SMAY vs. FDL

Last updated Jun 6, 2026

SMAY (FT Vest U.S. Small Cap Moderate Buffer ETF - May) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - SMAY 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. SMAY is actively managed, while FDL is passively managed. Over the past 3 years, SMAY returned 10.07%/yr vs 19.36%/yr for FDL. A 0.56 correlation means they provide meaningful diversification when combined. SMAY charges 0.90%/yr vs 0.45%/yr for FDL.

Performance

SMAY vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Small Cap Moderate Buffer ETF - May (SMAY) 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, SMAY achieves a 5.63% return, which is significantly lower than FDL's 14.42% return.

SMAY

• 1D: -1.69%
• 1M: 1.06%
• YTD: 5.63%
• 6M: 6.31%
• 1Y: 17.21%
• 3Y*: 10.07%
• 5Y*: —
• 10Y*: —

FDL

• 1D: 0.18%
• 1M: 1.25%
• YTD: 14.42%
• 6M: 15.89%
• 1Y: 25.91%
• 3Y*: 19.36%
• 5Y*: 12.73%
• 10Y*: 11.25%

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

SMAY vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SMAY FT Vest U.S. Small Cap Moderate Buffer ETF - May	5.63%	4.75%	12.60%	8.94%
FDL First Trust Morningstar Dividend Leaders Index Fund	14.42%	14.79%	17.98%	9.46%

Correlation

The correlation between SMAY and FDL is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (All Time) Calculated using the full available price history since May 23, 2023	0.56

The correlation between SMAY and FDL shifts across timeframes, from 0.36 (1 year) to 0.56 (all time), reflecting how their relationship changes across market environments.

SMAY vs. FDL - Sectors Allocation Comparison

Sectors	SMAY	FDL
Industrials	17.5%	3.8%
Technology	16.9%	1.1%
Healthcare	16.5%	16.8%
Financial Services	15.9%	15.1%
Consumer Cyclical	8.4%	3.8%
Real Estate	6.2%	-
Energy	6.2%	27.3%
Basic Materials	4.8%	0.3%
Utilities	2.9%	6.5%
Communication Services	2.5%	10.6%
Consumer Defensive	2.4%	14.7%

Return for Risk

SMAY vs. FDL — Risk / Return Rank

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

SMAY

SMAY Risk / Return Rank: 85
SMAY Sharpe Ratio Rank: 77
SMAY Sortino Ratio Rank: 81
SMAY Omega Ratio Rank: 81
SMAY Calmar Ratio Rank: 92
SMAY Martin Ratio Rank: 93

FDL

FDL Risk / Return Rank: 79
FDL Sharpe Ratio Rank: 73
FDL Sortino Ratio Rank: 81
FDL Omega Ratio Rank: 69
FDL Calmar Ratio Rank: 92
FDL Martin Ratio Rank: 78

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.

SMAY vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Small Cap Moderate Buffer ETF - May (SMAY) 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.

	SMAY	FDL	Difference
Sharpe ratio: Return per unit of total volatility	2.30	2.31	-0.01
Sortino ratio: Return per unit of downside risk	3.39	3.54	-0.15
Omega ratio: Gain probability vs. loss probability	1.45	1.40	+0.04
Calmar ratio: Return relative to maximum drawdown	5.76	6.09	-0.33
Martin ratio: Return relative to average drawdown	23.19	14.81	+8.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMAY vs. FDL - Sharpe Ratio Comparison

The current SMAY Sharpe Ratio is 2.30, which is comparable to the FDL Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of SMAY 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

	SMAY	FDL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	2.31	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.89	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.04	0.45	+0.59

Drawdowns

SMAY vs. FDL - Drawdown Comparison

The maximum SMAY drawdown since its inception was -14.44%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for SMAY and FDL.

Drawdown Indicators

	SMAY	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-14.44%	-65.93%	+51.49%
Max Drawdown (1Y) Largest decline over 1 year	-3.00%	-4.27%	+1.27%
Max Drawdown (3Y) Largest decline over 3 years	-14.44%	-12.24%	-2.20%
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	-1.69%	-1.24%	-0.45%
Average Drawdown Average peak-to-trough decline	-2.54%	-9.65%	+7.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.74%	1.75%	-1.01%

Volatility

SMAY vs. FDL - Volatility Comparison

FT Vest U.S. Small Cap Moderate Buffer ETF - May (SMAY) and First Trust Morningstar Dividend Leaders Index Fund (FDL) have volatilities of 2.81% and 2.84%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMAY	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.81%	2.84%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	4.81%	7.78%	-2.97%
Volatility (1Y) Calculated over the trailing 1-year period	7.52%	11.27%	-3.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.22%	14.31%	-4.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.22%	17.11%	-6.89%

SMAY vs. FDL - Expense Ratio Comparison

SMAY has a 0.90% expense ratio, which is higher than FDL's 0.45% expense ratio.

Dividends

SMAY vs. FDL - Dividend Comparison

SMAY has not paid dividends to shareholders, while FDL's dividend yield for the trailing twelve months is around 3.64%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDL First Trust Morningstar Dividend Leaders Index Fund	3.64%	4.04%	4.96%	4.58%	3.58%	4.59%	4.48%	3.75%	3.97%	3.18%	2.93%	3.65%
SMAY FT Vest U.S. Small Cap Moderate Buffer ETF - May	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

Can I hold both SMAY and FDL in my portfolio?

SMAY and FDL have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMAY or FDL?

FDL has higher volatility (2.84%) compared to SMAY (2.81%). In terms of maximum drawdown, SMAY dropped -14.44% vs FDL's -65.93%.

Which ETF is better, SMAY or FDL?

On 3-year performance, FDL leads with 19.36% vs 10.07% for SMAY. On fees, FDL is cheaper at 0.45% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMAY or FDL?

Over the 3-year period, FDL has performed better with a 19.36% return vs 10.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMAY or FDL?

FDL is cheaper with a 0.45% expense ratio, compared with 0.90% for SMAY.

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

FDL has the higher dividend yield at 3.64%, compared with 0.00% for SMAY.

What is the main difference between SMAY and FDL?

SMAY is categorized as Defined Outcome, while FDL is Large Cap Value Equities. Their fees differ too: 0.90% for SMAY and 0.45% for FDL.

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (2.31 vs 2.30), 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.