MDYG vs. FDL

Last updated Jun 5, 2026

MDYG (SPDR S&P 400 Mid Cap Growth ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - MDYG is a Mid Cap Growth Equities fund tracking the S&P MidCap 400 Growth Index, while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. Both are passively managed. Over the past 10 years, MDYG returned 11.58%/yr vs 11.28%/yr for FDL. A 0.66 correlation means they provide meaningful diversification when combined. MDYG charges 0.15%/yr vs 0.45%/yr for FDL.

Performance

MDYG vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P 400 Mid Cap Growth ETF (MDYG) 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, MDYG achieves a 19.44% return, which is significantly higher than FDL's 14.21% return. Both investments have delivered pretty close results over the past 10 years, with MDYG having a 11.58% annualized return and FDL not far behind at 11.28%.

MDYG

• 1D: 0.27%
• 1M: 4.57%
• YTD: 19.44%
• 6M: 18.73%
• 1Y: 30.20%
• 3Y*: 18.49%
• 5Y*: 8.66%
• 10Y*: 11.58%

FDL

• 1D: 0.78%
• 1M: 0.32%
• YTD: 14.21%
• 6M: 15.52%
• 1Y: 25.50%
• 3Y*: 19.57%
• 5Y*: 12.69%
• 10Y*: 11.28%

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

MDYG vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MDYG SPDR S&P 400 Mid Cap Growth ETF	19.44%	7.22%	15.84%	17.30%	-18.92%	18.46%	22.57%	26.10%	-10.46%	19.61%
FDL First Trust Morningstar Dividend Leaders Index Fund	14.21%	14.79%	17.98%	2.94%	6.66%	26.10%	-4.30%	24.41%	-5.99%	12.02%

Correlation

The correlation between MDYG and FDL is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since Mar 16, 2006	0.66

Over the past year, the correlation between MDYG and FDL has dropped to 0.31 - well below their long-term average of 0.66, suggesting their price drivers have been diverging.

MDYG vs. FDL - Sectors Allocation Comparison

Sectors	MDYG	FDL
Industrials	30.9%	3.8%
Technology	21.5%	1.1%
Healthcare	13.7%	16.8%
Consumer Cyclical	8.1%	3.8%
Financial Services	7.1%	15.1%
Real Estate	5.6%	-
Energy	3.7%	27.3%
Basic Materials	3.7%	0.3%
Consumer Defensive	2.1%	14.7%
Utilities	2.0%	6.5%
Communication Services	1.5%	10.6%

Return for Risk

MDYG vs. FDL — Risk / Return Rank

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

MDYG

MDYG Risk / Return Rank: 58
MDYG Sharpe Ratio Rank: 53
MDYG Sortino Ratio Rank: 54
MDYG Omega Ratio Rank: 51
MDYG Calmar Ratio Rank: 63
MDYG Martin Ratio Rank: 68

FDL

FDL Risk / Return Rank: 77
FDL Sharpe Ratio Rank: 70
FDL Sortino Ratio Rank: 79
FDL Omega Ratio Rank: 67
FDL Calmar Ratio Rank: 92
FDL Martin Ratio Rank: 77

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.

MDYG vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P 400 Mid Cap Growth ETF (MDYG) 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.

	MDYG	FDL	Difference
Sharpe ratio: Return per unit of total volatility	1.78	2.27	-0.49
Sortino ratio: Return per unit of downside risk	2.56	3.49	-0.93
Omega ratio: Gain probability vs. loss probability	1.31	1.40	-0.09
Calmar ratio: Return relative to maximum drawdown	3.06	5.99	-2.93
Martin ratio: Return relative to average drawdown	12.24	14.59	-2.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MDYG vs. FDL - Sharpe Ratio Comparison

The current MDYG Sharpe Ratio is 1.78, which is comparable to the FDL Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of MDYG 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

	MDYG	FDL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.78	2.27	-0.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.42	0.89	-0.47
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.66	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.45	+0.03

Drawdowns

MDYG vs. FDL - Drawdown Comparison

The maximum MDYG drawdown since its inception was -58.44%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for MDYG and FDL.

Drawdown Indicators

	MDYG	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-58.44%	-65.93%	+7.49%
Max Drawdown (1Y) Largest decline over 1 year	-9.91%	-4.27%	-5.64%
Max Drawdown (3Y) Largest decline over 3 years	-25.45%	-12.24%	-13.21%
Max Drawdown (5Y) Largest decline over 5 years	-29.26%	-16.46%	-12.80%
Max Drawdown (10Y) Largest decline over 10 years	-39.27%	-41.40%	+2.13%
Current Drawdown Current decline from peak	0.00%	-1.41%	+1.41%
Average Drawdown Average peak-to-trough decline	-8.03%	-9.66%	+1.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.47%	1.75%	+0.72%

Volatility

MDYG vs. FDL - Volatility Comparison

SPDR S&P 400 Mid Cap Growth ETF (MDYG) has a higher volatility of 5.08% compared to First Trust Morningstar Dividend Leaders Index Fund (FDL) at 2.95%. This indicates that MDYG's price experiences larger fluctuations and is considered to be riskier than FDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MDYG	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.08%	2.95%	+2.13%
Volatility (6M) Calculated over the trailing 6-month period	13.21%	7.85%	+5.36%
Volatility (1Y) Calculated over the trailing 1-year period	17.01%	11.30%	+5.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.62%	14.31%	+6.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.05%	17.11%	+3.94%

MDYG vs. FDL - Expense Ratio Comparison

MDYG has a 0.15% expense ratio, which is lower than FDL's 0.45% expense ratio.

Dividends

MDYG vs. FDL - Dividend Comparison

MDYG's dividend yield for the trailing twelve months is around 0.61%, less than FDL's 3.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDL First Trust Morningstar Dividend Leaders Index Fund	3.65%	4.04%	4.96%	4.58%	3.58%	4.59%	4.48%	3.75%	3.97%	3.18%	2.93%	3.65%
MDYG SPDR S&P 400 Mid Cap Growth ETF	0.61%	0.75%	0.87%	1.20%	1.16%	0.69%	0.71%	1.21%	1.36%	2.23%	1.25%	2.51%

Frequently Asked Questions

Can I hold both MDYG and FDL in my portfolio?

MDYG and FDL have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MDYG or FDL?

MDYG has higher volatility (5.08%) compared to FDL (2.95%). In terms of maximum drawdown, MDYG dropped -58.44% vs FDL's -65.93%.

Which ETF is better, MDYG or FDL?

On 10-year performance, MDYG leads with 11.58% vs 11.28% for FDL. On fees, MDYG is cheaper at 0.15% per year. On volatility, FDL has been the lower-risk option at 2.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MDYG or FDL?

Over the 10-year period, MDYG has performed better with a 11.58% return vs 11.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MDYG or FDL?

MDYG is cheaper with a 0.15% expense ratio, compared with 0.45% for FDL.

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

FDL has the higher dividend yield at 3.65%, compared with 0.61% for MDYG.

What is the main difference between MDYG and FDL?

MDYG is categorized as Mid Cap Growth Equities, while FDL is Large Cap Value Equities. MDYG tracks S&P MidCap 400 Growth Index, while FDL tracks Morningstar Dividend Leaders Index. They also come from different issuers: State Street and First Trust. Their fees differ too: 0.15% for MDYG and 0.45% for FDL.

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (2.27 vs 1.78), 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.