FBDC vs. IAI
FBDC (FT Confluence BDC & Specialty Finance Income ETF) and IAI (iShares U.S. Broker-Dealers & Securities Exchanges ETF) are both Financials Equities funds. FBDC is actively managed, while IAI is passively managed. Over the past year, FBDC returned -11.30% vs 13.29% for IAI. At a 0.45 correlation, their price movements are largely independent. FBDC charges 1.35%/yr vs 0.38%/yr for IAI.
Performance
FBDC vs. IAI - Performance Comparison
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Returns By Period
In the year-to-date period, FBDC achieves a -4.10% return, which is significantly lower than IAI's 7.93% return.
FBDC
- 1D
- 1.74%
- 1M
- 4.48%
- 6M
- -6.58%
- YTD
- -4.10%
- 1Y
- -11.30%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IAI
- 1D
- -2.06%
- 1M
- 2.41%
- 6M
- 1.68%
- YTD
- 7.93%
- 1Y
- 13.29%
- 3Y*
- 28.91%
- 5Y*
- 15.88%
- 10Y*
- 19.36%
FBDC vs. IAI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FBDC FT Confluence BDC & Specialty Finance Income ETF | -4.10% | -2.66% |
IAI iShares U.S. Broker-Dealers & Securities Exchanges ETF | 7.93% | 8.15% |
Correlation
The correlation between FBDC and IAI is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2025 | 0.45 |
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Return for Risk
FBDC vs. IAI — Risk / Return Rank
FBDC
IAI
FBDC vs. IAI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FT Confluence BDC & Specialty Finance Income ETF (FBDC) and iShares U.S. Broker-Dealers & Securities Exchanges ETF (IAI). 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 | IAI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.29 | ||
| Sortino ratioReturn per unit of downside risk | -1.84 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.12 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | -0.55 | 0.81 | -1.36 |
| Martin ratioReturn relative to average drawdown | -0.93 | 2.26 | -3.19 |
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Drawdowns
FBDC vs. IAI - Drawdown Comparison
The maximum FBDC drawdown since its inception was -20.60%, smaller than the maximum IAI drawdown of -75.46%. Use the drawdown chart below to compare losses from any high point for FBDC and IAI.
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Drawdown Indicators
| FBDC | IAI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.60% | -75.46% | +54.86% |
Max Drawdown (1Y)Largest decline over 1 year | -20.60% | -16.52% | -4.08% |
Max Drawdown (3Y)Largest decline over 3 years | — | -23.14% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -28.84% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -40.38% | — |
Current DrawdownCurrent decline from peak | -12.29% | -2.06% | -10.23% |
Average DrawdownAverage peak-to-trough decline | -10.74% | -22.55% | +11.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.23% | 5.88% | +6.35% |
Volatility
FBDC vs. IAI - Volatility Comparison
The current volatility for FT Confluence BDC & Specialty Finance Income ETF (FBDC) is 4.45%, while iShares U.S. Broker-Dealers & Securities Exchanges ETF (IAI) has a volatility of 7.16%. This indicates that FBDC experiences smaller price fluctuations and is considered to be less risky than IAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FBDC | IAI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.45% | 7.16% | -2.71% |
Volatility (6M)Calculated over the trailing 6-month period | 14.59% | 16.12% | -1.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.06% | 20.06% | -2.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.86% | 21.53% | -3.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.86% | 22.73% | -4.87% |
FBDC vs. IAI - Expense Ratio Comparison
FBDC has a 1.35% expense ratio, which is higher than IAI's 0.38% expense ratio.
Dividends
FBDC vs. IAI - Dividend Comparison
FBDC's dividend yield for the trailing twelve months is around 11.99%, more than IAI's 1.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FBDC FT Confluence BDC & Specialty Finance Income ETF | 11.99% | 5.41% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IAI iShares U.S. Broker-Dealers & Securities Exchanges ETF | 1.07% | 0.95% | 1.05% | 1.80% | 2.14% | 1.31% | 1.55% | 1.52% | 1.58% | 1.37% | 1.49% | 1.31% |
Frequently Asked Questions
FBDC and IAI have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IAI has higher volatility (7.16%) compared to FBDC (4.45%). In terms of maximum drawdown, FBDC dropped -20.60% vs IAI's -75.46%.
On 1-year performance, IAI leads with 13.29% vs -11.30% for FBDC. On fees, IAI is cheaper at 0.38% per year. On volatility, FBDC has been the lower-risk option at 4.45%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IAI has performed better with a 13.29% return vs -11.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAI is cheaper with a 0.38% expense ratio, compared with 1.35% for FBDC.
FBDC has the higher dividend yield at 11.99%, compared with 1.07% for IAI.
They also come from different issuers: First Trust and iShares. Their fees differ too: 1.35% for FBDC and 0.38% for IAI.
IAI currently has the higher Sharpe Ratio (0.67 vs -0.63), 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.
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