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HDV vs. FDL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HDV vs. FDL

Last updated Jun 24, 2026

HDV (iShares Core High Dividend ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - HDV is a Dividend fund tracking the Morningstar Dividend Yield Focus 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, HDV returned 9.45%/yr vs 11.12%/yr for FDL. Their correlation of 0.93 suggests significant overlap in exposure. HDV charges 0.08%/yr vs 0.43%/yr for FDL.

Performance

HDV vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core High Dividend ETF (HDV) and First Trust Morningstar Dividend Leaders Index Fund (FDL). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HDV achieves a 14.07% return, which is significantly higher than FDL's 12.67% return. Over the past 10 years, HDV has underperformed FDL with an annualized return of 9.45%, while FDL has yielded a comparatively higher 11.12% annualized return.

HDV

1D
1.33%
1M
-1.35%
YTD
14.07%
6M
14.08%
1Y
21.06%
3Y*
15.48%
5Y*
11.09%
10Y*
9.45%

FDL

1D
1.20%
1M
-2.75%
YTD
12.67%
6M
13.02%
1Y
22.39%
3Y*
19.10%
5Y*
13.08%
10Y*
11.12%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HDV vs. FDL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HDV
iShares Core High Dividend ETF		14.07%11.90%14.16%1.72%7.05%19.45%-6.48%20.22%-3.01%13.40%
FDL
First Trust Morningstar Dividend Leaders Index Fund		12.67%14.79%17.98%2.94%6.66%26.10%-4.30%24.41%-5.99%12.02%

Correlation

The correlation between HDV and FDL is 0.87, 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

0.87

Correlation (3Y)
Calculated over the trailing 3-year period

0.89

Correlation (5Y)
Calculated over the trailing 5-year period

0.92

Correlation (10Y)
Calculated over the trailing 10-year period

0.93

Correlation (All Time)
Calculated using the full available price history since Mar 31, 2011

0.93

The correlation between HDV and FDL has been stable across timeframes, ranging from 0.87 to 0.93 - a consistent structural relationship.

HDV vs. FDL - Sectors Allocation Comparison

Sectors
HDV
FDL

Consumer Defensive

24.5%
14.4%

Healthcare

22.6%
17.6%

Energy

20.2%
25.7%

Consumer Cyclical

9.2%
4.7%

Utilities

8.1%
6.5%

Communication Services

5.7%
10.6%

Financial Services

4.7%
15.2%

Industrials

3.5%
3.9%

Basic Materials

0.8%
0.3%

Technology

0.2%
1.4%

Real Estate

-

-

Consumer Defensive

HDV
24.5%
FDL
14.4%

Healthcare

HDV
22.6%
FDL
17.6%

Energy

HDV
20.2%
FDL
25.7%

Consumer Cyclical

HDV
9.2%
FDL
4.7%

Utilities

HDV
8.1%
FDL
6.5%

Communication Services

HDV
5.7%
FDL
10.6%

Financial Services

HDV
4.7%
FDL
15.2%

Industrials

HDV
3.5%
FDL
3.9%

Basic Materials

HDV
0.8%
FDL
0.3%

Technology

HDV
0.2%
FDL
1.4%

Real Estate

HDV

-

FDL

-

Compare stocks, funds, or ETFs

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iShares Core High Dividend ETF

First Trust Morningstar Dividend Leaders Index Fund

Often compared with HDV:
HDV vs. SCHDHDV vs. VYMHDV vs. SPYDHDV vs. DGROHDV vs. DVYHDV vs. VIGHDV vs. SPY
Often compared with FDL:
FDL vs. SCHDFDL vs. FDVVFDL vs. VYMFDL vs. SPYDFDL vs. LVHDFDL vs. SPHDFDL vs. VOO

Return for Risk

HDV vs. FDL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HDV
HDV Risk / Return Rank: 7070
Overall Rank
HDV Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
HDV Sortino Ratio Rank: 7373
Sortino Ratio Rank
HDV Omega Ratio Rank: 6262
Omega Ratio Rank
HDV Calmar Ratio Rank: 8181
Calmar Ratio Rank
HDV Martin Ratio Rank: 6464
Martin Ratio Rank
FDL
FDL Risk / Return Rank: 6969
Overall Rank
FDL Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
FDL Sortino Ratio Rank: 6868
Sortino Ratio Rank
FDL Omega Ratio Rank: 5757
Omega Ratio Rank
FDL Calmar Ratio Rank: 9090
Calmar Ratio Rank
FDL Martin Ratio Rank: 6969
Martin Ratio Rank
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.

