FDL vs SPY: Holdings Overlap
FDLFirst Trust Morningstar Dividend Leaders Index Fund
First Trust · 86 holdings · $7.8B · as of 2026-03-31
SPYState Street® SPDR® S&P 500® ETF Trust
State Street (SPDR) · 504 holdings · $812.0B · as of 2026-08-06
Holdings snapshots are 128 days apart (FDL: 2026-03-31, SPY: 2026-08-06). 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 SPY?
First Trust Morningstar Dividend Leaders Index Fund (FDL, by First Trust) holds 86 positions; State Street® SPDR® S&P 500® ETF Trust (SPY, by State Street (SPDR)) holds 504. They have 52 holdings in common, and by portfolio weight the two funds are 4.9% identical. In practical terms the pair is essentially distinct, holding almost none of the same securities.
- Overlap by Weight
- 4.9%Sum of the smaller weight of each shared holding
- Shared Holdings
- 52FDL holds 86 · SPY holds 504
- Weight in Shared Holdings
- FDL 83%·SPY 5%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
34 of 86 positions (16.5% of the fund) are not held by SPY. Showing the top 30 by weight.
Sector Breakdown
| Sector | FDL | SPY |
|---|---|---|
| Information Technology | 1.0% | 37.6% |
| Energy | 28.9% | 3.2% |
| Health Care | 17.2% | 8.9% |
| Consumer Staples | 14.1% | 4.5% |
| Financials | 13.8% | 12.3% |
| Other Sectors | 24.9% | 33.4% |
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% |
| SPY | +3.4% | +14.0% | +23.7% | +21.2% | +13.3% | +15.3% | 0.97% |
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 SPY →
Shared Holdings(52)
The top 10 shared positions account for 56% of the overlap, led by CVX, MRK and VZ.
 CVXChevron Corp. COM | 9.12% | 0.53% | 0.53% |
|---|---|---|---|
 MRKMerck & Co., Inc COM | 5.51% | 0.48% | 0.48% |
 VZVerizon Communications Inc. COM | 7.36% | 0.30% | 0.30% |
 PEPPepsico Inc COM | 4.76% | 0.29% | 0.29% |
 PFEPfizer Inc. COM | 6.48% | 0.23% | 0.23% |
 COPConocoPhillips COM | 2.97% | 0.21% | 0.21% |
 BMYBristol-Myers Squibb Company COM | 3.26% | 0.20% | 0.20% |
 CVSCVS Health Corp COM | 1.96% | 0.19% | 0.19% |
 MOAltria Group, Inc. COM | 4.45% | 0.17% | 0.17% |
 PNCPNC Financial Services Group, Inc. (The) | 1.77% | 0.15% | 0.15% |
 USBU.S. Bancorp. COM NEW | 2.05% | 0.15% | 0.15% |
 CMCSAComcast Corporation CL A | 2.82% | 0.14% | 0.14% |
 UPSUnited Parcel Service, Inc., Class B | 3.03% | 0.12% | 0.12% |
 EOGEOG Resources Inc. COM | 1.55% | 0.11% | 0.11% |
 AEPAmerican Electric Power Co, Inc. COM | 1.24% | 0.10% | 0.10% |
 TGTTarget Corp. COM | 1.33% | 0.10% | 0.10% |
 TFCTruist Financial Corp. COM | 1.64% | 0.10% | 0.10% |
 KMIKinder Morgan, Inc. COM | 1.47% | 0.09% | 0.09% |
 OKEOneok Inc. COM | 1.77% | 0.08% | 0.08% |
 FFord Motor Company COM | 1.42% | 0.08% | 0.08% |
 FITBFifth Third Bancorp COM | 0.91% | 0.08% | 0.08% |
 EXCExelon Corp. COM | 1.02% | 0.07% | 0.07% |
 PRUPrudential Financial, Inc. COM | 1.27% | 0.06% | 0.06% |
 ADMArcher-Daniels-Midland Co. COM | 0.64% | 0.06% | 0.06% |
 HBANHuntington Bancshares Incorporated COM | 0.76% | 0.05% | 0.05% |
Frequently Asked Questions
How much do FDL and SPY overlap?
FDL and SPY overlap by 4.9% of portfolio weight. They share 52 holdings (FDL holds 86 positions and SPY holds 504), based on each fund's latest SEC-reported holdings.
Is it redundant to own both FDL and SPY?
The two portfolios are 4.9% identical by weight. Owning both is genuine diversification: the funds hold almost none of the same securities.
What are the biggest shared holdings of FDL and SPY?
The largest positions held by both funds are CVX, MRK, VZ, PEP and PFE. Together the top 10 shared positions account for 56% of the total overlap.
What does FDL own that SPY doesn't?
34 positions (16.5% of FDL) are unique to FDL, led by XOM, CTRA and CAG. In the other direction, 452 positions (95.0% of SPY) are unique to SPY.