QFHD vs. FDL

Last updated Jul 24, 2026

QFHD (Pacer S&P 500 Quality FCF High Dividend ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - QFHD is a Quality Factor fund tracking the S&P 500 Quality FCF High Dividend Index, while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. Both are passively managed. Their correlation of 0.81 suggests significant overlap in exposure. QFHD charges 0.49%/yr vs 0.43%/yr for FDL.

Performance

QFHD vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer S&P 500 Quality FCF High Dividend ETF (QFHD) and First Trust Morningstar Dividend Leaders Index Fund (FDL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

QFHD

• 1D: -0.66%
• 1M: 3.10%
• 6M: 8.07%
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

FDL

• 1D: -0.69%
• 1M: 3.25%
• 6M: 10.95%
• YTD: 16.33%
• 1Y: 21.14%
• 3Y*: 17.71%
• 5Y*: 13.76%
• 10Y*: 10.82%
• ALL TIME*: 8.87%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FDL First Trust Morningstar Dividend Leaders Index Fund	$51.47M	$51.28M	$41.94M
QFHD Pacer S&P 500 Quality FCF High Dividend ETF	$11.21K	$32.42K	$25.69K

QFHD vs. FDL - Yearly Performance Comparison

	2026 (YTD)
QFHD Pacer S&P 500 Quality FCF High Dividend ETF	10.40%
FDL First Trust Morningstar Dividend Leaders Index Fund	13.64%

Correlation

The correlation between QFHD and FDL is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 13, 2026	0.82

Return for Risk

QFHD vs. FDL — Risk / Return Rank

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

QFHD

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

FDL

FDL Risk / Return Rank: 80
FDL Sharpe Ratio Rank: 74
FDL Sortino Ratio Rank: 81
FDL Omega Ratio Rank: 70
FDL Calmar Ratio Rank: 93
FDL Martin Ratio Rank: 80

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.

QFHD vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer S&P 500 Quality FCF High Dividend ETF (QFHD) 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.

	QFHD	FDL	Difference
Sharpe ratio: Return per unit of total volatility	—	1.82	—
Sortino ratio: Return per unit of downside risk	—	2.80	—
Omega ratio: Gain probability vs. loss probability	—	1.31	—
Calmar ratio: Return relative to maximum drawdown	—	4.97	—
Martin ratio: Return relative to average drawdown	—	11.37	—

Drawdowns

QFHD vs. FDL - Drawdown Comparison

The maximum QFHD drawdown since its inception was -5.52%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for QFHD and FDL.

Drawdown Indicators

	QFHD	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-5.52%	-65.93%	+60.41%
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	-1.20%	-1.09%	-0.11%
Average Drawdown Average peak-to-trough decline	-1.82%	-9.60%	+7.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.87%	—

Volatility

Volatility by Period

	QFHD	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.52%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.55%	—
Volatility (1Y) Calculated over the trailing 1-year period	10.71%	11.71%	-1.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.71%	14.39%	-3.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.71%	17.13%	-6.42%

QFHD vs. FDL - Expense Ratio Comparison

QFHD has a 0.49% expense ratio, which is higher than FDL's 0.43% expense ratio.

Dividends

QFHD vs. FDL - Dividend Comparison

QFHD's dividend yield for the trailing twelve months is around 1.30%, less 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%
QFHD Pacer S&P 500 Quality FCF High Dividend ETF	1.30%	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 QFHD and FDL in my portfolio?

QFHD and FDL have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QFHD 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, QFHD or FDL?

FDL is cheaper with a 0.43% expense ratio, compared with 0.49% for QFHD.

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

FDL has the higher dividend yield at 3.65%, compared with 1.30% for QFHD.

What is the main difference between QFHD and FDL?

QFHD is categorized as Quality Factor, while FDL is Large Cap Value Equities. QFHD tracks S&P 500 Quality FCF High Dividend Index, while FDL tracks Morningstar Dividend Leaders Index. They also come from different issuers: Pacer and First Trust. Their fees differ too: 0.49% for QFHD and 0.43% for FDL.