BIZD vs. FNCL

Last updated Aug 4, 2026

BIZD (VanEck BDC Income ETF) and FNCL (Fidelity MSCI Financials Index ETF) are both Financials Equities funds - BIZD tracks the MVIS US Business Development Companies Index while FNCL tracks the MSCI USA IMI Financials Index. Both are passively managed. Over the past 10 years, BIZD returned 7.38%/yr vs 13.23%/yr for FNCL. Their 0.60 correlation means they have sometimes moved together and sometimes differently. BIZD charges 12.86%/yr vs 0.08%/yr for FNCL.

Performance

BIZD vs. FNCL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck BDC Income ETF (BIZD) and Fidelity MSCI Financials Index ETF (FNCL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BIZD achieves a -4.84% return, which is significantly lower than FNCL's 6.27% return. Over the past 10 years, BIZD has underperformed FNCL with an annualized return of 7.38%, while FNCL has yielded a comparatively higher 13.23% annualized return.

BIZD

• 1D: 2.74%
• 1M: 1.84%
• 6M: -1.94%
• YTD: -4.84%
• 1Y: -10.71%
• 3Y*: 3.90%
• 5Y*: 5.36%
• 10Y*: 7.38%
• ALL TIME*: 6.33%

FNCL

• 1D: 0.93%
• 1M: 3.24%
• 6M: 7.28%
• YTD: 6.27%
• 1Y: 14.12%
• 3Y*: 20.48%
• 5Y*: 11.48%
• 10Y*: 13.23%
• ALL TIME*: 11.85%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BIZD VanEck BDC Income ETF	$35.10M	$40.21M	$41.46M
FNCL Fidelity MSCI Financials Index ETF	$8.04M	$8.36M	$7.90M

BIZD vs. FNCL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BIZD VanEck BDC Income ETF	-4.84%	-4.96%	15.63%	27.02%	-8.51%	36.25%	-7.12%	30.87%	-6.88%	0.36%
FNCL Fidelity MSCI Financials Index ETF	6.27%	14.94%	30.44%	14.10%	-12.28%	34.92%	-2.19%	31.59%	-13.44%	19.99%

Correlation

The correlation between BIZD and FNCL is 0.55, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.55
Correlation (3Y) Balances recent behavior with more history.	0.58
Correlation (5Y) Shows whether the relationship held over a longer period.	0.64
Correlation (10Y) Provides a long-term view across more market conditions.	0.60
Correlation (All Time) Calculated using the full available price history since Oct 24, 2013	0.60

The correlation between BIZD and FNCL has been stable across timeframes, ranging from 0.55 to 0.64 - a consistent structural relationship.

BIZD vs. FNCL - Sectors Allocation Comparison

Sectors	BIZD	FNCL
Financial Services	100.0%	97.0%
Basic Materials	-	-
Communication Services	-	0.0%
Consumer Cyclical	-	0.0%
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	0.1%
Industrials	-	0.2%
Real Estate	-	0.7%
Technology	-	1.9%
Utilities	-	-

Return for Risk

BIZD vs. FNCL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BIZD

BIZD Risk / Return Rank: 5
BIZD Sharpe Ratio Rank: 5
BIZD Sortino Ratio Rank: 5
BIZD Omega Ratio Rank: 5
BIZD Calmar Ratio Rank: 5
BIZD Martin Ratio Rank: 5

FNCL

FNCL Risk / Return Rank: 34
FNCL Sharpe Ratio Rank: 38
FNCL Sortino Ratio Rank: 36
FNCL Omega Ratio Rank: 36
FNCL Calmar Ratio Rank: 29
FNCL Martin Ratio Rank: 29

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BIZD vs. FNCL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck BDC Income ETF (BIZD) and Fidelity MSCI Financials Index ETF (FNCL). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BIZD	FNCL	Difference
Sharpe ratio: Return per unit of total volatility	-0.57	0.95	-1.52
Sortino ratio: Return per unit of downside risk	-0.71	1.37	-2.08
Omega ratio: Gain probability vs. loss probability	0.92	1.17	-0.25
Calmar ratio: Return relative to maximum drawdown	-0.57	0.96	-1.53
Martin ratio: Return relative to average drawdown	-0.96	2.49	-3.45

BIZD vs. FNCL - Sharpe Ratio Comparison

The current BIZD Sharpe Ratio is -0.57, which is lower than the FNCL Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of BIZD and FNCL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BIZD vs. FNCL - Drawdown Comparison

The maximum BIZD drawdown since its inception was -55.44%, which is greater than FNCL's maximum drawdown of -44.38%. Use the drawdown chart below to compare losses from any high point for BIZD and FNCL.

