VOOG vs. FDL

Last updated Jun 13, 2026

VOOG (Vanguard S&P 500 Growth ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - VOOG is a S&P 500 fund tracking the S&P 500 Growth 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, VOOG returned 17.86%/yr vs 11.39%/yr for FDL. A 0.57 correlation means they provide meaningful diversification when combined. VOOG charges 0.07%/yr vs 0.43%/yr for FDL.

Performance

VOOG vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P 500 Growth ETF (VOOG) 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, VOOG achieves a 9.67% return, which is significantly lower than FDL's 16.26% return. Over the past 10 years, VOOG has outperformed FDL with an annualized return of 17.86%, while FDL has yielded a comparatively lower 11.39% annualized return.

VOOG

• 1D: 0.38%
• 1M: -1.66%
• YTD: 9.67%
• 6M: 10.61%
• 1Y: 27.55%
• 3Y*: 25.78%
• 5Y*: 14.86%
• 10Y*: 17.86%

FDL

• 1D: 0.91%
• 1M: 3.46%
• YTD: 16.26%
• 6M: 16.15%
• 1Y: 24.87%
• 3Y*: 19.25%
• 5Y*: 13.10%
• 10Y*: 11.39%

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

VOOG vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VOOG Vanguard S&P 500 Growth ETF	9.67%	22.11%	35.89%	29.96%	-29.48%	31.95%	33.35%	30.93%	-0.21%	27.19%
FDL First Trust Morningstar Dividend Leaders Index Fund	16.26%	14.79%	17.98%	2.94%	6.66%	26.10%	-4.30%	24.41%	-5.99%	12.02%

Correlation

The correlation between VOOG and FDL is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.46
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010	0.57

The correlation between VOOG and FDL shifts across timeframes, from -0.08 (1 year) to 0.57 (all time), reflecting how their relationship changes across market environments.

VOOG vs. FDL - Sectors Allocation Comparison

Sectors	VOOG	FDL
Technology	49.4%	1.1%
Communication Services	18.0%	10.6%
Consumer Cyclical	9.4%	3.8%
Financial Services	8.8%	15.1%
Industrials	6.2%	3.8%
Healthcare	5.8%	16.8%
Consumer Defensive	1.0%	14.7%
Real Estate	0.6%	-
Utilities	0.4%	6.5%
Basic Materials	0.4%	0.3%
Energy	0.1%	27.3%

Return for Risk

VOOG vs. FDL — Risk / Return Rank

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

VOOG

VOOG Risk / Return Rank: 52
VOOG Sharpe Ratio Rank: 57
VOOG Sortino Ratio Rank: 53
VOOG Omega Ratio Rank: 53
VOOG Calmar Ratio Rank: 46
VOOG Martin Ratio Rank: 53

FDL

FDL Risk / Return Rank: 84
FDL Sharpe Ratio Rank: 80
FDL Sortino Ratio Rank: 87
FDL Omega Ratio Rank: 76
FDL Calmar Ratio Rank: 93
FDL Martin Ratio Rank: 83

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.

VOOG vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P 500 Growth ETF (VOOG) 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.

	VOOG	FDL	Difference
Sharpe ratio: Return per unit of total volatility	1.67	2.22	-0.55
Sortino ratio: Return per unit of downside risk	2.26	3.41	-1.15
Omega ratio: Gain probability vs. loss probability	1.29	1.39	-0.10
Calmar ratio: Return relative to maximum drawdown	2.02	5.85	-3.83
Martin ratio: Return relative to average drawdown	8.11	14.28	-6.17

VOOG vs. FDL - Sharpe Ratio Comparison

The current VOOG Sharpe Ratio is 1.67, which is comparable to the FDL Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of VOOG 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

VOOG vs. FDL - Drawdown Comparison

The maximum VOOG drawdown since its inception was -32.73%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for VOOG and FDL.

Drawdown Indicators

	VOOG	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-32.73%	-65.93%	+33.20%
Max Drawdown (1Y) Largest decline over 1 year	-13.71%	-4.27%	-9.44%
Max Drawdown (3Y) Largest decline over 3 years	-22.18%	-12.24%	-9.94%
Max Drawdown (5Y) Largest decline over 5 years	-32.73%	-16.46%	-16.27%
Max Drawdown (10Y) Largest decline over 10 years	-32.73%	-41.40%	+8.67%
Current Drawdown Current decline from peak	-4.65%	0.00%	-4.65%
Average Drawdown Average peak-to-trough decline	-4.97%	-9.64%	+4.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.40%	1.76%	+1.64%

Volatility

VOOG vs. FDL - Volatility Comparison

Vanguard S&P 500 Growth ETF (VOOG) has a higher volatility of 6.29% compared to First Trust Morningstar Dividend Leaders Index Fund (FDL) at 2.70%. This indicates that VOOG'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

	VOOG	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.29%	2.70%	+3.59%
Volatility (6M) Calculated over the trailing 6-month period	13.43%	7.69%	+5.74%
Volatility (1Y) Calculated over the trailing 1-year period	16.60%	11.25%	+5.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.29%	14.31%	+6.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.78%	17.11%	+3.67%

VOOG vs. FDL - Expense Ratio Comparison

VOOG has a 0.07% expense ratio, which is lower than FDL's 0.43% expense ratio.

Dividends

VOOG vs. FDL - Dividend Comparison

VOOG's dividend yield for the trailing twelve months is around 0.45%, less than FDL's 3.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDL First Trust Morningstar Dividend Leaders Index Fund	3.58%	4.04%	4.96%	4.58%	3.58%	4.59%	4.48%	3.75%	3.97%	3.18%	2.93%	3.65%
VOOG Vanguard S&P 500 Growth ETF	0.45%	0.49%	0.49%	1.12%	0.93%	0.53%	0.88%	1.26%	1.34%	1.32%	1.47%	1.56%

Frequently Asked Questions

Can I hold both VOOG and FDL in my portfolio?

VOOG and FDL have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VOOG or FDL?

VOOG has higher volatility (6.29%) compared to FDL (2.70%). In terms of maximum drawdown, VOOG dropped -32.73% vs FDL's -65.93%.

Which ETF is better, VOOG or FDL?

On 10-year performance, VOOG leads with 17.86% vs 11.39% for FDL. On fees, VOOG is cheaper at 0.07% per year. On volatility, FDL has been the lower-risk option at 2.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VOOG or FDL?

Over the 10-year period, VOOG has performed better with a 17.86% return vs 11.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VOOG or FDL?

VOOG is cheaper with a 0.07% expense ratio, compared with 0.43% for FDL.

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

FDL has the higher dividend yield at 3.58%, compared with 0.45% for VOOG.

What is the main difference between VOOG and FDL?

VOOG is categorized as S&P 500, while FDL is Large Cap Value Equities. VOOG tracks S&P 500 Growth Index, while FDL tracks Morningstar Dividend Leaders Index. They also come from different issuers: Vanguard and First Trust. Their fees differ too: 0.07% for VOOG and 0.43% for FDL.

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (2.22 vs 1.67), 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.