FPXI vs. FDL

Last updated Aug 4, 2026

FPXI (First Trust International Equity Opportunities ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - FPXI is a Foreign Large Cap Equities fund tracking the IPOX International 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, FPXI returned 11.04%/yr vs 11.08%/yr for FDL. Their 0.34 correlation means their historical movements had little consistent relationship. FPXI charges 0.70%/yr vs 0.43%/yr for FDL.

Performance

FPXI vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust International Equity Opportunities ETF (FPXI) 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, FPXI achieves a 16.79% return, which is significantly lower than FDL's 18.62% return. Both investments have delivered pretty close results over the past 10 years, with FPXI having a 11.04% annualized return and FDL not far ahead at 11.08%.

FPXI

• 1D: 0.39%
• 1M: -11.07%
• 6M: 7.83%
• YTD: 16.79%
• 1Y: 28.02%
• 3Y*: 19.49%
• 5Y*: 1.10%
• 10Y*: 11.04%
• ALL TIME*: 8.39%

FDL

• 1D: 0.39%
• 1M: 3.67%
• 6M: 9.83%
• YTD: 18.62%
• 1Y: 28.15%
• 3Y*: 19.02%
• 5Y*: 14.10%
• 10Y*: 11.08%
• ALL TIME*: 8.96%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FDL First Trust Morningstar Dividend Leaders Index Fund	$51.38M	$49.50M	$43.21M
FPXI First Trust International Equity Opportunities ETF	$2.73M	$3.76M	$4.60M

FPXI vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FPXI First Trust International Equity Opportunities ETF	16.79%	26.37%	12.62%	9.56%	-31.83%	-15.73%	71.50%	33.69%	-13.07%	39.32%
FDL First Trust Morningstar Dividend Leaders Index Fund	18.62%	14.79%	17.98%	2.94%	6.66%	26.10%	-4.30%	24.41%	-5.99%	12.02%

Correlation

The correlation between FPXI and FDL is -0.13, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.13
Correlation (3Y) Balances recent behavior with more history.	0.16
Correlation (5Y) Shows whether the relationship held over a longer period.	0.31
Correlation (10Y) Provides a long-term view across more market conditions.	0.34
Correlation (All Time) Calculated using the full available price history since Nov 7, 2014	0.34

The correlation between FPXI and FDL shifts across timeframes, from -0.13 (1 year) to 0.34 (all time), reflecting how their relationship changes across market environments.

FPXI vs. FDL - Sectors Allocation Comparison

Sectors	FPXI	FDL
Technology	42.9%	4.3%
Industrials	21.0%	3.6%
Healthcare	9.1%	11.7%
Basic Materials	6.6%	0.4%
Consumer Cyclical	6.3%	4.4%
Financial Services	6.2%	13.7%
Energy	3.7%	11.1%
Consumer Defensive	2.2%	24.3%
Communication Services	1.3%	11.2%
Utilities	0.7%	15.4%
Real Estate	0.5%	-

Return for Risk

FPXI vs. FDL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FPXI

FPXI Risk / Return Rank: 36
FPXI Sharpe Ratio Rank: 36
FPXI Sortino Ratio Rank: 37
FPXI Omega Ratio Rank: 36
FPXI Calmar Ratio Rank: 34
FPXI Martin Ratio Rank: 39

FDL

FDL Risk / Return Rank: 92
FDL Sharpe Ratio Rank: 91
FDL Sortino Ratio Rank: 93
FDL Omega Ratio Rank: 89
FDL Calmar Ratio Rank: 96
FDL Martin Ratio Rank: 91

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FPXI vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust International Equity Opportunities ETF (FPXI) 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.

	FPXI	FDL	Difference
Sharpe ratio: Return per unit of total volatility	0.93	2.38	-1.45
Sortino ratio: Return per unit of downside risk	1.42	3.58	-2.16
Omega ratio: Gain probability vs. loss probability	1.18	1.42	-0.24
Calmar ratio: Return relative to maximum drawdown	1.17	6.62	-5.45
Martin ratio: Return relative to average drawdown	4.19	15.62	-11.43

FPXI vs. FDL - Sharpe Ratio Comparison

The current FPXI Sharpe Ratio is 0.93, which is lower than the FDL Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of FPXI 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

FPXI vs. FDL - Drawdown Comparison

The maximum FPXI drawdown since its inception was -55.78%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for FPXI and FDL.

Drawdown Indicators

	FPXI	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-55.78%	-65.93%	+10.15%
Max Drawdown (1Y) Largest decline over 1 year	-24.12%	-4.27%	-19.85%
Max Drawdown (3Y) Largest decline over 3 years	-24.12%	-12.24%	-11.88%
Max Drawdown (5Y) Largest decline over 5 years	-50.75%	-16.46%	-34.29%
Max Drawdown (10Y) Largest decline over 10 years	-55.78%	-41.40%	-14.38%
Current Drawdown Current decline from peak	-20.17%	-1.58%	-18.59%
Average Drawdown Average peak-to-trough decline	-20.12%	-9.59%	-10.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.70%	1.81%	+4.89%

Volatility

FPXI vs. FDL - Volatility Comparison

First Trust International Equity Opportunities ETF (FPXI) has a higher volatility of 12.57% compared to First Trust Morningstar Dividend Leaders Index Fund (FDL) at 4.65%. This indicates that FPXI'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

	FPXI	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.57%	4.65%	+7.92%
Volatility (6M) Calculated over the trailing 6-month period	27.10%	8.75%	+18.35%
Volatility (1Y) Calculated over the trailing 1-year period	30.35%	11.89%	+18.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.12%	14.44%	+8.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.91%	17.16%	+4.75%

FPXI vs. FDL - Expense Ratio Comparison

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

Dividends

FPXI vs. FDL - Dividend Comparison

FPXI's dividend yield for the trailing twelve months is around 0.68%, less than FDL's 3.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDL First Trust Morningstar Dividend Leaders Index Fund	3.58%	4.04%	4.96%	4.58%	3.58%	4.59%	4.48%	3.75%	3.97%	3.18%	2.93%	3.65%
FPXI First Trust International Equity Opportunities ETF	0.68%	0.70%	0.93%	0.71%	1.13%	0.71%	0.18%	0.67%	1.75%	0.75%	2.09%	1.34%

Frequently Asked Questions

Can I hold both FPXI and FDL in my portfolio?

FPXI and FDL have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPXI or FDL?

FPXI has higher volatility (12.57%) compared to FDL (4.65%). In terms of maximum drawdown, FPXI dropped -55.78% vs FDL's -65.93%.

Which ETF is better, FPXI or FDL?

On 10-year performance, FDL leads with 11.08% vs 11.04% for FPXI. On fees, FDL is cheaper at 0.43% per year. On volatility, FDL has been the lower-risk option at 4.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FPXI or FDL?

Over the 10-year period, FDL has performed better with a 11.08% return vs 11.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FPXI or FDL?

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

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

FDL has the higher dividend yield at 3.58%, compared with 0.68% for FPXI.

What is the main difference between FPXI and FDL?

FPXI is categorized as Foreign Large Cap Equities, while FDL is Large Cap Value Equities. FPXI tracks IPOX International Index, while FDL tracks Morningstar Dividend Leaders Index. Their fees differ too: 0.70% for FPXI and 0.43% for FDL.

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (2.38 vs 0.93), 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.