FDL vs SPHD overlap - what they share and where they differ
FDL and SPHD share 38.4% of their weight across 32 common positions, read from what each fund reported to the SEC.
Each week Ploutos reads the reported positions of the largest US equity ETFs and measures, pair by pair, the weight they share: for every stock both funds hold, the smaller of the two weights counts. Two funds tracking the same index land near 100%. A sector fund inside a broad index fund lands at roughly that sector's weight.
FDL and SPHD
38.4%
32 shared positions
FDL
First Trust Morningstar Dividend Leaders Index Fund
Reported positions cover 100% of the fund, 99 positions · Jun 30, 2026
Top 10: 48.1%·Holdings of FDL
SPHD
Invesco S&P 500 High Dividend Low Volatility ETF
Reported positions cover 99% of the fund, 49 positions · May 31, 2026
Top 10: 29.1%·Holdings of SPHD
Reported positions cover FDL 100%, SPHD 99% of each fund. An overlap cannot exceed the smaller coverage, so a low figure can mean little overlap or thin reporting.
SPHD vs FDL side by side
FDLFirst Trust Morningstar Dividend Leaders Index Fund
99
stock positions reported to the SEC
44.7% of its weight is in 67 names SPHD does not hold
SPHDInvesco S&P 500 High Dividend Low Volatility ETF
49
stock positions reported to the SEC
35.7% of its weight is in 17 names FDL does not hold
Where each fund's weight sits
Largest sectors for both funds
The widest gap is Real Estate: SPHD has 21.2 points more of it.
The figures side by side
| FDL | SPHD | |
|---|---|---|
| Filing date | Jun 30, 2026 | May 31, 2026 |
| Stock positions reported | 99 | 49 |
| Weight of the ten largest | 48.1% | 29.1% |
| Largest position | CVX 7.4% | VZ 3.5% |
| Held alone | 67 positions, 44.7% | 17 positions, 35.7% |
| Covered by stock positions | 100% | 99% |
Holdings they share
| Stock | In FDL | In SPHD | Counted |
|---|---|---|---|
| VZVERIZON COMMUNICATIONS INC | 7.17% | 3.47% | 3.47% |
| MOALTRIA GROUP INC | 4.64% | 3.43% | 3.43% |
| PFEPFIZER INC | 5.91% | 2.98% | 2.98% |
| CVXCHEVRON CORP | 7.43% | 2.09% | 2.09% |
| BMYBRISTOL-MYERS SQUIBB COMPANY | 3.43% | 2.06% | 2.06% |
| TFCTRUIST FINANCIAL CORP | 1.70% | 1.74% | 1.70% |
| OKEONEOK INC | 1.69% | 2.64% | 1.69% |
| CMCSACOMCAST CORP | 3.13% | 1.60% | 1.60% |
| DUKDUKE ENERGY CORP | 2.21% | 1.58% | 1.58% |
| KMIKINDER MORGAN INC | 1.54% | 1.96% | 1.54% |
What each holds alone
The heaviest positions one fund reports and the other does not.
Only in FDL
Only in SPHD
Questions people ask
Is FDL the same as SPHD?
38.4% of their weight sits in the same 32 holdings. FDL also reports PM, PEP, UPS, which the other does not. SPHD also reports DOC, FRANKLIN RESOURCES, INC., VICI, which the other does not.
How is the overlap between FDL and SPHD measured?
For every stock both funds report, the smaller of the two weights counts, and the sum is the overlap. The reported positions cover 100% of FDL and 99% of SPHD, so the number cannot exceed the smaller coverage.
Which holds more, SPHD or FDL?
FDL reports 99 stock positions and SPHD reports 49. 44.7% of FDL's weight sits in names SPHD does not hold, and 35.7% of SPHD's weight in names FDL does not hold. The ten largest positions are 48.1% of FDL and 29.1% of SPHD.
How do FDL and SPHD differ by sector?
The widest gap is Real Estate: SPHD has 21.2 points more of it. Sectors come from each holding's SIC code in its SEC record, summed by the weight the fund reports.
Where do the numbers come from?
From each fund's own N-PORT filing to the SEC, which lists every position and its weight. The comparison uses every equity position the fund reports; cash, futures and bonds are not counted, which is why a coverage figure sits next to every result. Holdings change between filings.
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Descriptive data from public SEC filings. Nothing on this page is a recommendation to buy, sell or hold any fund or stock, and holdings change between filings.