TDIV vs. FXL

Last updated Jun 14, 2026

TDIV (First Trust NASDAQ Technology Dividend Index Fund) and FXL (First Trust Technology AlphaDEX Fund) are both Technology Equities funds from First Trust - TDIV tracks the NASDAQ Technology Dividend Index while FXL tracks the StrataQuant Technology Index. Both are passively managed. Over the past 10 years, TDIV returned 18.57%/yr vs 20.76%/yr for FXL. Their correlation of 0.86 suggests significant overlap in exposure. TDIV charges 0.50%/yr vs 0.61%/yr for FXL.

Performance

TDIV vs. FXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust NASDAQ Technology Dividend Index Fund (TDIV) and First Trust Technology AlphaDEX Fund (FXL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TDIV achieves a 21.17% return, which is significantly lower than FXL's 25.90% return. Over the past 10 years, TDIV has underperformed FXL with an annualized return of 18.57%, while FXL has yielded a comparatively higher 20.76% annualized return.

TDIV

• 1D: 0.97%
• 1M: 3.59%
• YTD: 21.17%
• 6M: 20.34%
• 1Y: 37.96%
• 3Y*: 28.42%
• 5Y*: 17.37%
• 10Y*: 18.57%

FXL

• 1D: 1.27%
• 1M: 9.18%
• YTD: 25.90%
• 6M: 24.57%
• 1Y: 41.44%
• 3Y*: 23.41%
• 5Y*: 11.96%
• 10Y*: 20.76%

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

TDIV vs. FXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TDIV First Trust NASDAQ Technology Dividend Index Fund	21.17%	25.27%	24.43%	36.71%	-22.13%	29.49%	17.55%	33.27%	-3.18%	21.95%
FXL First Trust Technology AlphaDEX Fund	25.90%	13.29%	16.13%	40.50%	-30.44%	18.20%	54.20%	38.66%	2.72%	35.82%

Correlation

The correlation between TDIV and FXL is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Aug 14, 2012	0.86

The correlation between TDIV and FXL has been stable across timeframes, ranging from 0.86 to 0.90 - a consistent structural relationship.

TDIV vs. FXL - Sectors Allocation Comparison

Sectors	TDIV	FXL
Technology	87.1%	88.5%
Communication Services	11.6%	4.8%
Industrials	1.3%	3.8%
Basic Materials	-	-
Consumer Cyclical	-	1.0%
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	1.0%
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

TDIV vs. FXL — Risk / Return Rank

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

TDIV

TDIV Risk / Return Rank: 64
TDIV Sharpe Ratio Rank: 65
TDIV Sortino Ratio Rank: 61
TDIV Omega Ratio Rank: 61
TDIV Calmar Ratio Rank: 73
TDIV Martin Ratio Rank: 62

FXL

FXL Risk / Return Rank: 56
FXL Sharpe Ratio Rank: 55
FXL Sortino Ratio Rank: 50
FXL Omega Ratio Rank: 50
FXL Calmar Ratio Rank: 66
FXL Martin Ratio Rank: 59

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.

TDIV vs. FXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust NASDAQ Technology Dividend Index Fund (TDIV) and First Trust Technology AlphaDEX Fund (FXL). 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.

	TDIV	FXL	Difference
Sharpe ratio: Return per unit of total volatility	1.86	1.64	+0.22
Sortino ratio: Return per unit of downside risk	2.48	2.19	+0.29
Omega ratio: Gain probability vs. loss probability	1.32	1.28	+0.05
Calmar ratio: Return relative to maximum drawdown	3.23	2.89	+0.35
Martin ratio: Return relative to average drawdown	9.78	9.33	+0.45

TDIV vs. FXL - Sharpe Ratio Comparison

The current TDIV Sharpe Ratio is 1.86, which is comparable to the FXL Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of TDIV and FXL, 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

TDIV vs. FXL - Drawdown Comparison

The maximum TDIV drawdown since its inception was -31.97%, smaller than the maximum FXL drawdown of -61.41%. Use the drawdown chart below to compare losses from any high point for TDIV and FXL.

Drawdown Indicators

	TDIV	FXL	Difference
Max Drawdown Largest peak-to-trough decline	-31.97%	-61.41%	+29.44%
Max Drawdown (1Y) Largest decline over 1 year	-11.35%	-13.56%	+2.21%
Max Drawdown (3Y) Largest decline over 3 years	-23.00%	-28.27%	+5.27%
Max Drawdown (5Y) Largest decline over 5 years	-31.97%	-38.49%	+6.52%
Max Drawdown (10Y) Largest decline over 10 years	-31.97%	-38.49%	+6.52%
Current Drawdown Current decline from peak	-8.87%	-5.44%	-3.43%
Average Drawdown Average peak-to-trough decline	-4.85%	-11.36%	+6.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.74%	4.19%	-0.45%

Volatility

TDIV vs. FXL - Volatility Comparison

The current volatility for First Trust NASDAQ Technology Dividend Index Fund (TDIV) is 9.90%, while First Trust Technology AlphaDEX Fund (FXL) has a volatility of 11.12%. This indicates that TDIV experiences smaller price fluctuations and is considered to be less risky than FXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TDIV	FXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.90%	11.12%	-1.22%
Volatility (6M) Calculated over the trailing 6-month period	15.62%	19.36%	-3.74%
Volatility (1Y) Calculated over the trailing 1-year period	19.72%	23.86%	-4.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.90%	25.37%	-4.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.96%	25.41%	-4.45%

TDIV vs. FXL - Expense Ratio Comparison

TDIV has a 0.50% expense ratio, which is lower than FXL's 0.61% expense ratio.

Dividends

TDIV vs. FXL - Dividend Comparison

TDIV's dividend yield for the trailing twelve months is around 1.20%, while FXL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXL First Trust Technology AlphaDEX Fund	0.00%	0.01%	0.11%	0.41%	0.34%	0.11%	0.04%	0.37%	0.32%	0.27%	1.12%	0.36%
TDIV First Trust NASDAQ Technology Dividend Index Fund	1.20%	1.40%	1.59%	1.74%	2.51%	1.76%	2.07%	2.27%	2.97%	2.27%	2.45%	2.52%

Frequently Asked Questions

Can I hold both TDIV and FXL in my portfolio?

TDIV and FXL have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TDIV or FXL?

FXL has higher volatility (11.12%) compared to TDIV (9.90%). In terms of maximum drawdown, TDIV dropped -31.97% vs FXL's -61.41%.

Which ETF is better, TDIV or FXL?

On 10-year performance, FXL leads with 20.76% vs 18.57% for TDIV. On fees, TDIV is cheaper at 0.50% per year. On volatility, TDIV has been the lower-risk option at 9.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TDIV or FXL?

Over the 10-year period, FXL has performed better with a 20.76% return vs 18.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TDIV or FXL?

TDIV is cheaper with a 0.50% expense ratio, compared with 0.61% for FXL.

Which ETF pays a higher dividend yield, TDIV or FXL?

TDIV has the higher dividend yield at 1.20%, compared with 0.00% for FXL.

What is the main difference between TDIV and FXL?

TDIV tracks NASDAQ Technology Dividend Index, while FXL tracks StrataQuant Technology Index. Their fees differ too: 0.50% for TDIV and 0.61% for FXL.

Which has better risk-adjusted returns?

TDIV currently has the higher Sharpe Ratio (1.86 vs 1.64), 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.