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IUSV vs. FDL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IUSV vs. FDL

Last updated Jul 14, 2026
Documentation

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 11.73%/yr vs 10.76%/yr for FDL. Their correlation of 0.83 suggests significant overlap in exposure. 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.

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Returns By Period

In the year-to-date period, IUSV achieves a 9.97% return, which is significantly lower than FDL's 15.23% return. Over the past 10 years, IUSV has outperformed FDL with an annualized return of 11.73%, while FDL has yielded a comparatively lower 10.76% annualized return.

IUSV

1D
0.15%
1M
1.31%
6M
7.21%
YTD
9.97%
1Y
18.63%
3Y*
14.24%
5Y*
11.41%
10Y*
11.73%

FDL

1D
0.80%
1M
-0.89%
6M
12.56%
YTD
15.23%
1Y
20.80%
3Y*
18.71%
5Y*
13.58%
10Y*
10.76%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IUSV vs. FDL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IUSV
iShares Core S&P U.S. Value ETF		9.97%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		15.23%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 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.56

Correlation (3Y)
Calculated over the trailing 3-year period

0.75

Correlation (5Y)
Calculated over the trailing 5-year period

0.80

Correlation (10Y)
Calculated over the trailing 10-year period

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 0.56 - 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

21.7%
1.4%

Financial Services

14.9%
15.2%

Consumer Cyclical

11.2%
4.7%

Healthcare

11.1%
17.6%

Industrials

10.9%
3.9%

Consumer Defensive

8.7%
14.4%

Energy

7.0%
25.7%

Utilities

4.3%
6.5%

Real Estate

3.7%

-

Basic Materials

3.5%
0.3%

Communication Services

3.0%
10.6%

Technology

IUSV
21.7%
FDL
1.4%

Financial Services

IUSV
14.9%
FDL
15.2%

Consumer Cyclical

IUSV
11.2%
FDL
4.7%

Healthcare

IUSV
11.1%
FDL
17.6%

Industrials

IUSV
10.9%
FDL
3.9%

Consumer Defensive

IUSV
8.7%
FDL
14.4%

Energy

IUSV
7.0%
FDL
25.7%

Utilities

IUSV
4.3%
FDL
6.5%

Real Estate

IUSV
3.7%
FDL

-

Basic Materials

IUSV
3.5%
FDL
0.3%

Communication Services

IUSV
3.0%
FDL
10.6%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Core S&P U.S. Value ETF

First Trust Morningstar Dividend Leaders Index Fund

Often compared with IUSV:
IUSV vs. IUSGIUSV vs. VTVIUSV vs. SPYIUSV vs. VOOIUSV vs. SCHDIUSV vs. VLUEIUSV vs. DGRO
Often compared with FDL:
FDL vs. SCHDFDL vs. FDVVFDL vs. VYMFDL vs. SPYDFDL vs. LVHDFDL vs. SPHDFDL vs. VOO

Return for Risk

IUSV vs. FDL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IUSV
IUSV Risk / Return Rank: 7373
Overall Rank
IUSV Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
IUSV Sortino Ratio Rank: 7373
Sortino Ratio Rank
IUSV Omega Ratio Rank: 7272
Omega Ratio Rank
IUSV Calmar Ratio Rank: 7373
Calmar Ratio Rank
IUSV Martin Ratio Rank: 7575
Martin Ratio Rank
FDL
FDL Risk / Return Rank: 7676
Overall Rank
FDL Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
FDL Sortino Ratio Rank: 7777
Sortino Ratio Rank
FDL Omega Ratio Rank: 6565
Omega Ratio Rank
FDL Calmar Ratio Rank: 9292
Calmar Ratio Rank
FDL Martin Ratio Rank: 7575
Martin Ratio Rank
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.

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.

IUSVFDLDifference
Sharpe ratioReturn per unit of total volatility
1.87
1.80

+0.07

Sortino ratioReturn per unit of downside risk
2.63
2.72

-0.10

Omega ratioGain probability vs. loss probability

1.34

1.31

+0.03

Calmar ratioReturn relative to maximum drawdown

2.94

4.89

-1.95

Martin ratioReturn relative to average drawdown

11.19

11.11

+0.08

IUSV vs. FDL - Sharpe Ratio Comparison

The current IUSV Sharpe Ratio is 1.87, which is comparable to the FDL Sharpe Ratio of 1.80. 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.

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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.

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Drawdown Indicators

IUSVFDLDifference

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

-0.02%

-0.89%

+0.87%

Average Drawdown

Average peak-to-trough decline

-6.27%

-9.62%

+3.35%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.67%

1.88%

-0.21%

Volatility

IUSV vs. FDL - Volatility Comparison

The current volatility for iShares Core S&P U.S. Value ETF (IUSV) is 2.58%, while First Trust Morningstar Dividend Leaders Index Fund (FDL) has a volatility of 4.65%. 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.

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Volatility by Period

IUSVFDLDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.58%

4.65%

-2.07%

Volatility (6M)

Calculated over the trailing 6-month period

7.29%

8.37%

-1.08%

Volatility (1Y)

Calculated over the trailing 1-year period

10.03%

11.65%

-1.62%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.50%

14.37%

+0.13%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.98%

17.12%

-0.14%

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 1.67%, less than FDL's 3.68% yield.

PositionTTM20252024202320222021202020192018201720162015
FDL
First Trust Morningstar Dividend Leaders Index Fund		3.68%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		1.67%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

IUSV and FDL have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FDL has higher volatility (4.65%) compared to IUSV (2.58%). In terms of maximum drawdown, IUSV dropped -56.88% vs FDL's -65.93%.

On 10-year performance, IUSV leads with 11.73% vs 10.76% for FDL. On fees, IUSV is cheaper at 0.04% per year. On volatility, IUSV has been the lower-risk option at 2.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IUSV has performed better with a 11.73% return vs 10.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

FDL has the higher dividend yield at 3.68%, compared with 1.67% for IUSV.

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.

IUSV currently has the higher Sharpe Ratio (1.87 vs 1.80), 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.

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