Drawdown Indicators

	BIZD	FNCL	Difference
Max Drawdown Largest peak-to-trough decline	-55.44%	-44.38%	-11.06%
Max Drawdown (1Y) Largest decline over 1 year	-18.99%	-14.78%	-4.21%
Max Drawdown (3Y) Largest decline over 3 years	-22.56%	-17.29%	-5.27%
Max Drawdown (5Y) Largest decline over 5 years	-22.91%	-25.68%	+2.77%
Max Drawdown (10Y) Largest decline over 10 years	-55.44%	-44.38%	-11.06%
Current Drawdown Current decline from peak	-15.60%	-0.26%	-15.34%
Average Drawdown Average peak-to-trough decline	-6.85%	-6.85%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.22%	5.67%	+5.55%

Volatility

BIZD vs. FNCL - Volatility Comparison

VanEck BDC Income ETF (BIZD) has a higher volatility of 5.43% compared to Fidelity MSCI Financials Index ETF (FNCL) at 3.84%. This indicates that BIZD's price experiences larger fluctuations and is considered to be riskier than FNCL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIZD	FNCL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.43%	3.84%	+1.59%
Volatility (6M) Calculated over the trailing 6-month period	15.32%	11.18%	+4.14%
Volatility (1Y) Calculated over the trailing 1-year period	19.00%	14.91%	+4.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.56%	19.09%	-1.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.83%	22.28%	-0.45%

BIZD vs. FNCL - Expense Ratio Comparison

BIZD has a 12.86% expense ratio, which is higher than FNCL's 0.08% expense ratio.

Dividends

BIZD vs. FNCL - Dividend Comparison

BIZD's dividend yield for the trailing twelve months is around 11.96%, more than FNCL's 1.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BIZD VanEck BDC Income ETF	11.96%	11.78%	10.94%	10.96%	11.21%	8.14%	10.39%	9.13%	10.88%	9.13%	8.51%	9.12%
FNCL Fidelity MSCI Financials Index ETF	1.54%	1.45%	1.52%	1.91%	2.29%	1.75%	2.26%	2.17%	2.37%	1.60%	1.81%	2.17%

Frequently Asked Questions

Can I hold both BIZD and FNCL in my portfolio?

BIZD and FNCL have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BIZD or FNCL?

BIZD has higher volatility (5.43%) compared to FNCL (3.84%). In terms of maximum drawdown, BIZD dropped -55.44% vs FNCL's -44.38%.

Which ETF is better, BIZD or FNCL?

On 10-year performance, FNCL leads with 13.23% vs 7.38% for BIZD. On fees, FNCL is cheaper at 0.08% per year. On volatility, FNCL has been the lower-risk option at 3.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BIZD or FNCL?

Over the 10-year period, FNCL has performed better with a 13.23% return vs 7.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BIZD or FNCL?

FNCL is cheaper with a 0.08% expense ratio, compared with 12.86% for BIZD.

Which ETF pays a higher dividend yield, BIZD or FNCL?

BIZD has the higher dividend yield at 11.96%, compared with 1.54% for FNCL.

What is the main difference between BIZD and FNCL?

BIZD tracks MVIS US Business Development Companies Index, while FNCL tracks MSCI USA IMI Financials Index. They also come from different issuers: VanEck and Fidelity. Their fees differ too: 12.86% for BIZD and 0.08% for FNCL.

Which has better risk-adjusted returns?

FNCL currently has the higher Sharpe Ratio (0.95 vs -0.57), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.