At a glance
FVD charges 0.62% a year, above the 0.25% average of the 8 funds most like it (the most expensive of 9). It has $8.04B in assets, the 5th largest of that group; it paid 2.26% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +11.1% with distributions reinvested (S&P 500: +11.5%), 7th of those 9 funds; over three years it returned +14.2% a year. At its worst it fell 35.1% in the 2020 crash (S&P 500: 33.7%) and 16.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 17 months after the lows. Its ten largest positions make up 4.3% of the fund, out of 250 in all.
The short version
First Trust Value Line Dividend Index Fund (FVD) tracks the Value Line Dividend Index. The index holds about 250 stocks that Value Line rates among its safest, that pay a higher dividend yield than the S&P 500, and it gives each stock an equal weight. That focus on steadier dividend payers is what sets it apart. The cost is the drawback: 0.62% a year, the highest of the similar funds compared, where the average was 0.25%.
Price history
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FVD +11.1% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| FVD official prospectus, to Dec 31, 2025 | — | +8.19% | — | +7.95% | +9.23% | +9.19% |
| FVD price data to Oct 27, 2026 | +10.5% | +11.1% | +14.2% | +6.5% | +9.1% | +8.4% |
- Over the year to Oct 27, 2026, FVD returned +11.1%, 7th of 9 among similar funds.
- Its 5-year annualized return was +6.5% and its 10-year +9.1%.
- In the 2020 COVID crash it fell 35.1% and regained its old high 10.6 months after the low.
- Its worst full calendar year was 2008 (-22.9%); its best was 2013 (+26.8%).
- The deepest fall in its price history was 51% (Jun 4, 2007 to Mar 9, 2009), recovered by Mar 3, 2011.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.5% | — |
| 2025 | +8.2% | +8.19% |
| 2024 | +10.1% | +10.00% |
| 2023 | +4.1% | +4.10% |
| 2022 | -5.2% | -5.24% |
| 2021 | +25.1% | +24.86% |
| 2020 | -0.1% | -0.01% |
| 2019 | +26.6% | +26.56% |
| 2018 | -3.5% | -3.44% |
| 2017 | +12.5% | +12.48% |
| 2016 | +19.9% | +19.94% |
| 2015 | +1.2% | — |
| 2014 | +15.9% | — |
| 2013 | +26.8% | — |
| 2012 | +11.3% | — |
| 2011 | +9.0% | — |
| 2010 | +16.0% | — |
| 2009 | +19.2% | — |
| 2008 | -22.9% | — |
| 2007 | -4.4% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 49.9% over that stretch · deepest drop along the way 49.9%, back to its old high 22.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 35.1% over that stretch · deepest drop along the way 35.1%, back to its old high 10.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 15.6% over that stretch · deepest drop along the way 16.4%, back to its old high 16.8 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.8100 | |
| 2025 | $1.0900 | +11.2% |
| 2024 | $0.9800 | +4.3% |
| 2023 | $0.9400 | +6.8% |
| 2022 | $0.8800 | +15.8% |
| 2021 | $0.7600 | -6.2% |
| 2020 | $0.8100 | +11.0% |
| 2019 | $0.7300 | +1.4% |
| 2018 | $0.7200 | +12.5% |
| 2017 | $0.6400 | +10.3% |
| 2016 | $0.5800 | +5.5% |
| 2015 | $0.5500 | -8.3% |
| 2014 | $0.6000 | +22.2% |
| 2013 | $0.4910 | -1.6% |
| 2012 | $0.4990 | +19.4% |
| 2011 | $0.4180 | +3.2% |
| 2010 | $0.4050 | +7.1% |
| 2009 | $0.3780 | -15.8% |
| 2008 | $0.4490 | -3.4% |
| 2007 | $0.4650 |
What's inside
As of Jun 30, 2026, the fund held 250 securities; the ten largest made up 4.33% of assets.
| Holding | Weight | |
|---|---|---|
| REYNOLDS CONSUMER PRODUCTS INC | 0.44% | |
| RLI CORP | 0.44% | |
| SONOCO PRODUCTS COMPANY | 0.44% | |
| JACK HENRY & ASSOCIATES INC | 0.44% | |
| INTERNATIONAL BUSINESS MACHINES CORP | 0.43% | |
| MERCK & COMPANY INC | 0.43% | |
| BROWN & BROWN INC | 0.43% | |
| LABCORP HOLDINGS INC | 0.43% | |
| COMCAST CORP | 0.43% | |
| JOHNSON & JOHNSON | 0.43% | |
| ARTHUR J. GALLAGHER & COMPANY | 0.43% | |
| QUEST DIAGNOSTICS INC | 0.43% | |
| ABBVIE INC | 0.43% | |
| KIMBERLY CLARK CORP | 0.43% | |
| MARZETTI COMPANY (THE) | 0.43% |
By country
United States 78.81%Canada 7.42%United Kingdom 3.57%Ireland 3.55%Japan 1.2%By asset type
Stocks 99.72%By sector
Sectors of the companies held, for the 45% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $252.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.15%, -1.54%, +2.50%.
How it works
FVD is an index fund from First Trust. It aims to match the price and yield, before fees, of the Value Line Dividend Index, which Value Line Publishing builds and ICE Data Indices calculates. The fund normally keeps at least 90% of its net assets in the index's stocks.
