TAX vs. FDL
Compare and contrast key facts about Cambria Tax Aware ETF (TAX) and First Trust Morningstar Dividend Leaders Index Fund (FDL).
TAX and FDL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TAX is an actively managed fund by Cambria. It was launched on Dec 18, 2024. FDL is a passively managed fund by First Trust that tracks the performance of the Morningstar Dividend Leaders Index. It was launched on Mar 9, 2006.
Performance
TAX vs. FDL - Performance Comparison
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TAX vs. FDL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TAX Cambria Tax Aware ETF | -3.45% | 16.72% | 0.25% |
FDL First Trust Morningstar Dividend Leaders Index Fund | 14.21% | 14.79% | 1.89% |
Returns By Period
In the year-to-date period, TAX achieves a -3.45% return, which is significantly lower than FDL's 14.21% return.
TAX
- 1D
- 1.06%
- 1M
- -4.45%
- YTD
- -3.45%
- 6M
- -0.90%
- 1Y
- 19.35%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FDL
- 1D
- -1.10%
- 1M
- -1.21%
- YTD
- 14.21%
- 6M
- 16.89%
- 1Y
- 21.28%
- 3Y*
- 17.56%
- 5Y*
- 13.87%
- 10Y*
- 11.48%
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TAX vs. FDL - Expense Ratio Comparison
TAX has a 0.49% expense ratio, which is higher than FDL's 0.45% expense ratio.
Return for Risk
TAX vs. FDL — Risk / Return Rank
TAX
FDL
TAX vs. FDL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Cambria Tax Aware ETF (TAX) 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.
| TAX | FDL | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.00 | 1.43 | -0.44 |
Sortino ratioReturn per unit of downside risk | 1.53 | 2.00 | -0.47 |
Omega ratioGain probability vs. loss probability | 1.20 | 1.28 | -0.08 |
Calmar ratioReturn relative to maximum drawdown | 1.76 | 1.77 | -0.02 |
Martin ratioReturn relative to average drawdown | 6.35 | 7.07 | -0.72 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TAX | FDL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.00 | 1.43 | -0.44 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.97 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.67 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.53 | 0.46 | +0.08 |
Correlation
The correlation between TAX and FDL is 0.44, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
TAX vs. FDL - Dividend Comparison
TAX's dividend yield for the trailing twelve months is around 0.36%, less than FDL's 3.65% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TAX Cambria Tax Aware ETF | 0.36% | 0.34% | 0.23% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FDL First Trust Morningstar Dividend Leaders Index Fund | 3.65% | 4.04% | 4.96% | 4.58% | 3.58% | 4.59% | 4.48% | 3.75% | 3.97% | 3.18% | 2.93% | 3.65% |
Drawdowns
TAX vs. FDL - Drawdown Comparison
The maximum TAX drawdown since its inception was -18.85%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for TAX and FDL.
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Drawdown Indicators
| TAX | FDL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.85% | -65.93% | +47.08% |
Max Drawdown (1Y)Largest decline over 1 year | -11.28% | -11.58% | +0.30% |
Max Drawdown (5Y)Largest decline over 5 years | — | -16.46% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.40% | — |
Current DrawdownCurrent decline from peak | -7.14% | -1.21% | -5.93% |
Average DrawdownAverage peak-to-trough decline | -3.14% | -9.72% | +6.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.12% | 2.90% | +0.22% |
Volatility
TAX vs. FDL - Volatility Comparison
Cambria Tax Aware ETF (TAX) has a higher volatility of 6.55% compared to First Trust Morningstar Dividend Leaders Index Fund (FDL) at 2.71%. This indicates that TAX'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.
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Volatility by Period
| TAX | FDL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.55% | 2.71% | +3.84% |
Volatility (6M)Calculated over the trailing 6-month period | 12.40% | 8.23% | +4.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.53% | 14.94% | +4.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.95% | 14.32% | +4.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.95% | 17.09% | +1.86% |