RBLD vs. FDL

Last updated Jun 4, 2026

RBLD (First Trust Alerian U.S. NextGen Infrastructure ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - RBLD is a Industrials Equities fund tracking the Alerian US NextGen Infrastructure Index - Benchmark TR Net, while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. Both are passively managed. Over the past 10 years, RBLD returned 8.40%/yr vs 11.24%/yr for FDL. A 0.62 correlation means they provide meaningful diversification when combined. RBLD charges 0.65%/yr vs 0.45%/yr for FDL.

Performance

RBLD vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Alerian U.S. NextGen Infrastructure ETF (RBLD) 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, RBLD achieves a 19.89% return, which is significantly higher than FDL's 13.33% return. Over the past 10 years, RBLD has underperformed FDL with an annualized return of 8.40%, while FDL has yielded a comparatively higher 11.24% annualized return.

RBLD

• 1D: -0.36%
• 1M: 0.95%
• YTD: 19.89%
• 6M: 18.51%
• 1Y: 28.68%
• 3Y*: 22.72%
• 5Y*: 10.76%
• 10Y*: 8.40%

FDL

• 1D: -0.26%
• 1M: -0.26%
• YTD: 13.33%
• 6M: 14.76%
• 1Y: 23.67%
• 3Y*: 18.97%
• 5Y*: 12.51%
• 10Y*: 11.24%

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

RBLD vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RBLD First Trust Alerian U.S. NextGen Infrastructure ETF	19.89%	13.99%	17.94%	19.36%	-9.87%	12.98%	0.51%	12.81%	-21.72%	22.95%
FDL First Trust Morningstar Dividend Leaders Index Fund	13.33%	14.79%	17.98%	2.94%	6.66%	26.10%	-4.30%	24.41%	-5.99%	12.02%

Correlation

The correlation between RBLD and FDL is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since Oct 20, 2008	0.62

The correlation between RBLD and FDL shifts across timeframes, from 0.43 (1 year) to 0.66 (5 years), reflecting how their relationship changes across market environments.

RBLD vs. FDL - Sectors Allocation Comparison

Sectors	RBLD	FDL
Industrials	41.6%	3.8%
Utilities	28.6%	6.5%
Energy	9.3%	27.3%
Technology	9.2%	1.1%
Basic Materials	6.2%	0.3%
Real Estate	5.0%	-
Communication Services	1.0%	10.6%
Consumer Cyclical	-	3.8%
Consumer Defensive	-	14.7%
Financial Services	-	15.1%
Healthcare	-	16.8%

Return for Risk

RBLD vs. FDL — Risk / Return Rank

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

RBLD

RBLD Risk / Return Rank: 68
RBLD Sharpe Ratio Rank: 65
RBLD Sortino Ratio Rank: 63
RBLD Omega Ratio Rank: 61
RBLD Calmar Ratio Rank: 79
RBLD Martin Ratio Rank: 74

FDL

FDL Risk / Return Rank: 70
FDL Sharpe Ratio Rank: 61
FDL Sortino Ratio Rank: 70
FDL Omega Ratio Rank: 59
FDL Calmar Ratio Rank: 90
FDL Martin Ratio Rank: 71

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.

RBLD vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Alerian U.S. NextGen Infrastructure ETF (RBLD) 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.

	RBLD	FDL	Difference
Sharpe ratio: Return per unit of total volatility	2.15	2.11	+0.04
Sortino ratio: Return per unit of downside risk	2.93	3.25	-0.33
Omega ratio: Gain probability vs. loss probability	1.37	1.37	0.00
Calmar ratio: Return relative to maximum drawdown	4.01	5.56	-1.56
Martin ratio: Return relative to average drawdown	13.80	13.56	+0.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RBLD vs. FDL - Sharpe Ratio Comparison

The current RBLD Sharpe Ratio is 2.15, which is comparable to the FDL Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of RBLD 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.

Sharpe Ratios by Period

	RBLD	FDL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.15	2.11	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	0.88	-0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.66	-0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.45	-0.07

Drawdowns

RBLD vs. FDL - Drawdown Comparison

The maximum RBLD drawdown since its inception was -50.07%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for RBLD and FDL.

Drawdown Indicators

	RBLD	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-50.07%	-65.93%	+15.86%
Max Drawdown (1Y) Largest decline over 1 year	-7.19%	-4.27%	-2.92%
Max Drawdown (3Y) Largest decline over 3 years	-19.14%	-12.24%	-6.90%
Max Drawdown (5Y) Largest decline over 5 years	-23.71%	-16.46%	-7.25%
Max Drawdown (10Y) Largest decline over 10 years	-50.07%	-41.40%	-8.67%
Current Drawdown Current decline from peak	-0.71%	-2.18%	+1.47%
Average Drawdown Average peak-to-trough decline	-10.84%	-9.66%	-1.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	1.75%	+0.33%

Volatility

RBLD vs. FDL - Volatility Comparison

First Trust Alerian U.S. NextGen Infrastructure ETF (RBLD) has a higher volatility of 4.27% compared to First Trust Morningstar Dividend Leaders Index Fund (FDL) at 2.85%. This indicates that RBLD'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

	RBLD	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.27%	2.85%	+1.42%
Volatility (6M) Calculated over the trailing 6-month period	10.39%	7.87%	+2.52%
Volatility (1Y) Calculated over the trailing 1-year period	13.45%	11.28%	+2.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.82%	14.31%	+2.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.73%	17.11%	+1.62%

RBLD vs. FDL - Expense Ratio Comparison

RBLD has a 0.65% expense ratio, which is higher than FDL's 0.45% expense ratio.

Dividends

RBLD vs. FDL - Dividend Comparison

RBLD's dividend yield for the trailing twelve months is around 1.01%, less than FDL's 3.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDL First Trust Morningstar Dividend Leaders Index Fund	3.68%	4.04%	4.96%	4.58%	3.58%	4.59%	4.48%	3.75%	3.97%	3.18%	2.93%	3.65%
RBLD First Trust Alerian U.S. NextGen Infrastructure ETF	1.01%	1.19%	1.31%	1.16%	2.10%	1.45%	2.88%	1.84%	1.74%	1.49%	2.01%	1.17%

Frequently Asked Questions

Can I hold both RBLD and FDL in my portfolio?

RBLD and FDL have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RBLD or FDL?

RBLD has higher volatility (4.27%) compared to FDL (2.85%). In terms of maximum drawdown, RBLD dropped -50.07% vs FDL's -65.93%.

Which ETF is better, RBLD or FDL?

On 10-year performance, FDL leads with 11.24% vs 8.40% for RBLD. On fees, FDL is cheaper at 0.45% per year. On volatility, FDL has been the lower-risk option at 2.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RBLD or FDL?

Over the 10-year period, FDL has performed better with a 11.24% return vs 8.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RBLD or FDL?

FDL is cheaper with a 0.45% expense ratio, compared with 0.65% for RBLD.

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

FDL has the higher dividend yield at 3.68%, compared with 1.01% for RBLD.

What is the main difference between RBLD and FDL?

RBLD is categorized as Industrials Equities, while FDL is Large Cap Value Equities. RBLD tracks Alerian US NextGen Infrastructure Index - Benchmark TR Net, while FDL tracks Morningstar Dividend Leaders Index. Their fees differ too: 0.65% for RBLD and 0.45% for FDL.

Which has better risk-adjusted returns?

RBLD currently has the higher Sharpe Ratio (2.15 vs 2.11), 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.