MDIV vs. FDL

Last updated Apr 1, 2026

Compare and contrast key facts about First Trust Multi-Asset Diversified Income Index Fund (MDIV) and First Trust Morningstar Dividend Leaders Index Fund (FDL).

MDIV and FDL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MDIV is a passively managed fund by First Trust that tracks the performance of the NASDAQ US Multi-Asset Diversified Income Index. It was launched on Aug 14, 2012. FDL is a passively managed fund by First Trust that tracks the performance of the Morningstar Dividend Leaders Index. It was launched on Mar 9, 2006. Both MDIV and FDL are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

MDIV vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Multi-Asset Diversified Income Index Fund (MDIV) and First Trust Morningstar Dividend Leaders Index Fund (FDL). The values are adjusted to include any dividend payments, if applicable.

MDIV vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MDIV First Trust Multi-Asset Diversified Income Index Fund	4.59%	3.77%	10.05%	11.50%	-3.86%	16.51%	-14.84%	18.59%	-5.78%	5.61%
FDL First Trust Morningstar Dividend Leaders Index Fund	15.49%	14.79%	17.98%	2.94%	6.66%	26.10%	-4.30%	24.41%	-5.99%	12.02%

Returns By Period

In the year-to-date period, MDIV achieves a 4.59% return, which is significantly lower than FDL's 15.49% return. Over the past 10 years, MDIV has underperformed FDL with an annualized return of 5.01%, while FDL has yielded a comparatively higher 11.60% annualized return.

MDIV

• 1D: 0.56%
• 1M: -1.47%
• YTD: 4.59%
• 6M: 4.22%
• 1Y: 5.41%
• 3Y*: 10.12%
• 5Y*: 6.28%
• 10Y*: 5.01%

FDL

• 1D: 0.43%
• 1M: 0.01%
• YTD: 15.49%
• 6M: 19.42%
• 1Y: 21.84%
• 3Y*: 18.00%
• 5Y*: 14.12%
• 10Y*: 11.60%

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

MDIV vs. FDL - Expense Ratio Comparison

MDIV has a 0.73% expense ratio, which is higher than FDL's 0.45% expense ratio.

MDIV

First Trust Multi-Asset Diversified Income Index Fund

FDL

First Trust Morningstar Dividend Leaders Index Fund

Return for Risk

MDIV vs. FDL — Risk / Return Rank

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

MDIV

MDIV Risk / Return Rank: 30
MDIV Sharpe Ratio Rank: 31
MDIV Sortino Ratio Rank: 29
MDIV Omega Ratio Rank: 30
MDIV Calmar Ratio Rank: 28
MDIV Martin Ratio Rank: 31

FDL

FDL Risk / Return Rank: 79
FDL Sharpe Ratio Rank: 81
FDL Sortino Ratio Rank: 82
FDL Omega Ratio Rank: 79
FDL Calmar Ratio Rank: 77
FDL Martin Ratio Rank: 76

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.

MDIV vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Multi-Asset Diversified Income Index Fund (MDIV) 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.

	MDIV	FDL	Difference
Sharpe ratio Return per unit of total volatility	0.56	1.47	-0.92
Sortino ratio Return per unit of downside risk	0.80	2.06	-1.26
Omega ratio Gain probability vs. loss probability	1.12	1.29	-0.17
Calmar ratio Return relative to maximum drawdown	0.64	1.96	-1.32
Martin ratio Return relative to average drawdown	2.58	7.63	-5.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MDIV vs. FDL - Sharpe Ratio Comparison

The current MDIV Sharpe Ratio is 0.56, which is lower than the FDL Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of MDIV and FDL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MDIV	FDL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.56	1.47	-0.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	0.99	-0.42
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.33	0.68	-0.35
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.46	-0.13

Correlation

The correlation between MDIV and FDL is 0.75, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

MDIV vs. FDL - Dividend Comparison

MDIV's dividend yield for the trailing twelve months is around 6.30%, more than FDL's 3.61% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MDIV First Trust Multi-Asset Diversified Income Index Fund	6.30%	6.51%	6.40%	6.08%	6.71%	5.30%	6.00%	5.90%	6.76%	6.04%	6.35%	7.38%
FDL First Trust Morningstar Dividend Leaders Index Fund	3.61%	4.04%	4.96%	4.58%	3.58%	4.59%	4.48%	3.75%	3.97%	3.18%	2.93%	3.65%

Drawdowns

MDIV vs. FDL - Drawdown Comparison

The maximum MDIV drawdown since its inception was -48.50%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for MDIV and FDL.

Drawdown Indicators

	MDIV	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-48.50%	-65.93%	+17.43%
Max Drawdown (1Y) Largest decline over 1 year	-8.84%	-11.58%	+2.74%
Max Drawdown (5Y) Largest decline over 5 years	-13.02%	-16.46%	+3.44%
Max Drawdown (10Y) Largest decline over 10 years	-48.50%	-41.40%	-7.10%
Current Drawdown Current decline from peak	-2.25%	-0.10%	-2.15%
Average Drawdown Average peak-to-trough decline	-4.64%	-9.73%	+5.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.20%	3.10%	-0.90%

Volatility

MDIV vs. FDL - Volatility Comparison

The current volatility for First Trust Multi-Asset Diversified Income Index Fund (MDIV) is 2.11%, while First Trust Morningstar Dividend Leaders Index Fund (FDL) has a volatility of 2.56%. This indicates that MDIV 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

	MDIV	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.11%	2.56%	-0.45%
Volatility (6M) Calculated over the trailing 6-month period	4.82%	8.16%	-3.34%
Volatility (1Y) Calculated over the trailing 1-year period	9.73%	14.96%	-5.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.02%	14.31%	-3.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.27%	17.09%	-1.82%