FBDC vs. FXO
FBDC (FT Confluence BDC & Specialty Finance Income ETF) and FXO (First Trust Financials AlphaDEX Fund) are both Financials Equities funds from First Trust. FBDC is actively managed, while FXO is passively managed. A 0.56 correlation means they provide meaningful diversification when combined. FBDC charges 1.35%/yr vs 0.62%/yr for FXO.
Performance
FBDC vs. FXO - Performance Comparison
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Returns By Period
In the year-to-date period, FBDC achieves a -10.66% return, which is significantly lower than FXO's 2.70% return.
FBDC
- 1D
- -1.16%
- 1M
- -1.54%
- YTD
- -10.66%
- 6M
- -9.44%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FXO
- 1D
- 0.72%
- 1M
- 3.42%
- YTD
- 2.70%
- 6M
- 0.52%
- 1Y
- 16.26%
- 3Y*
- 21.78%
- 5Y*
- 9.95%
- 10Y*
- 13.20%
FBDC vs. FXO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FBDC FT Confluence BDC & Specialty Finance Income ETF | -10.66% | -2.66% |
FXO First Trust Financials AlphaDEX Fund | 2.70% | 9.56% |
Correlation
The correlation between FBDC and FXO is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Jun 30, 2025 | 0.56 |
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Return for Risk
FBDC vs. FXO — Risk / Return Rank
FBDC
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
FXO
FBDC vs. FXO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FT Confluence BDC & Specialty Finance Income ETF (FBDC) and First Trust Financials AlphaDEX Fund (FXO). 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.
| FBDC | FXO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.18 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 1.39 | — |
| Martin ratioReturn relative to average drawdown | — | 4.15 | — |
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Drawdowns
FBDC vs. FXO - Drawdown Comparison
The maximum FBDC drawdown since its inception was -20.60%, smaller than the maximum FXO drawdown of -71.30%. Use the drawdown chart below to compare losses from any high point for FBDC and FXO.
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Drawdown Indicators
| FBDC | FXO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.60% | -71.30% | +50.70% |
Max Drawdown (1Y)Largest decline over 1 year | — | -11.72% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -21.35% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -28.80% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.55% | — |
Current DrawdownCurrent decline from peak | -18.29% | -0.37% | -17.92% |
Average DrawdownAverage peak-to-trough decline | -10.41% | -13.08% | +2.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 3.93% | — |
Volatility
FBDC vs. FXO - Volatility Comparison
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Volatility by Period
| FBDC | FXO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 3.92% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 10.98% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 18.03% | 15.66% | +2.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.03% | 21.86% | -3.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.03% | 24.14% | -6.11% |
FBDC vs. FXO - Expense Ratio Comparison
FBDC has a 1.35% expense ratio, which is higher than FXO's 0.62% expense ratio.
Dividends
FBDC vs. FXO - Dividend Comparison
FBDC's dividend yield for the trailing twelve months is around 11.67%, more than FXO's 2.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FBDC FT Confluence BDC & Specialty Finance Income ETF | 11.67% | 5.41% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FXO First Trust Financials AlphaDEX Fund | 2.10% | 1.78% | 1.97% | 2.98% | 2.49% | 1.91% | 2.60% | 1.72% | 2.60% | 1.62% | 1.35% | 1.51% |
Frequently Asked Questions
FBDC and FXO have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FXO is cheaper at 0.62% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FXO is cheaper with a 0.62% expense ratio, compared with 1.35% for FBDC.
FBDC has the higher dividend yield at 11.67%, compared with 2.10% for FXO.
Their fees differ too: 1.35% for FBDC and 0.62% for FXO.
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