UDIV vs. FDL

Last updated Aug 2, 2026

UDIV (Franklin U.S. Core Dividend Tilt Index ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - UDIV is a Dividend fund tracking the Linked Morningstar US Dividend Enhanced Select Index, while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. Both are passively managed. Over the past 10 years, UDIV returned 11.54%/yr vs 11.09%/yr for FDL. Their 0.62 correlation means they have sometimes moved together and sometimes differently. UDIV charges 0.06%/yr vs 0.43%/yr for FDL.

Performance

UDIV vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin U.S. Core Dividend Tilt Index ETF (UDIV) 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, UDIV achieves a 13.87% return, which is significantly lower than FDL's 18.16% return. Both investments have delivered pretty close results over the past 10 years, with UDIV having a 11.54% annualized return and FDL not far behind at 11.09%.

UDIV

• 1D: 0.91%
• 1M: 0.58%
• 6M: 11.30%
• YTD: 13.87%
• 1Y: 25.58%
• 3Y*: 21.43%
• 5Y*: 13.98%
• 10Y*: 11.54%
• ALL TIME*: 11.74%

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
UDIV Franklin U.S. Core Dividend Tilt Index ETF	$516.03K	$427.19K	$922.08K

UDIV vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UDIV Franklin U.S. Core Dividend Tilt Index ETF	13.87%	19.00%	25.61%	25.21%	-15.00%	19.66%	5.54%	24.60%	-8.83%	17.44%
FDL First Trust Morningstar Dividend Leaders Index Fund	18.16%	14.79%	17.98%	2.94%	6.66%	26.10%	-4.30%	24.41%	-5.99%	12.02%

Correlation

The correlation between UDIV and FDL is 0.09, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.09
Correlation (3Y) Balances recent behavior with more history.	0.40
Correlation (5Y) Shows whether the relationship held over a longer period.	0.58
Correlation (10Y) Provides a long-term view across more market conditions.	0.63
Correlation (All Time) Calculated using the full available price history since Jun 3, 2016	0.62

Over the past year, the correlation between UDIV and FDL has dropped to 0.09 - well below their long-term average of 0.62, suggesting their price drivers have been diverging.

UDIV vs. FDL - Sectors Allocation Comparison

Sectors	UDIV	FDL
Technology	40.3%	4.3%
Financial Services	11.4%	13.7%
Communication Services	10.1%	11.2%
Consumer Cyclical	8.9%	4.4%
Healthcare	7.7%	11.7%
Industrials	6.0%	3.6%
Consumer Defensive	5.4%	24.3%
Real Estate	3.7%	-
Energy	3.3%	11.1%
Utilities	2.7%	15.4%
Basic Materials	0.7%	0.4%

Return for Risk

UDIV vs. FDL — Risk / Return Rank

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

UDIV

UDIV Risk / Return Rank: 80
UDIV Sharpe Ratio Rank: 80
UDIV Sortino Ratio Rank: 78
UDIV Omega Ratio Rank: 79
UDIV Calmar Ratio Rank: 79
UDIV Martin Ratio Rank: 84

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.

UDIV vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin U.S. Core Dividend Tilt Index ETF (UDIV) 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.

	UDIV	FDL	Difference
Sharpe ratio: Return per unit of total volatility	1.83	2.26	-0.43
Sortino ratio: Return per unit of downside risk	2.50	3.41	-0.91
Omega ratio: Gain probability vs. loss probability	1.33	1.39	-0.07
Calmar ratio: Return relative to maximum drawdown	2.82	6.29	-3.46
Martin ratio: Return relative to average drawdown	11.60	14.86	-3.26

UDIV vs. FDL - Sharpe Ratio Comparison

The current UDIV Sharpe Ratio is 1.83, which is comparable to the FDL Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of UDIV 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

UDIV vs. FDL - Drawdown Comparison

The maximum UDIV drawdown since its inception was -35.21%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for UDIV and FDL.

Drawdown Indicators

	UDIV	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-35.21%	-65.93%	+30.72%
Max Drawdown (1Y) Largest decline over 1 year	-8.44%	-4.27%	-4.17%
Max Drawdown (3Y) Largest decline over 3 years	-19.19%	-12.24%	-6.95%
Max Drawdown (5Y) Largest decline over 5 years	-23.18%	-16.46%	-6.72%
Max Drawdown (10Y) Largest decline over 10 years	-35.21%	-41.40%	+6.19%
Current Drawdown Current decline from peak	-1.66%	-1.96%	+0.30%
Average Drawdown Average peak-to-trough decline	-4.60%	-9.59%	+4.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	1.81%	+0.24%

Volatility

UDIV vs. FDL - Volatility Comparison

The current volatility for Franklin U.S. Core Dividend Tilt Index ETF (UDIV) is 3.90%, while First Trust Morningstar Dividend Leaders Index Fund (FDL) has a volatility of 4.96%. This indicates that UDIV experiences smaller price fluctuations and is considered to be less risky than FDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UDIV	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.90%	4.96%	-1.06%
Volatility (6M) Calculated over the trailing 6-month period	10.26%	8.97%	+1.29%
Volatility (1Y) Calculated over the trailing 1-year period	13.02%	11.95%	+1.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.66%	14.44%	+1.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.17%	17.16%	-0.99%

UDIV vs. FDL - Expense Ratio Comparison

UDIV has a 0.06% expense ratio, which is lower than FDL's 0.43% expense ratio.

Dividends

UDIV vs. FDL - Dividend Comparison

UDIV's dividend yield for the trailing twelve months is around 1.48%, 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%
UDIV Franklin U.S. Core Dividend Tilt Index ETF	1.48%	1.53%	2.05%	1.91%	3.20%	2.97%	2.90%	3.40%	3.74%	3.47%	1.63%	0.00%

Frequently Asked Questions

Can I hold both UDIV and FDL in my portfolio?

UDIV and FDL have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UDIV or FDL?

FDL has higher volatility (4.96%) compared to UDIV (3.90%). In terms of maximum drawdown, UDIV dropped -35.21% vs FDL's -65.93%.

Which ETF is better, UDIV or FDL?

On 10-year performance, UDIV leads with 11.54% vs 11.09% for FDL. On fees, UDIV is cheaper at 0.06% per year. On volatility, UDIV has been the lower-risk option at 3.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UDIV or FDL?

Over the 10-year period, UDIV has performed better with a 11.54% return vs 11.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UDIV or FDL?

UDIV is cheaper with a 0.06% expense ratio, compared with 0.43% for FDL.

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

FDL has the higher dividend yield at 3.59%, compared with 1.48% for UDIV.

What is the main difference between UDIV and FDL?

UDIV is categorized as Dividend, while FDL is Large Cap Value Equities. UDIV tracks Linked Morningstar US Dividend Enhanced Select Index, while FDL tracks Morningstar Dividend Leaders Index. They also come from different issuers: Franklin Templeton and First Trust. Their fees differ too: 0.06% for UDIV and 0.43% for FDL.

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (2.26 vs 1.83), 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.