QLDY vs. FDL
QLDY (Defiance Nasdaq 100 LightningSpread Income ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - QLDY is a Nasdaq-100 fund actively managed by Defiance, while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. QLDY is actively managed, while FDL is passively managed. At a correlation of -0.11, they often move in opposite directions. QLDY charges 1.04%/yr vs 0.43%/yr for FDL.
Performance
QLDY vs. FDL - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with QLDY having a 12.52% return and FDL slightly higher at 12.67%.
QLDY
- 1D
- -3.02%
- 1M
- -1.79%
- YTD
- 12.52%
- 6M
- 10.50%
- 1Y
- —
- 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%
QLDY vs. FDL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
QLDY Defiance Nasdaq 100 LightningSpread Income ETF | 12.52% | 1.54% |
FDL First Trust Morningstar Dividend Leaders Index Fund | 12.67% | 3.52% |
Correlation
The correlation between QLDY and FDL is -0.11, 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 (All Time) Calculated using the full available price history since Sep 18, 2025 | -0.11 |
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Return for Risk
QLDY vs. FDL — Risk / Return Rank
QLDY
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
FDL
QLDY vs. FDL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Defiance Nasdaq 100 LightningSpread Income ETF (QLDY) 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.
| QLDY | FDL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.34 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 5.26 | — |
| Martin ratioReturn relative to average drawdown | — | 12.40 | — |
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Drawdowns
QLDY vs. FDL - Drawdown Comparison
The maximum QLDY drawdown since its inception was -17.44%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for QLDY and FDL.
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Drawdown Indicators
| QLDY | FDL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.44% | -65.93% | +48.49% |
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 | -5.63% | -3.09% | -2.54% |
Average DrawdownAverage peak-to-trough decline | -4.23% | -9.64% | +5.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 1.81% | — |
Volatility
QLDY vs. FDL - Volatility Comparison
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Volatility by Period
| QLDY | FDL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 3.72% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 8.09% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 21.34% | 11.54% | +9.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.34% | 14.31% | +7.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.34% | 17.11% | +4.23% |
QLDY vs. FDL - Expense Ratio Comparison
QLDY has a 1.04% expense ratio, which is higher than FDL's 0.43% expense ratio.
Dividends
QLDY vs. FDL - Dividend Comparison
QLDY's dividend yield for the trailing twelve months is around 24.21%, 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% |
QLDY Defiance Nasdaq 100 LightningSpread Income ETF | 24.21% | 9.34% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
QLDY and FDL have a correlation of -0.11, 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 1.04% for QLDY.
QLDY has the higher dividend yield at 24.21%, compared with 3.70% for FDL.
QLDY is categorized as Nasdaq-100, while FDL is Large Cap Value Equities. They also come from different issuers: Defiance and First Trust. Their fees differ too: 1.04% for QLDY and 0.43% for FDL.
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