DFNL vs. FBDC

Last updated Apr 1, 2026

Compare and contrast key facts about Davis Select Financial ETF (DFNL) and FT Confluence BDC & Specialty Finance Income ETF (FBDC).

DFNL and FBDC are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DFNL is an actively managed fund by Davis Advisers. It was launched on Jan 11, 2017. FBDC is an actively managed fund by First Trust. It was launched on Jun 30, 2025.

Performance

DFNL vs. FBDC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Davis Select Financial ETF (DFNL) and FT Confluence BDC & Specialty Finance Income ETF (FBDC). The values are adjusted to include any dividend payments, if applicable.

DFNL vs. FBDC - Yearly Performance Comparison

	2026 (YTD)	2025
DFNL Davis Select Financial ETF	-7.22%	14.07%
FBDC FT Confluence BDC & Specialty Finance Income ETF	-9.87%	-2.43%

Returns By Period

In the year-to-date period, DFNL achieves a -7.22% return, which is significantly higher than FBDC's -9.87% return.

DFNL

• 1D: 2.40%
• 1M: -4.60%
• YTD: -7.22%
• 6M: 0.50%
• 1Y: 15.69%
• 3Y*: 22.32%
• 5Y*: 12.10%
• 10Y*: —

FBDC

• 1D: 2.30%
• 1M: 2.24%
• YTD: -9.87%
• 6M: -9.05%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DFNL vs. FBDC - Expense Ratio Comparison

DFNL has a 0.64% expense ratio, which is lower than FBDC's 13.69% expense ratio.

FBDC

FT Confluence BDC & Specialty Finance Income ETF

DFNL

Davis Select Financial ETF

Return for Risk

DFNL vs. FBDC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DFNL

DFNL Risk / Return Rank: 45
DFNL Sharpe Ratio Rank: 46
DFNL Sortino Ratio Rank: 44
DFNL Omega Ratio Rank: 46
DFNL Calmar Ratio Rank: 48
DFNL Martin Ratio Rank: 42

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DFNL vs. FBDC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Davis Select Financial ETF (DFNL) and FT Confluence BDC & Specialty Finance Income ETF (FBDC). 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.

	DFNL	FBDC	Difference
Sharpe ratio Return per unit of total volatility	0.83	—	—
Sortino ratio Return per unit of downside risk	1.20	—	—
Omega ratio Gain probability vs. loss probability	1.18	—	—
Calmar ratio Return relative to maximum drawdown	1.22	—	—
Martin ratio Return relative to average drawdown	3.93	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	DFNL	FBDC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.83	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	-0.91	+1.42

Correlation

The correlation between DFNL and FBDC is 0.53, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

DFNL vs. FBDC - Dividend Comparison

DFNL's dividend yield for the trailing twelve months is around 1.47%, less than FBDC's 9.28% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFNL Davis Select Financial ETF	1.47%	1.37%	2.19%	2.33%	3.34%	2.45%	1.45%	2.52%	3.12%	1.10%
FBDC FT Confluence BDC & Specialty Finance Income ETF	9.28%	5.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

DFNL vs. FBDC - Drawdown Comparison

The maximum DFNL drawdown since its inception was -44.51%, which is greater than FBDC's maximum drawdown of -20.60%. Use the drawdown chart below to compare losses from any high point for DFNL and FBDC.

Drawdown Indicators

	DFNL	FBDC	Difference
Max Drawdown Largest peak-to-trough decline	-44.51%	-20.60%	-23.91%
Max Drawdown (1Y) Largest decline over 1 year	-13.48%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.27%	—	—
Current Drawdown Current decline from peak	-9.91%	-17.57%	+7.66%
Average Drawdown Average peak-to-trough decline	-7.69%	-9.11%	+1.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.17%	—	—

Volatility

Volatility by Period

	DFNL	FBDC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.91%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.16%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	19.02%	17.36%	+1.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.33%	17.36%	+1.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.74%	17.36%	+5.38%