TEK vs. FDL

Last updated Aug 2, 2026

TEK (iShares Technology Opportunities Active ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - TEK is a Technology Equities fund actively managed by iShares, while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. TEK is actively managed, while FDL is passively managed. Over the past year, TEK returned 30.40% vs 27.65% for FDL. Their -0.11 correlation means they have often moved in opposite directions in the past. TEK charges 0.75%/yr vs 0.43%/yr for FDL.

Performance

TEK vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Technology Opportunities Active ETF (TEK) 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, TEK achieves a 21.44% return, which is significantly higher than FDL's 18.16% return.

TEK

• 1D: 1.29%
• 1M: -7.12%
• 6M: 19.04%
• YTD: 21.44%
• 1Y: 30.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 24.70%

FDL

• 1D: 0.02%
• 1M: 3.27%
• 6M: 9.50%
• YTD: 18.16%
• 1Y: 27.65%
• 3Y*: 18.28%
• 5Y*: 13.98%
• 10Y*: 11.09%
• ALL TIME*: 8.94%

*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	$52.24M	$50.06M	$42.95M
TEK iShares Technology Opportunities Active ETF	$171.97K	$226.82K	$208.52K

TEK vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TEK iShares Technology Opportunities Active ETF	21.44%	18.63%	2.63%
FDL First Trust Morningstar Dividend Leaders Index Fund	18.16%	14.79%	-2.11%

Correlation

The correlation between TEK and FDL is -0.29, 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.	-0.29
Correlation (All Time) Calculated using the full available price history since Oct 22, 2024	-0.11

The correlation between TEK and FDL shifts across timeframes, from -0.29 (1 year) to -0.11 (all time), reflecting how their relationship changes across market environments.

TEK vs. FDL - Sectors Allocation Comparison

Sectors	TEK	FDL
Technology	85.8%	4.3%
Industrials	5.3%	3.6%
Communication Services	5.2%	11.2%
Consumer Cyclical	2.9%	4.4%
Basic Materials	0.8%	0.4%
Financial Services	0.3%	13.7%
Consumer Defensive	-	24.3%
Energy	-	11.1%
Healthcare	-	11.7%
Real Estate	-	-
Utilities	-	15.4%

Return for Risk

TEK vs. FDL — Risk / Return Rank

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

TEK

TEK Risk / Return Rank: 35
TEK Sharpe Ratio Rank: 34
TEK Sortino Ratio Rank: 35
TEK Omega Ratio Rank: 34
TEK Calmar Ratio Rank: 35
TEK Martin Ratio Rank: 36

FDL

FDL Risk / Return Rank: 92
FDL Sharpe Ratio Rank: 90
FDL Sortino Ratio Rank: 92
FDL Omega Ratio Rank: 88
FDL Calmar Ratio Rank: 96
FDL Martin Ratio Rank: 91

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.

TEK vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Technology Opportunities Active ETF (TEK) 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.

	TEK	FDL	Difference
Sharpe ratio: Return per unit of total volatility	0.83	2.26	-1.43
Sortino ratio: Return per unit of downside risk	1.30	3.41	-2.11
Omega ratio: Gain probability vs. loss probability	1.16	1.39	-0.23
Calmar ratio: Return relative to maximum drawdown	1.23	6.29	-5.06
Martin ratio: Return relative to average drawdown	3.53	14.86	-11.33

TEK vs. FDL - Sharpe Ratio Comparison

The current TEK Sharpe Ratio is 0.83, which is lower than the FDL Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of TEK 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

TEK vs. FDL - Drawdown Comparison

The maximum TEK drawdown since its inception was -28.24%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for TEK and FDL.

Drawdown Indicators

	TEK	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-28.24%	-65.93%	+37.69%
Max Drawdown (1Y) Largest decline over 1 year	-22.55%	-4.27%	-18.28%
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	-15.72%	-1.96%	-13.76%
Average Drawdown Average peak-to-trough decline	-6.17%	-9.59%	+3.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.82%	1.81%	+6.01%

Volatility

TEK vs. FDL - Volatility Comparison

iShares Technology Opportunities Active ETF (TEK) has a higher volatility of 14.74% compared to First Trust Morningstar Dividend Leaders Index Fund (FDL) at 4.96%. This indicates that TEK'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

	TEK	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.74%	4.96%	+9.78%
Volatility (6M) Calculated over the trailing 6-month period	29.28%	8.97%	+20.31%
Volatility (1Y) Calculated over the trailing 1-year period	33.18%	11.95%	+21.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.24%	14.44%	+17.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.24%	17.16%	+15.08%

TEK vs. FDL - Expense Ratio Comparison

TEK has a 0.75% expense ratio, which is higher than FDL's 0.43% expense ratio.

Dividends

TEK vs. FDL - Dividend Comparison

TEK's dividend yield for the trailing twelve months is around 1.31%, less than FDL's 3.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDL First Trust Morningstar Dividend Leaders Index Fund	3.59%	4.04%	4.96%	4.58%	3.58%	4.59%	4.48%	3.75%	3.97%	3.18%	2.93%	3.65%
TEK iShares Technology Opportunities Active ETF	1.31%	1.62%	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 TEK and FDL in my portfolio?

TEK and FDL have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TEK or FDL?

TEK has higher volatility (14.74%) compared to FDL (4.96%). In terms of maximum drawdown, TEK dropped -28.24% vs FDL's -65.93%.

Which ETF is better, TEK or FDL?

On 1-year performance, TEK leads with 30.40% vs 27.65% for FDL. On fees, FDL is cheaper at 0.43% per year. On volatility, FDL has been the lower-risk option at 4.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TEK or FDL?

Over the 1-year period, TEK has performed better with a 30.40% return vs 27.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TEK or FDL?

FDL is cheaper with a 0.43% expense ratio, compared with 0.75% for TEK.

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

FDL has the higher dividend yield at 3.59%, compared with 1.31% for TEK.

What is the main difference between TEK and FDL?

TEK is categorized as Technology Equities, while FDL is Large Cap Value Equities. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.75% for TEK and 0.43% for FDL.

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (2.26 vs 0.83), 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.