FVD vs. SDY

Last updated Jun 4, 2026

FVD (First Trust Value Line Dividend Index Fund) and SDY (SPDR S&P Dividend ETF) are both Mid Cap Value Equities funds - FVD tracks the Value Line Dividend Index while SDY tracks the S&P High Yield Dividend Aristocrats Index. Both are passively managed. Over the past 10 years, FVD returned 8.30%/yr vs 9.29%/yr for SDY. Their correlation of 0.93 suggests significant overlap in exposure. FVD charges 0.61%/yr vs 0.35%/yr for SDY.

Performance

FVD vs. SDY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Value Line Dividend Index Fund (FVD) and SPDR S&P Dividend ETF (SDY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FVD achieves a 2.21% return, which is significantly lower than SDY's 7.49% return. Over the past 10 years, FVD has underperformed SDY with an annualized return of 8.30%, while SDY has yielded a comparatively higher 9.29% annualized return.

FVD

• 1D: -0.59%
• 1M: -1.04%
• YTD: 2.21%
• 6M: 2.80%
• 1Y: 6.84%
• 3Y*: 8.25%
• 5Y*: 5.20%
• 10Y*: 8.30%

SDY

• 1D: -0.15%
• 1M: 0.81%
• YTD: 7.49%
• 6M: 7.45%
• 1Y: 12.80%
• 3Y*: 9.83%
• 5Y*: 5.97%
• 10Y*: 9.29%

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

FVD vs. SDY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FVD First Trust Value Line Dividend Index Fund	2.21%	8.16%	10.04%	4.11%	-5.18%	25.08%	-0.02%	26.58%	-3.49%	12.51%
SDY SPDR S&P Dividend ETF	7.49%	8.18%	8.45%	2.61%	-0.54%	25.32%	1.71%	23.29%	-2.74%	15.82%

Correlation

The correlation between FVD and SDY is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Nov 16, 2005	0.93

The correlation between FVD and SDY has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

FVD vs. SDY - Sectors Allocation Comparison

Sectors	FVD	SDY
Financial Services	19.1%	11.5%
Utilities	18.4%	14.8%
Industrials	14.2%	17.5%
Consumer Defensive	11.6%	17.1%
Real Estate	8.1%	4.6%
Healthcare	7.8%	6.2%
Technology	6.1%	8.7%
Consumer Cyclical	5.6%	5.2%
Energy	4.0%	4.6%
Communication Services	3.0%	3.5%
Basic Materials	2.1%	6.4%

Return for Risk

FVD vs. SDY — Risk / Return Rank

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

FVD

FVD Risk / Return Rank: 21
FVD Sharpe Ratio Rank: 21
FVD Sortino Ratio Rank: 21
FVD Omega Ratio Rank: 19
FVD Calmar Ratio Rank: 21
FVD Martin Ratio Rank: 21

SDY

SDY Risk / Return Rank: 33
SDY Sharpe Ratio Rank: 33
SDY Sortino Ratio Rank: 36
SDY Omega Ratio Rank: 31
SDY Calmar Ratio Rank: 33
SDY Martin Ratio Rank: 31

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.

FVD vs. SDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Value Line Dividend Index Fund (FVD) and SPDR S&P Dividend ETF (SDY). 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.

	FVD	SDY	Difference
Sharpe ratio: Return per unit of total volatility	0.72	1.25	-0.52
Sortino ratio: Return per unit of downside risk	1.12	1.92	-0.80
Omega ratio: Gain probability vs. loss probability	1.13	1.22	-0.09
Calmar ratio: Return relative to maximum drawdown	0.95	1.68	-0.73
Martin ratio: Return relative to average drawdown	2.58	4.60	-2.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FVD vs. SDY - Sharpe Ratio Comparison

The current FVD Sharpe Ratio is 0.72, which is lower than the SDY Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of FVD and SDY, 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

	FVD	SDY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.72	1.25	-0.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.43	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.55	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.47	+0.11

Drawdowns

FVD vs. SDY - Drawdown Comparison

The maximum FVD drawdown since its inception was -51.00%, smaller than the maximum SDY drawdown of -54.75%. Use the drawdown chart below to compare losses from any high point for FVD and SDY.

Drawdown Indicators

	FVD	SDY	Difference
Max Drawdown Largest peak-to-trough decline	-51.00%	-54.75%	+3.75%
Max Drawdown (1Y) Largest decline over 1 year	-7.23%	-7.67%	+0.44%
Max Drawdown (3Y) Largest decline over 3 years	-11.97%	-14.39%	+2.42%
Max Drawdown (5Y) Largest decline over 5 years	-16.41%	-15.21%	-1.20%
Max Drawdown (10Y) Largest decline over 10 years	-35.25%	-36.70%	+1.45%
Current Drawdown Current decline from peak	-5.96%	-4.07%	-1.89%
Average Drawdown Average peak-to-trough decline	-5.44%	-6.21%	+0.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.66%	2.79%	-0.13%

Volatility

FVD vs. SDY - Volatility Comparison

First Trust Value Line Dividend Index Fund (FVD) has a higher volatility of 2.62% compared to SPDR S&P Dividend ETF (SDY) at 2.47%. This indicates that FVD's price experiences larger fluctuations and is considered to be riskier than SDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FVD	SDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.62%	2.47%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	6.73%	7.43%	-0.70%
Volatility (1Y) Calculated over the trailing 1-year period	9.50%	10.33%	-0.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.76%	14.03%	-1.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.44%	17.08%	-1.64%

FVD vs. SDY - Expense Ratio Comparison

FVD has a 0.61% expense ratio, which is higher than SDY's 0.35% expense ratio.

Dividends

FVD vs. SDY - Dividend Comparison

FVD's dividend yield for the trailing twelve months is around 2.31%, less than SDY's 2.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FVD First Trust Value Line Dividend Index Fund	2.31%	2.36%	2.23%	2.34%	2.20%	1.75%	2.31%	2.03%	2.50%	2.10%	2.04%	2.34%
SDY SPDR S&P Dividend ETF	2.48%	2.61%	2.56%	2.64%	2.55%	2.63%	2.85%	2.45%	2.73%	4.69%	3.30%	6.20%

Frequently Asked Questions

Can I hold both FVD and SDY in my portfolio?

With a correlation of 0.94, FVD and SDY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FVD or SDY?

FVD has higher volatility (2.62%) compared to SDY (2.47%). In terms of maximum drawdown, FVD dropped -51.00% vs SDY's -54.75%.

Which ETF is better, FVD or SDY?

On 10-year performance, SDY leads with 9.29% vs 8.30% for FVD. On fees, SDY is cheaper at 0.35% per year. On volatility, SDY has been the lower-risk option at 2.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FVD or SDY?

Over the 10-year period, SDY has performed better with a 9.29% return vs 8.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FVD or SDY?

SDY is cheaper with a 0.35% expense ratio, compared with 0.61% for FVD.

Which ETF pays a higher dividend yield, FVD or SDY?

SDY has the higher dividend yield at 2.48%, compared with 2.31% for FVD.

What is the main difference between FVD and SDY?

FVD tracks Value Line Dividend Index, while SDY tracks S&P High Yield Dividend Aristocrats Index. They also come from different issuers: First Trust and State Street. Their fees differ too: 0.61% for FVD and 0.35% for SDY.

Which has better risk-adjusted returns?

SDY currently has the higher Sharpe Ratio (1.25 vs 0.72), 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.