FBDC vs. GSIB

Last updated Apr 1, 2026

Compare and contrast key facts about FT Confluence BDC & Specialty Finance Income ETF (FBDC) and Themes Global Systemically Important Banks ETF (GSIB).

FBDC and GSIB are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FBDC is an actively managed fund by First Trust. It was launched on Jun 30, 2025. GSIB is an actively managed fund by Themes. It was launched on Dec 14, 2023.

Performance

FBDC vs. GSIB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Confluence BDC & Specialty Finance Income ETF (FBDC) and Themes Global Systemically Important Banks ETF (GSIB). The values are adjusted to include any dividend payments, if applicable.

FBDC vs. GSIB - Yearly Performance Comparison

	2026 (YTD)	2025
FBDC FT Confluence BDC & Specialty Finance Income ETF	-9.87%	-2.43%
GSIB Themes Global Systemically Important Banks ETF	-3.15%	23.40%

Returns By Period

In the year-to-date period, FBDC achieves a -9.87% return, which is significantly lower than GSIB's -3.15% return.

FBDC

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

GSIB

• 1D: 4.01%
• 1M: -4.96%
• YTD: -3.15%
• 6M: 7.71%
• 1Y: 36.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FBDC vs. GSIB - Expense Ratio Comparison

FBDC has a 13.69% expense ratio, which is higher than GSIB's 0.35% expense ratio.

FBDC

FT Confluence BDC & Specialty Finance Income ETF

GSIB

Themes Global Systemically Important Banks ETF

Return for Risk

FBDC vs. GSIB — Risk / Return Rank

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

GSIB

GSIB Risk / Return Rank: 86
GSIB Sharpe Ratio Rank: 88
GSIB Sortino Ratio Rank: 88
GSIB Omega Ratio Rank: 86
GSIB Calmar Ratio Rank: 86
GSIB Martin Ratio Rank: 82

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.

FBDC vs. GSIB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Confluence BDC & Specialty Finance Income ETF (FBDC) and Themes Global Systemically Important Banks ETF (GSIB). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	FBDC	GSIB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.79	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.91	2.15	-3.06

Correlation

The correlation between FBDC and GSIB is 0.48, 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

FBDC vs. GSIB - Dividend Comparison

FBDC's dividend yield for the trailing twelve months is around 9.28%, more than GSIB's 1.97% yield.

	TTM	2025	2024
FBDC FT Confluence BDC & Specialty Finance Income ETF	9.28%	5.41%	0.00%
GSIB Themes Global Systemically Important Banks ETF	1.97%	1.91%	1.67%

Drawdowns

FBDC vs. GSIB - Drawdown Comparison

The maximum FBDC drawdown since its inception was -20.60%, which is greater than GSIB's maximum drawdown of -17.71%. Use the drawdown chart below to compare losses from any high point for FBDC and GSIB.

Drawdown Indicators

	FBDC	GSIB	Difference
Max Drawdown Largest peak-to-trough decline	-20.60%	-17.71%	-2.89%
Max Drawdown (1Y) Largest decline over 1 year	—	-14.59%	—
Current Drawdown Current decline from peak	-17.57%	-9.87%	-7.70%
Average Drawdown Average peak-to-trough decline	-9.11%	-2.06%	-7.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.25%	—

Volatility

Volatility by Period

	FBDC	GSIB	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	7.69%	—
Volatility (6M) Calculated over the trailing 6-month period	—	13.05%	—
Volatility (1Y) Calculated over the trailing 1-year period	17.36%	20.79%	-3.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.36%	18.39%	-1.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.36%	18.39%	-1.03%