FDL vs SPHD: Holdings Overlap
FDLFirst Trust Morningstar Dividend Leaders Index Fund
First Trust · 86 holdings · $7.8B · as of 2026-03-31
SPHDInvesco S&P 500 High Dividend Low Volatility ETF
Invesco · 49 holdings · $3.4B · as of 2026-05-31
Holdings snapshots are 61 days apart (FDL: 2026-03-31, SPHD: 2026-05-31). Weights and index membership change between snapshots, so the true current overlap is typically higher than shown. For funds tracking the same index, the gap can be 5–15 points.
How similar are FDL and SPHD?
First Trust Morningstar Dividend Leaders Index Fund (FDL, by First Trust) holds 86 positions; Invesco S&P 500 High Dividend Low Volatility ETF (SPHD, by Invesco) holds 49. They have 32 holdings in common, and by portfolio weight the two funds are 36.9% identical. In practical terms the pair is moderately overlapping; they share a meaningful core, but each fund adds distinct exposure.
- Overlap by Weight
- 36.9%Sum of the smaller weight of each shared holding
- Shared Holdings
- 32FDL holds 86 · SPHD holds 49
- Weight in Shared Holdings
- FDL 65%·SPHD 65%Share of each fund's weight in stocks both funds own
Based on each fund's latest official holdings. How is this calculated?
What makes each fund different
Only in FDL
54 of 86 positions (35.1% of the fund) are not held by SPHD. Showing the top 30 by weight.
Sector Breakdown
| Sector | FDL | SPHD |
|---|---|---|
| Energy | 28.9% | 11.8% |
| Real Estate | 0.0% | 21.2% |
| Consumer Staples | 14.1% | 18.1% |
| Health Care | 17.2% | 5.0% |
| Financials | 13.8% | 16.0% |
| Other Sectors | 25.9% | 27.2% |
Share of each fund's portfolio weight by GICS-style sector, compiled from issuer fund data and our own classification of the holdings, not the issuers' published sector charts.
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| FDL | +3.6% | +19.1% | +27.6% | +18.9% | +14.1% | +11.1% | 3.56% |
| SPHD | +1.0% | +12.8% | +14.8% | +12.6% | +8.0% | +7.2% | 4.54% |
Total returns including dividends, from adjusted daily closes as of 2026-08-07. 3Y/5Y/10Y are annualized. Yield is trailing-12-month distributions over the last close. Past performance does not predict future results.
Project the growth of $10,000 in FDL vs SPHD →
Shared Holdings(32)
The top 10 shared positions account for 60% of the overlap, led by VZ, MO and PFE.
 VZVerizon Communications Inc. COM | 7.36% | 3.47% | 3.47% |
|---|---|---|---|
 MOAltria Group, Inc. COM | 4.45% | 3.43% | 3.43% |
 PFEPfizer Inc. COM | 6.48% | 2.98% | 2.98% |
 CVXChevron Corp. COM | 9.12% | 2.09% | 2.09% |
 BMYBristol-Myers Squibb Company COM | 3.26% | 2.06% | 2.06% |
 OKEOneok Inc. COM | 1.77% | 2.64% | 1.77% |
 TFCTruist Financial Corp. COM | 1.64% | 1.74% | 1.64% |
 USBU.S. Bancorp. COM NEW | 2.05% | 1.61% | 1.61% |
 CMCSAComcast Corporation CL A | 2.82% | 1.60% | 1.60% |
 EOGEOG Resources Inc. COM | 1.55% | 1.98% | 1.55% |
 XOMExxon Mobil Corp. COM | 11.05% | 1.54% | 1.54% |
 KMIKinder Morgan, Inc. COM | 1.47% | 1.96% | 1.47% |
 PRUPrudential Financial, Inc. COM | 1.27% | 1.87% | 1.27% |
 EXCExelon Corp. COM | 1.02% | 1.59% | 1.02% |
 FITBFifth Third Bancorp COM | 0.91% | 1.32% | 0.91% |
 KHCThe Kraft Heinz Co. COM | 0.81% | 3.01% | 0.81% |
 HBANHuntington Bancshares Incorporated COM | 0.76% | 1.33% | 0.76% |
 GISGeneral Mills, Inc. COM | 0.71% | 1.70% | 0.71% |
 AMCRAmcor PLC COM NEW | 0.71% | 2.40% | 0.71% |
 TROWPrice T Rowe Group Inc. COM | 0.70% | 2.08% | 0.70% |
 ESEversource Energy COM | 0.67% | 1.82% | 0.67% |
 FEFirstEnergy Corp. COM | 0.58% | 1.64% | 0.58% |
 RFRegions Financial Corporation COM | 0.57% | 1.58% | 0.57% |
 OMCOmnicom Group Inc COM | 0.56% | 1.42% | 0.56% |
 PFGPrincipal Financial Group Inc. COM | 0.45% | 1.69% | 0.45% |
Frequently Asked Questions
How much do FDL and SPHD overlap?
FDL and SPHD overlap by 36.9% of portfolio weight. They share 32 holdings (FDL holds 86 positions and SPHD holds 49), based on each fund's latest SEC-reported holdings.
Is it redundant to own both FDL and SPHD?
The two portfolios are 36.9% identical by weight. Owning both is defensible: they share a meaningful core, but each fund adds exposure the other lacks.
What are the biggest shared holdings of FDL and SPHD?
The largest positions held by both funds are VZ, MO, PFE, CVX and BMY. Together the top 10 shared positions account for 60% of the total overlap.
What does FDL own that SPHD doesn't?
54 positions (35.1% of FDL) are unique to FDL, led by MRK, PEP and UPS. In the other direction, 17 positions (34.6% of SPHD) are unique to SPHD.