EHLS vs. FBDC

Last updated Jun 4, 2026

EHLS (Even Herd Long Short ETF) and FBDC (FT Confluence BDC & Specialty Finance Income ETF) are both exchange-traded funds - EHLS is a Long-Short fund actively managed by N/A, while FBDC is a Financials Equities fund actively managed by First Trust. Both are actively managed. At a 0.14 correlation, their price movements are largely independent. EHLS charges 1.58%/yr vs 1.35%/yr for FBDC.

Performance

EHLS vs. FBDC - Performance Comparison

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

Returns By Period

In the year-to-date period, EHLS achieves a 15.59% return, which is significantly higher than FBDC's -9.51% return.

EHLS

• 1D: -0.28%
• 1M: 2.51%
• YTD: 15.59%
• 6M: 16.66%
• 1Y: 23.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FBDC

• 1D: -2.98%
• 1M: -7.81%
• YTD: -9.51%
• 6M: -10.31%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EHLS vs. FBDC - Yearly Performance Comparison

	2026 (YTD)	2025
EHLS Even Herd Long Short ETF	15.59%	4.59%
FBDC FT Confluence BDC & Specialty Finance Income ETF	-9.51%	-2.43%

Correlation

The correlation between EHLS and FBDC is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 1, 2025	0.14

Return for Risk

EHLS vs. FBDC — Risk / Return Rank

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

EHLS

EHLS Risk / Return Rank: 41
EHLS Sharpe Ratio Rank: 36
EHLS Sortino Ratio Rank: 32
EHLS Omega Ratio Rank: 35
EHLS Calmar Ratio Rank: 53
EHLS Martin Ratio Rank: 47

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.

EHLS vs. FBDC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Even Herd Long Short ETF (EHLS) 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.

	EHLS	FBDC	Difference
Sharpe ratio: Return per unit of total volatility	1.27	—	—
Sortino ratio: Return per unit of downside risk	1.72	—	—
Omega ratio: Gain probability vs. loss probability	1.23	—	—
Calmar ratio: Return relative to maximum drawdown	2.63	—	—
Martin ratio: Return relative to average drawdown	7.72	—	—
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

	EHLS	FBDC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.27	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	-0.70	+1.51

Drawdowns

EHLS vs. FBDC - Drawdown Comparison

The maximum EHLS drawdown since its inception was -18.96%, smaller than the maximum FBDC drawdown of -20.60%. Use the drawdown chart below to compare losses from any high point for EHLS and FBDC.

Drawdown Indicators

	EHLS	FBDC	Difference
Max Drawdown Largest peak-to-trough decline	-18.96%	-20.60%	+1.64%
Max Drawdown (1Y) Largest decline over 1 year	-9.06%	—	—
Current Drawdown Current decline from peak	-1.54%	-17.24%	+15.70%
Average Drawdown Average peak-to-trough decline	-4.43%	-10.14%	+5.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.08%	—	—

Volatility

Volatility by Period

	EHLS	FBDC	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.41%	—	—
Volatility (6M) Calculated over the trailing 6-month period	14.54%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	18.71%	18.06%	+0.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.76%	18.06%	+1.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.76%	18.06%	+1.70%

EHLS vs. FBDC - Expense Ratio Comparison

EHLS has a 1.58% expense ratio, which is higher than FBDC's 1.35% expense ratio.

Dividends

EHLS vs. FBDC - Dividend Comparison

EHLS has not paid dividends to shareholders, while FBDC's dividend yield for the trailing twelve months is around 11.52%.

Position	TTM	2025	2024
EHLS Even Herd Long Short ETF	0.00%	0.00%	1.03%
FBDC FT Confluence BDC & Specialty Finance Income ETF	11.52%	5.41%	0.00%

Frequently Asked Questions

Can I hold both EHLS and FBDC in my portfolio?

EHLS and FBDC have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EHLS or FBDC?

On fees, FBDC is cheaper at 1.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EHLS or FBDC?

FBDC is cheaper with a 1.35% expense ratio, compared with 1.58% for EHLS.

Which ETF pays a higher dividend yield, EHLS or FBDC?

FBDC has the higher dividend yield at 11.52%, compared with 0.00% for EHLS.

What is the main difference between EHLS and FBDC?

EHLS is categorized as Long-Short, while FBDC is Financials Equities. They also come from different issuers: N/A and First Trust. Their fees differ too: 1.58% for EHLS and 1.35% for FBDC.