HDV vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core High Dividend ETF (HDV) 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.

HDVFDLDifference
Sharpe ratioReturn per unit of total volatility
2.13
1.95

+0.18

Sortino ratioReturn per unit of downside risk
3.13
2.96

+0.16

Omega ratioGain probability vs. loss probability

1.36

1.34

+0.02

Calmar ratioReturn relative to maximum drawdown

4.09

5.26

-1.18

Martin ratioReturn relative to average drawdown

11.19

12.40

-1.21

HDV vs. FDL - Sharpe Ratio Comparison

The current HDV Sharpe Ratio is 2.13, which is comparable to the FDL Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of HDV 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.

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Drawdowns

HDV vs. FDL - Drawdown Comparison

The maximum HDV drawdown since its inception was -37.04%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for HDV and FDL.

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Drawdown Indicators

HDVFDLDifference

Max Drawdown

Largest peak-to-trough decline

-37.04%

-65.93%

+28.89%

Max Drawdown (1Y)

Largest decline over 1 year

-5.18%

-4.27%

-0.91%

Max Drawdown (3Y)

Largest decline over 3 years

-10.49%

-12.24%

+1.75%

Max Drawdown (5Y)

Largest decline over 5 years

-15.42%

-16.46%

+1.04%

Max Drawdown (10Y)

Largest decline over 10 years

-37.04%

-41.40%

+4.36%

Current Drawdown

Current decline from peak

-1.35%

-3.09%

+1.74%

Average Drawdown

Average peak-to-trough decline

-3.08%

-9.64%

+6.56%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.89%

1.81%

+0.08%

Volatility

HDV vs. FDL - Volatility Comparison

iShares Core High Dividend ETF (HDV) and First Trust Morningstar Dividend Leaders Index Fund (FDL) have volatilities of 3.64% and 3.72%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HDVFDLDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.64%

3.72%

-0.08%

Volatility (6M)

Calculated over the trailing 6-month period

7.61%

8.09%

-0.48%

Volatility (1Y)

Calculated over the trailing 1-year period

9.93%

11.54%

-1.61%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.81%

14.31%

-1.50%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.73%

17.11%

-1.38%

HDV vs. FDL - Expense Ratio Comparison

HDV has a 0.08% expense ratio, which is lower than FDL's 0.43% expense ratio.

Dividends

HDV vs. FDL - Dividend Comparison

HDV's dividend yield for the trailing twelve months is around 2.90%, less than FDL's 3.70% yield.

PositionTTM20252024202320222021202020192018201720162015
FDL
First Trust Morningstar Dividend Leaders Index Fund		3.70%4.04%4.96%4.58%3.58%4.59%4.48%3.75%3.97%3.18%2.93%3.65%
HDV
iShares Core High Dividend ETF		2.90%3.22%3.67%3.82%3.56%3.47%4.07%3.27%3.67%3.27%3.28%3.92%

Frequently Asked Questions

HDV and FDL have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FDL has higher volatility (3.72%) compared to HDV (3.64%). In terms of maximum drawdown, HDV dropped -37.04% vs FDL's -65.93%.

On 10-year performance, FDL leads with 11.12% vs 9.45% for HDV. On fees, HDV is cheaper at 0.08% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, FDL has performed better with a 11.12% return vs 9.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

HDV is cheaper with a 0.08% expense ratio, compared with 0.43% for FDL.

FDL has the higher dividend yield at 3.70%, compared with 2.90% for HDV.

HDV is categorized as Dividend, while FDL is Large Cap Value Equities. HDV tracks Morningstar Dividend Yield Focus Index, while FDL tracks Morningstar Dividend Leaders Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.08% for HDV and 0.43% for FDL.

HDV currently has the higher Sharpe Ratio (2.13 vs 1.95), 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.

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