FPX vs. DLN

Last updated Jun 4, 2026

FPX (First Trust US Equity Opportunities ETF) and DLN (WisdomTree US LargeCap Dividend ETF) are both Large Cap Growth Equities funds - FPX tracks the IPOX-100 U.S. Index while DLN tracks the WisdomTree LargeCap Dividend Index. Both are passively managed. Over the past 10 years, FPX returned 14.65%/yr vs 12.68%/yr for DLN. A 0.71 correlation means they provide meaningful diversification when combined. FPX charges 0.57%/yr vs 0.28%/yr for DLN.

Performance

FPX vs. DLN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust US Equity Opportunities ETF (FPX) and WisdomTree US LargeCap Dividend ETF (DLN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FPX achieves a 18.28% return, which is significantly higher than DLN's 9.93% return. Over the past 10 years, FPX has outperformed DLN with an annualized return of 14.65%, while DLN has yielded a comparatively lower 12.68% annualized return.

FPX

• 1D: -0.55%
• 1M: 4.63%
• YTD: 18.28%
• 6M: 18.02%
• 1Y: 39.24%
• 3Y*: 32.32%
• 5Y*: 10.31%
• 10Y*: 14.65%

DLN

• 1D: -0.51%
• 1M: 2.93%
• YTD: 9.93%
• 6M: 9.96%
• 1Y: 22.38%
• 3Y*: 18.35%
• 5Y*: 12.22%
• 10Y*: 12.68%

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

FPX vs. DLN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FPX First Trust US Equity Opportunities ETF	18.28%	37.62%	24.75%	22.26%	-35.11%	3.69%	47.89%	30.37%	-8.35%	27.03%
DLN WisdomTree US LargeCap Dividend ETF	9.93%	15.53%	19.66%	9.95%	-3.78%	25.60%	4.59%	28.91%	-5.82%	18.22%

Correlation

The correlation between FPX and DLN is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since Jun 19, 2006	0.71

The correlation between FPX and DLN shifts across timeframes, from 0.52 (1 year) to 0.71 (all time), reflecting how their relationship changes across market environments.

FPX vs. DLN - Sectors Allocation Comparison

Sectors	FPX	DLN
Technology	29.8%	20.1%
Industrials	20.0%	7.9%
Healthcare	16.1%	12.6%
Communication Services	7.0%	7.8%
Utilities	6.5%	5.9%
Energy	4.4%	8.5%
Real Estate	4.2%	4.0%
Consumer Cyclical	3.5%	5.0%
Basic Materials	3.3%	1.0%
Financial Services	3.0%	18.0%
Consumer Defensive	2.3%	9.3%

Return for Risk

FPX vs. DLN — Risk / Return Rank

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

FPX

FPX Risk / Return Rank: 52
FPX Sharpe Ratio Rank: 49
FPX Sortino Ratio Rank: 44
FPX Omega Ratio Rank: 43
FPX Calmar Ratio Rank: 64
FPX Martin Ratio Rank: 58

DLN

DLN Risk / Return Rank: 77
DLN Sharpe Ratio Rank: 76
DLN Sortino Ratio Rank: 80
DLN Omega Ratio Rank: 75
DLN Calmar Ratio Rank: 73
DLN Martin Ratio Rank: 79

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.

FPX vs. DLN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust US Equity Opportunities ETF (FPX) and WisdomTree US LargeCap Dividend ETF (DLN). 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.

