SMRI vs. FDL

Last updated Jul 17, 2026

SMRI (Bushido Capital US Equity ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both Large Cap Value Equities funds. SMRI is actively managed, while FDL is passively managed. Over the past year, SMRI returned 32.26% vs 25.62% for FDL. A 0.64 correlation means they provide meaningful diversification when combined. SMRI charges 0.71%/yr vs 0.43%/yr for FDL.

Performance

SMRI vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bushido Capital US Equity ETF (SMRI) 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, SMRI achieves a 18.77% return, which is significantly higher than FDL's 17.61% return.

SMRI

• 1D: 1.00%
• 1M: 3.35%
• 6M: 16.15%
• YTD: 18.77%
• 1Y: 32.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FDL

• 1D: 2.42%
• 1M: 2.96%
• 6M: 12.71%
• YTD: 17.61%
• 1Y: 25.62%
• 3Y*: 19.90%
• 5Y*: 14.10%
• 10Y*: 10.98%

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

SMRI vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SMRI Bushido Capital US Equity ETF	18.77%	17.41%	19.16%	5.27%
FDL First Trust Morningstar Dividend Leaders Index Fund	17.61%	14.79%	17.98%	5.90%

Correlation

The correlation between SMRI and FDL is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (All Time) Calculated using the full available price history since Sep 14, 2023	0.64

The correlation between SMRI and FDL shifts across timeframes, from 0.47 (1 year) to 0.64 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SMRI vs. FDL — Risk / Return Rank

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

SMRI

SMRI Risk / Return Rank: 84
SMRI Sharpe Ratio Rank: 83
SMRI Sortino Ratio Rank: 83
SMRI Omega Ratio Rank: 80
SMRI Calmar Ratio Rank: 92
SMRI Martin Ratio Rank: 83

FDL

FDL Risk / Return Rank: 87
FDL Sharpe Ratio Rank: 85
FDL Sortino Ratio Rank: 89
FDL Omega Ratio Rank: 81
FDL Calmar Ratio Rank: 95
FDL Martin Ratio Rank: 85

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.

SMRI vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bushido Capital US Equity ETF (SMRI) 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.

	SMRI	FDL	Difference
Sharpe ratio: Return per unit of total volatility	2.15	2.18	-0.04
Sortino ratio: Return per unit of downside risk	3.01	3.33	-0.32
Omega ratio: Gain probability vs. loss probability	1.38	1.38	0.00
Calmar ratio: Return relative to maximum drawdown	4.76	6.02	-1.26
Martin ratio: Return relative to average drawdown	12.94	13.73	-0.79

SMRI vs. FDL - Sharpe Ratio Comparison

The current SMRI Sharpe Ratio is 2.15, which is comparable to the FDL Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of SMRI 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

SMRI vs. FDL - Drawdown Comparison

The maximum SMRI drawdown since its inception was -18.45%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for SMRI and FDL.

Drawdown Indicators

	SMRI	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-18.45%	-65.93%	+47.48%
Max Drawdown (1Y) Largest decline over 1 year	-6.80%	-4.27%	-2.53%
Max Drawdown (3Y) Largest decline over 3 years	—	-12.24%	—
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	-1.02%	0.00%	-1.02%
Average Drawdown Average peak-to-trough decline	-2.75%	-9.61%	+6.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.50%	1.87%	+0.63%

Volatility

SMRI vs. FDL - Volatility Comparison

The current volatility for Bushido Capital US Equity ETF (SMRI) is 4.18%, while First Trust Morningstar Dividend Leaders Index Fund (FDL) has a volatility of 4.91%. This indicates that SMRI experiences smaller price fluctuations and is considered to be less risky than FDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMRI	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.18%	4.91%	-0.73%
Volatility (6M) Calculated over the trailing 6-month period	11.88%	8.74%	+3.14%
Volatility (1Y) Calculated over the trailing 1-year period	15.11%	11.79%	+3.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.87%	14.41%	+1.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.87%	17.13%	-1.26%

SMRI vs. FDL - Expense Ratio Comparison

SMRI has a 0.71% expense ratio, which is higher than FDL's 0.43% expense ratio.

Dividends

SMRI vs. FDL - Dividend Comparison

SMRI's dividend yield for the trailing twelve months is around 0.89%, less than FDL's 3.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDL First Trust Morningstar Dividend Leaders Index Fund	3.61%	4.04%	4.96%	4.58%	3.58%	4.59%	4.48%	3.75%	3.97%	3.18%	2.93%	3.65%
SMRI Bushido Capital US Equity ETF	0.89%	1.32%	0.98%	0.45%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMRI and FDL in my portfolio?

SMRI and FDL have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMRI or FDL?

FDL has higher volatility (4.91%) compared to SMRI (4.18%). In terms of maximum drawdown, SMRI dropped -18.45% vs FDL's -65.93%.

Which ETF is better, SMRI or FDL?

On 1-year performance, SMRI leads with 32.26% vs 25.62% for FDL. On fees, FDL is cheaper at 0.43% per year. On volatility, SMRI has been the lower-risk option at 4.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMRI or FDL?

Over the 1-year period, SMRI has performed better with a 32.26% return vs 25.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMRI or FDL?

FDL is cheaper with a 0.43% expense ratio, compared with 0.71% for SMRI.

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

FDL has the higher dividend yield at 3.61%, compared with 0.89% for SMRI.

What is the main difference between SMRI and FDL?

They also come from different issuers: Bushido and First Trust. Their fees differ too: 0.71% for SMRI and 0.43% for FDL.

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (2.18 vs 2.15), 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.