QQMG vs. FDL

Last updated Aug 5, 2026

QQMG (Invesco ESG NASDAQ 100 ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - QQMG is a Nasdaq-100 fund tracking the Nasdaq-100 ESG Total Return Index, while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. Both are passively managed. Over the past 3 years, QQMG returned 26.69%/yr vs 19.23%/yr for FDL. Their 0.28 correlation means their historical movements had little consistent relationship. QQMG charges 0.20%/yr vs 0.43%/yr for FDL.

Performance

QQMG vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco ESG NASDAQ 100 ETF (QQMG) and First Trust Morningstar Dividend Leaders Index Fund (FDL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with QQMG having a 19.32% return and FDL slightly lower at 19.24%.

QQMG

• 1D: 3.57%
• 1M: 2.05%
• 6M: 19.69%
• YTD: 19.32%
• 1Y: 30.76%
• 3Y*: 26.69%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 16.20%

FDL

• 1D: 0.52%
• 1M: 4.21%
• 6M: 8.54%
• YTD: 19.24%
• 1Y: 28.21%
• 3Y*: 19.23%
• 5Y*: 14.12%
• 10Y*: 11.14%
• ALL TIME*: 8.98%

*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	$50.65M	$49.05M	$43.27M
QQMG Invesco ESG NASDAQ 100 ETF	$831.38K	$1.27M	$1.13M

QQMG vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
QQMG Invesco ESG NASDAQ 100 ETF	19.32%	22.16%	25.66%	55.00%	-31.56%	5.26%
FDL First Trust Morningstar Dividend Leaders Index Fund	19.24%	14.79%	17.98%	2.94%	6.66%	8.47%

Correlation

The correlation between QQMG and FDL is -0.20, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.20
Correlation (3Y) Balances recent behavior with more history.	0.09
Correlation (All Time) Calculated using the full available price history since Oct 28, 2021	0.28

The correlation between QQMG and FDL shifts across timeframes, from -0.20 (1 year) to 0.28 (all time), reflecting how their relationship changes across market environments.

QQMG vs. FDL - Sectors Allocation Comparison

Sectors	QQMG	FDL
Technology	66.2%	4.3%
Communication Services	11.8%	11.2%
Consumer Cyclical	10.6%	4.4%
Consumer Defensive	5.2%	24.3%
Healthcare	3.3%	11.7%
Basic Materials	1.4%	0.4%
Industrials	1.2%	3.6%
Utilities	0.2%	15.4%
Financial Services	0.2%	13.7%
Real Estate	0.1%	-
Energy	-	11.1%

Return for Risk

QQMG vs. FDL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

QQMG

QQMG Risk / Return Rank: 56
QQMG Sharpe Ratio Rank: 56
QQMG Sortino Ratio Rank: 54
QQMG Omega Ratio Rank: 51
QQMG Calmar Ratio Rank: 61
QQMG Martin Ratio Rank: 58

FDL

FDL Risk / Return Rank: 91
FDL Sharpe Ratio Rank: 89
FDL Sortino Ratio Rank: 92
FDL Omega Ratio Rank: 87
FDL Calmar Ratio Rank: 96
FDL Martin Ratio Rank: 90

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

QQMG vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco ESG NASDAQ 100 ETF (QQMG) 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.

	QQMG	FDL	Difference
Sharpe ratio: Return per unit of total volatility	1.53	2.39	-0.86
Sortino ratio: Return per unit of downside risk	2.12	3.59	-1.47
Omega ratio: Gain probability vs. loss probability	1.26	1.42	-0.15
Calmar ratio: Return relative to maximum drawdown	2.44	6.63	-4.19
Martin ratio: Return relative to average drawdown	7.74	15.64	-7.89

QQMG vs. FDL - Sharpe Ratio Comparison

The current QQMG Sharpe Ratio is 1.53, which is lower than the FDL Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of QQMG 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

QQMG vs. FDL - Drawdown Comparison

The maximum QQMG drawdown since its inception was -35.43%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for QQMG and FDL.

Drawdown Indicators

	QQMG	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-35.43%	-65.93%	+30.50%
Max Drawdown (1Y) Largest decline over 1 year	-12.67%	-4.27%	-8.40%
Max Drawdown (3Y) Largest decline over 3 years	-22.79%	-12.24%	-10.55%
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	-2.49%	-1.07%	-1.42%
Average Drawdown Average peak-to-trough decline	-9.43%	-9.59%	+0.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.98%	1.81%	+2.17%

Volatility

QQMG vs. FDL - Volatility Comparison

Invesco ESG NASDAQ 100 ETF (QQMG) has a higher volatility of 7.91% compared to First Trust Morningstar Dividend Leaders Index Fund (FDL) at 4.55%. This indicates that QQMG'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

	QQMG	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.91%	4.55%	+3.36%
Volatility (6M) Calculated over the trailing 6-month period	16.95%	8.76%	+8.19%
Volatility (1Y) Calculated over the trailing 1-year period	20.31%	11.87%	+8.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.85%	14.43%	+9.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.85%	17.16%	+6.69%

QQMG vs. FDL - Expense Ratio Comparison

QQMG has a 0.20% expense ratio, which is lower than FDL's 0.43% expense ratio.

Dividends

QQMG vs. FDL - Dividend Comparison

QQMG's dividend yield for the trailing twelve months is around 0.36%, less than FDL's 3.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDL First Trust Morningstar Dividend Leaders Index Fund	3.56%	4.04%	4.96%	4.58%	3.58%	4.59%	4.48%	3.75%	3.97%	3.18%	2.93%	3.65%
QQMG Invesco ESG NASDAQ 100 ETF	0.36%	0.41%	0.50%	0.60%	0.82%	0.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QQMG and FDL in my portfolio?

QQMG and FDL have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QQMG or FDL?

QQMG has higher volatility (7.91%) compared to FDL (4.55%). In terms of maximum drawdown, QQMG dropped -35.43% vs FDL's -65.93%.

Which ETF is better, QQMG or FDL?

On 3-year performance, QQMG leads with 26.69% vs 19.23% for FDL. On fees, QQMG is cheaper at 0.20% per year. On volatility, FDL has been the lower-risk option at 4.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQMG or FDL?

Over the 3-year period, QQMG has performed better with a 26.69% return vs 19.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQMG or FDL?

QQMG is cheaper with a 0.20% expense ratio, compared with 0.43% for FDL.

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

FDL has the higher dividend yield at 3.56%, compared with 0.36% for QQMG.

What is the main difference between QQMG and FDL?

QQMG is categorized as Nasdaq-100, while FDL is Large Cap Value Equities. QQMG tracks Nasdaq-100 ESG Total Return Index, while FDL tracks Morningstar Dividend Leaders Index. They also come from different issuers: Invesco and First Trust. Their fees differ too: 0.20% for QQMG and 0.43% for FDL.

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (2.39 vs 1.53), 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.