MSST vs. FDL
MSST (YieldMax MSTR Performance & Distribution Target 25 ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - MSST is a Derivative Income fund actively managed by YieldMax, while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. MSST is actively managed, while FDL is passively managed. At a 0.00 correlation, their price movements are largely independent. MSST charges 0.99%/yr vs 0.43%/yr for FDL.
Performance
MSST vs. FDL - Performance Comparison
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Returns By Period
In the year-to-date period, MSST achieves a -33.85% return, which is significantly lower than FDL's 14.42% return.
MSST
- 1D
- 6.17%
- 1M
- -25.86%
- 6M
- -33.85%
- YTD
- -33.85%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FDL
- 1D
- 1.90%
- 1M
- 0.70%
- 6M
- 14.42%
- YTD
- 14.42%
- 1Y
- 20.20%
- 3Y*
- 18.47%
- 5Y*
- 13.32%
- 10Y*
- 10.94%
MSST vs. FDL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MSST YieldMax MSTR Performance & Distribution Target 25 ETF | -33.85% | -24.58% |
FDL First Trust Morningstar Dividend Leaders Index Fund | 14.42% | 3.89% |
Correlation
The correlation between MSST and FDL is 0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 18, 2025 | 0.00 |
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Return for Risk
MSST vs. FDL — Risk / Return Rank
MSST
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
FDL
MSST vs. FDL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for YieldMax MSTR Performance & Distribution Target 25 ETF (MSST) 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.
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.
| MSST | FDL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.30 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 4.75 | — |
| Martin ratioReturn relative to average drawdown | — | 10.80 | — |
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Drawdowns
MSST vs. FDL - Drawdown Comparison
The maximum MSST drawdown since its inception was -58.68%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for MSST and FDL.
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Drawdown Indicators
| MSST | FDL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.68% | -65.93% | +7.25% |
Max Drawdown (1Y)Largest decline over 1 year | — | -4.27% | — |
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 | -50.11% | -1.58% | -48.53% |
Average DrawdownAverage peak-to-trough decline | -25.55% | -9.63% | -15.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 1.88% | — |
Volatility
MSST vs. FDL - Volatility Comparison
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Volatility by Period
| MSST | FDL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 4.26% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 8.48% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 75.61% | 11.61% | +64.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.61% | 14.35% | +61.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 75.61% | 17.11% | +58.50% |
MSST vs. FDL - Expense Ratio Comparison
MSST has a 0.99% expense ratio, which is higher than FDL's 0.43% expense ratio.
Dividends
MSST vs. FDL - Dividend Comparison
MSST's dividend yield for the trailing twelve months is around 24.05%, more than FDL's 3.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FDL First Trust Morningstar Dividend Leaders Index Fund | 3.71% | 4.04% | 4.96% | 4.58% | 3.58% | 4.59% | 4.48% | 3.75% | 3.97% | 3.18% | 2.93% | 3.65% |
MSST YieldMax MSTR Performance & Distribution Target 25 ETF | 24.05% | 2.71% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MSST and FDL have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FDL is cheaper at 0.43% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FDL is cheaper with a 0.43% expense ratio, compared with 0.99% for MSST.
MSST has the higher dividend yield at 24.05%, compared with 3.71% for FDL.
MSST is categorized as Derivative Income, while FDL is Large Cap Value Equities. They also come from different issuers: YieldMax and First Trust. Their fees differ too: 0.99% for MSST and 0.43% for FDL.
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