Data as of Oct 28, 2026.
EMLP vs FDL: Differences, Returns & Fees
Over the year to Oct 28, 2026, EMLP returned +19.6% to FDL's +26.0%; 13% of their weight is in the same names.
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Net assets on Oct 27, 2026: $4.2bn for First Trust North American Energy Infrastructure Fund and $8.2bn for First Trust Morningstar ETF.
Pair scorecard
FDL costs 0.52 points a year less; their one-year returns differ by 6.4 points; FDL is 2.0 times larger.
| Measure | EMLP | FDL |
|---|---|---|
| Return | ||
| Total return, 1 year | +19.6% | +26.0% |
| Benchmark | ||
| What it tracks | No index, actively managed | Morningstar Dividend Leaders Index |
| Cost and size | ||
| Expense ratio | 0.95% | 0.43% |
| Net assets, as of Oct 27, 2026 | $4.2bn | $8.2bn |
| Holdings | ||
| Holdings in common | 13% | |
| Top ten holdings, share of the fund | 42.0% | 50.6% |
Holdings in common uses holdings dated Oct 27, 2026. Method
Risk and return
Jun 29, 2012 to Oct 23, 2026 · 747 weekly returnsFDL returned more: +399.1% to +262.7%. FDL swung slightly less: 15.4% to 16.6%. FDL fell slightly less at its worst: −38.0% to −39.0%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | EMLP | FDL | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +262.7% | +399.1% | FDL | Price change plus distributions, reinvested. |
| Annualized | +9.4% | +11.8% | FDL | Total return as a yearly rate. |
| Price return | +115.0% | +183.0% | FDL | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 16.6% | 15.4% | FDL (slight) | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 12.2% | 10.9% | FDL | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −39.0% | −38.0% | FDL (slight) | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.52 | 0.69 | FDL | Return above Treasury bills per unit of volatility. |
| Sortino | 0.71 | 0.97 | FDL | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.24 | 0.31 | FDL | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 747 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, EMLP and FDL hold 13% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.
half
13% in common
Only in one fund ↓
Side by side
EMLP and FDL on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
EMLP and FDL are built for the same job. How do they differ in cost, holdings and results?
- What each follows. EMLP follows No index, actively managed and FDL follows Morningstar Dividend Leaders Index.
- Holdings in common. 13% of the weight is in the same securities (holdings dated Oct 27, 2026).
- One-year total return. Over 1 year to Oct 28, 2026 EMLP returned +19.6% and FDL +26.0% with distributions reinvested, a gap of 6.4 points.
Data as of Oct 28, 2026.
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EMLP
EMLP is actively managed and tracks no index. Over the year to Oct 28, 2026 it returned +19.6% with distributions reinvested. The prospectus expense ratio is 0.95% a year. By its holdings published by its issuer for Oct 27, 2026, 43% of the fund by weight is stocks the S&P 500 also holds, across 59 positions, with the top ten at 42.0%.
FDL
FDL tracks an index. Over the year to Oct 28, 2026 it returned +26.0% with distributions reinvested. The prospectus expense ratio is 0.43% a year. By its holdings published by its issuer for Oct 27, 2026, 93% of the fund by weight is stocks the S&P 500 also holds, across 100 positions, with the top ten at 50.6%.
Questions people ask
- Which returned more over the last year, EMLP or FDL?
- In the year to Oct 28, 2026, with distributions reinvested, EMLP returned +19.6% and FDL +26.0%.
- Which is cheaper, EMLP or FDL?
- FDL is cheaper, by 0.52 percentage points a year. That is about $52 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
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ETFIQ, EMLP against FDL, data as of Oct 28, 2026. https://etfiq.com/compare/any/emlp-vs-fdl
ETFIQ. (Oct 28, 2026). EMLP against FDL. Retrieved from https://etfiq.com/compare/any/emlp-vs-fdl
[EMLP against FDL (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/emlp-vs-fdl)
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