IRBO vs. FDL

Last updated Aug 4, 2026

IRBO (iShares Future AI & Tech ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - IRBO is a Artificial Intelligence fund tracking the Morningstar Global Artificial Intelligence Select Index, while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. Both are passively managed. Over the past 5 years, IRBO returned 10.52%/yr vs 14.10%/yr for FDL. Their 0.36 correlation means their historical movements had little consistent relationship. IRBO charges 0.47%/yr vs 0.43%/yr for FDL.

Performance

IRBO vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Future AI & Tech ETF (IRBO) 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, IRBO achieves a 43.11% return, which is significantly higher than FDL's 18.62% return.

IRBO

• 1D: 3.39%
• 1M: -3.07%
• 6M: 32.62%
• YTD: 43.11%
• 1Y: 63.16%
• 3Y*: 28.37%
• 5Y*: 10.52%
• 10Y*: —
• ALL TIME*: 15.10%

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
IRBO iShares Future AI & Tech ETF	$35.64M	$36.90M	$59.33M

IRBO vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
IRBO iShares Future AI & Tech ETF	43.11%	29.97%	8.02%	36.37%	-37.89%	6.32%	48.85%	34.47%	-13.76%
FDL First Trust Morningstar Dividend Leaders Index Fund	18.62%	14.79%	17.98%	2.94%	6.66%	26.10%	-4.30%	24.41%	-2.02%

Correlation

The correlation between IRBO and FDL is -0.21, 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.	-0.21
Correlation (3Y) Balances recent behavior with more history.	0.13
Correlation (5Y) Shows whether the relationship held over a longer period.	0.29
Correlation (All Time) Calculated using the full available price history since Jun 28, 2018	0.36

The correlation between IRBO and FDL shifts across timeframes, from -0.21 (1 year) to 0.36 (all time), reflecting how their relationship changes across market environments.

IRBO vs. FDL - Sectors Allocation Comparison

Sectors	IRBO	FDL
Technology	83.8%	4.3%
Communication Services	5.5%	11.2%
Industrials	4.7%	3.6%
Utilities	3.2%	15.4%
Consumer Cyclical	2.9%	4.4%
Real Estate	1.2%	-
Consumer Defensive	0.0%	24.3%
Healthcare	0.0%	11.7%
Basic Materials	-	0.4%
Energy	-	11.1%
Financial Services	-	13.7%

Return for Risk

IRBO vs. FDL — Risk / Return Rank

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

IRBO

IRBO Risk / Return Rank: 69
IRBO Sharpe Ratio Rank: 73
IRBO Sortino Ratio Rank: 64
IRBO Omega Ratio Rank: 65
IRBO Calmar Ratio Rank: 74
IRBO Martin Ratio Rank: 68

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.

IRBO vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Future AI & Tech ETF (IRBO) 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.

	IRBO	FDL	Difference
Sharpe ratio: Return per unit of total volatility	1.70	2.38	-0.68
Sortino ratio: Return per unit of downside risk	2.18	3.58	-1.40
Omega ratio: Gain probability vs. loss probability	1.28	1.42	-0.13
Calmar ratio: Return relative to maximum drawdown	2.64	6.62	-3.97
Martin ratio: Return relative to average drawdown	8.49	15.62	-7.12

IRBO vs. FDL - Sharpe Ratio Comparison

The current IRBO Sharpe Ratio is 1.70, which is comparable to the FDL Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of IRBO 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

IRBO vs. FDL - Drawdown Comparison

The maximum IRBO drawdown since its inception was -54.50%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for IRBO and FDL.

Drawdown Indicators

	IRBO	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-54.50%	-65.93%	+11.43%
Max Drawdown (1Y) Largest decline over 1 year	-24.00%	-4.27%	-19.73%
Max Drawdown (3Y) Largest decline over 3 years	-32.44%	-12.24%	-20.20%
Max Drawdown (5Y) Largest decline over 5 years	-50.53%	-16.46%	-34.07%
Max Drawdown (10Y) Largest decline over 10 years	—	-41.40%	—
Current Drawdown Current decline from peak	-14.61%	-1.58%	-13.03%
Average Drawdown Average peak-to-trough decline	-19.68%	-9.59%	-10.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.46%	1.81%	+5.65%

Volatility

IRBO vs. FDL - Volatility Comparison

iShares Future AI & Tech ETF (IRBO) has a higher volatility of 14.41% compared to First Trust Morningstar Dividend Leaders Index Fund (FDL) at 4.65%. This indicates that IRBO'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

	IRBO	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.41%	4.65%	+9.76%
Volatility (6M) Calculated over the trailing 6-month period	33.09%	8.75%	+24.34%
Volatility (1Y) Calculated over the trailing 1-year period	37.42%	11.89%	+25.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.34%	14.44%	+15.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.65%	17.16%	+11.49%

IRBO vs. FDL - Expense Ratio Comparison

IRBO has a 0.47% expense ratio, which is higher than FDL's 0.43% expense ratio.

Dividends

IRBO vs. FDL - Dividend Comparison

IRBO's dividend yield for the trailing twelve months is around 0.06%, 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%
IRBO iShares Future AI & Tech ETF	0.06%	0.00%	0.50%	0.88%	0.75%	2.41%	0.53%	0.69%	0.34%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IRBO and FDL in my portfolio?

IRBO and FDL have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IRBO or FDL?

IRBO has higher volatility (14.41%) compared to FDL (4.65%). In terms of maximum drawdown, IRBO dropped -54.50% vs FDL's -65.93%.

Which ETF is better, IRBO or FDL?

On 5-year performance, FDL leads with 14.10% vs 10.52% for IRBO. 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, IRBO or FDL?

Over the 5-year period, FDL has performed better with a 14.10% return vs 10.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IRBO or FDL?

FDL is cheaper with a 0.43% expense ratio, compared with 0.47% for IRBO.

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

FDL has the higher dividend yield at 3.58%, compared with 0.06% for IRBO.

What is the main difference between IRBO and FDL?

IRBO is categorized as Artificial Intelligence, while FDL is Large Cap Value Equities. IRBO tracks Morningstar Global Artificial Intelligence Select Index, while FDL tracks Morningstar Dividend Leaders Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.47% for IRBO and 0.43% for FDL.

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (2.38 vs 1.70), 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.