FBDC vs. IAK
FBDC (FT Confluence BDC & Specialty Finance Income ETF) and IAK (iShares U.S. Insurance ETF) are both Financials Equities funds. FBDC is actively managed, while IAK is passively managed. Over the past year, FBDC returned -11.30% vs 14.53% for IAK. At a 0.25 correlation, their price movements are largely independent. FBDC charges 1.35%/yr vs 0.38%/yr for IAK.
Performance
FBDC vs. IAK - 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 IAK's 6.94% return.
FBDC
- 1D
- 1.74%
- 1M
- 4.48%
- 6M
- -6.58%
- YTD
- -4.10%
- 1Y
- -11.30%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IAK
- 1D
- 1.52%
- 1M
- 5.26%
- 6M
- 10.84%
- YTD
- 6.94%
- 1Y
- 14.53%
- 3Y*
- 19.94%
- 5Y*
- 15.38%
- 10Y*
- 12.98%
FBDC vs. IAK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FBDC FT Confluence BDC & Specialty Finance Income ETF | -4.10% | -2.66% |
IAK iShares U.S. Insurance ETF | 6.94% | 3.35% |
Correlation
The correlation between FBDC and IAK is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2025 | 0.25 |
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Return for Risk
FBDC vs. IAK — Risk / Return Rank
FBDC
IAK
FBDC vs. IAK - 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. Insurance ETF (IAK). 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 | IAK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.56 | ||
| Sortino ratioReturn per unit of downside risk | -2.20 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.17 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.55 | 1.92 | -2.47 |
| Martin ratioReturn relative to average drawdown | -0.93 | 4.66 | -5.59 |
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Drawdowns
FBDC vs. IAK - Drawdown Comparison
The maximum FBDC drawdown since its inception was -20.60%, smaller than the maximum IAK drawdown of -77.38%. Use the drawdown chart below to compare losses from any high point for FBDC and IAK.
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Drawdown Indicators
| FBDC | IAK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.60% | -77.38% | +56.78% |
Max Drawdown (1Y)Largest decline over 1 year | -20.60% | -7.62% | -12.98% |
Max Drawdown (3Y)Largest decline over 3 years | — | -11.58% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -14.76% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -44.95% | — |
Current DrawdownCurrent decline from peak | -12.29% | -3.38% | -8.91% |
Average DrawdownAverage peak-to-trough decline | -10.74% | -16.05% | +5.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.23% | 3.12% | +9.11% |
Volatility
FBDC vs. IAK - Volatility Comparison
The current volatility for FT Confluence BDC & Specialty Finance Income ETF (FBDC) is 4.45%, while iShares U.S. Insurance ETF (IAK) has a volatility of 6.86%. This indicates that FBDC experiences smaller price fluctuations and is considered to be less risky than IAK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FBDC | IAK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.45% | 6.86% | -2.41% |
Volatility (6M)Calculated over the trailing 6-month period | 14.59% | 11.77% | +2.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.06% | 15.66% | +2.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.86% | 18.14% | -0.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.86% | 20.87% | -3.01% |
FBDC vs. IAK - Expense Ratio Comparison
FBDC has a 1.35% expense ratio, which is higher than IAK's 0.38% expense ratio.
Dividends
FBDC vs. IAK - Dividend Comparison
FBDC's dividend yield for the trailing twelve months is around 11.99%, more than IAK's 2.50% 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% |
IAK iShares U.S. Insurance ETF | 2.50% | 1.69% | 1.49% | 1.44% | 1.69% | 2.26% | 2.07% | 1.84% | 2.33% | 1.62% | 1.68% | 1.62% |
Frequently Asked Questions
FBDC and IAK have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IAK has higher volatility (6.86%) compared to FBDC (4.45%). In terms of maximum drawdown, FBDC dropped -20.60% vs IAK's -77.38%.
On 1-year performance, IAK leads with 14.53% vs -11.30% for FBDC. On fees, IAK 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, IAK has performed better with a 14.53% return vs -11.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAK 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 2.50% for IAK.
They also come from different issuers: First Trust and iShares. Their fees differ too: 1.35% for FBDC and 0.38% for IAK.
IAK currently has the higher Sharpe Ratio (0.93 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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