ROM vs. FDL

Last updated Aug 6, 2026

ROM (ProShares Ultra Technology) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - ROM is a Leveraged Equities fund tracking the S&P Technology Select Sector Index (200%), while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. Both are passively managed. Over the past 10 years, ROM returned 38.51%/yr vs 11.08%/yr for FDL. Their 0.50 correlation means their historical movements had little consistent relationship. ROM charges 0.95%/yr vs 0.43%/yr for FDL.

Performance

ROM vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Technology (ROM) 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, ROM achieves a 54.22% return, which is significantly higher than FDL's 18.60% return. Over the past 10 years, ROM has outperformed FDL with an annualized return of 38.51%, while FDL has yielded a comparatively lower 11.08% annualized return.

ROM

• 1D: -1.10%
• 1M: 1.14%
• 6M: 68.85%
• YTD: 54.22%
• 1Y: 82.51%
• 3Y*: 50.06%
• 5Y*: 22.37%
• 10Y*: 38.51%
• ALL TIME*: 24.35%

FDL

• 1D: -0.54%
• 1M: 4.47%
• 6M: 5.75%
• YTD: 18.60%
• 1Y: 26.71%
• 3Y*: 19.02%
• 5Y*: 13.96%
• 10Y*: 11.08%
• ALL TIME*: 8.95%

*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	$48.97M	$49.30M	$42.41M
ROM ProShares Ultra Technology	$9.10M	$7.79M	$10.49M

ROM vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ROM ProShares Ultra Technology	54.22%	35.63%	31.65%	130.70%	-63.86%	77.75%	80.42%	102.10%	-9.89%	81.11%
FDL First Trust Morningstar Dividend Leaders Index Fund	18.60%	14.79%	17.98%	2.94%	6.66%	26.10%	-4.30%	24.41%	-5.99%	12.02%

Correlation

The correlation between ROM and FDL is -0.25, 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.	-0.25
Correlation (3Y) Balances recent behavior with more history.	0.06
Correlation (5Y) Shows whether the relationship held over a longer period.	0.26
Correlation (10Y) Provides a long-term view across more market conditions.	0.35
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007	0.50

The correlation between ROM and FDL shifts across timeframes, from -0.25 (1 year) to 0.50 (all time), reflecting how their relationship changes across market environments.

ROM vs. FDL - Sectors Allocation Comparison

Sectors	ROM	FDL
Technology	62.0%	4.3%
Financial Services	3.5%	13.7%
Communication Services	0.8%	11.2%
Energy	0.1%	11.1%
Industrials	0.0%	3.6%
Basic Materials	-	0.4%
Consumer Cyclical	-	4.4%
Consumer Defensive	-	24.3%
Healthcare	-	11.7%
Real Estate	-	-
Utilities	-	15.4%

Return for Risk

ROM vs. FDL — Risk / Return Rank

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

ROM

ROM Risk / Return Rank: 55
ROM Sharpe Ratio Rank: 58
ROM Sortino Ratio Rank: 52
ROM Omega Ratio Rank: 50
ROM Calmar Ratio Rank: 64
ROM Martin Ratio Rank: 49

FDL

FDL Risk / Return Rank: 89
FDL Sharpe Ratio Rank: 87
FDL Sortino Ratio Rank: 90
FDL Omega Ratio Rank: 83
FDL Calmar Ratio Rank: 96
FDL Martin Ratio Rank: 88

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.

ROM vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Technology (ROM) 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.

	ROM	FDL	Difference
Sharpe ratio: Return per unit of total volatility	1.60	2.26	-0.66
Sortino ratio: Return per unit of downside risk	2.09	3.41	-1.32
Omega ratio: Gain probability vs. loss probability	1.26	1.39	-0.13
Calmar ratio: Return relative to maximum drawdown	2.57	6.28	-3.71
Martin ratio: Return relative to average drawdown	6.41	14.78	-8.38

ROM vs. FDL - Sharpe Ratio Comparison

The current ROM Sharpe Ratio is 1.60, which is comparable to the FDL Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of ROM 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

ROM vs. FDL - Drawdown Comparison

The maximum ROM drawdown since its inception was -83.36%, which is greater than FDL's maximum drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for ROM and FDL.

Drawdown Indicators

	ROM	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-83.36%	-65.93%	-17.43%
Max Drawdown (1Y) Largest decline over 1 year	-32.33%	-4.27%	-28.06%
Max Drawdown (3Y) Largest decline over 3 years	-48.10%	-12.24%	-35.86%
Max Drawdown (5Y) Largest decline over 5 years	-67.55%	-16.46%	-51.09%
Max Drawdown (10Y) Largest decline over 10 years	-67.55%	-41.40%	-26.15%
Current Drawdown Current decline from peak	-14.97%	-1.60%	-13.37%
Average Drawdown Average peak-to-trough decline	-20.84%	-9.59%	-11.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.92%	1.81%	+11.11%

Volatility

ROM vs. FDL - Volatility Comparison

ProShares Ultra Technology (ROM) has a higher volatility of 19.98% compared to First Trust Morningstar Dividend Leaders Index Fund (FDL) at 4.48%. This indicates that ROM'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

	ROM	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.98%	4.48%	+15.50%
Volatility (6M) Calculated over the trailing 6-month period	44.30%	8.63%	+35.67%
Volatility (1Y) Calculated over the trailing 1-year period	51.92%	11.88%	+40.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.46%	14.43%	+39.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.67%	17.16%	+33.51%

ROM vs. FDL - Expense Ratio Comparison

ROM has a 0.95% expense ratio, which is higher than FDL's 0.43% expense ratio.

Dividends

ROM vs. FDL - Dividend Comparison

ROM's dividend yield for the trailing twelve months is around 0.06%, less than FDL's 3.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDL First Trust Morningstar Dividend Leaders Index Fund	3.58%	4.04%	4.96%	4.58%	3.58%	4.59%	4.48%	3.75%	3.97%	3.18%	2.93%	3.65%
ROM ProShares Ultra Technology	0.06%	0.24%	0.21%	0.01%	0.00%	0.00%	0.05%	0.16%	0.30%	0.08%	0.20%	0.12%

Frequently Asked Questions

Can I hold both ROM and FDL in my portfolio?

ROM and FDL have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ROM or FDL?

ROM has higher volatility (19.98%) compared to FDL (4.48%). In terms of maximum drawdown, ROM dropped -83.36% vs FDL's -65.93%.

Which ETF is better, ROM or FDL?

On 10-year performance, ROM leads with 38.51% vs 11.08% for FDL. On fees, FDL is cheaper at 0.43% per year. On volatility, FDL has been the lower-risk option at 4.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ROM or FDL?

Over the 10-year period, ROM has performed better with a 38.51% return vs 11.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ROM or FDL?

FDL is cheaper with a 0.43% expense ratio, compared with 0.95% for ROM.

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

FDL has the higher dividend yield at 3.58%, compared with 0.06% for ROM.

What is the main difference between ROM and FDL?

ROM is categorized as Leveraged Equities, while FDL is Large Cap Value Equities. ROM tracks S&P Technology Select Sector Index (200%), while FDL tracks Morningstar Dividend Leaders Index. They also come from different issuers: ProShares and First Trust. Their fees differ too: 0.95% for ROM and 0.43% for FDL.

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (2.26 vs 1.60), 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.