IGPT vs. FDL

Last updated Aug 4, 2026

IGPT (Invesco AI and Next Gen Software ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - IGPT is a Artificial Intelligence fund tracking the STOXX World AC NexGen Software Development 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, IGPT returned 19.82%/yr vs 11.08%/yr for FDL. Their 0.45 correlation means their historical movements had little consistent relationship. IGPT charges 0.56%/yr vs 0.43%/yr for FDL.

Performance

IGPT vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco AI and Next Gen Software ETF (IGPT) 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, IGPT achieves a 50.51% return, which is significantly higher than FDL's 18.62% return. Over the past 10 years, IGPT has outperformed FDL with an annualized return of 19.82%, while FDL has yielded a comparatively lower 11.08% annualized return.

IGPT

• 1D: 3.23%
• 1M: -6.05%
• 6M: 36.61%
• YTD: 50.51%
• 1Y: 80.58%
• 3Y*: 37.96%
• 5Y*: 12.94%
• 10Y*: 19.82%
• ALL TIME*: 15.04%

FDL

• 1D: 0.39%
• 1M: 3.67%
• 6M: 9.83%
• YTD: 18.62%
• 1Y: 28.15%
• 3Y*: 19.02%
• 5Y*: 14.10%
• 10Y*: 11.08%
• ALL TIME*: 8.96%

*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	$51.38M	$49.50M	$43.21M
IGPT Invesco AI and Next Gen Software ETF	$24.39M	$21.86M	$21.83M

IGPT vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IGPT Invesco AI and Next Gen Software ETF	50.51%	31.55%	17.15%	27.29%	-27.73%	-11.79%	54.31%	35.06%	16.38%	34.60%
FDL First Trust Morningstar Dividend Leaders Index Fund	18.62%	14.79%	17.98%	2.94%	6.66%	26.10%	-4.30%	24.41%	-5.99%	12.02%

Correlation

The correlation between IGPT and FDL is -0.23, 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.	-0.23
Correlation (3Y) Balances recent behavior with more history.	0.07
Correlation (5Y) Shows whether the relationship held over a longer period.	0.23
Correlation (10Y) Provides a long-term view across more market conditions.	0.29
Correlation (All Time) Calculated using the full available price history since Mar 15, 2006	0.45

The correlation between IGPT and FDL shifts across timeframes, from -0.23 (1 year) to 0.45 (all time), reflecting how their relationship changes across market environments.

IGPT vs. FDL - Sectors Allocation Comparison

Sectors	IGPT	FDL
Technology	76.6%	4.3%
Communication Services	16.9%	11.2%
Real Estate	2.4%	-
Healthcare	2.1%	11.7%
Industrials	2.0%	3.6%
Consumer Cyclical	0.1%	4.4%
Financial Services	0.1%	13.7%
Basic Materials	-	0.4%
Consumer Defensive	-	24.3%
Energy	-	11.1%
Utilities	-	15.4%

Return for Risk

IGPT vs. FDL — Risk / Return Rank

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

IGPT

IGPT Risk / Return Rank: 84
IGPT Sharpe Ratio Rank: 89
IGPT Sortino Ratio Rank: 81
IGPT Omega Ratio Rank: 82
IGPT Calmar Ratio Rank: 85
IGPT Martin Ratio Rank: 85

FDL

FDL Risk / Return Rank: 92
FDL Sharpe Ratio Rank: 91
FDL Sortino Ratio Rank: 93
FDL Omega Ratio Rank: 89
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.

IGPT vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco AI and Next Gen Software ETF (IGPT) 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.

	IGPT	FDL	Difference
Sharpe ratio: Return per unit of total volatility	2.20	2.38	-0.19
Sortino ratio: Return per unit of downside risk	2.69	3.58	-0.89
Omega ratio: Gain probability vs. loss probability	1.36	1.42	-0.06
Calmar ratio: Return relative to maximum drawdown	3.27	6.62	-3.34
Martin ratio: Return relative to average drawdown	12.33	15.62	-3.29

IGPT vs. FDL - Sharpe Ratio Comparison

The current IGPT Sharpe Ratio is 2.20, which is comparable to the FDL Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of IGPT 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

IGPT vs. FDL - Drawdown Comparison

The maximum IGPT drawdown since its inception was -50.14%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for IGPT and FDL.

Drawdown Indicators

	IGPT	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-50.14%	-65.93%	+15.79%
Max Drawdown (1Y) Largest decline over 1 year	-24.74%	-4.27%	-20.47%
Max Drawdown (3Y) Largest decline over 3 years	-29.30%	-12.24%	-17.06%
Max Drawdown (5Y) Largest decline over 5 years	-42.04%	-16.46%	-25.58%
Max Drawdown (10Y) Largest decline over 10 years	-50.14%	-41.40%	-8.74%
Current Drawdown Current decline from peak	-17.20%	-1.58%	-15.62%
Average Drawdown Average peak-to-trough decline	-11.95%	-9.59%	-2.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.56%	1.81%	+4.75%

Volatility

IGPT vs. FDL - Volatility Comparison

Invesco AI and Next Gen Software ETF (IGPT) has a higher volatility of 14.42% compared to First Trust Morningstar Dividend Leaders Index Fund (FDL) at 4.65%. This indicates that IGPT'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

	IGPT	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.42%	4.65%	+9.77%
Volatility (6M) Calculated over the trailing 6-month period	32.86%	8.75%	+24.11%
Volatility (1Y) Calculated over the trailing 1-year period	36.96%	11.89%	+25.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.58%	14.44%	+15.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.31%	17.16%	+10.15%

IGPT vs. FDL - Expense Ratio Comparison

IGPT has a 0.56% expense ratio, which is higher than FDL's 0.43% expense ratio.

Dividends

IGPT vs. FDL - Dividend Comparison

IGPT's dividend yield for the trailing twelve months is around 0.01%, 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%
IGPT Invesco AI and Next Gen Software ETF	0.01%	0.04%	0.00%	0.00%	1.41%	6.21%	0.04%	0.05%	0.00%	0.00%	0.03%	0.15%

Frequently Asked Questions

Can I hold both IGPT and FDL in my portfolio?

IGPT and FDL have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IGPT or FDL?

IGPT has higher volatility (14.42%) compared to FDL (4.65%). In terms of maximum drawdown, IGPT dropped -50.14% vs FDL's -65.93%.

Which ETF is better, IGPT or FDL?

On 10-year performance, IGPT leads with 19.82% vs 11.08% for FDL. On fees, FDL is cheaper at 0.43% per year. On volatility, FDL has been the lower-risk option at 4.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IGPT or FDL?

Over the 10-year period, IGPT has performed better with a 19.82% return vs 11.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IGPT or FDL?

FDL is cheaper with a 0.43% expense ratio, compared with 0.56% for IGPT.

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

FDL has the higher dividend yield at 3.58%, compared with 0.01% for IGPT.

What is the main difference between IGPT and FDL?

IGPT is categorized as Artificial Intelligence, while FDL is Large Cap Value Equities. IGPT tracks STOXX World AC NexGen Software Development Index, while FDL tracks Morningstar Dividend Leaders Index. They also come from different issuers: Invesco and First Trust. Their fees differ too: 0.56% for IGPT and 0.43% for FDL.

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (2.38 vs 2.20), 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.