FNK vs. FDL

Last updated Jun 25, 2026

FNK (First Trust Mid Cap Value AlphaDEX Fund) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - FNK is a Small Cap Value Equities fund tracking the NASDAQ AlphaDEX Mid Cap Value Index, while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. Both are passively managed. Over the past 10 years, FNK returned 10.05%/yr vs 11.09%/yr for FDL. A 0.73 correlation means they provide meaningful diversification when combined. FNK charges 0.70%/yr vs 0.43%/yr for FDL.

Performance

FNK vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Mid Cap Value AlphaDEX Fund (FNK) 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, FNK achieves a 10.22% return, which is significantly lower than FDL's 12.30% return. Over the past 10 years, FNK has underperformed FDL with an annualized return of 10.05%, while FDL has yielded a comparatively higher 11.09% annualized return.

FNK

• 1D: 1.03%
• 1M: 3.02%
• YTD: 10.22%
• 6M: 8.84%
• 1Y: 20.42%
• 3Y*: 13.76%
• 5Y*: 8.02%
• 10Y*: 10.05%

FDL

• 1D: -0.32%
• 1M: -3.06%
• YTD: 12.30%
• 6M: 12.10%
• 1Y: 21.91%
• 3Y*: 18.97%
• 5Y*: 12.94%
• 10Y*: 11.09%

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

FNK vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNK First Trust Mid Cap Value AlphaDEX Fund	10.22%	5.65%	6.65%	21.03%	-7.24%	33.60%	1.23%	20.56%	-14.72%	11.81%
FDL First Trust Morningstar Dividend Leaders Index Fund	12.30%	14.79%	17.98%	2.94%	6.66%	26.10%	-4.30%	24.41%	-5.99%	12.02%

Correlation

The correlation between FNK and FDL is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Apr 20, 2011	0.73

The correlation between FNK and FDL has been stable across timeframes, ranging from 0.67 to 0.77 - a consistent structural relationship.

FNK vs. FDL - Sectors Allocation Comparison

Sectors	FNK	FDL
Financial Services	25.8%	15.2%
Consumer Cyclical	20.3%	4.7%
Industrials	10.7%	3.9%
Energy	9.3%	25.7%
Real Estate	9.0%	-
Technology	7.7%	1.4%
Utilities	4.3%	6.5%
Healthcare	3.9%	17.6%
Basic Materials	3.8%	0.3%
Consumer Defensive	3.7%	14.4%
Communication Services	1.4%	10.6%

Return for Risk

FNK vs. FDL — Risk / Return Rank

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

FNK

FNK Risk / Return Rank: 45
FNK Sharpe Ratio Rank: 42
FNK Sortino Ratio Rank: 47
FNK Omega Ratio Rank: 41
FNK Calmar Ratio Rank: 51
FNK Martin Ratio Rank: 44

FDL

FDL Risk / Return Rank: 72
FDL Sharpe Ratio Rank: 65
FDL Sortino Ratio Rank: 72
FDL Omega Ratio Rank: 60
FDL Calmar Ratio Rank: 91
FDL Martin Ratio Rank: 72

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.

FNK vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Mid Cap Value AlphaDEX Fund (FNK) 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.

	FNK	FDL	Difference
Sharpe ratio: Return per unit of total volatility	1.34	1.91	-0.56
Sortino ratio: Return per unit of downside risk	2.09	2.90	-0.81
Omega ratio: Gain probability vs. loss probability	1.24	1.33	-0.09
Calmar ratio: Return relative to maximum drawdown	2.25	5.15	-2.90
Martin ratio: Return relative to average drawdown	6.49	12.05	-5.57

FNK vs. FDL - Sharpe Ratio Comparison

The current FNK Sharpe Ratio is 1.34, which is comparable to the FDL Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of FNK 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

FNK vs. FDL - Drawdown Comparison

The maximum FNK drawdown since its inception was -50.70%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for FNK and FDL.

Drawdown Indicators

	FNK	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-50.70%	-65.93%	+15.23%
Max Drawdown (1Y) Largest decline over 1 year	-9.13%	-4.27%	-4.86%
Max Drawdown (3Y) Largest decline over 3 years	-25.16%	-12.24%	-12.92%
Max Drawdown (5Y) Largest decline over 5 years	-25.16%	-16.46%	-8.70%
Max Drawdown (10Y) Largest decline over 10 years	-50.70%	-41.40%	-9.30%
Current Drawdown Current decline from peak	-0.60%	-3.40%	+2.80%
Average Drawdown Average peak-to-trough decline	-6.82%	-9.63%	+2.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.16%	1.82%	+1.34%

Volatility

FNK vs. FDL - Volatility Comparison

First Trust Mid Cap Value AlphaDEX Fund (FNK) and First Trust Morningstar Dividend Leaders Index Fund (FDL) have volatilities of 3.46% and 3.54%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNK	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.46%	3.54%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	9.73%	8.10%	+1.63%
Volatility (1Y) Calculated over the trailing 1-year period	15.29%	11.55%	+3.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.00%	14.31%	+6.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.82%	17.11%	+6.71%

FNK vs. FDL - Expense Ratio Comparison

FNK has a 0.70% expense ratio, which is higher than FDL's 0.43% expense ratio.

Dividends

FNK vs. FDL - Dividend Comparison

FNK's dividend yield for the trailing twelve months is around 1.52%, less than FDL's 3.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDL First Trust Morningstar Dividend Leaders Index Fund	3.71%	4.04%	4.96%	4.58%	3.58%	4.59%	4.48%	3.75%	3.97%	3.18%	2.93%	3.65%
FNK First Trust Mid Cap Value AlphaDEX Fund	1.52%	1.53%	1.63%	1.76%	1.66%	1.27%	1.61%	1.82%	1.76%	1.40%	1.38%	1.45%

Frequently Asked Questions

Can I hold both FNK and FDL in my portfolio?

FNK and FDL have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FNK or FDL?

FDL has higher volatility (3.54%) compared to FNK (3.46%). In terms of maximum drawdown, FNK dropped -50.70% vs FDL's -65.93%.

Which ETF is better, FNK or FDL?

On 10-year performance, FDL leads with 11.09% vs 10.05% for FNK. On fees, FDL is cheaper at 0.43% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNK or FDL?

Over the 10-year period, FDL has performed better with a 11.09% return vs 10.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNK or FDL?

FDL is cheaper with a 0.43% expense ratio, compared with 0.70% for FNK.

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

FDL has the higher dividend yield at 3.71%, compared with 1.52% for FNK.

What is the main difference between FNK and FDL?

FNK is categorized as Small Cap Value Equities, while FDL is Large Cap Value Equities. FNK tracks NASDAQ AlphaDEX Mid Cap Value Index, while FDL tracks Morningstar Dividend Leaders Index. Their fees differ too: 0.70% for FNK and 0.43% for FDL.

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (1.91 vs 1.34), 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.