KWIN vs. FDL

Last updated Jul 21, 2026

KWIN (KraneShares Wahed Alternative Income Index ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both Large Cap Value Equities funds - KWIN tracks the Wahed Alternative Income Index while FDL tracks the Morningstar Dividend Leaders Index. Both are passively managed. At a 0.22 correlation, their price movements are largely independent. KWIN charges 0.51%/yr vs 0.43%/yr for FDL.

Performance

KWIN vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares Wahed Alternative Income Index ETF (KWIN) 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, KWIN achieves a 1.64% return, which is significantly lower than FDL's 16.72% return.

KWIN

• 1D: -0.04%
• 1M: 0.35%
• 6M: 1.29%
• YTD: 1.64%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

FDL

• 1D: -0.51%
• 1M: 4.67%
• 6M: 12.53%
• YTD: 16.72%
• 1Y: 24.72%
• 3Y*: 18.15%
• 5Y*: 13.97%
• 10Y*: 10.85%
• ALL TIME*: 8.89%

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

KWIN vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025
KWIN KraneShares Wahed Alternative Income Index ETF	1.64%	0.61%
FDL First Trust Morningstar Dividend Leaders Index Fund	16.72%	6.17%

Correlation

The correlation between KWIN and FDL is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 5, 2025	0.22

Return for Risk

KWIN vs. FDL — Risk / Return Rank

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

KWIN

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

FDL

FDL Risk / Return Rank: 88
FDL Sharpe Ratio Rank: 86
FDL Sortino Ratio Rank: 89
FDL Omega Ratio Rank: 82
FDL Calmar Ratio Rank: 95
FDL Martin Ratio Rank: 87

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.

KWIN vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares Wahed Alternative Income Index ETF (KWIN) 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.

	KWIN	FDL	Difference
Sharpe ratio: Return per unit of total volatility	—	2.11	—
Sortino ratio: Return per unit of downside risk	—	3.24	—
Omega ratio: Gain probability vs. loss probability	—	1.37	—
Calmar ratio: Return relative to maximum drawdown	—	5.81	—
Martin ratio: Return relative to average drawdown	—	13.25	—

Drawdowns

KWIN vs. FDL - Drawdown Comparison

The maximum KWIN drawdown since its inception was -1.58%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for KWIN and FDL.

Drawdown Indicators

	KWIN	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-1.58%	-65.93%	+64.35%
Max Drawdown (1Y) Largest decline over 1 year	—	-4.27%	—
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	-1.40%	-0.76%	-0.64%
Average Drawdown Average peak-to-trough decline	-0.28%	-9.61%	+9.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.87%	—

Volatility

Volatility by Period

	KWIN	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.66%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.64%	—
Volatility (1Y) Calculated over the trailing 1-year period	4.12%	11.79%	-7.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.12%	14.39%	-10.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.12%	17.14%	-13.02%

KWIN vs. FDL - Expense Ratio Comparison

KWIN has a 0.51% expense ratio, which is higher than FDL's 0.43% expense ratio.

Dividends

KWIN vs. FDL - Dividend Comparison

KWIN has not paid dividends to shareholders, while FDL's dividend yield for the trailing twelve months is around 3.63%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDL First Trust Morningstar Dividend Leaders Index Fund	3.63%	4.04%	4.96%	4.58%	3.58%	4.59%	4.48%	3.75%	3.97%	3.18%	2.93%	3.65%
KWIN KraneShares Wahed Alternative Income Index ETF	0.00%	0.00%	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 KWIN and FDL in my portfolio?

KWIN and FDL have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, KWIN or FDL?

On fees, FDL is cheaper at 0.43% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, KWIN or FDL?

FDL is cheaper with a 0.43% expense ratio, compared with 0.51% for KWIN.

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

FDL has the higher dividend yield at 3.63%, compared with 0.00% for KWIN.

What is the main difference between KWIN and FDL?

KWIN tracks Wahed Alternative Income Index, while FDL tracks Morningstar Dividend Leaders Index. They also come from different issuers: KraneShares and First Trust. Their fees differ too: 0.51% for KWIN and 0.43% for FDL.