The index starts with stocks that Value Line rates #1 or #2 on its Safety Ranking System, which scores about 1,700 stocks from #1 (safest) to #5 (riskiest). The rank blends a price stability score, based on how much a stock's weekly price swings, with a rating of the company's financial strength. Funds, limited partnerships and foreign stocks not listed in the U.S. are dropped. The remaining stocks must yield more than the S&P 500 and meet size rules. Each stock that passes then gets an equal weight. As of June 30, 2026, the largest positions, led by Reynolds Consumer Products, RLI and Sonoco Products, were each only about 0.44% of assets.
The index is rebalanced and reconstituted monthly, and the fund follows shortly after. That schedule helps explain the fund's portfolio turnover of 65%. Turnover is the share of holdings replaced in a year. Safety ranks update weekly, so the fund can keep a stock that slips below #2 until the next monthly reset. The fund uses no leverage or options.
What it really costs
- FVD charges 0.62% a year, versus an average of 0.25% for the similar funds below (9th of 9, cheapest first).
- Of that, 0.48% is the management fee; the rest covers other fund expenses.
In a retirement portfolio
Its index screens for stock-price stability and financial strength, but in severe crashes it has still fallen almost as hard as stocks in general.
FVD could be a steadier part of a retirement portfolio's stock holdings, and it pays dividends every quarter. Its yield over the past 12 months was 2.26% ($1.13 a share) as of October 27, 2026. The safety screen helped in 2022: the fund lost 5.24% that year and was down 16.4% at its low. Even so, it took 16.8 months to recover. In larger crashes the screen protected less. The fund fell 49.9% in the 2008 financial crisis, and its worst calendar year was 2008, at −22.9%. It took nearly two years to recover from that drop. In the 2020 COVID crash it fell 35.1% and needed about 11 months to recover. Selling shares for living expenses during drops like these would lock in losses. Its 0.62% expense ratio is well above the 0.25% average for similar funds. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want stocks screened for price stability and financial strength, spread evenly across about 250 dividend-paying companies.
- Retirees who like quarterly dividends from established companies such as Merck, Johnson & Johnson and IBM, with a 2.26% yield as of October 27, 2026.
- People who don't want a few stocks to dominate: as of June 30, 2026, the 10 largest holdings made up just 4.33% of assets.
Look elsewhere if
- Cost-conscious investors: the 0.62% expense ratio ranked 9th of 9 similar funds. Vanguard High Dividend Yield ETF (VYM) charges 0.06%.
- Investors seeking high income: the 2.26% trailing yield is moderate, and companies in the index can cut or stop their dividends.
- Anyone expecting the safety screen to protect against crashes: the fund fell 49.9% in 2008 and 35.1% in early 2020.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| FVD this fund | — | 0.62% | $8.04B | +11.1% | +14.2% |
| LGLV SPDR SSGA US Large Cap Low Volatility Index… | 39% | 0.12% | $1.14B | +7.7% | +15.0% |
| CFO VictoryShares US 500 Enhanced Volatility Wt… | 34% | 0.37% | $412.4M | +11.2% | +14.9% |
| CFA VictoryShares US 500 Volatility Wtd ETF | 34% | 0.35% | $533.5M | +11.2% | +17.3% |
| SIXL ETC 6 Meridian Low Beta Equity ETF | 34% | 0.47% | $204.2M | +11.0% | +12.1% |
| SDY SPDR S&P Dividend ETF | 34% | 0.35% | $21.39B | +21.8% | +15.5% |
| RSP Invesco S&P 500® Equal Weight ETF | 31% | 0.2% | $96.47B | +18.9% | +18.3% |
| VYM Vanguard High Dividend Yield Index ETF | 31% | 0.06% | $99.19B | +19.1% | +21.2% |
Questions investors ask
Is FVD good for retirement income?
FVD can provide some retirement income, but not a high level of it. It pays dividends every quarter, and its yield over the past 12 months was 2.26% ($1.13 a share) as of October 27, 2026. Its stocks are chosen for higher-than-S&P 500 yields and strong Value Line safety ranks. The companies can still cut their dividends, though, and the fund charges 0.62% a year. It may work better as one part of an income mix than as the only source.
What's the difference between FVD and SDY?
Both are dividend index funds, and about 34% of their holdings overlap. FVD uses Value Line's safety ranks to pick stocks and gives each one an equal weight. SPDR S&P Dividend ETF (SDY) is cheaper, at 0.35% a year versus 0.62%. It is also larger, with $21.4 billion in net assets against FVD's $8.0 billion as of June 30, 2026. SDY returned 19.9% over one year through October 29, 2026. FVD returned 11.1% over one year through October 27, 2026.
Does FVD pay monthly dividends?
No. FVD pays dividends quarterly. Over the 12 months to October 27, 2026, it paid $1.13 a share, a yield of 2.26%. Payments depend on the dividends its roughly 250 holdings pay, so they can rise or fall from one quarter to the next. The index changes its holdings every month, but that doesn't change the quarterly payment schedule. Investors who want monthly income would need to combine it with other holdings.
Why is FVD's expense ratio so high?
FVD charges 0.62% a year, according to its prospectus filed April 30, 2026. That includes a 0.48% management fee, with no fee waiver. It is the highest cost among nine similar funds compared, where the average was 0.25%. The fund also has portfolio turnover of 65% because its index resets every month. Trading costs from that turnover are not included in the expense ratio, so they reduce returns on top of the stated fee.
How has FVD performed over the last 10 years?
FVD returned an average of 9.23% a year over the 10 years to December 31, 2025, and 7.95% a year over five years. Results swung widely: it gained 26.56% in 2019 and lost 5.24% in 2022. Its worst quarter was the first quarter of 2020, at −22.54%. Over the three years through October 27, 2026, it returned 14.2% a year. That ranked 8th of 9 similar funds.