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FDL vs RWL: Differences, Returns & Fees

FDL and RWL hold 10% of their weight in the same names. Net assets on Oct 9, 2026: $7.7bn for First Trust Morningstar ETF and $10.0bn for Invesco S&P 500 Revenue ETF.

RWL costs 0.04 points a year less; their one-year returns differ by 0.5 points; RWL is 1.3 times larger.

FDL vs RWL: Differences, Returns & Fees
FDLRWL
Expense ratio0.43%0.39%
Net assets$7.7bn$10.0bn
Total return, 1 year+20.6%+21.1%
What it tracksMorningstar Dividend Leaders IndexS&P 500 Revenue-Weighted Index
Holdings in common10%
Holdings datedOct 9, 2026Oct 10, 2026
Top ten holdings, share of the fund50.4%24.0%
Below its high5.9%, high on Aug 24, 2026

Holdings in common uses holdings dated Oct 9, 2026.

+20.6%
FDL total return, 1 year
+21.1%
RWL total return, 1 year
0.43%
FDL expense ratio
0.39%
RWL expense ratio

What they hold in common

By the books each fund has filed, FDL and RWL hold 10% 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

10% in common

Positions both hold, largest shared weight first
Holding FDL RWL
Chevron Corporation 9.08% 1.05%
Verizon Communications Inc. 6.56% 0.59%
Comcast Corporation (Class A) 2.45% 0.54%
Target Corporation 1.32% 0.53%
PepsiCo, Inc. 4.97% 0.45%
Accenture plc 3.00% 0.44%
United Parcel Service, Inc. (Class B) 3.04% 0.43%
Pfizer Inc. 6.55% 0.33%
Prudential Financial, Inc. 1.20% 0.31%
Tyson Foods, Inc. (Class A) 0.40% 0.29%
HP Inc. 0.68% 0.28%
Philip Morris International Inc. 6.77% 0.23%
Only in FDL
Fidelity National Financial, Inc. 0.30%
OneMain Holdings, Inc. 0.28%
Essential Utilities, Inc. 0.26%
Columbia Banking System, Inc. 0.25%
OGE Energy Corp. 0.23%
Eastman Chemical Company 0.22%
UGI Corporation 0.21%
Conagra Brands, Inc. 0.19%
Only in RWL
Amazon.com Inc 4.05%
Walmart Inc 3.89%
Apple Inc 2.50%
UnitedHealth Group Inc 2.18%
McKesson Corp 2.17%
Berkshire Hathaway Inc 1.97%
CVS Health Corp 1.88%
ExxonMobil Holdings Corp 1.88%

Check overlap with more funds →

On the same fields

FDL
First Trust Morningstar ETF
RWL
Invesco S&P 500 Revenue 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% +21.1%
Expense ratio 0.43% 0.39%
Already in the S&P 500 93.3% 99.4%
Holdings 100 505
Net assets $7.7bn $10.0bn

FDL and RWL 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 RWL

RWL tracks an index. Over the year to Oct 9, 2026 it returned +21.1% with distributions reinvested. The prospectus expense ratio is 0.39% a year. By its holdings published by its issuer for Oct 10, 2026, 99% of the fund by weight is stocks the S&P 500 also holds, across 505 positions, with the top ten at 24.0%.

Questions people ask

Which returned more over the last year, FDL or RWL?
In the year to Oct 9, 2026, with distributions reinvested, FDL returned +20.6% and RWL +21.1%.
Which is cheaper, FDL or RWL?
RWL is cheaper, by 0.04 percentage points a year. That is about $4 on $10,000 held for a year. Fees come from each fund's prospectus.
How much do FDL and RWL overlap with the S&P 500?
By their latest filed holdings, 93% of FDL and 99% of RWL by weight is stocks the S&P 500 already holds.
Other comparisons
FDL vs PRFFDL vs FDVVFDL vs VLUEFDL vs PVALRWL vs VLUERWL vs SCHDRWL vs VTVFTCS vs RWL
FDL on its own →RWL 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 ↗RWL filings on SEC EDGAR ↗RWL prospectus with the expense ratio (SEC) ↗Invesco page for RWL ↗

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 RWL, data as of Oct 9, 2026. https://etfiq.com/compare/any/fdl-vs-rwl

Open data

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