FTQI vs. FDL

Last updated Aug 6, 2026

FTQI (First Trust Nasdaq BuyWrite Income ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - FTQI is a Nasdaq-100 fund tracking the NASDAQ-100 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, FTQI returned 8.38%/yr vs 11.08%/yr for FDL. Their 0.42 correlation means their historical movements had little consistent relationship. FTQI charges 0.75%/yr vs 0.43%/yr for FDL.

Performance

FTQI vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Nasdaq BuyWrite Income ETF (FTQI) 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, FTQI achieves a 14.01% return, which is significantly lower than FDL's 18.60% return. Over the past 10 years, FTQI has underperformed FDL with an annualized return of 8.38%, while FDL has yielded a comparatively higher 11.08% annualized return.

FTQI

• 1D: -0.18%
• 1M: 0.97%
• 6M: 14.35%
• YTD: 14.01%
• 1Y: 25.27%
• 3Y*: 17.45%
• 5Y*: 12.21%
• 10Y*: 8.38%
• ALL TIME*: 7.14%

FDL

• 1D: -0.54%
• 1M: 4.47%
• 6M: 5.75%
• YTD: 18.60%
• 1Y: 26.71%
• 3Y*: 19.02%
• 5Y*: 13.96%
• 10Y*: 11.08%
• ALL TIME*: 8.95%

*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	$48.97M	$49.30M	$42.41M
FTQI First Trust Nasdaq BuyWrite Income ETF	$11.50M	$8.69M	$6.02M

FTQI vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FTQI First Trust Nasdaq BuyWrite Income ETF	14.01%	12.68%	18.30%	23.63%	-8.77%	10.46%	-6.54%	13.98%	-9.78%	12.47%
FDL First Trust Morningstar Dividend Leaders Index Fund	18.60%	14.79%	17.98%	2.94%	6.66%	26.10%	-4.30%	24.41%	-5.99%	12.02%

Correlation

The correlation between FTQI and FDL is -0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.07
Correlation (3Y) Balances recent behavior with more history.	0.23
Correlation (5Y) Shows whether the relationship held over a longer period.	0.42
Correlation (10Y) Provides a long-term view across more market conditions.	0.45
Correlation (All Time) Calculated using the full available price history since Jan 7, 2014	0.42

The correlation between FTQI and FDL shifts across timeframes, from -0.07 (1 year) to 0.45 (10 years), reflecting how their relationship changes across market environments.

FTQI vs. FDL - Sectors Allocation Comparison

Sectors	FTQI	FDL
Technology	47.4%	4.3%
Consumer Cyclical	11.6%	4.4%
Communication Services	8.5%	11.2%
Healthcare	7.6%	11.7%
Consumer Defensive	7.4%	24.3%
Industrials	6.3%	3.6%
Financial Services	5.2%	13.7%
Energy	2.2%	11.1%
Utilities	1.5%	15.4%
Real Estate	1.1%	-
Basic Materials	1.1%	0.4%

Return for Risk

FTQI vs. FDL — Risk / Return Rank

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

FTQI

FTQI Risk / Return Rank: 88
FTQI Sharpe Ratio Rank: 86
FTQI Sortino Ratio Rank: 86
FTQI Omega Ratio Rank: 86
FTQI Calmar Ratio Rank: 89
FTQI Martin Ratio Rank: 93

FDL

FDL Risk / Return Rank: 89
FDL Sharpe Ratio Rank: 87
FDL Sortino Ratio Rank: 90
FDL Omega Ratio Rank: 83
FDL Calmar Ratio Rank: 96
FDL Martin Ratio Rank: 88

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.

FTQI vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Nasdaq BuyWrite Income ETF (FTQI) 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.

	FTQI	FDL	Difference
Sharpe ratio: Return per unit of total volatility	2.26	2.26	0.00
Sortino ratio: Return per unit of downside risk	3.16	3.41	-0.25
Omega ratio: Gain probability vs. loss probability	1.41	1.39	+0.02
Calmar ratio: Return relative to maximum drawdown	4.07	6.28	-2.21
Martin ratio: Return relative to average drawdown	18.34	14.78	+3.56

FTQI vs. FDL - Sharpe Ratio Comparison

The current FTQI Sharpe Ratio is 2.26, which is comparable to the FDL Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of FTQI 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

FTQI vs. FDL - Drawdown Comparison

The maximum FTQI drawdown since its inception was -19.42%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for FTQI and FDL.

Drawdown Indicators

	FTQI	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-19.42%	-65.93%	+46.51%
Max Drawdown (1Y) Largest decline over 1 year	-6.24%	-4.27%	-1.97%
Max Drawdown (3Y) Largest decline over 3 years	-19.42%	-12.24%	-7.18%
Max Drawdown (5Y) Largest decline over 5 years	-19.42%	-16.46%	-2.96%
Max Drawdown (10Y) Largest decline over 10 years	-19.42%	-41.40%	+21.98%
Current Drawdown Current decline from peak	-0.18%	-1.60%	+1.42%
Average Drawdown Average peak-to-trough decline	-3.72%	-9.59%	+5.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.38%	1.81%	-0.43%

Volatility

FTQI vs. FDL - Volatility Comparison

The current volatility for First Trust Nasdaq BuyWrite Income ETF (FTQI) is 3.82%, while First Trust Morningstar Dividend Leaders Index Fund (FDL) has a volatility of 4.48%. This indicates that FTQI 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.

Volatility by Period

	FTQI	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.82%	4.48%	-0.66%
Volatility (6M) Calculated over the trailing 6-month period	9.19%	8.63%	+0.56%
Volatility (1Y) Calculated over the trailing 1-year period	11.24%	11.88%	-0.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.80%	14.43%	+0.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.94%	17.16%	-4.22%

FTQI vs. FDL - Expense Ratio Comparison

FTQI has a 0.75% expense ratio, which is higher than FDL's 0.43% expense ratio.

Dividends

FTQI vs. FDL - Dividend Comparison

FTQI's dividend yield for the trailing twelve months is around 11.03%, more 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%
FTQI First Trust Nasdaq BuyWrite Income ETF	11.03%	11.46%	11.66%	11.49%	9.85%	3.05%	3.27%	2.95%	3.27%	2.74%	3.02%	3.54%

Frequently Asked Questions

Can I hold both FTQI and FDL in my portfolio?

FTQI and FDL have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FTQI or FDL?

FDL has higher volatility (4.48%) compared to FTQI (3.82%). In terms of maximum drawdown, FTQI dropped -19.42% vs FDL's -65.93%.

Which ETF is better, FTQI or FDL?

On 10-year performance, FDL leads with 11.08% vs 8.38% for FTQI. On fees, FDL is cheaper at 0.43% per year. On volatility, FTQI has been the lower-risk option at 3.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FTQI or FDL?

Over the 10-year period, FDL has performed better with a 11.08% return vs 8.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FTQI or FDL?

FDL is cheaper with a 0.43% expense ratio, compared with 0.75% for FTQI.

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

FTQI has the higher dividend yield at 11.03%, compared with 3.58% for FDL.

What is the main difference between FTQI and FDL?

FTQI is categorized as Nasdaq-100, while FDL is Large Cap Value Equities. FTQI tracks NASDAQ-100 Index, while FDL tracks Morningstar Dividend Leaders Index. Their fees differ too: 0.75% for FTQI and 0.43% for FDL.

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (2.26 vs 2.26), 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.