WCME vs. FDL

Last updated Jun 23, 2026

WCME (First Trust WCM Developing World Equity ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - WCME is a Emerging Markets Equities fund tracking the Actively Managed, while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. Both are passively managed. Over the past year, WCME returned 34.19% vs 21.02% for FDL. At a 0.14 correlation, their price movements are largely independent. WCME charges 0.95%/yr vs 0.43%/yr for FDL.

Performance

WCME vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust WCM Developing World Equity ETF (WCME) 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, WCME achieves a 17.58% return, which is significantly higher than FDL's 11.33% return.

WCME

• 1D: 1.04%
• 1M: 5.83%
• YTD: 17.58%
• 6M: 19.22%
• 1Y: 34.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FDL

• 1D: -0.16%
• 1M: -3.91%
• YTD: 11.33%
• 6M: 11.38%
• 1Y: 21.02%
• 3Y*: 18.63%
• 5Y*: 12.95%
• 10Y*: 10.99%

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

WCME vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
WCME First Trust WCM Developing World Equity ETF	17.58%	35.19%	-10.72%
FDL First Trust Morningstar Dividend Leaders Index Fund	11.33%	14.79%	-1.74%

Correlation

The correlation between WCME and FDL is 0.02, 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	0.02
Correlation (All Time) Calculated using the full available price history since Oct 7, 2024	0.14

The correlation between WCME and FDL shifts across timeframes, from 0.02 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.

WCME vs. FDL - Sectors Allocation Comparison

Sectors	WCME	FDL
Technology	39.4%	1.4%
Financial Services	15.0%	15.2%
Consumer Cyclical	10.9%	4.7%
Healthcare	10.5%	17.6%
Industrials	7.4%	3.9%
Basic Materials	6.3%	0.3%
Energy	4.5%	25.7%
Communication Services	3.4%	10.6%
Consumer Defensive	3.0%	14.4%
Utilities	2.5%	6.5%
Real Estate	-	-

Return for Risk

WCME vs. FDL — Risk / Return Rank

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

WCME

WCME Risk / Return Rank: 46
WCME Sharpe Ratio Rank: 47
WCME Sortino Ratio Rank: 43
WCME Omega Ratio Rank: 47
WCME Calmar Ratio Rank: 46
WCME Martin Ratio Rank: 46

FDL

FDL Risk / Return Rank: 65
FDL Sharpe Ratio Rank: 57
FDL Sortino Ratio Rank: 62
FDL Omega Ratio Rank: 53
FDL Calmar Ratio Rank: 88
FDL Martin Ratio Rank: 66

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.

WCME vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust WCM Developing World Equity ETF (WCME) 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.

	WCME	FDL	Difference
Sharpe ratio: Return per unit of total volatility	1.56	1.84	-0.28
Sortino ratio: Return per unit of downside risk	2.10	2.80	-0.70
Omega ratio: Gain probability vs. loss probability	1.29	1.32	-0.03
Calmar ratio: Return relative to maximum drawdown	2.20	4.94	-2.74
Martin ratio: Return relative to average drawdown	7.51	11.71	-4.20

WCME vs. FDL - Sharpe Ratio Comparison

The current WCME Sharpe Ratio is 1.56, which is comparable to the FDL Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of WCME 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

WCME vs. FDL - Drawdown Comparison

The maximum WCME drawdown since its inception was -15.64%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for WCME and FDL.

Drawdown Indicators

	WCME	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-15.64%	-65.93%	+50.29%
Max Drawdown (1Y) Largest decline over 1 year	-15.64%	-4.27%	-11.37%
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	-0.09%	-4.24%	+4.15%
Average Drawdown Average peak-to-trough decline	-3.70%	-9.64%	+5.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.57%	1.80%	+2.77%

Volatility

WCME vs. FDL - Volatility Comparison

First Trust WCM Developing World Equity ETF (WCME) has a higher volatility of 10.59% compared to First Trust Morningstar Dividend Leaders Index Fund (FDL) at 3.52%. This indicates that WCME'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

	WCME	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.59%	3.52%	+7.07%
Volatility (6M) Calculated over the trailing 6-month period	19.34%	8.03%	+11.31%
Volatility (1Y) Calculated over the trailing 1-year period	22.05%	11.51%	+10.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.68%	14.30%	+6.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.68%	17.13%	+3.55%

WCME vs. FDL - Expense Ratio Comparison

WCME has a 0.95% expense ratio, which is higher than FDL's 0.43% expense ratio.

Dividends

WCME vs. FDL - Dividend Comparison

WCME's dividend yield for the trailing twelve months is around 0.58%, less than FDL's 3.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDL First Trust Morningstar Dividend Leaders Index Fund	3.74%	4.04%	4.96%	4.58%	3.58%	4.59%	4.48%	3.75%	3.97%	3.18%	2.93%	3.65%
WCME First Trust WCM Developing World Equity ETF	0.58%	0.68%	0.53%	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 WCME and FDL in my portfolio?

WCME and FDL have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WCME or FDL?

WCME has higher volatility (10.59%) compared to FDL (3.52%). In terms of maximum drawdown, WCME dropped -15.64% vs FDL's -65.93%.

Which ETF is better, WCME or FDL?

On 1-year performance, WCME leads with 34.19% vs 21.02% for FDL. On fees, FDL is cheaper at 0.43% per year. On volatility, FDL has been the lower-risk option at 3.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, WCME or FDL?

Over the 1-year period, WCME has performed better with a 34.19% return vs 21.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WCME or FDL?

FDL is cheaper with a 0.43% expense ratio, compared with 0.95% for WCME.

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

FDL has the higher dividend yield at 3.74%, compared with 0.58% for WCME.

What is the main difference between WCME and FDL?

WCME is categorized as Emerging Markets Equities, while FDL is Large Cap Value Equities. WCME tracks Actively Managed, while FDL tracks Morningstar Dividend Leaders Index. Their fees differ too: 0.95% for WCME and 0.43% for FDL.

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (1.84 vs 1.56), 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.