FTQI vs. FDL

Last updated Jun 5, 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 8.00%/yr vs 11.28%/yr for FDL. At a 0.44 correlation, their price movements are largely independent. FTQI charges 0.75%/yr vs 0.45%/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 11.03% return, which is significantly lower than FDL's 14.21% return. Over the past 10 years, FTQI has underperformed FDL with an annualized return of 8.00%, while FDL has yielded a comparatively higher 11.28% annualized return.

FTQI

• 1D: 0.23%
• 1M: 4.05%
• YTD: 11.03%
• 6M: 11.53%
• 1Y: 28.07%
• 3Y*: 17.30%
• 5Y*: 10.97%
• 10Y*: 8.00%

FDL

• 1D: 0.78%
• 1M: 0.32%
• YTD: 14.21%
• 6M: 15.52%
• 1Y: 25.50%
• 3Y*: 19.57%
• 5Y*: 12.69%
• 10Y*: 11.28%

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

FTQI vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FTQI First Trust Nasdaq BuyWrite Income ETF	11.03%	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	14.21%	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 0.08, 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	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (10Y) Calculated over the trailing 10-year period	0.46
Correlation (All Time) Calculated using the full available price history since Jan 8, 2014	0.44

Over the past year, the correlation between FTQI and FDL has dropped to 0.08 - well below their long-term average of 0.44, suggesting their price drivers have been diverging.

FTQI vs. FDL - Sectors Allocation Comparison

Sectors	FTQI	FDL
Technology	35.5%	1.1%
Financial Services	13.3%	15.1%
Consumer Cyclical	8.4%	3.8%
Healthcare	8.4%	16.8%
Energy	7.4%	27.3%
Industrials	7.4%	3.8%
Consumer Defensive	5.9%	14.7%
Basic Materials	3.9%	0.3%
Utilities	3.9%	6.5%
Communication Services	3.4%	10.6%
Real Estate	2.0%	-

Return for Risk

FTQI vs. FDL — Risk / Return Rank

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

FTQI

FTQI Risk / Return Rank: 86
FTQI Sharpe Ratio Rank: 85
FTQI Sortino Ratio Rank: 85
FTQI Omega Ratio Rank: 86
FTQI Calmar Ratio Rank: 84
FTQI Martin Ratio Rank: 91

FDL

FDL Risk / Return Rank: 77
FDL Sharpe Ratio Rank: 70
FDL Sortino Ratio Rank: 79
FDL Omega Ratio Rank: 67
FDL Calmar Ratio Rank: 92
FDL Martin Ratio Rank: 77

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.

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.

	FTQI	FDL	Difference
Sharpe ratio: Return per unit of total volatility	2.73	2.27	+0.46
Sortino ratio: Return per unit of downside risk	3.76	3.49	+0.27
Omega ratio: Gain probability vs. loss probability	1.52	1.40	+0.12
Calmar ratio: Return relative to maximum drawdown	4.52	5.99	-1.47
Martin ratio: Return relative to average drawdown	21.94	14.59	+7.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FTQI vs. FDL - Sharpe Ratio Comparison

The current FTQI Sharpe Ratio is 2.73, which is comparable to the FDL Sharpe Ratio of 2.27. 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.

Sharpe Ratios by Period

	FTQI	FDL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.73	2.27	+0.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.74	0.89	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	0.66	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.45	+0.07

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	0.00%	-1.41%	+1.41%
Average Drawdown Average peak-to-trough decline	-3.75%	-9.66%	+5.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.28%	1.75%	-0.47%

Volatility

FTQI vs. FDL - Volatility Comparison

The current volatility for First Trust Nasdaq BuyWrite Income ETF (FTQI) is 1.66%, while First Trust Morningstar Dividend Leaders Index Fund (FDL) has a volatility of 2.95%. 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	1.66%	2.95%	-1.29%
Volatility (6M) Calculated over the trailing 6-month period	8.24%	7.85%	+0.39%
Volatility (1Y) Calculated over the trailing 1-year period	10.33%	11.30%	-0.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.81%	14.31%	+0.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.35%	17.11%	-3.76%

FTQI vs. FDL - Expense Ratio Comparison

FTQI has a 0.75% expense ratio, which is higher than FDL's 0.45% expense ratio.

Dividends

FTQI vs. FDL - Dividend Comparison

FTQI's dividend yield for the trailing twelve months is around 10.94%, more than FDL's 3.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDL First Trust Morningstar Dividend Leaders Index Fund	3.65%	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	10.94%	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 0.08, 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 (2.95%) compared to FTQI (1.66%). 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 11.28% vs 8.00% for FTQI. On fees, FDL is cheaper at 0.45% per year. On volatility, FTQI has been the lower-risk option at 1.66%. 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 11.28% return vs 8.00%. 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 0.45% 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 10.94%, compared with 3.65% 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 0.45% for FDL.

Which has better risk-adjusted returns?

FTQI currently has the higher Sharpe Ratio (2.73 vs 2.27), 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.