FBDC vs. IAT
FBDC (FT Confluence BDC & Specialty Finance Income ETF) and IAT (iShares U.S. Regional Banks ETF) are both Financials Equities funds. FBDC is actively managed, while IAT is passively managed. Over the past year, FBDC returned -11.30% vs 31.32% for IAT. At a 0.47 correlation, their price movements are largely independent. FBDC charges 1.35%/yr vs 0.42%/yr for IAT.
Performance
FBDC vs. IAT - 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 IAT's 19.57% return.
FBDC
- 1D
- 1.74%
- 1M
- 4.48%
- 6M
- -6.58%
- YTD
- -4.10%
- 1Y
- -11.30%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IAT
- 1D
- 2.00%
- 1M
- 8.29%
- 6M
- 15.61%
- YTD
- 19.57%
- 1Y
- 31.32%
- 3Y*
- 26.05%
- 5Y*
- 6.40%
- 10Y*
- 9.84%
FBDC vs. IAT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FBDC FT Confluence BDC & Specialty Finance Income ETF | -4.10% | -2.66% |
IAT iShares U.S. Regional Banks ETF | 19.57% | 13.70% |
Correlation
The correlation between FBDC and IAT is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2025 | 0.47 |
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Return for Risk
FBDC vs. IAT — Risk / Return Rank
FBDC
IAT
FBDC vs. IAT - 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. Regional Banks ETF (IAT). 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 | IAT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.07 | ||
| Sortino ratioReturn per unit of downside risk | -2.78 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.26 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.55 | 1.80 | -2.35 |
| Martin ratioReturn relative to average drawdown | -0.93 | 4.59 | -5.52 |
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Drawdowns
FBDC vs. IAT - Drawdown Comparison
The maximum FBDC drawdown since its inception was -20.60%, smaller than the maximum IAT drawdown of -77.22%. Use the drawdown chart below to compare losses from any high point for FBDC and IAT.
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Drawdown Indicators
| FBDC | IAT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.60% | -77.22% | +56.62% |
Max Drawdown (1Y)Largest decline over 1 year | -20.60% | -17.49% | -3.11% |
Max Drawdown (3Y)Largest decline over 3 years | — | -29.29% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -55.55% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -55.55% | — |
Current DrawdownCurrent decline from peak | -12.29% | 0.00% | -12.29% |
Average DrawdownAverage peak-to-trough decline | -10.74% | -26.83% | +16.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.23% | 6.84% | +5.39% |
Volatility
FBDC vs. IAT - Volatility Comparison
The current volatility for FT Confluence BDC & Specialty Finance Income ETF (FBDC) is 4.45%, while iShares U.S. Regional Banks ETF (IAT) has a volatility of 5.56%. This indicates that FBDC experiences smaller price fluctuations and is considered to be less risky than IAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FBDC | IAT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.45% | 5.56% | -1.11% |
Volatility (6M)Calculated over the trailing 6-month period | 14.59% | 16.40% | -1.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.06% | 21.86% | -3.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.86% | 28.87% | -11.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.86% | 30.66% | -12.80% |
FBDC vs. IAT - Expense Ratio Comparison
FBDC has a 1.35% expense ratio, which is higher than IAT's 0.42% expense ratio.
Dividends
FBDC vs. IAT - Dividend Comparison
FBDC's dividend yield for the trailing twelve months is around 11.99%, more than IAT's 2.48% 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% |
IAT iShares U.S. Regional Banks ETF | 2.48% | 2.94% | 2.95% | 3.56% | 3.12% | 1.88% | 2.87% | 2.49% | 2.48% | 1.55% | 1.52% | 1.78% |
Frequently Asked Questions
FBDC and IAT have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IAT has higher volatility (5.56%) compared to FBDC (4.45%). In terms of maximum drawdown, FBDC dropped -20.60% vs IAT's -77.22%.
On 1-year performance, IAT leads with 31.32% vs -11.30% for FBDC. On fees, IAT is cheaper at 0.42% 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, IAT has performed better with a 31.32% return vs -11.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAT is cheaper with a 0.42% expense ratio, compared with 1.35% for FBDC.
FBDC has the higher dividend yield at 11.99%, compared with 2.48% for IAT.
They also come from different issuers: First Trust and iShares. Their fees differ too: 1.35% for FBDC and 0.42% for IAT.
IAT currently has the higher Sharpe Ratio (1.44 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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