FTGC vs. FDL

Last updated Jun 4, 2026

FTGC (First Trust Global Tactical Commodity Strategy Fund) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - FTGC is a Commodities fund actively managed by First Trust, while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. FTGC is actively managed, while FDL is passively managed. Over the past 10 years, FTGC returned 7.77%/yr vs 11.24%/yr for FDL. At a 0.29 correlation, their price movements are largely independent. FTGC charges 0.95%/yr vs 0.45%/yr for FDL.

Performance

FTGC vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Global Tactical Commodity Strategy Fund (FTGC) 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, FTGC achieves a 27.15% return, which is significantly higher than FDL's 13.33% return. Over the past 10 years, FTGC has underperformed FDL with an annualized return of 7.77%, while FDL has yielded a comparatively higher 11.24% annualized return.

FTGC

• 1D: -0.44%
• 1M: -2.63%
• YTD: 27.15%
• 6M: 26.06%
• 1Y: 41.32%
• 3Y*: 18.13%
• 5Y*: 13.08%
• 10Y*: 7.77%

FDL

• 1D: -0.26%
• 1M: -0.26%
• YTD: 13.33%
• 6M: 14.76%
• 1Y: 23.67%
• 3Y*: 18.97%
• 5Y*: 12.51%
• 10Y*: 11.24%

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

FTGC vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FTGC First Trust Global Tactical Commodity Strategy Fund	27.15%	14.61%	9.96%	-5.36%	17.36%	27.95%	2.17%	6.40%	-12.75%	2.73%
FDL First Trust Morningstar Dividend Leaders Index Fund	13.33%	14.79%	17.98%	2.94%	6.66%	26.10%	-4.30%	24.41%	-5.99%	12.02%

Correlation

The correlation between FTGC and FDL is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (10Y) Calculated over the trailing 10-year period	0.30
Correlation (All Time) Calculated using the full available price history since Oct 24, 2013	0.29

The correlation between FTGC and FDL shifts across timeframes, from 0.18 (3 years) to 0.30 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

FTGC vs. FDL — Risk / Return Rank

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

FTGC

FTGC Risk / Return Rank: 81
FTGC Sharpe Ratio Rank: 81
FTGC Sortino Ratio Rank: 75
FTGC Omega Ratio Rank: 77
FTGC Calmar Ratio Rank: 88
FTGC Martin Ratio Rank: 84

FDL

FDL Risk / Return Rank: 70
FDL Sharpe Ratio Rank: 61
FDL Sortino Ratio Rank: 70
FDL Omega Ratio Rank: 59
FDL Calmar Ratio Rank: 90
FDL Martin Ratio Rank: 71

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.

FTGC vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Global Tactical Commodity Strategy Fund (FTGC) 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.

	FTGC	FDL	Difference
Sharpe ratio Return per unit of total volatility	2.66	2.11	+0.55
Sortino ratio Return per unit of downside risk	3.43	3.25	+0.18
Omega ratio Gain probability vs. loss probability	1.47	1.37	+0.10
Calmar ratio Return relative to maximum drawdown	5.25	5.56	-0.31
Martin ratio Return relative to average drawdown	17.39	13.56	+3.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FTGC vs. FDL - Sharpe Ratio Comparison

The current FTGC Sharpe Ratio is 2.66, which is comparable to the FDL Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of FTGC 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.

Sharpe Ratios by Period

	FTGC	FDL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.66	2.11	+0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	0.88	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.66	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.45	-0.21

Drawdowns

FTGC vs. FDL - Drawdown Comparison

The maximum FTGC drawdown since its inception was -59.47%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for FTGC and FDL.

Drawdown Indicators

	FTGC	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-59.47%	-65.93%	+6.46%
Max Drawdown (1Y) Largest decline over 1 year	-7.91%	-4.27%	-3.64%
Max Drawdown (3Y) Largest decline over 3 years	-10.39%	-12.24%	+1.85%
Max Drawdown (5Y) Largest decline over 5 years	-22.64%	-16.46%	-6.18%
Max Drawdown (10Y) Largest decline over 10 years	-35.91%	-41.40%	+5.49%
Current Drawdown Current decline from peak	-4.65%	-2.18%	-2.47%
Average Drawdown Average peak-to-trough decline	-27.42%	-9.66%	-17.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.38%	1.75%	+0.63%

Volatility

FTGC vs. FDL - Volatility Comparison

First Trust Global Tactical Commodity Strategy Fund (FTGC) has a higher volatility of 4.50% compared to First Trust Morningstar Dividend Leaders Index Fund (FDL) at 2.85%. This indicates that FTGC'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

	FTGC	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.50%	2.85%	+1.65%
Volatility (6M) Calculated over the trailing 6-month period	13.15%	7.87%	+5.28%
Volatility (1Y) Calculated over the trailing 1-year period	15.59%	11.28%	+4.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.00%	14.31%	+1.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.71%	17.11%	-2.40%

FTGC vs. FDL - Expense Ratio Comparison

FTGC has a 0.95% expense ratio, which is higher than FDL's 0.45% expense ratio.

Dividends

FTGC vs. FDL - Dividend Comparison

FTGC's dividend yield for the trailing twelve months is around 15.08%, more than FDL's 3.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDL First Trust Morningstar Dividend Leaders Index Fund	3.68%	4.04%	4.96%	4.58%	3.58%	4.59%	4.48%	3.75%	3.97%	3.18%	2.93%	3.65%
FTGC First Trust Global Tactical Commodity Strategy Fund	15.08%	17.74%	3.05%	3.34%	10.35%	7.21%	0.00%	0.81%	0.80%	1.21%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FTGC and FDL in my portfolio?

FTGC and FDL have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FTGC or FDL?

FTGC has higher volatility (4.50%) compared to FDL (2.85%). In terms of maximum drawdown, FTGC dropped -59.47% vs FDL's -65.93%.

Which ETF is better, FTGC or FDL?

On 10-year performance, FDL leads with 11.24% vs 7.77% for FTGC. On fees, FDL is cheaper at 0.45% per year. On volatility, FDL has been the lower-risk option at 2.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FTGC or FDL?

Over the 10-year period, FDL has performed better with a 11.24% return vs 7.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FTGC or FDL?

FDL is cheaper with a 0.45% expense ratio, compared with 0.95% for FTGC.

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

FTGC has the higher dividend yield at 15.08%, compared with 3.68% for FDL.

What is the main difference between FTGC and FDL?

FTGC is categorized as Commodities, while FDL is Large Cap Value Equities. Their fees differ too: 0.95% for FTGC and 0.45% for FDL.

Which has better risk-adjusted returns?

FTGC currently has the higher Sharpe Ratio (2.66 vs 2.11), 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.