IWX vs. FDL

Last updated Jun 26, 2026

IWX (iShares Russell Top 200 Value ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both Large Cap Value Equities funds - IWX tracks the Russell Top 200 Value Index while FDL tracks the Morningstar Dividend Leaders Index. Both are passively managed. Over the past 10 years, IWX returned 12.38%/yr vs 11.24%/yr for FDL. Their correlation of 0.83 suggests significant overlap in exposure. IWX charges 0.20%/yr vs 0.43%/yr for FDL.

Performance

IWX vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell Top 200 Value ETF (IWX) 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, IWX achieves a 16.33% return, which is significantly higher than FDL's 12.82% return. Over the past 10 years, IWX has outperformed FDL with an annualized return of 12.38%, while FDL has yielded a comparatively lower 11.24% annualized return.

IWX

• 1D: 1.25%
• 1M: 2.38%
• YTD: 16.33%
• 6M: 15.40%
• 1Y: 29.72%
• 3Y*: 19.25%
• 5Y*: 11.93%
• 10Y*: 12.38%

FDL

• 1D: 0.46%
• 1M: -1.40%
• YTD: 12.82%
• 6M: 12.61%
• 1Y: 23.52%
• 3Y*: 18.84%
• 5Y*: 13.04%
• 10Y*: 11.24%

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

IWX vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IWX iShares Russell Top 200 Value ETF	16.33%	18.23%	14.89%	10.45%	-5.33%	23.33%	1.46%	25.82%	-6.53%	14.05%
FDL First Trust Morningstar Dividend Leaders Index Fund	12.82%	14.79%	17.98%	2.94%	6.66%	26.10%	-4.30%	24.41%	-5.99%	12.02%

Correlation

The correlation between IWX and FDL is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Sep 28, 2009	0.83

Over the past year, the correlation between IWX and FDL has dropped to 0.48 - well below their long-term average of 0.83, suggesting their price drivers have been diverging.

IWX vs. FDL - Sectors Allocation Comparison

Sectors	IWX	FDL
Financial Services	20.6%	15.2%
Technology	18.5%	1.4%
Healthcare	12.1%	17.6%
Industrials	10.8%	3.9%
Communication Services	10.5%	10.6%
Consumer Defensive	7.6%	14.4%
Consumer Cyclical	6.5%	4.7%
Energy	5.8%	25.7%
Basic Materials	2.9%	0.3%
Utilities	2.9%	6.5%
Real Estate	1.8%	-

Return for Risk

IWX vs. FDL — Risk / Return Rank

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

IWX

IWX Risk / Return Rank: 91
IWX Sharpe Ratio Rank: 93
IWX Sortino Ratio Rank: 93
IWX Omega Ratio Rank: 91
IWX Calmar Ratio Rank: 88
IWX Martin Ratio Rank: 92

FDL

FDL Risk / Return Rank: 79
FDL Sharpe Ratio Rank: 74
FDL Sortino Ratio Rank: 81
FDL Omega Ratio Rank: 70
FDL Calmar Ratio Rank: 93
FDL Martin Ratio Rank: 78

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.

IWX vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell Top 200 Value ETF (IWX) 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.

	IWX	FDL	Difference
Sharpe ratio: Return per unit of total volatility	2.83	2.05	+0.78
Sortino ratio: Return per unit of downside risk	3.94	3.11	+0.83
Omega ratio: Gain probability vs. loss probability	1.51	1.36	+0.15
Calmar ratio: Return relative to maximum drawdown	4.53	5.53	-1.00
Martin ratio: Return relative to average drawdown	19.23	12.87	+6.36

IWX vs. FDL - Sharpe Ratio Comparison

The current IWX Sharpe Ratio is 2.83, which is higher than the FDL Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of IWX 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

IWX vs. FDL - Drawdown Comparison

The maximum IWX drawdown since its inception was -35.76%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for IWX and FDL.

Drawdown Indicators

	IWX	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-35.76%	-65.93%	+30.17%
Max Drawdown (1Y) Largest decline over 1 year	-6.59%	-4.27%	-2.32%
Max Drawdown (3Y) Largest decline over 3 years	-13.37%	-12.24%	-1.13%
Max Drawdown (5Y) Largest decline over 5 years	-18.13%	-16.46%	-1.67%
Max Drawdown (10Y) Largest decline over 10 years	-35.76%	-41.40%	+5.64%
Current Drawdown Current decline from peak	-0.09%	-2.96%	+2.87%
Average Drawdown Average peak-to-trough decline	-3.81%	-9.63%	+5.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.55%	1.83%	-0.28%

Volatility

IWX vs. FDL - Volatility Comparison

iShares Russell Top 200 Value ETF (IWX) has a higher volatility of 4.12% compared to First Trust Morningstar Dividend Leaders Index Fund (FDL) at 3.39%. This indicates that IWX'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

	IWX	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.12%	3.39%	+0.73%
Volatility (6M) Calculated over the trailing 6-month period	8.33%	8.09%	+0.24%
Volatility (1Y) Calculated over the trailing 1-year period	10.57%	11.55%	-0.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.90%	14.31%	-0.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.50%	17.10%	-0.60%

IWX vs. FDL - Expense Ratio Comparison

IWX has a 0.20% expense ratio, which is lower than FDL's 0.43% expense ratio.

Dividends

IWX vs. FDL - Dividend Comparison

IWX's dividend yield for the trailing twelve months is around 1.45%, less than FDL's 4.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDL First Trust Morningstar Dividend Leaders Index Fund	4.69%	4.04%	4.96%	4.58%	3.58%	4.59%	4.48%	3.75%	3.97%	3.18%	2.93%	3.65%
IWX iShares Russell Top 200 Value ETF	1.45%	1.59%	1.97%	2.13%	2.07%	1.79%	2.12%	2.60%	2.66%	2.12%	2.22%	2.77%

Frequently Asked Questions

Can I hold both IWX and FDL in my portfolio?

IWX and FDL have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IWX or FDL?

IWX has higher volatility (4.12%) compared to FDL (3.39%). In terms of maximum drawdown, IWX dropped -35.76% vs FDL's -65.93%.

Which ETF is better, IWX or FDL?

On 10-year performance, IWX leads with 12.38% vs 11.24% for FDL. On fees, IWX is cheaper at 0.20% per year. On volatility, FDL has been the lower-risk option at 3.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWX or FDL?

Over the 10-year period, IWX has performed better with a 12.38% return vs 11.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWX or FDL?

IWX is cheaper with a 0.20% expense ratio, compared with 0.43% for FDL.

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

FDL has the higher dividend yield at 4.69%, compared with 1.45% for IWX.

What is the main difference between IWX and FDL?

IWX tracks Russell Top 200 Value Index, while FDL tracks Morningstar Dividend Leaders Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.20% for IWX and 0.43% for FDL.

Which has better risk-adjusted returns?

IWX currently has the higher Sharpe Ratio (2.83 vs 2.05), 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.