IGM vs. FDL

Last updated Aug 6, 2026

IGM (iShares Expanded Tech Sector ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - IGM is a Technology Equities fund tracking the S&P North American Expanded Technology Sector 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, IGM returned 23.82%/yr vs 11.08%/yr for FDL. Their 0.51 correlation means they have sometimes moved together and sometimes differently. IGM charges 0.39%/yr vs 0.43%/yr for FDL.

Performance

IGM vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Expanded Tech Sector ETF (IGM) 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, IGM achieves a 25.65% return, which is significantly higher than FDL's 18.60% return. Over the past 10 years, IGM has outperformed FDL with an annualized return of 23.82%, while FDL has yielded a comparatively lower 11.08% annualized return.

IGM

• 1D: -0.87%
• 1M: 1.58%
• 6M: 31.39%
• YTD: 25.65%
• 1Y: 41.22%
• 3Y*: 35.21%
• 5Y*: 18.82%
• 10Y*: 23.82%
• ALL TIME*: 12.63%

FDL

• 1D: -0.54%
• 1M: 4.47%
• 6M: 5.75%
• YTD: 18.60%
• 1Y: 26.71%
• 3Y*: 19.02%
• 5Y*: 13.96%
• 10Y*: 11.08%
• ALL TIME*: 8.95%

*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	$48.97M	$49.30M	$42.41M
IGM iShares Expanded Tech Sector ETF	$59.17M	$51.24M	$82.50M

IGM vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IGM iShares Expanded Tech Sector ETF	25.65%	26.76%	36.99%	60.68%	-35.83%	25.72%	45.11%	41.81%	2.26%	37.20%
FDL First Trust Morningstar Dividend Leaders Index Fund	18.60%	14.79%	17.98%	2.94%	6.66%	26.10%	-4.30%	24.41%	-5.99%	12.02%

Correlation

The correlation between IGM and FDL is -0.24, 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.	-0.24
Correlation (3Y) Balances recent behavior with more history.	0.06
Correlation (5Y) Shows whether the relationship held over a longer period.	0.26
Correlation (10Y) Provides a long-term view across more market conditions.	0.36
Correlation (All Time) Calculated using the full available price history since Mar 15, 2006	0.51

The correlation between IGM and FDL shifts across timeframes, from -0.24 (1 year) to 0.51 (all time), reflecting how their relationship changes across market environments.

IGM vs. FDL - Sectors Allocation Comparison

Sectors	IGM	FDL
Technology	85.2%	4.3%
Communication Services	14.1%	11.2%
Industrials	0.3%	3.6%
Financial Services	0.2%	13.7%
Energy	0.0%	11.1%
Consumer Cyclical	0.0%	4.4%
Basic Materials	0.0%	0.4%
Consumer Defensive	-	24.3%
Healthcare	-	11.7%
Real Estate	-	-
Utilities	-	15.4%

Return for Risk

IGM vs. FDL — Risk / Return Rank

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

IGM

IGM Risk / Return Rank: 58
IGM Sharpe Ratio Rank: 62
IGM Sortino Ratio Rank: 58
IGM Omega Ratio Rank: 55
IGM Calmar Ratio Rank: 63
IGM Martin Ratio Rank: 54

FDL

FDL Risk / Return Rank: 89
FDL Sharpe Ratio Rank: 87
FDL Sortino Ratio Rank: 90
FDL Omega Ratio Rank: 83
FDL Calmar Ratio Rank: 96
FDL Martin Ratio Rank: 88

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.

IGM vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Expanded Tech Sector ETF (IGM) 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.

	IGM	FDL	Difference
Sharpe ratio: Return per unit of total volatility	1.68	2.26	-0.58
Sortino ratio: Return per unit of downside risk	2.26	3.41	-1.15
Omega ratio: Gain probability vs. loss probability	1.28	1.39	-0.11
Calmar ratio: Return relative to maximum drawdown	2.52	6.28	-3.76
Martin ratio: Return relative to average drawdown	7.22	14.78	-7.56

IGM vs. FDL - Sharpe Ratio Comparison

The current IGM Sharpe Ratio is 1.68, which is comparable to the FDL Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of IGM 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

IGM vs. FDL - Drawdown Comparison

The maximum IGM drawdown since its inception was -65.59%, roughly equal to the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for IGM and FDL.

Drawdown Indicators

	IGM	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-65.59%	-65.93%	+0.34%
Max Drawdown (1Y) Largest decline over 1 year	-16.44%	-4.27%	-12.17%
Max Drawdown (3Y) Largest decline over 3 years	-26.39%	-12.24%	-14.15%
Max Drawdown (5Y) Largest decline over 5 years	-40.68%	-16.46%	-24.22%
Max Drawdown (10Y) Largest decline over 10 years	-40.68%	-41.40%	+0.72%
Current Drawdown Current decline from peak	-5.12%	-1.60%	-3.52%
Average Drawdown Average peak-to-trough decline	-15.18%	-9.59%	-5.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.72%	1.81%	+3.91%

Volatility

IGM vs. FDL - Volatility Comparison

iShares Expanded Tech Sector ETF (IGM) has a higher volatility of 9.13% compared to First Trust Morningstar Dividend Leaders Index Fund (FDL) at 4.48%. This indicates that IGM'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

	IGM	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.13%	4.48%	+4.65%
Volatility (6M) Calculated over the trailing 6-month period	20.62%	8.63%	+11.99%
Volatility (1Y) Calculated over the trailing 1-year period	24.63%	11.88%	+12.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.43%	14.43%	+12.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.88%	17.16%	+7.72%

IGM vs. FDL - Expense Ratio Comparison

IGM has a 0.39% expense ratio, which is lower than FDL's 0.43% expense ratio.

Dividends

IGM vs. FDL - Dividend Comparison

IGM's dividend yield for the trailing twelve months is around 0.13%, less than FDL's 3.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDL First Trust Morningstar Dividend Leaders Index Fund	3.58%	4.04%	4.96%	4.58%	3.58%	4.59%	4.48%	3.75%	3.97%	3.18%	2.93%	3.65%
IGM iShares Expanded Tech Sector ETF	0.13%	0.17%	0.22%	0.33%	0.66%	0.16%	0.32%	0.50%	0.57%	0.57%	0.90%	0.79%

Frequently Asked Questions

Can I hold both IGM and FDL in my portfolio?

IGM and FDL have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IGM or FDL?

IGM has higher volatility (9.13%) compared to FDL (4.48%). In terms of maximum drawdown, IGM dropped -65.59% vs FDL's -65.93%.

Which ETF is better, IGM or FDL?

On 10-year performance, IGM leads with 23.82% vs 11.08% for FDL. On fees, IGM is cheaper at 0.39% per year. On volatility, FDL has been the lower-risk option at 4.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IGM or FDL?

Over the 10-year period, IGM has performed better with a 23.82% return vs 11.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IGM or FDL?

IGM is cheaper with a 0.39% expense ratio, compared with 0.43% for FDL.

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

FDL has the higher dividend yield at 3.58%, compared with 0.13% for IGM.

What is the main difference between IGM and FDL?

IGM is categorized as Technology Equities, while FDL is Large Cap Value Equities. IGM tracks S&P North American Expanded Technology Sector Index, while FDL tracks Morningstar Dividend Leaders Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.39% for IGM and 0.43% for FDL.

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (2.26 vs 1.68), 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.