FXL vs. FDL

Last updated Jun 4, 2026

FXL (First Trust Technology AlphaDEX Fund) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - FXL is a Technology Equities fund tracking the StrataQuant Technology 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, FXL returned 21.15%/yr vs 11.24%/yr for FDL. A 0.51 correlation means they provide meaningful diversification when combined. FXL charges 0.61%/yr vs 0.45%/yr for FDL.

Performance

FXL vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Technology AlphaDEX Fund (FXL) 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, FXL achieves a 31.98% return, which is significantly higher than FDL's 13.33% return. Over the past 10 years, FXL has outperformed FDL with an annualized return of 21.15%, while FDL has yielded a comparatively lower 11.24% annualized return.

FXL

• 1D: -0.88%
• 1M: 17.50%
• YTD: 31.98%
• 6M: 30.18%
• 1Y: 48.07%
• 3Y*: 26.93%
• 5Y*: 13.48%
• 10Y*: 21.15%

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)

FXL vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FXL First Trust Technology AlphaDEX Fund	31.98%	13.29%	16.13%	40.50%	-30.44%	18.20%	54.20%	38.66%	2.72%	35.82%
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 FXL and FDL is 0.07, 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	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (10Y) Calculated over the trailing 10-year period	0.42
Correlation (All Time) Calculated using the full available price history since May 11, 2007	0.51

Over the past year, the correlation between FXL and FDL has dropped to 0.07 - well below their long-term average of 0.51, suggesting their price drivers have been diverging.

FXL vs. FDL - Sectors Allocation Comparison

Sectors	FXL	FDL
Technology	88.1%	1.1%
Communication Services	5.9%	10.6%
Industrials	4.5%	3.8%
Consumer Cyclical	1.0%	3.8%
Financial Services	0.6%	15.1%
Basic Materials	-	0.3%
Consumer Defensive	-	14.7%
Energy	-	27.3%
Healthcare	-	16.8%
Real Estate	-	-
Utilities	-	6.5%

Return for Risk

FXL vs. FDL — Risk / Return Rank

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

FXL

FXL Risk / Return Rank: 63
FXL Sharpe Ratio Rank: 64
FXL Sortino Ratio Rank: 60
FXL Omega Ratio Rank: 57
FXL Calmar Ratio Rank: 71
FXL Martin Ratio Rank: 65

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.

FXL vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Technology AlphaDEX Fund (FXL) 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.

	FXL	FDL	Difference
Sharpe ratio Return per unit of total volatility	2.16	2.11	+0.05
Sortino ratio Return per unit of downside risk	2.84	3.25	-0.41
Omega ratio Gain probability vs. loss probability	1.35	1.37	-0.02
Calmar ratio Return relative to maximum drawdown	3.56	5.56	-2.00
Martin ratio Return relative to average drawdown	11.95	13.56	-1.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FXL vs. FDL - Sharpe Ratio Comparison

The current FXL Sharpe Ratio is 2.16, which is comparable to the FDL Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of FXL 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

	FXL	FDL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.16	2.11	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.88	-0.34
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	0.66	+0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.45	+0.11

Drawdowns

FXL vs. FDL - Drawdown Comparison

The maximum FXL drawdown since its inception was -61.41%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for FXL and FDL.

Drawdown Indicators

	FXL	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-61.41%	-65.93%	+4.52%
Max Drawdown (1Y) Largest decline over 1 year	-13.56%	-4.27%	-9.29%
Max Drawdown (3Y) Largest decline over 3 years	-28.27%	-12.24%	-16.03%
Max Drawdown (5Y) Largest decline over 5 years	-38.49%	-16.46%	-22.03%
Max Drawdown (10Y) Largest decline over 10 years	-38.49%	-41.40%	+2.91%
Current Drawdown Current decline from peak	-0.88%	-2.18%	+1.30%
Average Drawdown Average peak-to-trough decline	-11.37%	-9.66%	-1.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.03%	1.75%	+2.28%

Volatility

FXL vs. FDL - Volatility Comparison

First Trust Technology AlphaDEX Fund (FXL) has a higher volatility of 7.61% compared to First Trust Morningstar Dividend Leaders Index Fund (FDL) at 2.85%. This indicates that FXL'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

	FXL	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.61%	2.85%	+4.76%
Volatility (6M) Calculated over the trailing 6-month period	17.47%	7.87%	+9.60%
Volatility (1Y) Calculated over the trailing 1-year period	22.42%	11.28%	+11.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.12%	14.31%	+10.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.28%	17.11%	+8.17%

FXL vs. FDL - Expense Ratio Comparison

FXL has a 0.61% expense ratio, which is higher than FDL's 0.45% expense ratio.

Dividends

FXL vs. FDL - Dividend Comparison

FXL 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%
FXL First Trust Technology AlphaDEX Fund	0.00%	0.01%	0.11%	0.41%	0.34%	0.11%	0.04%	0.37%	0.32%	0.27%	1.12%	0.36%

Frequently Asked Questions

Can I hold both FXL and FDL in my portfolio?

FXL 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, FXL or FDL?

FXL has higher volatility (7.61%) compared to FDL (2.85%). In terms of maximum drawdown, FXL dropped -61.41% vs FDL's -65.93%.

Which ETF is better, FXL or FDL?

On 10-year performance, FXL leads with 21.15% vs 11.24% for FDL. 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, FXL or FDL?

Over the 10-year period, FXL has performed better with a 21.15% return vs 11.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FXL or FDL?

FDL is cheaper with a 0.45% expense ratio, compared with 0.61% for FXL.

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

FDL has the higher dividend yield at 3.68%, compared with 0.00% for FXL.

What is the main difference between FXL and FDL?

FXL is categorized as Technology Equities, while FDL is Large Cap Value Equities. FXL tracks StrataQuant Technology Index, while FDL tracks Morningstar Dividend Leaders Index. Their fees differ too: 0.61% for FXL and 0.45% for FDL.

Which has better risk-adjusted returns?

FXL currently has the higher Sharpe Ratio (2.16 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.