NTRL vs. FDL

Last updated Jul 18, 2026

NTRL (First Trust Equity Market Neutral ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - NTRL is a Equity Market Neutral fund actively managed by First Trust, while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. NTRL is actively managed, while FDL is passively managed. A 0.54 correlation means they provide meaningful diversification when combined. NTRL charges 0.95%/yr vs 0.43%/yr for FDL.

Performance

NTRL vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Equity Market Neutral ETF (NTRL) and First Trust Morningstar Dividend Leaders Index Fund (FDL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

NTRL

• 1D: 0.29%
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FDL

• 1D: -0.25%
• 1M: 5.21%
• 6M: 13.11%
• YTD: 17.31%
• 1Y: 25.36%
• 3Y*: 19.32%
• 5Y*: 14.04%
• 10Y*: 10.99%

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

NTRL vs. FDL - Yearly Performance Comparison

	2026 (YTD)
NTRL First Trust Equity Market Neutral ETF	0.53%
FDL First Trust Morningstar Dividend Leaders Index Fund	4.12%

Correlation

The correlation between NTRL and FDL is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 24, 2026	0.54

Return for Risk

NTRL vs. FDL — Risk / Return Rank

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

NTRL

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

FDL

FDL Risk / Return Rank: 85
FDL Sharpe Ratio Rank: 81
FDL Sortino Ratio Rank: 87
FDL Omega Ratio Rank: 77
FDL Calmar Ratio Rank: 95
FDL Martin Ratio Rank: 84

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.

NTRL vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Equity Market Neutral ETF (NTRL) 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.

	NTRL	FDL	Difference
Sharpe ratio: Return per unit of total volatility	—	2.09	—
Sortino ratio: Return per unit of downside risk	—	3.20	—
Omega ratio: Gain probability vs. loss probability	—	1.36	—
Calmar ratio: Return relative to maximum drawdown	—	5.75	—
Martin ratio: Return relative to average drawdown	—	13.11	—

Drawdowns

NTRL vs. FDL - Drawdown Comparison

The maximum NTRL drawdown since its inception was -1.54%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for NTRL and FDL.

Drawdown Indicators

	NTRL	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-1.54%	-65.93%	+64.39%
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 Drawdown Current decline from peak	0.00%	-0.25%	+0.25%
Average Drawdown Average peak-to-trough decline	-0.73%	-9.61%	+8.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.87%	—

Volatility

Volatility by Period

	NTRL	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.93%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.61%	—
Volatility (1Y) Calculated over the trailing 1-year period	10.59%	11.79%	-1.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.59%	14.41%	-3.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.59%	17.13%	-6.54%

NTRL vs. FDL - Expense Ratio Comparison

NTRL has a 0.95% expense ratio, which is higher than FDL's 0.43% expense ratio.

Dividends

NTRL vs. FDL - Dividend Comparison

NTRL has not paid dividends to shareholders, while FDL's dividend yield for the trailing twelve months is around 3.61%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
NTRL First Trust Equity Market Neutral ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NTRL and FDL in my portfolio?

NTRL and FDL have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NTRL or FDL?

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.

Which ETF is cheaper, NTRL or FDL?

FDL is cheaper with a 0.43% expense ratio, compared with 0.95% for NTRL.

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

FDL has the higher dividend yield at 3.61%, compared with 0.00% for NTRL.

What is the main difference between NTRL and FDL?

NTRL is categorized as Equity Market Neutral, while FDL is Large Cap Value Equities. Their fees differ too: 0.95% for NTRL and 0.43% for FDL.