL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.40 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.63 | 5.99 | -3.37 |
| Martin ratioReturn relative to average drawdown | 8.50 | 14.59 | -6.09 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FMNY | FDL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.26 | 2.27 | -0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.14 | 0.89 | -0.75 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.66 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.18 | 0.45 | -0.27 |
Drawdowns
FMNY vs. FDL - Drawdown Comparison
The maximum FMNY drawdown since its inception was -15.90%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for FMNY and FDL.
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Drawdown Indicators
| FMNY | FDL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.90% | -65.93% | +50.03% |
Max Drawdown (1Y)Largest decline over 1 year | -2.83% | -4.27% | +1.44% |
Max Drawdown (3Y)Largest decline over 3 years | -5.88% | -12.24% | +6.36% |
Max Drawdown (5Y)Largest decline over 5 years | -15.90% | -16.46% | +0.56% |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.40% | — |
Current DrawdownCurrent decline from peak | -0.77% | -1.41% | +0.64% |
Average DrawdownAverage peak-to-trough decline | -5.68% | -9.66% | +3.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.87% | 1.75% | -0.88% |
Volatility
FMNY vs. FDL - Volatility Comparison
The current volatility for First Trust New York High Income Municipal ETF (FMNY) is 0.84%, while First Trust Morningstar Dividend Leaders Index Fund (FDL) has a volatility of 2.95%. This indicates that FMNY experiences smaller price fluctuations and is considered to be less risky than FDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FMNY | FDL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.84% | 2.95% | -2.11% |
Volatility (6M)Calculated over the trailing 6-month period | 2.37% | 7.85% | -5.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.29% | 11.30% | -8.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.00% | 14.31% | -10.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.99% | 17.11% | -13.12% |
FMNY vs. FDL - Expense Ratio Comparison
FMNY has a 0.65% expense ratio, which is higher than FDL's 0.45% expense ratio.
Dividends
FMNY vs. FDL - Dividend Comparison
FMNY's dividend yield for the trailing twelve months is around 3.69%, more than FDL's 3.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FDL First Trust Morningstar Dividend Leaders Index Fund | 3.65% | 4.04% | 4.96% | 4.58% | 3.58% | 4.59% | 4.48% | 3.75% | 3.97% | 3.18% | 2.93% | 3.65% |
FMNY First Trust New York High Income Municipal ETF | 3.69% | 3.64% | 3.56% | 3.25% | 2.34% | 0.72% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FMNY and FDL have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FDL has higher volatility (2.95%) compared to FMNY (0.84%). In terms of maximum drawdown, FMNY dropped -15.90% vs FDL's -65.93%.
On 5-year performance, FDL leads with 12.69% vs 0.58% for FMNY. On fees, FDL is cheaper at 0.45% per year. On volatility, FMNY has been the lower-risk option at 0.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FDL has performed better with a 12.69% return vs 0.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FDL is cheaper with a 0.45% expense ratio, compared with 0.65% for FMNY.
FMNY has the higher dividend yield at 3.69%, compared with 3.65% for FDL.
FMNY is categorized as Municipal Bonds, while FDL is Large Cap Value Equities. Their fees differ too: 0.65% for FMNY and 0.45% for FDL.
FDL currently has the higher Sharpe Ratio (2.27 vs 2.26), 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.
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