SMR vs. FDL

Last updated Jun 24, 2026

SMR (NuScale Power Corporation) is a stock, while FDL (First Trust Morningstar Dividend Leaders Index Fund) is Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. Over the past 5 years, SMR returned 1.64%/yr vs 13.08%/yr for FDL. At a 0.18 correlation, their price movements are largely independent.

Performance

SMR vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NuScale Power Corporation (SMR) 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, SMR achieves a -23.36% return, which is significantly lower than FDL's 12.67% return.

SMR

• 1D: -3.38%
• 1M: -4.74%
• YTD: -23.36%
• 6M: -32.00%
• 1Y: -70.25%
• 3Y*: 14.31%
• 5Y*: 1.64%
• 10Y*: —

FDL

• 1D: 1.20%
• 1M: -2.75%
• YTD: 12.67%
• 6M: 13.02%
• 1Y: 22.39%
• 3Y*: 19.10%
• 5Y*: 13.08%
• 10Y*: 11.12%

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

SMR vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SMR NuScale Power Corporation	-23.36%	-20.97%	444.98%	-67.93%	2.29%	-0.89%	1.20%
FDL First Trust Morningstar Dividend Leaders Index Fund	12.67%	14.79%	17.98%	2.94%	6.66%	26.10%	-1.38%

Correlation

The correlation between SMR and FDL is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.19
Correlation (All Time) Calculated using the full available price history since Dec 9, 2020	0.18

The correlation between SMR and FDL shifts across timeframes, from -0.07 (1 year) to 0.19 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

SMR vs. FDL — Risk / Return Rank

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

SMR

SMR Risk / Return Rank: 13
SMR Sharpe Ratio Rank: 13
SMR Sortino Ratio Rank: 13
SMR Omega Ratio Rank: 15
SMR Calmar Ratio Rank: 9
SMR Martin Ratio Rank: 15

FDL

FDL Risk / Return Rank: 69
FDL Sharpe Ratio Rank: 61
FDL Sortino Ratio Rank: 68
FDL Omega Ratio Rank: 57
FDL Calmar Ratio Rank: 90
FDL Martin Ratio Rank: 69

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.

SMR vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NuScale Power Corporation (SMR) 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.

	SMR	FDL	Difference
Sharpe ratio: Return per unit of total volatility	-0.68	1.95	-2.63
Sortino ratio: Return per unit of downside risk	-0.97	2.96	-3.93
Omega ratio: Gain probability vs. loss probability	0.90	1.34	-0.44
Calmar ratio: Return relative to maximum drawdown	-0.85	5.26	-6.11
Martin ratio: Return relative to average drawdown	-1.20	12.40	-13.60

SMR vs. FDL - Sharpe Ratio Comparison

The current SMR Sharpe Ratio is -0.68, which is lower than the FDL Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of SMR 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

SMR vs. FDL - Drawdown Comparison

The maximum SMR drawdown since its inception was -87.47%, which is greater than FDL's maximum drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for SMR and FDL.

Drawdown Indicators

	SMR	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-87.47%	-65.93%	-21.54%
Max Drawdown (1Y) Largest decline over 1 year	-82.86%	-4.27%	-78.59%
Max Drawdown (3Y) Largest decline over 3 years	-82.86%	-12.24%	-70.62%
Max Drawdown (5Y) Largest decline over 5 years	-87.47%	-16.46%	-71.01%
Max Drawdown (10Y) Largest decline over 10 years	—	-41.40%	—
Current Drawdown Current decline from peak	-79.67%	-3.09%	-76.58%
Average Drawdown Average peak-to-trough decline	-35.27%	-9.64%	-25.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	58.68%	1.81%	+56.87%

Volatility

SMR vs. FDL - Volatility Comparison

NuScale Power Corporation (SMR) has a higher volatility of 31.26% compared to First Trust Morningstar Dividend Leaders Index Fund (FDL) at 3.72%. This indicates that SMR'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

	SMR	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	31.26%	3.72%	+27.54%
Volatility (6M) Calculated over the trailing 6-month period	69.68%	8.09%	+61.59%
Volatility (1Y) Calculated over the trailing 1-year period	103.36%	11.54%	+91.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	93.94%	14.31%	+79.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	89.46%	17.11%	+72.35%

Dividends

SMR vs. FDL - Dividend Comparison

SMR has not paid dividends to shareholders, while FDL's dividend yield for the trailing twelve months is around 3.70%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDL First Trust Morningstar Dividend Leaders Index Fund	3.70%	4.04%	4.96%	4.58%	3.58%	4.59%	4.48%	3.75%	3.97%	3.18%	2.93%	3.65%
SMR NuScale Power Corporation	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 SMR and FDL in my portfolio?

SMR and FDL have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMR or FDL?

SMR has higher volatility (31.26%) compared to FDL (3.72%). In terms of maximum drawdown, SMR dropped -87.47% vs FDL's -65.93%.

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (1.95 vs -0.68), 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.