FXL vs. FDL

Last updated Aug 2, 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 19.60%/yr vs 11.09%/yr for FDL. Their 0.50 correlation means their historical movements had little consistent relationship. FXL charges 0.61%/yr vs 0.43%/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

The year-to-date returns for both stocks are quite close, with FXL having a 18.85% return and FDL slightly lower at 18.16%. Over the past 10 years, FXL has outperformed FDL with an annualized return of 19.60%, while FDL has yielded a comparatively lower 11.09% annualized return.

FXL

• 1D: 1.36%
• 1M: -2.51%
• 6M: 17.90%
• YTD: 18.85%
• 1Y: 27.83%
• 3Y*: 18.89%
• 5Y*: 9.99%
• 10Y*: 19.60%
• ALL TIME*: 13.00%

FDL

• 1D: 0.02%
• 1M: 3.27%
• 6M: 9.50%
• YTD: 18.16%
• 1Y: 27.65%
• 3Y*: 18.28%
• 5Y*: 13.98%
• 10Y*: 11.09%
• ALL TIME*: 8.94%

*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	$52.24M	$50.06M	$42.95M
FXL First Trust Technology AlphaDEX Fund	$26.02M	$18.35M	$33.60M

FXL vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FXL First Trust Technology AlphaDEX Fund	18.85%	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	18.16%	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 -0.12, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.12
Correlation (3Y) Balances recent behavior with more history.	0.19
Correlation (5Y) Shows whether the relationship held over a longer period.	0.34
Correlation (10Y) Provides a long-term view across more market conditions.	0.39
Correlation (All Time) Calculated using the full available price history since May 10, 2007	0.50

The correlation between FXL and FDL shifts across timeframes, from -0.12 (1 year) to 0.50 (all time), reflecting how their relationship changes across market environments.

FXL vs. FDL - Sectors Allocation Comparison

Sectors	FXL	FDL
Technology	90.1%	4.3%
Communication Services	5.0%	11.2%
Industrials	3.6%	3.6%
Consumer Cyclical	0.9%	4.4%
Financial Services	0.4%	13.7%
Basic Materials	-	0.4%
Consumer Defensive	-	24.3%
Energy	-	11.1%
Healthcare	-	11.7%
Real Estate	-	-
Utilities	-	15.4%

Return for Risk

FXL vs. FDL — Risk / Return Rank

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

FXL

FXL Risk / Return Rank: 40
FXL Sharpe Ratio Rank: 39
FXL Sortino Ratio Rank: 39
FXL Omega Ratio Rank: 36
FXL Calmar Ratio Rank: 46
FXL Martin Ratio Rank: 43

FDL

FDL Risk / Return Rank: 92
FDL Sharpe Ratio Rank: 90
FDL Sortino Ratio Rank: 92
FDL Omega Ratio Rank: 88
FDL Calmar Ratio Rank: 96
FDL Martin Ratio Rank: 91

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.

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.

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.

	FXL	FDL	Difference
Sharpe ratio: Return per unit of total volatility	0.97	2.26	-1.29
Sortino ratio: Return per unit of downside risk	1.43	3.41	-1.98
Omega ratio: Gain probability vs. loss probability	1.17	1.39	-0.22
Calmar ratio: Return relative to maximum drawdown	1.64	6.29	-4.65
Martin ratio: Return relative to average drawdown	4.70	14.86	-10.16

FXL vs. FDL - Sharpe Ratio Comparison

The current FXL Sharpe Ratio is 0.97, which is lower than the FDL Sharpe Ratio of 2.26. 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.

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	-15.21%	-4.27%	-10.94%
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	-10.74%	-1.96%	-8.78%
Average Drawdown Average peak-to-trough decline	-11.34%	-9.59%	-1.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.30%	1.81%	+3.49%

Volatility

FXL vs. FDL - Volatility Comparison

First Trust Technology AlphaDEX Fund (FXL) has a higher volatility of 8.61% compared to First Trust Morningstar Dividend Leaders Index Fund (FDL) at 4.96%. 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	8.61%	4.96%	+3.65%
Volatility (6M) Calculated over the trailing 6-month period	21.24%	8.97%	+12.27%
Volatility (1Y) Calculated over the trailing 1-year period	25.76%	11.95%	+13.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.76%	14.44%	+11.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.52%	17.16%	+8.36%

FXL vs. FDL - Expense Ratio Comparison

FXL has a 0.61% expense ratio, which is higher than FDL's 0.43% 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 3.59%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDL First Trust Morningstar Dividend Leaders Index Fund	3.59%	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 -0.12, 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 (8.61%) compared to FDL (4.96%). 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 19.60% vs 11.09% for FDL. On fees, FDL is cheaper at 0.43% per year. On volatility, FDL has been the lower-risk option at 4.96%. 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 19.60% return vs 11.09%. 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 0.43% 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 3.59%, 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 0.43% for FDL.

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (2.26 vs 0.97), 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.