TDIV vs. MDST

Last updated Aug 5, 2026

TDIV (First Trust NASDAQ Technology Dividend Index Fund) and MDST (Westwood Salient Enhanced Midstream Income ETF) are both exchange-traded funds - TDIV is a Technology Equities fund tracking the NASDAQ Technology Dividend Index, while MDST is a Energy Equities fund actively managed by Westwood. TDIV is passively managed, while MDST is actively managed. Over the past year, TDIV returned 29.74% vs 19.09% for MDST. Their 0.15 correlation means their historical movements had little consistent relationship. TDIV charges 0.50%/yr vs 0.80%/yr for MDST.

Performance

TDIV vs. MDST - Performance Comparison

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

Returns By Period

In the year-to-date period, TDIV achieves a 20.64% return, which is significantly higher than MDST's 17.16% return.

TDIV

• 1D: 3.50%
• 1M: 4.31%
• 6M: 19.61%
• YTD: 20.64%
• 1Y: 29.74%
• 3Y*: 27.65%
• 5Y*: 16.92%
• 10Y*: 17.38%
• ALL TIME*: 15.98%

MDST

• 1D: -0.14%
• 1M: 1.43%
• 6M: 10.22%
• YTD: 17.16%
• 1Y: 19.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 18.02%

*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)
MDST Westwood Salient Enhanced Midstream Income ETF	$1.88M	$1.72M	$1.79M
TDIV First Trust NASDAQ Technology Dividend Index Fund	$13.49M	$12.95M	$15.18M

TDIV vs. MDST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TDIV First Trust NASDAQ Technology Dividend Index Fund	20.64%	25.27%	14.83%
MDST Westwood Salient Enhanced Midstream Income ETF	17.16%	7.09%	17.03%

Correlation

The correlation between TDIV and MDST is -0.14, 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.	-0.14
Correlation (All Time) Calculated using the full available price history since Apr 9, 2024	0.15

The correlation between TDIV and MDST shifts across timeframes, from -0.14 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.

TDIV vs. MDST - Sectors Allocation Comparison

Sectors	TDIV	MDST
Technology	83.2%	-
Communication Services	15.0%	-
Industrials	1.9%	0.8%
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	98.5%
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

TDIV vs. MDST — Risk / Return Rank

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

TDIV

TDIV Risk / Return Rank: 47
TDIV Sharpe Ratio Rank: 52
TDIV Sortino Ratio Rank: 49
TDIV Omega Ratio Rank: 48
TDIV Calmar Ratio Rank: 46
TDIV Martin Ratio Rank: 42

MDST

MDST Risk / Return Rank: 64
MDST Sharpe Ratio Rank: 59
MDST Sortino Ratio Rank: 61
MDST Omega Ratio Rank: 57
MDST Calmar Ratio Rank: 79
MDST Martin Ratio Rank: 66

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.

TDIV vs. MDST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust NASDAQ Technology Dividend Index Fund (TDIV) and Westwood Salient Enhanced Midstream Income ETF (MDST). 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	MDST	Difference
Sharpe ratio: Return per unit of total volatility	1.43	1.59	-0.16
Sortino ratio: Return per unit of downside risk	1.99	2.30	-0.32
Omega ratio: Gain probability vs. loss probability	1.25	1.28	-0.03
Calmar ratio: Return relative to maximum drawdown	1.83	3.20	-1.38
Martin ratio: Return relative to average drawdown	4.99	8.99	-3.99

TDIV vs. MDST - Sharpe Ratio Comparison

The current TDIV Sharpe Ratio is 1.43, which is comparable to the MDST Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of TDIV and MDST, 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. MDST - Drawdown Comparison

The maximum TDIV drawdown since its inception was -31.97%, which is greater than MDST's maximum drawdown of -14.19%. Use the drawdown chart below to compare losses from any high point for TDIV and MDST.

Drawdown Indicators

	TDIV	MDST	Difference
Max Drawdown Largest peak-to-trough decline	-31.97%	-14.19%	-17.78%
Max Drawdown (1Y) Largest decline over 1 year	-16.34%	-5.98%	-10.36%
Max Drawdown (3Y) Largest decline over 3 years	-23.00%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-31.97%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-31.97%	—	—
Current Drawdown Current decline from peak	-9.26%	-2.87%	-6.39%
Average Drawdown Average peak-to-trough decline	-4.92%	-2.17%	-2.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.97%	2.14%	+3.83%

Volatility

TDIV vs. MDST - Volatility Comparison

First Trust NASDAQ Technology Dividend Index Fund (TDIV) has a higher volatility of 6.55% compared to Westwood Salient Enhanced Midstream Income ETF (MDST) at 4.44%. This indicates that TDIV's price experiences larger fluctuations and is considered to be riskier than MDST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TDIV	MDST	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.55%	4.44%	+2.11%
Volatility (6M) Calculated over the trailing 6-month period	16.62%	9.21%	+7.41%
Volatility (1Y) Calculated over the trailing 1-year period	20.93%	12.03%	+8.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.18%	16.03%	+5.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.03%	16.03%	+5.00%

TDIV vs. MDST - Expense Ratio Comparison

TDIV has a 0.50% expense ratio, which is lower than MDST's 0.80% expense ratio.

Dividends

TDIV vs. MDST - Dividend Comparison

TDIV's dividend yield for the trailing twelve months is around 1.30%, less than MDST's 9.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MDST Westwood Salient Enhanced Midstream Income ETF	9.29%	10.22%	6.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TDIV First Trust NASDAQ Technology Dividend Index Fund	1.30%	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 MDST in my portfolio?

TDIV and MDST have a correlation of -0.14, 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 MDST?

TDIV has higher volatility (6.55%) compared to MDST (4.44%). In terms of maximum drawdown, TDIV dropped -31.97% vs MDST's -14.19%.

Which ETF is better, TDIV or MDST?

On 1-year performance, TDIV leads with 29.74% vs 19.09% for MDST. On fees, TDIV is cheaper at 0.50% per year. On volatility, MDST has been the lower-risk option at 4.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TDIV or MDST?

Over the 1-year period, TDIV has performed better with a 29.74% return vs 19.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TDIV or MDST?

TDIV is cheaper with a 0.50% expense ratio, compared with 0.80% for MDST.

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

MDST has the higher dividend yield at 9.29%, compared with 1.30% for TDIV.

What is the main difference between TDIV and MDST?

TDIV is categorized as Technology Equities, while MDST is Energy Equities. They also come from different issuers: First Trust and Westwood. Their fees differ too: 0.50% for TDIV and 0.80% for MDST.

Which has better risk-adjusted returns?

MDST currently has the higher Sharpe Ratio (1.59 vs 1.43), 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.