SOXY vs. FDL

Last updated Aug 6, 2026

SOXY (YieldMax Target 12™ Semiconductor Option Income ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - SOXY is a Derivative Income fund actively managed by YieldMax, while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. SOXY is actively managed, while FDL is passively managed. Over the past year, SOXY returned 99.08% vs 26.71% for FDL. Their -0.01 correlation means they have often moved in opposite directions in the past. SOXY charges 1.06%/yr vs 0.43%/yr for FDL.

Performance

SOXY vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Target 12™ Semiconductor Option Income ETF (SOXY) 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, SOXY achieves a 64.23% return, which is significantly higher than FDL's 18.60% return.

SOXY

• 1D: -3.47%
• 1M: -10.67%
• 6M: 52.23%
• YTD: 64.23%
• 1Y: 99.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 61.55%

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
SOXY YieldMax Target 12™ Semiconductor Option Income ETF	$1.70M	$2.35M	$2.05M

SOXY vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SOXY YieldMax Target 12™ Semiconductor Option Income ETF	64.23%	37.00%	-0.99%
FDL First Trust Morningstar Dividend Leaders Index Fund	18.60%	14.79%	-5.65%

Correlation

The correlation between SOXY and FDL is -0.17, 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.	-0.17
Correlation (All Time) Calculated using the full available price history since Dec 3, 2024	-0.01

The correlation between SOXY and FDL shifts across timeframes, from -0.17 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.

SOXY vs. FDL - Sectors Allocation Comparison

Sectors	SOXY	FDL
Technology	100.0%	4.3%
Financial Services	0.1%	13.7%
Consumer Defensive	0.0%	24.3%
Healthcare	0.0%	11.7%
Industrials	0.0%	3.6%
Basic Materials	0.0%	0.4%
Energy	0.0%	11.1%
Communication Services	0.0%	11.2%
Consumer Cyclical	0.0%	4.4%
Utilities	0.0%	15.4%
Real Estate	-	-

Return for Risk

SOXY vs. FDL — Risk / Return Rank

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

SOXY

SOXY Risk / Return Rank: 85
SOXY Sharpe Ratio Rank: 91
SOXY Sortino Ratio Rank: 79
SOXY Omega Ratio Rank: 82
SOXY Calmar Ratio Rank: 84
SOXY Martin Ratio Rank: 89

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.

SOXY vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Target 12™ Semiconductor Option Income ETF (SOXY) 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.

	SOXY	FDL	Difference
Sharpe ratio: Return per unit of total volatility	2.46	2.26	+0.20
Sortino ratio: Return per unit of downside risk	2.87	3.41	-0.54
Omega ratio: Gain probability vs. loss probability	1.39	1.39	-0.01
Calmar ratio: Return relative to maximum drawdown	3.49	6.28	-2.79
Martin ratio: Return relative to average drawdown	15.00	14.78	+0.21

SOXY vs. FDL - Sharpe Ratio Comparison

The current SOXY Sharpe Ratio is 2.46, which is comparable to the FDL Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of SOXY 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

SOXY vs. FDL - Drawdown Comparison

The maximum SOXY drawdown since its inception was -30.22%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for SOXY and FDL.

Drawdown Indicators

	SOXY	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-30.22%	-65.93%	+35.71%
Max Drawdown (1Y) Largest decline over 1 year	-28.56%	-4.27%	-24.29%
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	-18.79%	-1.60%	-17.19%
Average Drawdown Average peak-to-trough decline	-5.58%	-9.59%	+4.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.63%	1.81%	+4.82%

Volatility

SOXY vs. FDL - Volatility Comparison

YieldMax Target 12™ Semiconductor Option Income ETF (SOXY) has a higher volatility of 18.52% compared to First Trust Morningstar Dividend Leaders Index Fund (FDL) at 4.48%. This indicates that SOXY'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

	SOXY	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.52%	4.48%	+14.04%
Volatility (6M) Calculated over the trailing 6-month period	36.18%	8.63%	+27.55%
Volatility (1Y) Calculated over the trailing 1-year period	40.44%	11.88%	+28.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.58%	14.43%	+25.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.58%	17.16%	+22.42%

SOXY vs. FDL - Expense Ratio Comparison

SOXY has a 1.06% expense ratio, which is higher than FDL's 0.43% expense ratio.

Dividends

SOXY vs. FDL - Dividend Comparison

SOXY's dividend yield for the trailing twelve months is around 10.14%, more 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%
SOXY YieldMax Target 12™ Semiconductor Option Income ETF	10.14%	11.47%	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 SOXY and FDL in my portfolio?

SOXY and FDL have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SOXY or FDL?

SOXY has higher volatility (18.52%) compared to FDL (4.48%). In terms of maximum drawdown, SOXY dropped -30.22% vs FDL's -65.93%.

Which ETF is better, SOXY or FDL?

On 1-year performance, SOXY leads with 99.08% vs 26.71% 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, SOXY or FDL?

Over the 1-year period, SOXY has performed better with a 99.08% return vs 26.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SOXY or FDL?

FDL is cheaper with a 0.43% expense ratio, compared with 1.06% for SOXY.

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

SOXY has the higher dividend yield at 10.14%, compared with 3.58% for FDL.

What is the main difference between SOXY and FDL?

SOXY is categorized as Derivative Income, while FDL is Large Cap Value Equities. They also come from different issuers: YieldMax and First Trust. Their fees differ too: 1.06% for SOXY and 0.43% for FDL.

Which has better risk-adjusted returns?

SOXY currently has the higher Sharpe Ratio (2.46 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.