MARM vs. FDL

Last updated Jun 4, 2026

MARM (FT Vest U.S. Equity Max Buffer ETF - March) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - MARM is a Defined Outcome fund actively managed by First Trust, while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. MARM is actively managed, while FDL is passively managed. Over the past year, MARM returned 7.26% vs 23.67% for FDL. At a 0.30 correlation, their price movements are largely independent. MARM charges 0.85%/yr vs 0.45%/yr for FDL.

Performance

MARM vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Max Buffer ETF - March (MARM) 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, MARM achieves a 3.24% return, which is significantly lower than FDL's 13.33% return.

MARM

• 1D: -0.06%
• 1M: 0.60%
• YTD: 3.24%
• 6M: 3.86%
• 1Y: 7.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FDL

• 1D: -0.26%
• 1M: -0.26%
• YTD: 13.33%
• 6M: 14.76%
• 1Y: 23.67%
• 3Y*: 18.97%
• 5Y*: 12.51%
• 10Y*: 11.24%

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

MARM vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MARM FT Vest U.S. Equity Max Buffer ETF - March	3.24%	7.04%	5.97%
FDL First Trust Morningstar Dividend Leaders Index Fund	13.33%	14.79%	9.85%

Correlation

The correlation between MARM and FDL is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (All Time) Calculated using the full available price history since Mar 28, 2024	0.30

The correlation between MARM and FDL shifts across timeframes, from 0.16 (1 year) to 0.30 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MARM vs. FDL — Risk / Return Rank

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

MARM

MARM Risk / Return Rank: 98
MARM Sharpe Ratio Rank: 97
MARM Sortino Ratio Rank: 98
MARM Omega Ratio Rank: 98
MARM Calmar Ratio Rank: 97
MARM Martin Ratio Rank: 98

FDL

FDL Risk / Return Rank: 70
FDL Sharpe Ratio Rank: 61
FDL Sortino Ratio Rank: 70
FDL Omega Ratio Rank: 59
FDL Calmar Ratio Rank: 90
FDL Martin Ratio Rank: 71

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.

MARM vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Max Buffer ETF - March (MARM) 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.

	MARM	FDL	Difference
Sharpe ratio: Return per unit of total volatility	4.55	2.11	+2.45
Sortino ratio: Return per unit of downside risk	8.03	3.25	+4.78
Omega ratio: Gain probability vs. loss probability	2.16	1.37	+0.79
Calmar ratio: Return relative to maximum drawdown	11.63	5.56	+6.07
Martin ratio: Return relative to average drawdown	77.52	13.56	+63.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MARM vs. FDL - Sharpe Ratio Comparison

The current MARM Sharpe Ratio is 4.55, which is higher than the FDL Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of MARM 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.

Sharpe Ratios by Period

	MARM	FDL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.55	2.11	+2.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.88	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.23	0.45	+1.78

Drawdowns

MARM vs. FDL - Drawdown Comparison

The maximum MARM drawdown since its inception was -2.74%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for MARM and FDL.

Drawdown Indicators

	MARM	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-2.74%	-65.93%	+63.19%
Max Drawdown (1Y) Largest decline over 1 year	-0.63%	-4.27%	+3.64%
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	-0.10%	-2.18%	+2.08%
Average Drawdown Average peak-to-trough decline	-0.20%	-9.66%	+9.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.09%	1.75%	-1.66%

Volatility

MARM vs. FDL - Volatility Comparison

The current volatility for FT Vest U.S. Equity Max Buffer ETF - March (MARM) is 0.41%, while First Trust Morningstar Dividend Leaders Index Fund (FDL) has a volatility of 2.85%. This indicates that MARM 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.

Volatility by Period

	MARM	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.41%	2.85%	-2.44%
Volatility (6M) Calculated over the trailing 6-month period	1.28%	7.87%	-6.59%
Volatility (1Y) Calculated over the trailing 1-year period	1.60%	11.28%	-9.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.38%	14.31%	-10.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.38%	17.11%	-13.73%

MARM vs. FDL - Expense Ratio Comparison

MARM has a 0.85% expense ratio, which is higher than FDL's 0.45% expense ratio.

Dividends

MARM vs. FDL - Dividend Comparison

MARM has not paid dividends to shareholders, while FDL's dividend yield for the trailing twelve months is around 3.68%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
MARM FT Vest U.S. Equity Max Buffer ETF - March	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 MARM and FDL in my portfolio?

MARM 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, MARM or FDL?

FDL has higher volatility (2.85%) compared to MARM (0.41%). In terms of maximum drawdown, MARM dropped -2.74% vs FDL's -65.93%.

Which ETF is better, MARM or FDL?

On 1-year performance, FDL leads with 23.67% vs 7.26% for MARM. On fees, FDL is cheaper at 0.45% per year. On volatility, MARM has been the lower-risk option at 0.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MARM or FDL?

Over the 1-year period, FDL has performed better with a 23.67% return vs 7.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MARM or FDL?

FDL is cheaper with a 0.45% expense ratio, compared with 0.85% for MARM.

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

FDL has the higher dividend yield at 3.68%, compared with 0.00% for MARM.

What is the main difference between MARM and FDL?

MARM is categorized as Defined Outcome, while FDL is Large Cap Value Equities. Their fees differ too: 0.85% for MARM and 0.45% for FDL.

Which has better risk-adjusted returns?

MARM currently has the higher Sharpe Ratio (4.55 vs 2.11), 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.