MSFO vs. FDL
MSFO (YieldMax MSFT Option Income Strategy ETF ) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - MSFO is a Options Trading fund actively managed by YieldMax, while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. MSFO is actively managed, while FDL is passively managed. Over the past year, MSFO returned -4.82% vs 23.67% for FDL. At a 0.02 correlation, their price movements are largely independent. MSFO charges 0.99%/yr vs 0.45%/yr for FDL.
Performance
MSFO vs. FDL - Performance Comparison
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Returns By Period
In the year-to-date period, MSFO achieves a -9.19% return, which is significantly lower than FDL's 13.33% return.
MSFO
- 1D
- -2.81%
- 1M
- 2.02%
- YTD
- -9.19%
- 6M
- -7.90%
- 1Y
- -4.82%
- 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%
MSFO vs. FDL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
MSFO YieldMax MSFT Option Income Strategy ETF
| -9.19% | 15.69% | 10.34% | 18.38% |
FDL First Trust Morningstar Dividend Leaders Index Fund | 13.33% | 14.79% | 17.98% | 7.29% |
Correlation
The correlation between MSFO and FDL is -0.18, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.18 |
Correlation (All Time) Calculated using the full available price history since Aug 28, 2023 | 0.02 |
The correlation between MSFO and FDL shifts across timeframes, from -0.18 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MSFO vs. FDL — Risk / Return Rank
MSFO
FDL
MSFO vs. FDL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for YieldMax MSFT Option Income Strategy ETF (MSFO) 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.
| MSFO | FDL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.33 | ||
| Sortino ratioReturn per unit of downside risk | -3.42 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.37 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.17 | 5.56 | -5.73 |
| Martin ratioReturn relative to average drawdown | -0.37 | 13.56 | -13.92 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MSFO | FDL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.22 | 2.11 | -2.33 |
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 | 0.62 | 0.45 | +0.16 |
Drawdowns
MSFO vs. FDL - Drawdown Comparison
The maximum MSFO drawdown since its inception was -29.29%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for MSFO and FDL.
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Drawdown Indicators
| MSFO | FDL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.29% | -65.93% | +36.64% |
Max Drawdown (1Y)Largest decline over 1 year | -29.29% | -4.27% | -25.02% |
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 DrawdownCurrent decline from peak | -16.79% | -2.18% | -14.61% |
Average DrawdownAverage peak-to-trough decline | -6.56% | -9.66% | +3.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.16% | 1.75% | +11.41% |
Volatility
MSFO vs. FDL - Volatility Comparison
YieldMax MSFT Option Income Strategy ETF (MSFO) has a higher volatility of 8.28% compared to First Trust Morningstar Dividend Leaders Index Fund (FDL) at 2.85%. This indicates that MSFO'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.
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Volatility by Period
| MSFO | FDL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.28% | 2.85% | +5.43% |
Volatility (6M)Calculated over the trailing 6-month period | 19.23% | 7.87% | +11.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.51% | 11.28% | +10.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.78% | 14.31% | +5.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.78% | 17.11% | +2.67% |
MSFO vs. FDL - Expense Ratio Comparison
MSFO has a 0.99% expense ratio, which is higher than FDL's 0.45% expense ratio.
Dividends
MSFO vs. FDL - Dividend Comparison
MSFO's dividend yield for the trailing twelve months is around 38.67%, more than FDL's 3.68% yield.
| 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% |
MSFO YieldMax MSFT Option Income Strategy ETF
| 38.67% | 33.91% | 35.15% | 6.44% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MSFO and FDL have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSFO has higher volatility (8.28%) compared to FDL (2.85%). In terms of maximum drawdown, MSFO dropped -29.29% vs FDL's -65.93%.
On 1-year performance, FDL leads with 23.67% vs -4.82% for MSFO. On fees, FDL is cheaper at 0.45% per year. On volatility, FDL has been the lower-risk option at 2.85%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, FDL has performed better with a 23.67% return vs -4.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FDL is cheaper with a 0.45% expense ratio, compared with 0.99% for MSFO.
MSFO has the higher dividend yield at 38.67%, compared with 3.68% for FDL.
MSFO is categorized as Options Trading, while FDL is Large Cap Value Equities. They also come from different issuers: YieldMax and First Trust. Their fees differ too: 0.99% for MSFO and 0.45% for FDL.
FDL currently has the higher Sharpe Ratio (2.11 vs -0.22), 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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