NVDU vs. FDL

Last updated Jun 5, 2026

NVDU (Direxion Daily NVDA Bull 2X Shares ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - NVDU is a Leveraged Equities fund actively managed by Direxion, while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. NVDU is actively managed, while FDL is passively managed. Over the past year, NVDU returned 90.38% vs 25.50% for FDL. At a correlation of -0.05, they often move in opposite directions. NVDU charges 1.04%/yr vs 0.45%/yr for FDL.

Performance

NVDU vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily NVDA Bull 2X Shares ETF (NVDU) 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, NVDU achieves a 24.68% return, which is significantly higher than FDL's 14.21% return.

NVDU

• 1D: 3.97%
• 1M: 21.27%
• YTD: 24.68%
• 6M: 26.89%
• 1Y: 90.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

NVDU vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NVDU Direxion Daily NVDA Bull 2X Shares ETF	24.68%	33.65%	289.29%	9.96%
FDL First Trust Morningstar Dividend Leaders Index Fund	14.21%	14.79%	17.98%	5.90%

Correlation

The correlation between NVDU and FDL is -0.19, 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	-0.19
Correlation (All Time) Calculated using the full available price history since Sep 14, 2023	-0.05

The correlation between NVDU and FDL shifts across timeframes, from -0.19 (1 year) to -0.05 (all time), reflecting how their relationship changes across market environments.

NVDU vs. FDL - Sectors Allocation Comparison

Sectors	NVDU	FDL
Technology	100.0%	1.1%
Basic Materials	-	0.3%
Communication Services	-	10.6%
Consumer Cyclical	-	3.8%
Consumer Defensive	-	14.7%
Energy	-	27.3%
Financial Services	-	15.1%
Healthcare	-	16.8%
Industrials	-	3.8%
Real Estate	-	-
Utilities	-	6.5%

Return for Risk

NVDU vs. FDL — Risk / Return Rank

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

NVDU

NVDU Risk / Return Rank: 38
NVDU Sharpe Ratio Rank: 39
NVDU Sortino Ratio Rank: 39
NVDU Omega Ratio Rank: 36
NVDU Calmar Ratio Rank: 44
NVDU Martin Ratio Rank: 33

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.

NVDU vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily NVDA Bull 2X Shares ETF (NVDU) 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.

	NVDU	FDL	Difference
Sharpe ratio: Return per unit of total volatility	1.34	2.27	-0.93
Sortino ratio: Return per unit of downside risk	1.96	3.49	-1.53
Omega ratio: Gain probability vs. loss probability	1.23	1.40	-0.16
Calmar ratio: Return relative to maximum drawdown	2.15	5.99	-3.84
Martin ratio: Return relative to average drawdown	4.90	14.59	-9.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NVDU vs. FDL - Sharpe Ratio Comparison

The current NVDU Sharpe Ratio is 1.34, which is lower than the FDL Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of NVDU 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

	NVDU	FDL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.34	2.27	-0.93
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.89	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.17	0.45	+0.72

Drawdowns

NVDU vs. FDL - Drawdown Comparison

The maximum NVDU drawdown since its inception was -67.27%, roughly equal to the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for NVDU and FDL.

Drawdown Indicators

	NVDU	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-67.27%	-65.93%	-1.34%
Max Drawdown (1Y) Largest decline over 1 year	-42.27%	-4.27%	-38.00%
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	-15.08%	-1.41%	-13.67%
Average Drawdown Average peak-to-trough decline	-18.83%	-9.66%	-9.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.50%	1.75%	+16.75%

Volatility

NVDU vs. FDL - Volatility Comparison

Direxion Daily NVDA Bull 2X Shares ETF (NVDU) has a higher volatility of 24.76% compared to First Trust Morningstar Dividend Leaders Index Fund (FDL) at 2.95%. This indicates that NVDU'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

	NVDU	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.76%	2.95%	+21.81%
Volatility (6M) Calculated over the trailing 6-month period	50.62%	7.85%	+42.77%
Volatility (1Y) Calculated over the trailing 1-year period	67.91%	11.30%	+56.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	91.02%	14.31%	+76.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	91.02%	17.11%	+73.91%

NVDU vs. FDL - Expense Ratio Comparison

NVDU has a 1.04% expense ratio, which is higher than FDL's 0.45% expense ratio.

Dividends

NVDU vs. FDL - Dividend Comparison

NVDU's dividend yield for the trailing twelve months is around 4.65%, more 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%
NVDU Direxion Daily NVDA Bull 2X Shares ETF	4.65%	5.68%	16.85%	0.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NVDU and FDL in my portfolio?

NVDU and FDL have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVDU or FDL?

NVDU has higher volatility (24.76%) compared to FDL (2.95%). In terms of maximum drawdown, NVDU dropped -67.27% vs FDL's -65.93%.

Which ETF is better, NVDU or FDL?

On 1-year performance, NVDU leads with 90.38% vs 25.50% for FDL. On fees, FDL is cheaper at 0.45% 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, NVDU or FDL?

Over the 1-year period, NVDU has performed better with a 90.38% return vs 25.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDU or FDL?

FDL is cheaper with a 0.45% expense ratio, compared with 1.04% for NVDU.

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

NVDU has the higher dividend yield at 4.65%, compared with 3.65% for FDL.

What is the main difference between NVDU and FDL?

NVDU is categorized as Leveraged Equities, while FDL is Large Cap Value Equities. They also come from different issuers: Direxion and First Trust. Their fees differ too: 1.04% for NVDU and 0.45% for FDL.

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (2.27 vs 1.34), 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.