TDAQ vs. FDL

Last updated Jun 24, 2026

TDAQ (TappAlpha Innovation 100 Growth & Daily Income ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - TDAQ is a Derivative Income fund actively managed by TappAlpha, while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. TDAQ is actively managed, while FDL is passively managed. At a correlation of -0.13, they often move in opposite directions. TDAQ charges 0.83%/yr vs 0.43%/yr for FDL.

Performance

TDAQ vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TappAlpha Innovation 100 Growth & Daily Income ETF (TDAQ) 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, TDAQ achieves a 14.87% return, which is significantly higher than FDL's 12.67% return.

TDAQ

• 1D: -2.79%
• 1M: -0.85%
• YTD: 14.87%
• 6M: 13.47%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 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)

TDAQ vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025
TDAQ TappAlpha Innovation 100 Growth & Daily Income ETF	14.87%	9.61%
FDL First Trust Morningstar Dividend Leaders Index Fund	12.67%	2.91%

Correlation

The correlation between TDAQ and FDL is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 4, 2025	-0.13

TDAQ vs. FDL - Sectors Allocation Comparison

Sectors	TDAQ	FDL
Technology	58.7%	1.4%
Communication Services	14.3%	10.6%
Consumer Cyclical	11.4%	4.7%
Consumer Defensive	6.4%	14.4%
Healthcare	3.7%	17.6%
Industrials	2.6%	3.9%
Utilities	1.2%	6.5%
Basic Materials	1.0%	0.3%
Energy	0.5%	25.7%
Financial Services	0.2%	15.2%
Real Estate	0.1%	-

Return for Risk

TDAQ vs. FDL — Risk / Return Rank

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

TDAQ

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

TDAQ vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TappAlpha Innovation 100 Growth & Daily Income ETF (TDAQ) 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.

	TDAQ	FDL	Difference
Sharpe ratio: Return per unit of total volatility	—	1.95	—
Sortino ratio: Return per unit of downside risk	—	2.96	—
Omega ratio: Gain probability vs. loss probability	—	1.34	—
Calmar ratio: Return relative to maximum drawdown	—	5.26	—
Martin ratio: Return relative to average drawdown	—	12.40	—

Drawdowns

TDAQ vs. FDL - Drawdown Comparison

The maximum TDAQ drawdown since its inception was -11.31%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for TDAQ and FDL.

Drawdown Indicators

	TDAQ	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-11.31%	-65.93%	+54.62%
Max Drawdown (1Y) Largest decline over 1 year	—	-4.27%	—
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	-4.84%	-3.09%	-1.75%
Average Drawdown Average peak-to-trough decline	-2.34%	-9.64%	+7.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.81%	—

Volatility

Volatility by Period

	TDAQ	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.72%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.09%	—
Volatility (1Y) Calculated over the trailing 1-year period	18.52%	11.54%	+6.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.52%	14.31%	+4.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.52%	17.11%	+1.41%

TDAQ vs. FDL - Expense Ratio Comparison

TDAQ has a 0.83% expense ratio, which is higher than FDL's 0.43% expense ratio.

Dividends

TDAQ vs. FDL - Dividend Comparison

TDAQ's dividend yield for the trailing twelve months is around 12.14%, more than FDL's 3.70% yield.

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%
TDAQ TappAlpha Innovation 100 Growth & Daily Income ETF	12.14%	4.32%	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 TDAQ and FDL in my portfolio?

TDAQ and FDL have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TDAQ or FDL?

On fees, FDL is cheaper at 0.43% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TDAQ or FDL?

FDL is cheaper with a 0.43% expense ratio, compared with 0.83% for TDAQ.

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

TDAQ has the higher dividend yield at 12.14%, compared with 3.70% for FDL.

What is the main difference between TDAQ and FDL?

TDAQ is categorized as Derivative Income, while FDL is Large Cap Value Equities. They also come from different issuers: TappAlpha and First Trust. Their fees differ too: 0.83% for TDAQ and 0.43% for FDL.