IETC vs. FDL

Last updated Jun 23, 2026

IETC (iShares U.S. Tech Independence Focused ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - IETC is a Technology Equities fund actively managed by iShares, while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. IETC is actively managed, while FDL is passively managed. Over the past 5 years, IETC returned 15.70%/yr vs 12.95%/yr for FDL. At a 0.35 correlation, their price movements are largely independent. IETC charges 0.18%/yr vs 0.43%/yr for FDL.

Performance

IETC vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Tech Independence Focused ETF (IETC) 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, IETC achieves a 6.94% return, which is significantly lower than FDL's 11.33% return.

IETC

• 1D: -0.84%
• 1M: 0.10%
• YTD: 6.94%
• 6M: 5.46%
• 1Y: 22.17%
• 3Y*: 27.11%
• 5Y*: 15.70%
• 10Y*: —

FDL

• 1D: -0.16%
• 1M: -3.91%
• YTD: 11.33%
• 6M: 11.38%
• 1Y: 21.02%
• 3Y*: 18.63%
• 5Y*: 12.95%
• 10Y*: 10.99%

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

IETC vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
IETC iShares U.S. Tech Independence Focused ETF	6.94%	19.56%	37.57%	54.35%	-32.78%	29.73%	46.59%	43.09%	-3.75%
FDL First Trust Morningstar Dividend Leaders Index Fund	11.33%	14.79%	17.98%	2.94%	6.66%	26.10%	-4.30%	24.41%	0.73%

Correlation

The correlation between IETC and FDL is -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (All Time) Calculated using the full available price history since Mar 23, 2018	0.35

The correlation between IETC and FDL shifts across timeframes, from -0.15 (1 year) to 0.35 (all time), reflecting how their relationship changes across market environments.

IETC vs. FDL - Sectors Allocation Comparison

Sectors	IETC	FDL
Technology	79.5%	1.4%
Communication Services	8.2%	10.6%
Industrials	4.3%	3.9%
Consumer Cyclical	4.2%	4.7%
Financial Services	3.0%	15.2%
Real Estate	0.6%	-
Healthcare	0.1%	17.6%
Basic Materials	-	0.3%
Consumer Defensive	-	14.4%
Energy	-	25.7%
Utilities	-	6.5%

Return for Risk

IETC vs. FDL — Risk / Return Rank

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

IETC

IETC Risk / Return Rank: 25
IETC Sharpe Ratio Rank: 28
IETC Sortino Ratio Rank: 26
IETC Omega Ratio Rank: 27
IETC Calmar Ratio Rank: 23
IETC Martin Ratio Rank: 23

FDL

FDL Risk / Return Rank: 65
FDL Sharpe Ratio Rank: 57
FDL Sortino Ratio Rank: 62
FDL Omega Ratio Rank: 53
FDL Calmar Ratio Rank: 88
FDL Martin Ratio Rank: 66

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.

IETC vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Tech Independence Focused ETF (IETC) 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.

	IETC	FDL	Difference
Sharpe ratio: Return per unit of total volatility	0.99	1.84	-0.85
Sortino ratio: Return per unit of downside risk	1.41	2.80	-1.39
Omega ratio: Gain probability vs. loss probability	1.18	1.32	-0.14
Calmar ratio: Return relative to maximum drawdown	1.05	4.94	-3.89
Martin ratio: Return relative to average drawdown	2.87	11.71	-8.84

IETC vs. FDL - Sharpe Ratio Comparison

The current IETC Sharpe Ratio is 0.99, which is lower than the FDL Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of IETC 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

IETC vs. FDL - Drawdown Comparison

The maximum IETC drawdown since its inception was -38.48%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for IETC and FDL.

Drawdown Indicators

	IETC	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-38.48%	-65.93%	+27.45%
Max Drawdown (1Y) Largest decline over 1 year	-21.19%	-4.27%	-16.92%
Max Drawdown (3Y) Largest decline over 3 years	-25.17%	-12.24%	-12.93%
Max Drawdown (5Y) Largest decline over 5 years	-38.48%	-16.46%	-22.02%
Max Drawdown (10Y) Largest decline over 10 years	—	-41.40%	—
Current Drawdown Current decline from peak	-8.21%	-4.24%	-3.97%
Average Drawdown Average peak-to-trough decline	-8.14%	-9.64%	+1.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.76%	1.80%	+5.96%

Volatility

IETC vs. FDL - Volatility Comparison

iShares U.S. Tech Independence Focused ETF (IETC) has a higher volatility of 10.48% compared to First Trust Morningstar Dividend Leaders Index Fund (FDL) at 3.52%. This indicates that IETC'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

	IETC	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.48%	3.52%	+6.96%
Volatility (6M) Calculated over the trailing 6-month period	18.02%	8.03%	+9.99%
Volatility (1Y) Calculated over the trailing 1-year period	22.63%	11.51%	+11.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.81%	14.30%	+10.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.47%	17.13%	+8.34%

IETC vs. FDL - Expense Ratio Comparison

IETC has a 0.18% expense ratio, which is lower than FDL's 0.43% expense ratio.

Dividends

IETC vs. FDL - Dividend Comparison

IETC's dividend yield for the trailing twelve months is around 0.39%, less than FDL's 3.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDL First Trust Morningstar Dividend Leaders Index Fund	3.74%	4.04%	4.96%	4.58%	3.58%	4.59%	4.48%	3.75%	3.97%	3.18%	2.93%	3.65%
IETC iShares U.S. Tech Independence Focused ETF	0.39%	0.38%	0.52%	0.79%	0.92%	0.73%	0.48%	0.95%	1.27%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IETC and FDL in my portfolio?

IETC and FDL have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IETC or FDL?

IETC has higher volatility (10.48%) compared to FDL (3.52%). In terms of maximum drawdown, IETC dropped -38.48% vs FDL's -65.93%.

Which ETF is better, IETC or FDL?

On 5-year performance, IETC leads with 15.70% vs 12.95% for FDL. On fees, IETC is cheaper at 0.18% per year. On volatility, FDL has been the lower-risk option at 3.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IETC or FDL?

Over the 5-year period, IETC has performed better with a 15.70% return vs 12.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IETC or FDL?

IETC is cheaper with a 0.18% expense ratio, compared with 0.43% for FDL.

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

FDL has the higher dividend yield at 3.74%, compared with 0.39% for IETC.

What is the main difference between IETC and FDL?

IETC is categorized as Technology Equities, while FDL is Large Cap Value Equities. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.18% for IETC and 0.43% for FDL.

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (1.84 vs 0.99), 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.