FNGS vs. FDL

Last updated Jun 4, 2026

FNGS (MicroSectors FANG+ ETN) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - FNGS is a Large Cap Growth Equities fund tracking the NYSE FANG+ Index, while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. Both are passively managed. Over the past 5 years, FNGS returned 22.01%/yr vs 12.51%/yr for FDL. At a 0.22 correlation, their price movements are largely independent. FNGS charges 0.58%/yr vs 0.45%/yr for FDL.

Performance

FNGS vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors FANG+ ETN (FNGS) 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, FNGS achieves a 16.26% return, which is significantly higher than FDL's 13.33% return.

FNGS

• 1D: -0.98%
• 1M: 11.24%
• YTD: 16.26%
• 6M: 10.77%
• 1Y: 29.78%
• 3Y*: 35.29%
• 5Y*: 22.01%
• 10Y*: —

FDL

• 1D: -0.26%
• 1M: -0.26%
• YTD: 13.33%
• 6M: 14.76%
• 1Y: 23.67%
• 3Y*: 18.97%
• 5Y*: 12.51%
• 10Y*: 11.24%

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

FNGS vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FNGS MicroSectors FANG+ ETN	16.26%	18.64%	51.99%	95.24%	-40.32%	16.96%	101.99%	10.91%
FDL First Trust Morningstar Dividend Leaders Index Fund	13.33%	14.79%	17.98%	2.94%	6.66%	26.10%	-4.30%	2.01%

Correlation

The correlation between FNGS and FDL is -0.20, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (5Y) Calculated over the trailing 5-year period	0.20
Correlation (All Time) Calculated using the full available price history since Nov 14, 2019	0.22

The correlation between FNGS and FDL shifts across timeframes, from -0.20 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.

FNGS vs. FDL - Sectors Allocation Comparison

Sectors	FNGS	FDL
Technology	59.9%	1.1%
Communication Services	28.8%	10.6%
Consumer Cyclical	11.3%	3.8%
Financial Services	10.0%	15.1%
Basic Materials	-	0.3%
Consumer Defensive	-	14.7%
Energy	-	27.3%
Healthcare	-	16.8%
Industrials	-	3.8%
Real Estate	-	-
Utilities	-	6.5%

Return for Risk

FNGS vs. FDL — Risk / Return Rank

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

FNGS

FNGS Risk / Return Rank: 34
FNGS Sharpe Ratio Rank: 40
FNGS Sortino Ratio Rank: 39
FNGS Omega Ratio Rank: 38
FNGS Calmar Ratio Rank: 27
FNGS Martin Ratio Rank: 27

FDL

FDL Risk / Return Rank: 70
FDL Sharpe Ratio Rank: 61
FDL Sortino Ratio Rank: 70
FDL Omega Ratio Rank: 59
FDL Calmar Ratio Rank: 90
FDL Martin Ratio Rank: 71

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.

FNGS vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors FANG+ ETN (FNGS) 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.

	FNGS	FDL	Difference
Sharpe ratio: Return per unit of total volatility	1.46	2.11	-0.65
Sortino ratio: Return per unit of downside risk	2.03	3.25	-1.22
Omega ratio: Gain probability vs. loss probability	1.26	1.37	-0.11
Calmar ratio: Return relative to maximum drawdown	1.30	5.56	-4.26
Martin ratio: Return relative to average drawdown	3.77	13.56	-9.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FNGS vs. FDL - Sharpe Ratio Comparison

The current FNGS Sharpe Ratio is 1.46, which is lower than the FDL Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of FNGS 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.

Sharpe Ratios by Period

	FNGS	FDL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.46	2.11	-0.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.74	0.88	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.06	0.45	+0.61

Drawdowns

FNGS vs. FDL - Drawdown Comparison

The maximum FNGS drawdown since its inception was -48.98%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for FNGS and FDL.

Drawdown Indicators

	FNGS	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-48.98%	-65.93%	+16.95%
Max Drawdown (1Y) Largest decline over 1 year	-22.93%	-4.27%	-18.66%
Max Drawdown (3Y) Largest decline over 3 years	-26.77%	-12.24%	-14.53%
Max Drawdown (5Y) Largest decline over 5 years	-48.98%	-16.46%	-32.52%
Max Drawdown (10Y) Largest decline over 10 years	—	-41.40%	—
Current Drawdown Current decline from peak	-1.61%	-2.18%	+0.57%
Average Drawdown Average peak-to-trough decline	-10.87%	-9.66%	-1.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.92%	1.75%	+6.17%

Volatility

FNGS vs. FDL - Volatility Comparison

MicroSectors FANG+ ETN (FNGS) has a higher volatility of 5.64% compared to First Trust Morningstar Dividend Leaders Index Fund (FDL) at 2.85%. This indicates that FNGS'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

	FNGS	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.64%	2.85%	+2.79%
Volatility (6M) Calculated over the trailing 6-month period	15.68%	7.87%	+7.81%
Volatility (1Y) Calculated over the trailing 1-year period	20.49%	11.28%	+9.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.96%	14.31%	+15.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.12%	17.11%	+14.01%

FNGS vs. FDL - Expense Ratio Comparison

FNGS has a 0.58% expense ratio, which is higher than FDL's 0.45% expense ratio.

Dividends

FNGS vs. FDL - Dividend Comparison

FNGS has not paid dividends to shareholders, while FDL's dividend yield for the trailing twelve months is around 3.68%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDL First Trust Morningstar Dividend Leaders Index Fund	3.68%	4.04%	4.96%	4.58%	3.58%	4.59%	4.48%	3.75%	3.97%	3.18%	2.93%	3.65%
FNGS MicroSectors FANG+ ETN	0.00%	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 FNGS and FDL in my portfolio?

FNGS and FDL have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FNGS or FDL?

FNGS has higher volatility (5.64%) compared to FDL (2.85%). In terms of maximum drawdown, FNGS dropped -48.98% vs FDL's -65.93%.

Which ETF is better, FNGS or FDL?

On 5-year performance, FNGS leads with 22.01% vs 12.51% for FDL. On fees, FDL is cheaper at 0.45% per year. On volatility, FDL has been the lower-risk option at 2.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNGS or FDL?

Over the 5-year period, FNGS has performed better with a 22.01% return vs 12.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNGS or FDL?

FDL is cheaper with a 0.45% expense ratio, compared with 0.58% for FNGS.

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

FDL has the higher dividend yield at 3.68%, compared with 0.00% for FNGS.

What is the main difference between FNGS and FDL?

FNGS is categorized as Large Cap Growth Equities, while FDL is Large Cap Value Equities. FNGS tracks NYSE FANG+ Index, while FDL tracks Morningstar Dividend Leaders Index. They also come from different issuers: BMO and First Trust. Their fees differ too: 0.58% for FNGS and 0.45% for FDL.

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (2.11 vs 1.46), 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.