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MDIV vs. GYLD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

Performance

MDIV vs. GYLD - 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 Arrow Dow Jones Global Yield ETF (GYLD). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, MDIV achieves a 7.49% return, which is significantly lower than GYLD's 8.04% return. Both investments have delivered pretty close results over the past 10 years, with MDIV having a 4.79% annualized return and GYLD not far ahead at 4.80%.


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%

GYLD

1D
0.67%
1M
-0.72%
YTD
8.04%
6M
10.01%
1Y
16.66%
3Y*
15.35%
5Y*
6.19%
10Y*
4.80%
*Multi-year figures are annualized to reflect compound growth (CAGR)

MDIV vs. GYLD - Yearly Performance Comparison


2026 (YTD)202520242023202220212020201920182017
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%
GYLD
Arrow Dow Jones Global Yield ETF
8.04%19.85%3.83%10.36%-7.73%18.03%-11.17%13.29%-9.97%4.33%

Correlation

The correlation between MDIV and GYLD is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.


Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.12

Correlation (3Y)
Calculated over the trailing 3-year period

0.25

Correlation (5Y)
Calculated over the trailing 5-year period

0.44

Correlation (10Y)
Calculated over the trailing 10-year period

0.48

Correlation (All Time)
Calculated using the full available price history since Aug 14, 2012

0.51

Over the past year, the correlation between MDIV and GYLD has dropped to 0.12 - well below their long-term average of 0.51, suggesting their price drivers have been diverging.

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Return for Risk

MDIV vs. GYLD — Risk / Return Rank

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

MDIV
MDIV Risk / Return Rank: 5151
Overall Rank
MDIV Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
MDIV Sortino Ratio Rank: 4747
Sortino Ratio Rank
MDIV Omega Ratio Rank: 4343
Omega Ratio Rank
MDIV Calmar Ratio Rank: 6565
Calmar Ratio Rank
MDIV Martin Ratio Rank: 5252
Martin Ratio Rank

GYLD
GYLD Risk / Return Rank: 5050
Overall Rank
GYLD Sharpe Ratio Rank: 3939
Sharpe Ratio Rank
GYLD Sortino Ratio Rank: 4141
Sortino Ratio Rank
GYLD Omega Ratio Rank: 4040
Omega Ratio Rank
GYLD Calmar Ratio Rank: 7171
Calmar Ratio Rank
GYLD Martin Ratio Rank: 5757
Martin Ratio Rank
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. GYLD - 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 Arrow Dow Jones Global Yield ETF (GYLD). 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.


MDIVGYLDDifference
Sharpe ratioReturn per unit of total volatility

+0.20

Sortino ratioReturn per unit of downside risk

+0.24

Omega ratioGain probability vs. loss probability

1.27

1.25

+0.02

Calmar ratioReturn relative to maximum drawdown

3.12

3.44

-0.32

Martin ratioReturn relative to average drawdown

8.65

9.80

-1.15

MDIV vs. GYLD - Sharpe Ratio Comparison

The current MDIV Sharpe Ratio is 1.56, which is comparable to the GYLD Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of MDIV and GYLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.


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Drawdowns

MDIV vs. GYLD - Drawdown Comparison

The maximum MDIV drawdown since its inception was -48.50%, smaller than the maximum GYLD drawdown of -55.03%. Use the drawdown chart below to compare losses from any high point for MDIV and GYLD.


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Drawdown Indicators


MDIVGYLDDifference

Max Drawdown

Largest peak-to-trough decline

-48.50%

-55.03%

+6.53%

Max Drawdown (1Y)

Largest decline over 1 year

-3.39%

-4.86%

+1.47%

Max Drawdown (3Y)

Largest decline over 3 years

-9.62%

-8.37%

-1.25%

Max Drawdown (5Y)

Largest decline over 5 years

-13.02%

-19.37%

+6.35%

Max Drawdown (10Y)

Largest decline over 10 years

-48.50%

-47.89%

-0.61%

Current Drawdown

Current decline from peak

-1.73%

-1.59%

-0.14%

Average Drawdown

Average peak-to-trough decline

-4.57%

-14.37%

+9.80%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.22%

1.71%

-0.49%

Volatility

MDIV vs. GYLD - Volatility Comparison

The current volatility for First Trust Multi-Asset Diversified Income Index Fund (MDIV) is 2.03%, while Arrow Dow Jones Global Yield ETF (GYLD) has a volatility of 3.21%. This indicates that MDIV experiences smaller price fluctuations and is considered to be less risky than GYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.


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Volatility by Period


MDIVGYLDDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.03%

3.21%

-1.18%

Volatility (6M)

Calculated over the trailing 6-month period

4.47%

9.42%

-4.95%

Volatility (1Y)

Calculated over the trailing 1-year period

6.79%

12.34%

-5.55%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.93%

13.80%

-2.87%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.23%

16.53%

-1.30%

MDIV vs. GYLD - Expense Ratio Comparison

MDIV has a 0.73% expense ratio, which is lower than GYLD's 0.75% expense ratio.


Dividends

MDIV vs. GYLD - Dividend Comparison

MDIV's dividend yield for the trailing twelve months is around 6.40%, less than GYLD's 7.50% yield.


PositionTTM20252024202320222021202020192018201720162015
GYLD
Arrow Dow Jones Global Yield ETF
7.50%8.43%12.90%7.13%4.64%5.50%7.42%5.83%8.17%6.78%7.29%10.35%
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


MDIV and GYLD have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GYLD has higher volatility (3.21%) compared to MDIV (2.03%). In terms of maximum drawdown, MDIV dropped -48.50% vs GYLD's -55.03%.

On 10-year performance, GYLD leads with 4.80% vs 4.79% for MDIV. On fees, MDIV is cheaper at 0.73% per year. On volatility, MDIV has been the lower-risk option at 2.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, GYLD has performed better with a 4.80% return vs 4.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

MDIV is cheaper with a 0.73% expense ratio, compared with 0.75% for GYLD.

GYLD has the higher dividend yield at 7.50%, compared with 6.40% for MDIV.

MDIV tracks NASDAQ US Multi-Asset Diversified Income Index, while GYLD tracks DJ Brookfield Global Infrastructure Composite Yield. They also come from different issuers: First Trust and Arrow Funds. Their fees differ too: 0.73% for MDIV and 0.75% for GYLD.

MDIV currently has the higher Sharpe Ratio (1.56 vs 1.36), 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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