	FPX	DLN	Difference
Sharpe ratio: Return per unit of total volatility	1.71	2.53	-0.83
Sortino ratio: Return per unit of downside risk	2.24	3.64	-1.40
Omega ratio: Gain probability vs. loss probability	1.28	1.46	-0.18
Calmar ratio: Return relative to maximum drawdown	3.21	3.69	-0.48
Martin ratio: Return relative to average drawdown	10.40	15.59	-5.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FPX vs. DLN - Sharpe Ratio Comparison

The current FPX Sharpe Ratio is 1.71, which is lower than the DLN Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of FPX and DLN, 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

	FPX	DLN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.71	2.53	-0.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	0.93	-0.53
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.79	-0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.53	+0.04

Drawdowns

FPX vs. DLN - Drawdown Comparison

The maximum FPX drawdown since its inception was -56.29%, roughly equal to the maximum DLN drawdown of -57.84%. Use the drawdown chart below to compare losses from any high point for FPX and DLN.

Drawdown Indicators

	FPX	DLN	Difference
Max Drawdown Largest peak-to-trough decline	-56.29%	-57.84%	+1.55%
Max Drawdown (1Y) Largest decline over 1 year	-12.28%	-6.10%	-6.18%
Max Drawdown (3Y) Largest decline over 3 years	-30.88%	-13.71%	-17.17%
Max Drawdown (5Y) Largest decline over 5 years	-43.14%	-16.26%	-26.88%
Max Drawdown (10Y) Largest decline over 10 years	-43.14%	-35.82%	-7.32%
Current Drawdown Current decline from peak	-0.83%	-0.51%	-0.32%
Average Drawdown Average peak-to-trough decline	-11.34%	-7.52%	-3.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.78%	1.44%	+2.34%

Volatility

FPX vs. DLN - Volatility Comparison

First Trust US Equity Opportunities ETF (FPX) has a higher volatility of 6.22% compared to WisdomTree US LargeCap Dividend ETF (DLN) at 2.17%. This indicates that FPX's price experiences larger fluctuations and is considered to be riskier than DLN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPX	DLN	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.22%	2.17%	+4.05%
Volatility (6M) Calculated over the trailing 6-month period	17.11%	6.77%	+10.34%
Volatility (1Y) Calculated over the trailing 1-year period	23.10%	8.87%	+14.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.49%	13.26%	+13.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.28%	16.16%	+8.12%

FPX vs. DLN - Expense Ratio Comparison

FPX has a 0.57% expense ratio, which is higher than DLN's 0.28% expense ratio.

Dividends

FPX vs. DLN - Dividend Comparison

FPX's dividend yield for the trailing twelve months is around 0.49%, less than DLN's 1.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DLN WisdomTree US LargeCap Dividend ETF	1.79%	1.90%	2.00%	2.43%	2.53%	2.01%	2.66%	2.51%	2.90%	2.33%	2.64%	2.80%
FPX First Trust US Equity Opportunities ETF	0.49%	0.53%	0.09%	0.27%	1.08%	0.14%	0.28%	0.67%	0.88%	0.68%	0.77%	0.62%

Frequently Asked Questions

Can I hold both FPX and DLN in my portfolio?

FPX and DLN have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPX or DLN?

FPX has higher volatility (6.22%) compared to DLN (2.17%). In terms of maximum drawdown, FPX dropped -56.29% vs DLN's -57.84%.

Which ETF is better, FPX or DLN?

On 10-year performance, FPX leads with 14.65% vs 12.68% for DLN. On fees, DLN is cheaper at 0.28% per year. On volatility, DLN has been the lower-risk option at 2.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FPX or DLN?

Over the 10-year period, FPX has performed better with a 14.65% return vs 12.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FPX or DLN?

DLN is cheaper with a 0.28% expense ratio, compared with 0.57% for FPX.

Which ETF pays a higher dividend yield, FPX or DLN?

DLN has the higher dividend yield at 1.79%, compared with 0.49% for FPX.

What is the main difference between FPX and DLN?

FPX tracks IPOX-100 U.S. Index, while DLN tracks WisdomTree LargeCap Dividend Index. They also come from different issuers: First Trust and WisdomTree. Their fees differ too: 0.57% for FPX and 0.28% for DLN.

Which has better risk-adjusted returns?

DLN currently has the higher Sharpe Ratio (2.53 vs 1.71), 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.