IVES vs. FDL

Last updated Jun 25, 2026

IVES (Dan IVES Wedbush AI Revolution ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - IVES is a Technology Equities fund tracking the Solactive Wedbush Artificial Intelligence Index, while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. Both are passively managed. Over the past year, IVES returned 35.69% vs 21.91% for FDL. At a correlation of -0.14, they often move in opposite directions. IVES charges 0.75%/yr vs 0.43%/yr for FDL.

Performance

IVES vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dan IVES Wedbush AI Revolution ETF (IVES) 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, IVES achieves a 14.36% return, which is significantly higher than FDL's 12.30% return.

IVES

• 1D: -1.36%
• 1M: -2.95%
• YTD: 14.36%
• 6M: 11.68%
• 1Y: 35.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FDL

• 1D: -0.32%
• 1M: -3.06%
• YTD: 12.30%
• 6M: 12.10%
• 1Y: 21.91%
• 3Y*: 18.97%
• 5Y*: 12.94%
• 10Y*: 11.09%

*Multi-year figures are annualized to reflect compound growth (CAGR)

IVES vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025
IVES Dan IVES Wedbush AI Revolution ETF	14.36%	25.11%
FDL First Trust Morningstar Dividend Leaders Index Fund	12.30%	9.12%

Correlation

The correlation between IVES and FDL is -0.16, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.16
Correlation (All Time) Calculated using the full available price history since Jun 4, 2025	-0.14

IVES vs. FDL - Sectors Allocation Comparison

Sectors	IVES	FDL
Technology	71.8%	1.4%
Consumer Cyclical	11.0%	4.7%
Communication Services	10.9%	10.6%
Industrials	3.1%	3.9%
Financial Services	1.9%	15.2%
Utilities	1.3%	6.5%
Basic Materials	-	0.3%
Consumer Defensive	-	14.4%
Energy	-	25.7%
Healthcare	-	17.6%
Real Estate	-	-

Return for Risk

IVES vs. FDL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IVES

IVES Risk / Return Rank: 37
IVES Sharpe Ratio Rank: 41
IVES Sortino Ratio Rank: 38
IVES Omega Ratio Rank: 38
IVES Calmar Ratio Rank: 34
IVES Martin Ratio Rank: 32

FDL

FDL Risk / Return Rank: 72
FDL Sharpe Ratio Rank: 65
FDL Sortino Ratio Rank: 72
FDL Omega Ratio Rank: 60
FDL Calmar Ratio Rank: 91
FDL Martin Ratio Rank: 72

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.

IVES vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dan IVES Wedbush AI Revolution ETF (IVES) 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.

	IVES	FDL	Difference
Sharpe ratio: Return per unit of total volatility	1.33	1.91	-0.58
Sortino ratio: Return per unit of downside risk	1.82	2.90	-1.08
Omega ratio: Gain probability vs. loss probability	1.23	1.33	-0.10
Calmar ratio: Return relative to maximum drawdown	1.58	5.15	-3.57
Martin ratio: Return relative to average drawdown	4.30	12.05	-7.75

IVES vs. FDL - Sharpe Ratio Comparison

The current IVES Sharpe Ratio is 1.33, which is lower than the FDL Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of IVES 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

IVES vs. FDL - Drawdown Comparison

The maximum IVES drawdown since its inception was -22.64%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for IVES and FDL.

Drawdown Indicators

	IVES	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-22.64%	-65.93%	+43.29%
Max Drawdown (1Y) Largest decline over 1 year	-22.64%	-4.27%	-18.37%
Max Drawdown (3Y) Largest decline over 3 years	—	-12.24%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-16.46%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-41.40%	—
Current Drawdown Current decline from peak	-13.37%	-3.40%	-9.97%
Average Drawdown Average peak-to-trough decline	-5.86%	-9.63%	+3.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.32%	1.82%	+6.50%

Volatility

IVES vs. FDL - Volatility Comparison

Dan IVES Wedbush AI Revolution ETF (IVES) has a higher volatility of 11.81% compared to First Trust Morningstar Dividend Leaders Index Fund (FDL) at 3.54%. This indicates that IVES'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

	IVES	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.81%	3.54%	+8.27%
Volatility (6M) Calculated over the trailing 6-month period	21.22%	8.10%	+13.12%
Volatility (1Y) Calculated over the trailing 1-year period	27.13%	11.55%	+15.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.65%	14.31%	+12.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.65%	17.11%	+9.54%

IVES vs. FDL - Expense Ratio Comparison

IVES has a 0.75% expense ratio, which is higher than FDL's 0.43% expense ratio.

Dividends

IVES vs. FDL - Dividend Comparison

IVES's dividend yield for the trailing twelve months is around 0.36%, less than FDL's 3.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDL First Trust Morningstar Dividend Leaders Index Fund	3.71%	4.04%	4.96%	4.58%	3.58%	4.59%	4.48%	3.75%	3.97%	3.18%	2.93%	3.65%
IVES Dan IVES Wedbush AI Revolution ETF	0.36%	0.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IVES and FDL in my portfolio?

IVES and FDL have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IVES or FDL?

IVES has higher volatility (11.81%) compared to FDL (3.54%). In terms of maximum drawdown, IVES dropped -22.64% vs FDL's -65.93%.

Which ETF is better, IVES or FDL?

On 1-year performance, IVES leads with 35.69% vs 21.91% for FDL. On fees, FDL is cheaper at 0.43% per year. On volatility, FDL has been the lower-risk option at 3.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IVES or FDL?

Over the 1-year period, IVES has performed better with a 35.69% return vs 21.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IVES or FDL?

FDL is cheaper with a 0.43% expense ratio, compared with 0.75% for IVES.

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

FDL has the higher dividend yield at 3.71%, compared with 0.36% for IVES.

What is the main difference between IVES and FDL?

IVES is categorized as Technology Equities, while FDL is Large Cap Value Equities. IVES tracks Solactive Wedbush Artificial Intelligence Index, while FDL tracks Morningstar Dividend Leaders Index. They also come from different issuers: Wedbush and First Trust. Their fees differ too: 0.75% for IVES and 0.43% for FDL.

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (1.91 vs 1.33), 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.