SHOC vs. FDL

Last updated Aug 6, 2026

SHOC (Strive U.S. Semiconductor ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - SHOC is a Semiconductors fund tracking the Bloomberg US Listed Semiconductors Select 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, SHOC returned 45.21%/yr vs 19.02%/yr for FDL. Their 0.17 correlation means their historical movements had little consistent relationship. SHOC charges 0.40%/yr vs 0.43%/yr for FDL.

Performance

SHOC vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Strive U.S. Semiconductor ETF (SHOC) 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, SHOC achieves a 55.06% return, which is significantly higher than FDL's 18.60% return.

SHOC

• 1D: -1.04%
• 1M: -4.39%
• 6M: 47.93%
• YTD: 55.06%
• 1Y: 92.77%
• 3Y*: 45.21%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 46.50%

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
SHOC Strive U.S. Semiconductor ETF	$1.26M	$1.67M	$2.49M

SHOC vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SHOC Strive U.S. Semiconductor ETF	55.06%	49.91%	16.74%	61.97%	-1.79%
FDL First Trust Morningstar Dividend Leaders Index Fund	18.60%	14.79%	17.98%	2.94%	7.36%

Correlation

The correlation between SHOC and FDL is -0.23, 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.	-0.23
Correlation (3Y) Balances recent behavior with more history.	0.05
Correlation (All Time) Calculated using the full available price history since Oct 6, 2022	0.17

The correlation between SHOC and FDL shifts across timeframes, from -0.23 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.

SHOC vs. FDL - Sectors Allocation Comparison

Sectors	SHOC	FDL
Technology	100.0%	4.3%
Basic Materials	-	0.4%
Communication Services	-	11.2%
Consumer Cyclical	-	4.4%
Consumer Defensive	-	24.3%
Energy	-	11.1%
Financial Services	-	13.7%
Healthcare	-	11.7%
Industrials	-	3.6%
Real Estate	-	-
Utilities	-	15.4%

Return for Risk

SHOC vs. FDL — Risk / Return Rank

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

SHOC

SHOC Risk / Return Rank: 82
SHOC Sharpe Ratio Rank: 88
SHOC Sortino Ratio Rank: 74
SHOC Omega Ratio Rank: 76
SHOC Calmar Ratio Rank: 86
SHOC Martin Ratio Rank: 88

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.

SHOC vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Strive U.S. Semiconductor ETF (SHOC) 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.

	SHOC	FDL	Difference
Sharpe ratio: Return per unit of total volatility	2.31	2.26	+0.05
Sortino ratio: Return per unit of downside risk	2.71	3.41	-0.70
Omega ratio: Gain probability vs. loss probability	1.36	1.39	-0.04
Calmar ratio: Return relative to maximum drawdown	3.70	6.28	-2.58
Martin ratio: Return relative to average drawdown	14.66	14.78	-0.13

SHOC vs. FDL - Sharpe Ratio Comparison

The current SHOC Sharpe Ratio is 2.31, which is comparable to the FDL Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of SHOC 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

SHOC vs. FDL - Drawdown Comparison

The maximum SHOC drawdown since its inception was -37.54%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for SHOC and FDL.

Drawdown Indicators

	SHOC	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-37.54%	-65.93%	+28.39%
Max Drawdown (1Y) Largest decline over 1 year	-25.20%	-4.27%	-20.93%
Max Drawdown (3Y) Largest decline over 3 years	-37.54%	-12.24%	-25.30%
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	-14.66%	-1.60%	-13.06%
Average Drawdown Average peak-to-trough decline	-7.61%	-9.59%	+1.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.35%	1.81%	+4.54%

Volatility

SHOC vs. FDL - Volatility Comparison

Strive U.S. Semiconductor ETF (SHOC) has a higher volatility of 16.30% compared to First Trust Morningstar Dividend Leaders Index Fund (FDL) at 4.48%. This indicates that SHOC'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

	SHOC	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.30%	4.48%	+11.82%
Volatility (6M) Calculated over the trailing 6-month period	34.29%	8.63%	+25.66%
Volatility (1Y) Calculated over the trailing 1-year period	40.35%	11.88%	+28.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.94%	14.43%	+22.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.94%	17.16%	+19.78%

SHOC vs. FDL - Expense Ratio Comparison

SHOC has a 0.40% expense ratio, which is lower than FDL's 0.43% expense ratio.

Dividends

SHOC vs. FDL - Dividend Comparison

SHOC's dividend yield for the trailing twelve months is around 0.13%, 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%
SHOC Strive U.S. Semiconductor ETF	0.13%	0.23%	0.35%	0.65%	0.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SHOC and FDL in my portfolio?

SHOC and FDL have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SHOC or FDL?

SHOC has higher volatility (16.30%) compared to FDL (4.48%). In terms of maximum drawdown, SHOC dropped -37.54% vs FDL's -65.93%.

Which ETF is better, SHOC or FDL?

On 3-year performance, SHOC leads with 45.21% vs 19.02% for FDL. On fees, SHOC is cheaper at 0.40% 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, SHOC or FDL?

Over the 3-year period, SHOC has performed better with a 45.21% return vs 19.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHOC or FDL?

SHOC is cheaper with a 0.40% expense ratio, compared with 0.43% for FDL.

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

FDL has the higher dividend yield at 3.58%, compared with 0.13% for SHOC.

What is the main difference between SHOC and FDL?

SHOC is categorized as Semiconductors, while FDL is Large Cap Value Equities. SHOC tracks Bloomberg US Listed Semiconductors Select Index, while FDL tracks Morningstar Dividend Leaders Index. They also come from different issuers: Strive and First Trust. Their fees differ too: 0.40% for SHOC and 0.43% for FDL.

Which has better risk-adjusted returns?

SHOC currently has the higher Sharpe Ratio (2.31 vs 2.26), 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.