QMNV vs. FDL
QMNV (FT Vest Nasdaq-100 Moderate Buffer ETF - November) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - QMNV is a Defined Outcome fund actively managed by First Trust, while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. QMNV is actively managed, while FDL is passively managed. Over the past year, QMNV returned 18.10% vs 22.39% for FDL. At a 0.13 correlation, their price movements are largely independent. QMNV charges 0.90%/yr vs 0.43%/yr for FDL.
Performance
QMNV vs. FDL - Performance Comparison
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Returns By Period
In the year-to-date period, QMNV achieves a 6.24% return, which is significantly lower than FDL's 12.67% return.
QMNV
- 1D
- -0.84%
- 1M
- -0.30%
- YTD
- 6.24%
- 6M
- 6.02%
- 1Y
- 18.10%
- 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%
QMNV vs. FDL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
QMNV FT Vest Nasdaq-100 Moderate Buffer ETF - November | 6.24% | 15.74% | 1.41% |
FDL First Trust Morningstar Dividend Leaders Index Fund | 12.67% | 14.79% | -2.18% |
Correlation
The correlation between QMNV and FDL is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since Nov 18, 2024 | 0.13 |
The correlation between QMNV and FDL shifts across timeframes, from -0.02 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
QMNV vs. FDL — Risk / Return Rank
QMNV
FDL
QMNV vs. FDL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FT Vest Nasdaq-100 Moderate Buffer ETF - November (QMNV) 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.
| QMNV | FDL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.69 | ||
| Sortino ratioReturn per unit of downside risk | +0.83 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.34 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 3.18 | 5.26 | -2.09 |
| Martin ratioReturn relative to average drawdown | 15.82 | 12.40 | +3.42 |
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Drawdowns
QMNV vs. FDL - Drawdown Comparison
The maximum QMNV drawdown since its inception was -12.82%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for QMNV and FDL.
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Drawdown Indicators
| QMNV | FDL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.82% | -65.93% | +53.11% |
Max Drawdown (1Y)Largest decline over 1 year | -5.73% | -4.27% | -1.46% |
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 | -1.06% | -3.09% | +2.03% |
Average DrawdownAverage peak-to-trough decline | -1.28% | -9.64% | +8.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.15% | 1.81% | -0.66% |
Volatility
QMNV vs. FDL - Volatility Comparison
The current volatility for FT Vest Nasdaq-100 Moderate Buffer ETF - November (QMNV) is 2.33%, while First Trust Morningstar Dividend Leaders Index Fund (FDL) has a volatility of 3.72%. This indicates that QMNV experiences smaller price fluctuations and is considered to be less risky than FDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QMNV | FDL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.33% | 3.72% | -1.39% |
Volatility (6M)Calculated over the trailing 6-month period | 6.04% | 8.09% | -2.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.91% | 11.54% | -4.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.04% | 14.31% | -3.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.04% | 17.11% | -6.07% |
QMNV vs. FDL - Expense Ratio Comparison
QMNV has a 0.90% expense ratio, which is higher than FDL's 0.43% expense ratio.
Dividends
QMNV vs. FDL - Dividend Comparison
QMNV has not paid dividends to shareholders, while FDL's dividend yield for the trailing twelve months is around 3.70%.
| 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% |
QMNV FT Vest Nasdaq-100 Moderate Buffer ETF - November | 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
QMNV and FDL have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FDL has higher volatility (3.72%) compared to QMNV (2.33%). In terms of maximum drawdown, QMNV dropped -12.82% vs FDL's -65.93%.
On 1-year performance, FDL leads with 22.39% vs 18.10% for QMNV. On fees, FDL is cheaper at 0.43% per year. On volatility, QMNV has been the lower-risk option at 2.33%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, FDL has performed better with a 22.39% return vs 18.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FDL is cheaper with a 0.43% expense ratio, compared with 0.90% for QMNV.
FDL has the higher dividend yield at 3.70%, compared with 0.00% for QMNV.
QMNV is categorized as Defined Outcome, while FDL is Large Cap Value Equities. Their fees differ too: 0.90% for QMNV and 0.43% for FDL.
QMNV currently has the higher Sharpe Ratio (2.64 vs 1.95), 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.
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