FQAL vs. DLN

Last updated Jun 4, 2026

FQAL (Fidelity Quality Factor ETF) and DLN (WisdomTree US LargeCap Dividend ETF) are both Large Cap Growth Equities funds - FQAL tracks the Fidelity U.S. Quality Factor Index while DLN tracks the WisdomTree LargeCap Dividend Index. Both are passively managed. Over the past 5 years, FQAL returned 12.41%/yr vs 12.22%/yr for DLN. Their correlation of 0.89 suggests significant overlap in exposure. FQAL charges 0.29%/yr vs 0.28%/yr for DLN.

Performance

FQAL vs. DLN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Quality Factor ETF (FQAL) 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, FQAL achieves a 7.87% return, which is significantly lower than DLN's 9.93% return.

FQAL

• 1D: -0.51%
• 1M: 4.38%
• YTD: 7.87%
• 6M: 7.86%
• 1Y: 21.12%
• 3Y*: 20.04%
• 5Y*: 12.41%
• 10Y*: —

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)

FQAL vs. DLN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FQAL Fidelity Quality Factor ETF	7.87%	16.93%	21.92%	24.20%	-19.70%	32.13%	16.17%	28.12%	-4.39%	23.03%
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 FQAL and DLN is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Sep 16, 2016	0.89

The correlation between FQAL and DLN has been stable across timeframes, ranging from 0.81 to 0.89 - a consistent structural relationship.

FQAL vs. DLN - Sectors Allocation Comparison

Sectors	FQAL	DLN
Technology	34.3%	20.1%
Financial Services	12.3%	18.0%
Communication Services	10.5%	7.8%
Consumer Cyclical	10.1%	5.0%
Industrials	9.1%	7.9%
Healthcare	8.9%	12.6%
Consumer Defensive	4.4%	9.3%
Energy	3.9%	8.5%
Basic Materials	2.2%	1.0%
Utilities	2.2%	5.9%
Real Estate	2.2%	4.0%

Return for Risk

FQAL vs. DLN — Risk / Return Rank

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

FQAL

FQAL Risk / Return Rank: 55
FQAL Sharpe Ratio Rank: 55
FQAL Sortino Ratio Rank: 56
FQAL Omega Ratio Rank: 54
FQAL Calmar Ratio Rank: 50
FQAL Martin Ratio Rank: 63

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.

FQAL vs. DLN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Quality Factor ETF (FQAL) 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.

	FQAL	DLN	Difference
Sharpe ratio: Return per unit of total volatility	1.89	2.53	-0.64
Sortino ratio: Return per unit of downside risk	2.70	3.64	-0.94
Omega ratio: Gain probability vs. loss probability	1.34	1.46	-0.11
Calmar ratio: Return relative to maximum drawdown	2.52	3.69	-1.17
Martin ratio: Return relative to average drawdown	11.41	15.59	-4.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FQAL vs. DLN - Sharpe Ratio Comparison

The current FQAL Sharpe Ratio is 1.89, which is comparable to the DLN Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of FQAL 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

	FQAL	DLN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	2.53	-0.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	0.93	-0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.79	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	0.53	+0.29

Drawdowns

FQAL vs. DLN - Drawdown Comparison

The maximum FQAL drawdown since its inception was -33.71%, smaller than the maximum DLN drawdown of -57.84%. Use the drawdown chart below to compare losses from any high point for FQAL and DLN.

Drawdown Indicators

	FQAL	DLN	Difference
Max Drawdown Largest peak-to-trough decline	-33.71%	-57.84%	+24.13%
Max Drawdown (1Y) Largest decline over 1 year	-8.43%	-6.10%	-2.33%
Max Drawdown (3Y) Largest decline over 3 years	-16.87%	-13.71%	-3.16%
Max Drawdown (5Y) Largest decline over 5 years	-25.50%	-16.26%	-9.24%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.82%	—
Current Drawdown Current decline from peak	-0.51%	-0.51%	0.00%
Average Drawdown Average peak-to-trough decline	-4.59%	-7.52%	+2.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.86%	1.44%	+0.42%

Volatility

FQAL vs. DLN - Volatility Comparison

Fidelity Quality Factor ETF (FQAL) has a higher volatility of 2.33% compared to WisdomTree US LargeCap Dividend ETF (DLN) at 2.17%. This indicates that FQAL'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

	FQAL	DLN	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.33%	2.17%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	8.57%	6.77%	+1.80%
Volatility (1Y) Calculated over the trailing 1-year period	11.21%	8.87%	+2.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.18%	13.26%	+2.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.58%	16.16%	+1.42%

FQAL vs. DLN - Expense Ratio Comparison

FQAL has a 0.29% expense ratio, which is higher than DLN's 0.28% expense ratio.

Dividends

FQAL vs. DLN - Dividend Comparison

FQAL's dividend yield for the trailing twelve months is around 1.12%, 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%
FQAL Fidelity Quality Factor ETF	1.12%	1.12%	1.20%	1.35%	1.52%	1.17%	1.46%	1.55%	1.73%	1.53%	0.43%	0.00%

Frequently Asked Questions

Can I hold both FQAL and DLN in my portfolio?

FQAL and DLN have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FQAL or DLN?

FQAL has higher volatility (2.33%) compared to DLN (2.17%). In terms of maximum drawdown, FQAL dropped -33.71% vs DLN's -57.84%.

Which ETF is better, FQAL or DLN?

On 5-year performance, FQAL leads with 12.41% vs 12.22% 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, FQAL or DLN?

Over the 5-year period, FQAL has performed better with a 12.41% return vs 12.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FQAL or DLN?

DLN is cheaper with a 0.28% expense ratio, compared with 0.29% for FQAL.

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

DLN has the higher dividend yield at 1.79%, compared with 1.12% for FQAL.

What is the main difference between FQAL and DLN?

FQAL tracks Fidelity U.S. Quality Factor Index, while DLN tracks WisdomTree LargeCap Dividend Index. They also come from different issuers: Fidelity and WisdomTree. Their fees differ too: 0.29% for FQAL and 0.28% for DLN.

Which has better risk-adjusted returns?

DLN currently has the higher Sharpe Ratio (2.53 vs 1.89), 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.