NVII vs. FDL

Last updated Jun 24, 2026

NVII (REX NVIDIA Growth & Income ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - NVII is a Derivative Income fund actively managed by REX, while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. NVII is actively managed, while FDL is passively managed. Over the past year, NVII returned 44.66% vs 22.39% for FDL. At a correlation of -0.20, they often move in opposite directions. NVII charges 0.99%/yr vs 0.43%/yr for FDL.

Performance

NVII vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in REX NVIDIA Growth & Income ETF (NVII) 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, NVII achieves a 6.79% return, which is significantly lower than FDL's 12.67% return.

NVII

• 1D: -5.17%
• 1M: -7.25%
• YTD: 6.79%
• 6M: 5.86%
• 1Y: 44.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FDL

• 1D: 1.20%
• 1M: -2.75%
• YTD: 12.67%
• 6M: 13.02%
• 1Y: 22.39%
• 3Y*: 19.10%
• 5Y*: 13.08%
• 10Y*: 11.12%

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

NVII vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025
NVII REX NVIDIA Growth & Income ETF	6.79%	47.63%
FDL First Trust Morningstar Dividend Leaders Index Fund	12.67%	9.49%

Correlation

The correlation between NVII and FDL is -0.23, 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	-0.24
Correlation (All Time) Calculated using the full available price history since May 28, 2025	-0.20

Return for Risk

NVII vs. FDL — Risk / Return Rank

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

NVII

NVII Risk / Return Rank: 39
NVII Sharpe Ratio Rank: 36
NVII Sortino Ratio Rank: 34
NVII Omega Ratio Rank: 33
NVII Calmar Ratio Rank: 51
NVII Martin Ratio Rank: 38

FDL

FDL Risk / Return Rank: 69
FDL Sharpe Ratio Rank: 61
FDL Sortino Ratio Rank: 68
FDL Omega Ratio Rank: 57
FDL Calmar Ratio Rank: 90
FDL Martin Ratio Rank: 69

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.

NVII vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for REX NVIDIA Growth & Income ETF (NVII) 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.

	NVII	FDL	Difference
Sharpe ratio: Return per unit of total volatility	1.24	1.95	-0.71
Sortino ratio: Return per unit of downside risk	1.72	2.96	-1.24
Omega ratio: Gain probability vs. loss probability	1.22	1.34	-0.12
Calmar ratio: Return relative to maximum drawdown	2.43	5.26	-2.83
Martin ratio: Return relative to average drawdown	5.78	12.40	-6.62

NVII vs. FDL - Sharpe Ratio Comparison

The current NVII Sharpe Ratio is 1.24, which is lower than the FDL Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of NVII 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.

Drawdowns

NVII vs. FDL - Drawdown Comparison

The maximum NVII drawdown since its inception was -18.47%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for NVII and FDL.

Drawdown Indicators

	NVII	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-18.47%	-65.93%	+47.46%
Max Drawdown (1Y) Largest decline over 1 year	-18.47%	-4.27%	-14.20%
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	-15.44%	-3.09%	-12.35%
Average Drawdown Average peak-to-trough decline	-5.79%	-9.64%	+3.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.75%	1.81%	+5.94%

Volatility

NVII vs. FDL - Volatility Comparison

REX NVIDIA Growth & Income ETF (NVII) has a higher volatility of 14.72% compared to First Trust Morningstar Dividend Leaders Index Fund (FDL) at 3.72%. This indicates that NVII'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

	NVII	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.72%	3.72%	+11.00%
Volatility (6M) Calculated over the trailing 6-month period	27.34%	8.09%	+19.25%
Volatility (1Y) Calculated over the trailing 1-year period	36.23%	11.54%	+24.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.73%	14.31%	+21.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.73%	17.11%	+18.62%

NVII vs. FDL - Expense Ratio Comparison

NVII has a 0.99% expense ratio, which is higher than FDL's 0.43% expense ratio.

Dividends

NVII vs. FDL - Dividend Comparison

NVII's dividend yield for the trailing twelve months is around 57.45%, more than FDL's 3.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDL First Trust Morningstar Dividend Leaders Index Fund	3.70%	4.04%	4.96%	4.58%	3.58%	4.59%	4.48%	3.75%	3.97%	3.18%	2.93%	3.65%
NVII REX NVIDIA Growth & Income ETF	57.45%	29.17%	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 NVII and FDL in my portfolio?

NVII and FDL have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVII or FDL?

NVII has higher volatility (14.72%) compared to FDL (3.72%). In terms of maximum drawdown, NVII dropped -18.47% vs FDL's -65.93%.

Which ETF is better, NVII or FDL?

On 1-year performance, NVII leads with 44.66% vs 22.39% for FDL. On fees, FDL is cheaper at 0.43% per year. On volatility, FDL has been the lower-risk option at 3.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVII or FDL?

Over the 1-year period, NVII has performed better with a 44.66% return vs 22.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVII or FDL?

FDL is cheaper with a 0.43% expense ratio, compared with 0.99% for NVII.

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

NVII has the higher dividend yield at 57.45%, compared with 3.70% for FDL.

What is the main difference between NVII and FDL?

NVII is categorized as Derivative Income, while FDL is Large Cap Value Equities. They also come from different issuers: REX and First Trust. Their fees differ too: 0.99% for NVII and 0.43% for FDL.

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (1.95 vs 1.24), 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.