IUSV vs. FDL

Last updated Aug 2, 2026

IUSV (iShares Core S&P U.S. Value ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both Large Cap Value Equities funds - IUSV tracks the S&P 900 Value Index while FDL tracks the Morningstar Dividend Leaders Index. Both are passively managed. Over the past 10 years, IUSV returned 11.91%/yr vs 11.09%/yr for FDL. Their correlation of 0.83 means they have usually moved in the same direction. IUSV charges 0.04%/yr vs 0.43%/yr for FDL.

Performance

IUSV vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core S&P U.S. Value ETF (IUSV) 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, IUSV achieves a 10.38% return, which is significantly lower than FDL's 18.16% return. Over the past 10 years, IUSV has outperformed FDL with an annualized return of 11.91%, while FDL has yielded a comparatively lower 11.09% annualized return.

IUSV

• 1D: -0.22%
• 1M: 0.64%
• 6M: 7.56%
• YTD: 10.38%
• 1Y: 21.41%
• 3Y*: 13.80%
• 5Y*: 11.39%
• 10Y*: 11.91%
• ALL TIME*: 11.49%

FDL

• 1D: 0.02%
• 1M: 3.27%
• 6M: 9.50%
• YTD: 18.16%
• 1Y: 27.65%
• 3Y*: 18.28%
• 5Y*: 13.98%
• 10Y*: 11.09%
• ALL TIME*: 8.94%

*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	$52.24M	$50.06M	$42.95M
IUSV iShares Core S&P U.S. Value ETF	$60.14M	$63.62M	$70.42M

IUSV vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IUSV iShares Core S&P U.S. Value ETF	10.38%	12.85%	12.18%	21.73%	-5.40%	25.22%	1.56%	31.47%	-9.21%	15.09%
FDL First Trust Morningstar Dividend Leaders Index Fund	18.16%	14.79%	17.98%	2.94%	6.66%	26.10%	-4.30%	24.41%	-5.99%	12.02%

Correlation

The correlation between IUSV and FDL is 0.55, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.55
Correlation (3Y) Balances recent behavior with more history.	0.75
Correlation (5Y) Shows whether the relationship held over a longer period.	0.80
Correlation (10Y) Provides a long-term view across more market conditions.	0.84
Correlation (All Time) Calculated using the full available price history since Mar 15, 2006	0.83

Over the past year, the correlation between IUSV and FDL has dropped to 0.55 - well below their long-term average of 0.83, suggesting their price drivers have been diverging.

IUSV vs. FDL - Sectors Allocation Comparison

Sectors	IUSV	FDL
Technology	20.4%	4.3%
Financial Services	16.1%	13.7%
Healthcare	11.9%	11.7%
Industrials	11.2%	3.6%
Consumer Cyclical	10.0%	4.4%
Consumer Defensive	8.5%	24.3%
Energy	7.3%	11.1%
Utilities	4.4%	15.4%
Real Estate	3.8%	-
Basic Materials	3.6%	0.4%
Communication Services	2.7%	11.2%

Return for Risk

IUSV vs. FDL — Risk / Return Rank

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

IUSV

IUSV Risk / Return Rank: 85
IUSV Sharpe Ratio Rank: 85
IUSV Sortino Ratio Rank: 85
IUSV Omega Ratio Rank: 84
IUSV Calmar Ratio Rank: 84
IUSV Martin Ratio Rank: 86

FDL

FDL Risk / Return Rank: 92
FDL Sharpe Ratio Rank: 90
FDL Sortino Ratio Rank: 92
FDL Omega Ratio Rank: 88
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.

IUSV vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core S&P U.S. Value ETF (IUSV) 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.

	IUSV	FDL	Difference
Sharpe ratio: Return per unit of total volatility	1.98	2.26	-0.28
Sortino ratio: Return per unit of downside risk	2.78	3.41	-0.63
Omega ratio: Gain probability vs. loss probability	1.36	1.39	-0.04
Calmar ratio: Return relative to maximum drawdown	3.13	6.29	-3.15
Martin ratio: Return relative to average drawdown	12.16	14.86	-2.70

IUSV vs. FDL - Sharpe Ratio Comparison

The current IUSV Sharpe Ratio is 1.98, which is comparable to the FDL Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of IUSV 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

IUSV vs. FDL - Drawdown Comparison

The maximum IUSV drawdown since its inception was -56.88%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for IUSV and FDL.

Drawdown Indicators

	IUSV	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-56.88%	-65.93%	+9.05%
Max Drawdown (1Y) Largest decline over 1 year	-6.36%	-4.27%	-2.09%
Max Drawdown (3Y) Largest decline over 3 years	-17.76%	-12.24%	-5.52%
Max Drawdown (5Y) Largest decline over 5 years	-17.95%	-16.46%	-1.49%
Max Drawdown (10Y) Largest decline over 10 years	-37.54%	-41.40%	+3.86%
Current Drawdown Current decline from peak	-1.12%	-1.96%	+0.84%
Average Drawdown Average peak-to-trough decline	-6.26%	-9.59%	+3.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.64%	1.81%	-0.17%

Volatility

IUSV vs. FDL - Volatility Comparison

The current volatility for iShares Core S&P U.S. Value ETF (IUSV) is 2.67%, while First Trust Morningstar Dividend Leaders Index Fund (FDL) has a volatility of 4.96%. This indicates that IUSV experiences smaller price fluctuations and is considered to be less risky than FDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IUSV	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.67%	4.96%	-2.29%
Volatility (6M) Calculated over the trailing 6-month period	7.24%	8.97%	-1.73%
Volatility (1Y) Calculated over the trailing 1-year period	10.10%	11.95%	-1.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.45%	14.44%	+0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.99%	17.16%	-0.17%

IUSV vs. FDL - Expense Ratio Comparison

IUSV has a 0.04% expense ratio, which is lower than FDL's 0.43% expense ratio.

Dividends

IUSV vs. FDL - Dividend Comparison

IUSV's dividend yield for the trailing twelve months is around 1.66%, less than FDL's 3.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDL First Trust Morningstar Dividend Leaders Index Fund	3.59%	4.04%	4.96%	4.58%	3.58%	4.59%	4.48%	3.75%	3.97%	3.18%	2.93%	3.65%
IUSV iShares Core S&P U.S. Value ETF	1.66%	1.78%	2.15%	1.75%	2.22%	1.87%	2.40%	2.19%	2.67%	1.93%	4.44%	7.63%

Frequently Asked Questions

Can I hold both IUSV and FDL in my portfolio?

IUSV and FDL have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IUSV or FDL?

FDL has higher volatility (4.96%) compared to IUSV (2.67%). In terms of maximum drawdown, IUSV dropped -56.88% vs FDL's -65.93%.

Which ETF is better, IUSV or FDL?

On 10-year performance, IUSV leads with 11.91% vs 11.09% for FDL. On fees, IUSV is cheaper at 0.04% per year. On volatility, IUSV has been the lower-risk option at 2.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IUSV or FDL?

Over the 10-year period, IUSV has performed better with a 11.91% return vs 11.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IUSV or FDL?

IUSV is cheaper with a 0.04% expense ratio, compared with 0.43% for FDL.

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

FDL has the higher dividend yield at 3.59%, compared with 1.66% for IUSV.

What is the main difference between IUSV and FDL?

IUSV tracks S&P 900 Value Index, while FDL tracks Morningstar Dividend Leaders Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.04% for IUSV and 0.43% for FDL.

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (2.26 vs 1.98), 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.