FRI vs. FDL
FRI (First Trust S&P REIT Index Fund) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - FRI is a REIT fund tracking the S&P United States REIT, while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. Both are passively managed. Over the past 10 years, FRI returned 5.42%/yr vs 11.09%/yr for FDL. Their 0.61 correlation means they have sometimes moved together and sometimes differently. FRI charges 0.50%/yr vs 0.43%/yr for FDL.
Performance
FRI vs. FDL - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FRI achieves a 19.62% return, which is significantly higher than FDL's 18.16% return. Over the past 10 years, FRI has underperformed FDL with an annualized return of 5.42%, while FDL has yielded a comparatively higher 11.09% annualized return.
FRI
- 1D
- -0.53%
- 1M
- 0.72%
- 6M
- 16.22%
- YTD
- 19.62%
- 1Y
- 24.63%
- 3Y*
- 11.71%
- 5Y*
- 4.87%
- 10Y*
- 5.42%
- ALL TIME*
- 5.31%
FDL
- 1D
- 0.02%
- 1M
- 3.27%
- 6M
- 9.50%
- YTD
- 18.16%
- 1Y
- 27.65%
- 3Y*
- 18.28%
- 5Y*
- 13.98%
- 10Y*
- 11.09%
- ALL TIME*
- 8.94%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $52.24M | $50.06M | $42.95M | |
| $1.71M | $1.21M | $886.33K |
FRI vs. FDL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FRI First Trust S&P REIT Index Fund | 19.62% | 2.80% | 7.84% | 13.33% | -24.66% | 42.55% | -7.90% | 23.67% | -4.28% | 3.86% |
FDL First Trust Morningstar Dividend Leaders Index Fund | 18.16% | 14.79% | 17.98% | 2.94% | 6.66% | 26.10% | -4.30% | 24.41% | -5.99% | 12.02% |
Correlation
The correlation between FRI and FDL is 0.53, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.53 |
Correlation (3Y) Balances recent behavior with more history. | 0.64 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.65 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.59 |
Correlation (All Time) Calculated using the full available price history since May 10, 2007 | 0.61 |
The correlation between FRI and FDL shifts across timeframes, from 0.53 (1 year) to 0.65 (5 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
FRI vs. FDL — Risk / Return Rank
FRI
FDL
FRI vs. FDL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust S&P REIT Index Fund (FRI) 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.
| FRI | FDL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.48 | ||
| Sortino ratioReturn per unit of downside risk | -0.94 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.39 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 3.19 | 6.29 | -3.09 |
| Martin ratioReturn relative to average drawdown | 10.66 | 14.86 | -4.19 |
Loading charts...
Drawdowns
FRI vs. FDL - Drawdown Comparison
The maximum FRI drawdown since its inception was -71.95%, which is greater than FDL's maximum drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for FRI and FDL.
Loading charts...
Drawdown Indicators
| FRI | FDL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.95% | -65.93% | -6.02% |
Max Drawdown (1Y)Largest decline over 1 year | -7.57% | -4.27% | -3.30% |
Max Drawdown (3Y)Largest decline over 3 years | -18.90% | -12.24% | -6.66% |
Max Drawdown (5Y)Largest decline over 5 years | -31.21% | -16.46% | -14.75% |
Max Drawdown (10Y)Largest decline over 10 years | -44.16% | -41.40% | -2.76% |
Current DrawdownCurrent decline from peak | -2.89% | -1.96% | -0.93% |
Average DrawdownAverage peak-to-trough decline | -13.59% | -9.59% | -4.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.26% | 1.81% | +0.45% |
Volatility
FRI vs. FDL - Volatility Comparison
The current volatility for First Trust S&P REIT Index Fund (FRI) is 4.67%, while First Trust Morningstar Dividend Leaders Index Fund (FDL) has a volatility of 4.96%. This indicates that FRI experiences smaller price fluctuations and is considered to be less risky than FDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| FRI | FDL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.67% | 4.96% | -0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 10.57% | 8.97% | +1.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.69% | 11.95% | +1.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.70% | 14.44% | +4.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.11% | 17.16% | +3.95% |
FRI vs. FDL - Expense Ratio Comparison
FRI has a 0.50% expense ratio, which is higher than FDL's 0.43% expense ratio.
Dividends
FRI vs. FDL - Dividend Comparison
FRI's dividend yield for the trailing twelve months is around 2.40%, less than FDL's 3.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FDL First Trust Morningstar Dividend Leaders Index Fund | 3.59% | 4.04% | 4.96% | 4.58% | 3.58% | 4.59% | 4.48% | 3.75% | 3.97% | 3.18% | 2.93% | 3.65% |
FRI First Trust S&P REIT Index Fund | 2.40% | 2.99% | 3.33% | 3.24% | 2.52% | 1.44% | 3.08% | 2.28% | 3.21% | 2.82% | 3.27% | 2.66% |
Frequently Asked Questions
FRI and FDL have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FDL has higher volatility (4.96%) compared to FRI (4.67%). In terms of maximum drawdown, FRI dropped -71.95% vs FDL's -65.93%.
On 10-year performance, FDL leads with 11.09% vs 5.42% for FRI. On fees, FDL is cheaper at 0.43% per year. On volatility, FRI has been the lower-risk option at 4.67%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FDL has performed better with a 11.09% return vs 5.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FDL is cheaper with a 0.43% expense ratio, compared with 0.50% for FRI.
FDL has the higher dividend yield at 3.59%, compared with 2.40% for FRI.
FRI is categorized as REIT, while FDL is Large Cap Value Equities. FRI tracks S&P United States REIT, while FDL tracks Morningstar Dividend Leaders Index. Their fees differ too: 0.50% for FRI and 0.43% for FDL.
FDL currently has the higher Sharpe Ratio (2.26 vs 1.78), 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.
Find the right allocation for FRI and FDL
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer