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FDL vs PWV: Differences, Returns & Fees

FDL and PWV hold 20% of their weight in the same names, and PWV returned +22.5% over the year. Net assets on Oct 9, 2026: $7.7bn for First Trust Morningstar ETF and $1.8bn for Invesco Large Cap Value ETF.

FDL costs 0.12 points a year less; their one-year returns differ by 1.9 points; FDL is 4.2 times larger.

FDL vs PWV: Differences, Returns & Fees
FDLPWV
Expense ratio0.43%0.55%
Net assets$7.7bn$1.8bn
Total return, 1 year+20.6%+22.5%
What it tracksMorningstar Dividend Leaders IndexDynamic Large Cap Value Intellidex Index
Holdings in common20%
Holdings datedOct 9, 2026Oct 10, 2026
Top ten holdings, share of the fund50.4%33.8%
Below its high5.9%, high on Aug 24, 20266.5%, high on Sep 3, 2026

Holdings in common uses holdings dated Oct 9, 2026.

+20.6%
FDL total return, 1 year
+22.5%
PWV total return, 1 year
0.43%
FDL expense ratio
0.55%
PWV expense ratio

What they hold in common

By the books each fund has filed, FDL and PWV hold 20% of their money in the same securities at the same weight. Above 50%, holding both is close to holding one of them twice. Holdings dated Oct 9, 2026.

half

20% in common

Positions both hold, largest shared weight first
Holding FDL PWV
Chevron Corporation 9.08% 3.72%
PepsiCo, Inc. 4.97% 3.11%
Verizon Communications Inc. 6.56% 2.96%
Kinder Morgan, Inc. 1.63% 1.58%
ONEOK, Inc. 1.70% 1.47%
U.S. Bancorp 1.96% 1.39%
Truist Financial Corporation 1.52% 1.38%
United Parcel Service, Inc. (Class B) 3.04% 1.35%
Bristol-Myers Squibb Company 3.06% 1.32%
Target Corporation 1.32% 1.41%
Only in FDL
Philip Morris International Inc. 6.77%
Pfizer Inc. 6.55%
Altria Group, Inc. 4.95%
Accenture plc 3.00%
Comcast Corporation (Class A) 2.45%
Medtronic Plc 2.33%
The Southern Company 2.30%
Duke Energy Corporation 2.20%
Only in PWV
ExxonMobil Holdings Corp 3.69%
Wells Fargo & Co 3.46%
Citigroup Inc 3.41%
Walt Disney Co/The 3.41%
UnitedHealth Group Inc 3.35%
Amgen Inc 3.29%
JPMorgan Chase & Co 3.29%
Morgan Stanley 3.08%

Check overlap with more funds →

On the same fields

FDL
First Trust Morningstar ETF
PWV
Invesco Large Cap Value ETF
Where it sits Stock ETF Stock ETF
Issuer First Trust Invesco
What it is Tracks an index Tracks an index
Total return, 1 year +20.6% +22.5%
Expense ratio 0.43% 0.55%
Already in the S&P 500 93.3% 96.4%
Holdings 100 52
Net assets $7.7bn $1.8bn

FDL and PWV on the fields both publish, as of Oct 9, 2026. Source: ETFIQ.

About FDL

FDL tracks an index. Over the year to Oct 9, 2026 it returned +20.6% with distributions reinvested. The prospectus expense ratio is 0.43% a year. By its holdings published by its issuer for Oct 9, 2026, 93% of the fund by weight is stocks the S&P 500 also holds, across 100 positions, with the top ten at 50.4%. It sat 5.9% below its high of Aug 24, 2026 on Oct 9, 2026.

About PWV

PWV tracks an index. Over the year to Oct 9, 2026 it returned +22.5% with distributions reinvested. The prospectus expense ratio is 0.55% a year. By its holdings published by its issuer for Oct 10, 2026, 96% of the fund by weight is stocks the S&P 500 also holds, across 52 positions, with the top ten at 33.8%. It sat 6.5% below its high of Sep 3, 2026 on Oct 9, 2026.

Questions people ask

Which returned more over the last year, FDL or PWV?
In the year to Oct 9, 2026, with distributions reinvested, FDL returned +20.6% and PWV +22.5%.
Which is cheaper, FDL or PWV?
FDL is cheaper, by 0.12 percentage points a year. That is about $12 on $10,000 held for a year. Fees come from each fund's prospectus.
How much do FDL and PWV overlap with the S&P 500?
By their latest filed holdings, 93% of FDL and 96% of PWV by weight is stocks the S&P 500 already holds.
Other comparisons
FDL vs VYMFDL vs IWDFDL vs SCHDFDL vs VTVFTCS vs PWVJAVA vs PWVPWV vs SPYDPWV vs SPLV
FDL on its own →PWV on its own →Hold both: look the portfolio through →Rankings →Standards and sources →
Where these figures came from
FDL filings on SEC EDGAR ↗FDL prospectus with the expense ratio (SEC) ↗First Trust page for FDL ↗PWV filings on SEC EDGAR ↗PWV prospectus with the expense ratio (SEC) ↗Invesco page for PWV ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. 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.

Cite this pageCitation, APA and Markdown

ETFIQ, FDL against PWV, data as of Oct 9, 2026. https://etfiq.com/compare/any/fdl-vs-pwv

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.