FTNT vs. FDL

Last updated Jun 4, 2026

FTNT (Fortinet, Inc.) is a stock, while FDL (First Trust Morningstar Dividend Leaders Index Fund) is Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. Over the past 10 years, FTNT returned 35.70%/yr vs 11.24%/yr for FDL. At a 0.30 correlation, their price movements are largely independent.

Performance

FTNT vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fortinet, Inc. (FTNT) 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, FTNT achieves a 84.46% return, which is significantly higher than FDL's 13.33% return. Over the past 10 years, FTNT has outperformed FDL with an annualized return of 35.70%, while FDL has yielded a comparatively lower 11.24% annualized return.

FTNT

• 1D: -1.60%
• 1M: 64.14%
• YTD: 84.46%
• 6M: 76.99%
• 1Y: 42.38%
• 3Y*: 29.07%
• 5Y*: 26.99%
• 10Y*: 35.70%

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)

FTNT vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FTNT Fortinet, Inc.	84.46%	-15.95%	61.42%	19.72%	-31.98%	141.97%	39.13%	51.58%	61.20%	45.05%
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 FTNT and FDL is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (5Y) Calculated over the trailing 5-year period	0.24
Correlation (10Y) Calculated over the trailing 10-year period	0.25
Correlation (All Time) Calculated using the full available price history since Nov 19, 2009	0.30

The correlation between FTNT and FDL shifts across timeframes, from -0.02 (1 year) to 0.30 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FTNT vs. FDL — Risk / Return Rank

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

FTNT

FTNT Risk / Return Rank: 66
FTNT Sharpe Ratio Rank: 70
FTNT Sortino Ratio Rank: 63
FTNT Omega Ratio Rank: 70
FTNT Calmar Ratio Rank: 66
FTNT Martin Ratio Rank: 59

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.

FTNT vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fortinet, Inc. (FTNT) 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.

	FTNT	FDL	Difference
Sharpe ratio: Return per unit of total volatility	0.95	2.11	-1.16
Sortino ratio: Return per unit of downside risk	1.44	3.25	-1.81
Omega ratio: Gain probability vs. loss probability	1.23	1.37	-0.14
Calmar ratio: Return relative to maximum drawdown	1.38	5.56	-4.18
Martin ratio: Return relative to average drawdown	2.02	13.56	-11.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FTNT vs. FDL - Sharpe Ratio Comparison

The current FTNT Sharpe Ratio is 0.95, which is lower than the FDL Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of FTNT 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

	FTNT	FDL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.95	2.11	-1.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	0.88	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.88	0.66	+0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	0.45	+0.30

Drawdowns

FTNT vs. FDL - Drawdown Comparison

The maximum FTNT drawdown since its inception was -51.20%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for FTNT and FDL.

Drawdown Indicators

	FTNT	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-51.20%	-65.93%	+14.73%
Max Drawdown (1Y) Largest decline over 1 year	-30.90%	-4.27%	-26.63%
Max Drawdown (3Y) Largest decline over 3 years	-38.32%	-12.24%	-26.08%
Max Drawdown (5Y) Largest decline over 5 years	-38.32%	-16.46%	-21.86%
Max Drawdown (10Y) Largest decline over 10 years	-38.32%	-41.40%	+3.08%
Current Drawdown Current decline from peak	-1.60%	-2.18%	+0.58%
Average Drawdown Average peak-to-trough decline	-16.25%	-9.66%	-6.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.06%	1.75%	+19.31%

Volatility

FTNT vs. FDL - Volatility Comparison

Fortinet, Inc. (FTNT) has a higher volatility of 20.64% compared to First Trust Morningstar Dividend Leaders Index Fund (FDL) at 2.85%. This indicates that FTNT'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

	FTNT	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.64%	2.85%	+17.79%
Volatility (6M) Calculated over the trailing 6-month period	31.59%	7.87%	+23.72%
Volatility (1Y) Calculated over the trailing 1-year period	44.81%	11.28%	+33.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.88%	14.31%	+29.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.84%	17.11%	+23.73%

Dividends

FTNT vs. FDL - Dividend Comparison

FTNT has not paid dividends to shareholders, while FDL's dividend yield for the trailing twelve months is around 3.68%.

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%
FTNT Fortinet, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FTNT and FDL in my portfolio?

FTNT and FDL have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FTNT or FDL?

FTNT has higher volatility (20.64%) compared to FDL (2.85%). In terms of maximum drawdown, FTNT dropped -51.20% vs FDL's -65.93%.

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (2.11 vs 0.95), 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.