TEQI vs. FDL

Last updated Jun 26, 2026

TEQI (T. Rowe Price Equity Income ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both Large Cap Value Equities funds. TEQI is actively managed, while FDL is passively managed. Over the past 5 years, TEQI returned 10.11%/yr vs 13.04%/yr for FDL. Their correlation of 0.84 suggests significant overlap in exposure. TEQI charges 0.54%/yr vs 0.43%/yr for FDL.

Performance

TEQI vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Equity Income ETF (TEQI) and First Trust Morningstar Dividend Leaders Index Fund (FDL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with TEQI having a 12.37% return and FDL slightly higher at 12.82%.

TEQI

• 1D: 0.88%
• 1M: 0.95%
• YTD: 12.37%
• 6M: 11.48%
• 1Y: 22.45%
• 3Y*: 16.50%
• 5Y*: 10.11%
• 10Y*: —

FDL

• 1D: 0.46%
• 1M: -1.40%
• YTD: 12.82%
• 6M: 12.61%
• 1Y: 23.52%
• 3Y*: 18.84%
• 5Y*: 13.04%
• 10Y*: 11.24%

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

TEQI vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
TEQI T. Rowe Price Equity Income ETF	12.37%	13.36%	13.14%	9.64%	-3.33%	26.25%	17.95%
FDL First Trust Morningstar Dividend Leaders Index Fund	12.82%	14.79%	17.98%	2.94%	6.66%	26.10%	13.83%

Correlation

The correlation between TEQI and FDL is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since Aug 5, 2020	0.84

Over the past year, the correlation between TEQI and FDL has dropped to 0.60 - well below their long-term average of 0.84, suggesting their price drivers have been diverging.

TEQI vs. FDL - Sectors Allocation Comparison

Sectors	TEQI	FDL
Financial Services	19.8%	15.2%
Technology	15.2%	1.4%
Healthcare	12.6%	17.6%
Industrials	12.1%	3.9%
Energy	10.2%	25.7%
Communication Services	7.0%	10.6%
Consumer Defensive	6.8%	14.4%
Utilities	6.2%	6.5%
Consumer Cyclical	5.2%	4.7%
Real Estate	3.3%	-
Basic Materials	1.8%	0.3%

Return for Risk

TEQI vs. FDL — Risk / Return Rank

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

TEQI

TEQI Risk / Return Rank: 73
TEQI Sharpe Ratio Rank: 75
TEQI Sortino Ratio Rank: 77
TEQI Omega Ratio Rank: 72
TEQI Calmar Ratio Rank: 70
TEQI Martin Ratio Rank: 69

FDL

FDL Risk / Return Rank: 79
FDL Sharpe Ratio Rank: 74
FDL Sortino Ratio Rank: 81
FDL Omega Ratio Rank: 70
FDL Calmar Ratio Rank: 93
FDL Martin Ratio Rank: 78

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.

TEQI vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Equity Income ETF (TEQI) 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.

	TEQI	FDL	Difference
Sharpe ratio: Return per unit of total volatility	2.11	2.05	+0.05
Sortino ratio: Return per unit of downside risk	3.00	3.11	-0.11
Omega ratio: Gain probability vs. loss probability	1.37	1.36	+0.02
Calmar ratio: Return relative to maximum drawdown	3.12	5.53	-2.41
Martin ratio: Return relative to average drawdown	11.12	12.87	-1.75

TEQI vs. FDL - Sharpe Ratio Comparison

The current TEQI Sharpe Ratio is 2.11, which is comparable to the FDL Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of TEQI 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

TEQI vs. FDL - Drawdown Comparison

The maximum TEQI drawdown since its inception was -17.82%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for TEQI and FDL.

Drawdown Indicators

	TEQI	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-17.82%	-65.93%	+48.11%
Max Drawdown (1Y) Largest decline over 1 year	-7.23%	-4.27%	-2.96%
Max Drawdown (3Y) Largest decline over 3 years	-14.85%	-12.24%	-2.61%
Max Drawdown (5Y) Largest decline over 5 years	-17.82%	-16.46%	-1.36%
Max Drawdown (10Y) Largest decline over 10 years	—	-41.40%	—
Current Drawdown Current decline from peak	-0.20%	-2.96%	+2.76%
Average Drawdown Average peak-to-trough decline	-3.50%	-9.63%	+6.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.02%	1.83%	+0.19%

Volatility

TEQI vs. FDL - Volatility Comparison

T. Rowe Price Equity Income ETF (TEQI) and First Trust Morningstar Dividend Leaders Index Fund (FDL) have volatilities of 3.41% and 3.39%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TEQI	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.41%	3.39%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	7.90%	8.09%	-0.19%
Volatility (1Y) Calculated over the trailing 1-year period	10.72%	11.55%	-0.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.59%	14.31%	+0.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.09%	17.10%	-2.01%

TEQI vs. FDL - Expense Ratio Comparison

TEQI has a 0.54% expense ratio, which is higher than FDL's 0.43% expense ratio.

Dividends

TEQI vs. FDL - Dividend Comparison

TEQI's dividend yield for the trailing twelve months is around 1.51%, less than FDL's 4.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDL First Trust Morningstar Dividend Leaders Index Fund	4.69%	4.04%	4.96%	4.58%	3.58%	4.59%	4.48%	3.75%	3.97%	3.18%	2.93%	3.65%
TEQI T. Rowe Price Equity Income ETF	1.51%	1.71%	1.86%	2.12%	2.32%	3.03%	0.82%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TEQI and FDL in my portfolio?

TEQI and FDL have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TEQI or FDL?

TEQI has higher volatility (3.41%) compared to FDL (3.39%). In terms of maximum drawdown, TEQI dropped -17.82% vs FDL's -65.93%.

Which ETF is better, TEQI or FDL?

On 5-year performance, FDL leads with 13.04% vs 10.11% for TEQI. On fees, FDL is cheaper at 0.43% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TEQI or FDL?

Over the 5-year period, FDL has performed better with a 13.04% return vs 10.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TEQI or FDL?

FDL is cheaper with a 0.43% expense ratio, compared with 0.54% for TEQI.

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

FDL has the higher dividend yield at 4.69%, compared with 1.51% for TEQI.

What is the main difference between TEQI and FDL?

They also come from different issuers: T. Rowe Price and First Trust. Their fees differ too: 0.54% for TEQI and 0.43% for FDL.

Which has better risk-adjusted returns?

TEQI currently has the higher Sharpe Ratio (2.11 vs 2.05), 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.