MDEV vs. KNG

Last updated Jun 4, 2026

MDEV (First Trust Indxx Medical Devices ETF) and KNG (FT Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF) are both exchange-traded funds - MDEV is a Health & Biotech Equities fund tracking the Indxx Global Medical Equipment Index, while KNG is a Dividend fund tracking the Cboe S&P 500 Dividend Aristocrats Target Income Index Monthly Series. Both are passively managed. Over the past 3 years, MDEV returned -2.86%/yr vs 7.06%/yr for KNG. A 0.70 correlation means they provide meaningful diversification when combined. MDEV charges 0.70%/yr vs 0.75%/yr for KNG.

Performance

MDEV vs. KNG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Indxx Medical Devices ETF (MDEV) and FT Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF (KNG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MDEV achieves a -11.48% return, which is significantly lower than KNG's 2.20% return.

MDEV

• 1D: 0.04%
• 1M: 1.54%
• YTD: -11.48%
• 6M: -12.29%
• 1Y: -7.05%
• 3Y*: -2.86%
• 5Y*: —
• 10Y*: —

KNG

• 1D: -0.04%
• 1M: 0.89%
• YTD: 2.20%
• 6M: 2.33%
• 1Y: 7.44%
• 3Y*: 7.06%
• 5Y*: 4.31%
• 10Y*: —

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

MDEV vs. KNG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MDEV First Trust Indxx Medical Devices ETF	-11.48%	2.00%	1.79%	7.55%	-28.59%	4.16%
KNG FT Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF	2.20%	6.63%	5.99%	7.48%	-7.03%	10.45%

Correlation

The correlation between MDEV and KNG is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (All Time) Calculated using the full available price history since Jun 24, 2021	0.70

The correlation between MDEV and KNG has been stable across timeframes, ranging from 0.65 to 0.70 - a consistent structural relationship.

MDEV vs. KNG - Sectors Allocation Comparison

Sectors	MDEV	KNG
Healthcare	100.0%	10.1%
Basic Materials	-	10.2%
Communication Services	-	-
Consumer Cyclical	-	5.5%
Consumer Defensive	-	23.5%
Energy	-	3.0%
Financial Services	-	12.7%
Industrials	-	20.3%
Real Estate	-	4.4%
Technology	-	4.3%
Utilities	-	6.1%

Return for Risk

MDEV vs. KNG — Risk / Return Rank

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

MDEV

MDEV Risk / Return Rank: 5
MDEV Sharpe Ratio Rank: 5
MDEV Sortino Ratio Rank: 5
MDEV Omega Ratio Rank: 5
MDEV Calmar Ratio Rank: 5
MDEV Martin Ratio Rank: 4

KNG

KNG Risk / Return Rank: 20
KNG Sharpe Ratio Rank: 21
KNG Sortino Ratio Rank: 21
KNG Omega Ratio Rank: 19
KNG Calmar Ratio Rank: 20
KNG Martin Ratio Rank: 19

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.

MDEV vs. KNG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Indxx Medical Devices ETF (MDEV) and FT Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF (KNG). 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.

	MDEV	KNG	Difference
Sharpe ratio: Return per unit of total volatility	-0.44	0.73	-1.18
Sortino ratio: Return per unit of downside risk	-0.53	1.15	-1.67
Omega ratio: Gain probability vs. loss probability	0.94	1.13	-0.19
Calmar ratio: Return relative to maximum drawdown	-0.39	0.87	-1.26
Martin ratio: Return relative to average drawdown	-0.98	2.25	-3.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MDEV vs. KNG - Sharpe Ratio Comparison

The current MDEV Sharpe Ratio is -0.44, which is lower than the KNG Sharpe Ratio of 0.73. The chart below compares the historical Sharpe Ratios of MDEV and KNG, 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

	MDEV	KNG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.44	0.73	-1.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.32	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.32	0.49	-0.81

Drawdowns

MDEV vs. KNG - Drawdown Comparison

The maximum MDEV drawdown since its inception was -42.34%, which is greater than KNG's maximum drawdown of -35.12%. Use the drawdown chart below to compare losses from any high point for MDEV and KNG.

Drawdown Indicators

	MDEV	KNG	Difference
Max Drawdown Largest peak-to-trough decline	-42.34%	-35.12%	-7.22%
Max Drawdown (1Y) Largest decline over 1 year	-18.13%	-8.61%	-9.52%
Max Drawdown (3Y) Largest decline over 3 years	-22.50%	-14.24%	-8.26%
Max Drawdown (5Y) Largest decline over 5 years	—	-18.20%	—
Current Drawdown Current decline from peak	-33.76%	-5.89%	-27.87%
Average Drawdown Average peak-to-trough decline	-25.65%	-4.13%	-21.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.22%	3.32%	+3.90%

Volatility

MDEV vs. KNG - Volatility Comparison

First Trust Indxx Medical Devices ETF (MDEV) has a higher volatility of 4.60% compared to FT Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF (KNG) at 2.29%. This indicates that MDEV's price experiences larger fluctuations and is considered to be riskier than KNG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MDEV	KNG	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.60%	2.29%	+2.31%
Volatility (6M) Calculated over the trailing 6-month period	11.42%	7.39%	+4.03%
Volatility (1Y) Calculated over the trailing 1-year period	16.00%	10.19%	+5.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.98%	13.59%	+5.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.98%	17.18%	+1.80%

MDEV vs. KNG - Expense Ratio Comparison

MDEV has a 0.70% expense ratio, which is lower than KNG's 0.75% expense ratio.

Dividends

MDEV vs. KNG - Dividend Comparison

MDEV has not paid dividends to shareholders, while KNG's dividend yield for the trailing twelve months is around 8.67%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
KNG FT Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF	8.67%	8.61%	9.08%	5.91%	4.00%	3.45%	3.62%	4.09%	3.46%
MDEV First Trust Indxx Medical Devices ETF	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 MDEV and KNG in my portfolio?

MDEV and KNG have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MDEV or KNG?

MDEV has higher volatility (4.60%) compared to KNG (2.29%). In terms of maximum drawdown, MDEV dropped -42.34% vs KNG's -35.12%.

Which ETF is better, MDEV or KNG?

On 3-year performance, KNG leads with 7.06% vs -2.86% for MDEV. On fees, MDEV is cheaper at 0.70% per year. On volatility, KNG has been the lower-risk option at 2.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MDEV or KNG?

Over the 3-year period, KNG has performed better with a 7.06% return vs -2.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MDEV or KNG?

MDEV is cheaper with a 0.70% expense ratio, compared with 0.75% for KNG.

Which ETF pays a higher dividend yield, MDEV or KNG?

KNG has the higher dividend yield at 8.67%, compared with 0.00% for MDEV.

What is the main difference between MDEV and KNG?

MDEV is categorized as Health & Biotech Equities, while KNG is Dividend. MDEV tracks Indxx Global Medical Equipment Index, while KNG tracks Cboe S&P 500 Dividend Aristocrats Target Income Index Monthly Series. Their fees differ too: 0.70% for MDEV and 0.75% for KNG.

Which has better risk-adjusted returns?

KNG currently has the higher Sharpe Ratio (0.73 vs -0.44), 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.