IYLD vs. MDIV
IYLD (iShares Morningstar Multi-Asset Income ETF) and MDIV (First Trust Multi-Asset Diversified Income Index Fund) are both Diversified Portfolio funds - IYLD tracks the Morningstar Multi-Asset High Income Index while MDIV tracks the NASDAQ US Multi-Asset Diversified Income Index. Both are passively managed. Over the past 10 years, IYLD returned 4.10%/yr vs 4.79%/yr for MDIV. A 0.66 correlation means they provide meaningful diversification when combined. IYLD charges 0.60%/yr vs 0.73%/yr for MDIV.
Performance
IYLD vs. MDIV - Performance Comparison
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Returns By Period
In the year-to-date period, IYLD achieves a 5.27% return, which is significantly lower than MDIV's 7.49% return. Over the past 10 years, IYLD has underperformed MDIV with an annualized return of 4.10%, while MDIV has yielded a comparatively higher 4.79% annualized return.
IYLD
- 1D
- -0.06%
- 1M
- 0.56%
- YTD
- 5.27%
- 6M
- 5.48%
- 1Y
- 14.00%
- 3Y*
- 10.68%
- 5Y*
- 3.38%
- 10Y*
- 4.10%
MDIV
- 1D
- 0.09%
- 1M
- -1.32%
- YTD
- 7.49%
- 6M
- 7.59%
- 1Y
- 10.55%
- 3Y*
- 11.96%
- 5Y*
- 5.82%
- 10Y*
- 4.79%
IYLD vs. MDIV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IYLD iShares Morningstar Multi-Asset Income ETF | 5.27% | 15.44% | 2.00% | 12.55% | -16.80% | 3.37% | -1.18% | 15.82% | -4.77% | 10.90% |
MDIV First Trust Multi-Asset Diversified Income Index Fund | 7.49% | 3.77% | 10.05% | 11.50% | -3.86% | 16.51% | -14.84% | 18.59% | -5.78% | 5.61% |
Correlation
The correlation between IYLD and MDIV is 0.52, 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 | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.64 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Aug 14, 2012 | 0.66 |
The correlation between IYLD and MDIV shifts across timeframes, from 0.52 (1 year) to 0.66 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IYLD vs. MDIV — Risk / Return Rank
IYLD
MDIV
IYLD vs. MDIV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Multi-Asset Income ETF (IYLD) and First Trust Multi-Asset Diversified Income Index Fund (MDIV). 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.
| IYLD | MDIV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.85 | ||
| Sortino ratioReturn per unit of downside risk | +1.30 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.27 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 3.03 | 3.12 | -0.09 |
| Martin ratioReturn relative to average drawdown | 11.69 | 8.65 | +3.04 |
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Drawdowns
IYLD vs. MDIV - Drawdown Comparison
The maximum IYLD drawdown since its inception was -30.23%, smaller than the maximum MDIV drawdown of -48.50%. Use the drawdown chart below to compare losses from any high point for IYLD and MDIV.
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Drawdown Indicators
| IYLD | MDIV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.23% | -48.50% | +18.27% |
Max Drawdown (1Y)Largest decline over 1 year | -4.63% | -3.39% | -1.24% |
Max Drawdown (3Y)Largest decline over 3 years | -5.20% | -9.62% | +4.42% |
Max Drawdown (5Y)Largest decline over 5 years | -22.57% | -13.02% | -9.55% |
Max Drawdown (10Y)Largest decline over 10 years | -30.23% | -48.50% | +18.27% |
Current DrawdownCurrent decline from peak | -0.25% | -1.73% | +1.48% |
Average DrawdownAverage peak-to-trough decline | -4.52% | -4.57% | +0.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.20% | 1.22% | -0.02% |
Volatility
IYLD vs. MDIV - Volatility Comparison
The current volatility for iShares Morningstar Multi-Asset Income ETF (IYLD) is 1.41%, while First Trust Multi-Asset Diversified Income Index Fund (MDIV) has a volatility of 2.03%. This indicates that IYLD experiences smaller price fluctuations and is considered to be less risky than MDIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IYLD | MDIV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.41% | 2.03% | -0.62% |
Volatility (6M)Calculated over the trailing 6-month period | 4.75% | 4.47% | +0.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.83% | 6.79% | -0.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.87% | 10.93% | -3.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.58% | 15.23% | -5.65% |
IYLD vs. MDIV - Expense Ratio Comparison
IYLD has a 0.60% expense ratio, which is lower than MDIV's 0.73% expense ratio.
Dividends
IYLD vs. MDIV - Dividend Comparison
IYLD's dividend yield for the trailing twelve months is around 4.59%, less than MDIV's 6.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IYLD iShares Morningstar Multi-Asset Income ETF | 4.59% | 4.72% | 5.32% | 5.76% | 5.45% | 3.47% | 4.38% | 5.25% | 5.78% | 4.22% | 4.84% | 5.26% |
MDIV First Trust Multi-Asset Diversified Income Index Fund | 6.40% | 6.51% | 6.40% | 6.08% | 6.71% | 5.30% | 6.00% | 5.90% | 6.76% | 6.04% | 6.35% | 7.38% |
Frequently Asked Questions
IYLD and MDIV have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MDIV has higher volatility (2.03%) compared to IYLD (1.41%). In terms of maximum drawdown, IYLD dropped -30.23% vs MDIV's -48.50%.
On 10-year performance, MDIV leads with 4.79% vs 4.10% for IYLD. On fees, IYLD is cheaper at 0.60% per year. On volatility, IYLD has been the lower-risk option at 1.41%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, MDIV has performed better with a 4.79% return vs 4.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IYLD is cheaper with a 0.60% expense ratio, compared with 0.73% for MDIV.
MDIV has the higher dividend yield at 6.40%, compared with 4.59% for IYLD.
IYLD tracks Morningstar Multi-Asset High Income Index, while MDIV tracks NASDAQ US Multi-Asset Diversified Income Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.60% for IYLD and 0.73% for MDIV.
IYLD currently has the higher Sharpe Ratio (2.42 vs 1.56), 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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