FBDC vs. KWT
FBDC (FT Confluence BDC & Specialty Finance Income ETF) and KWT (iShares MSCI Kuwait ETF) are both Financials Equities funds. FBDC is actively managed, while KWT is passively managed. Over the past year, FBDC returned -12.09% vs -1.11% for KWT. At a 0.13 correlation, their price movements are largely independent. FBDC charges 1.35%/yr vs 0.74%/yr for KWT.
Performance
FBDC vs. KWT - Performance Comparison
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Returns By Period
In the year-to-date period, FBDC achieves a -6.46% return, which is significantly lower than KWT's -2.43% return.
FBDC
- 1D
- 1.92%
- 1M
- 1.39%
- 6M
- -7.11%
- YTD
- -6.46%
- 1Y
- -12.09%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
KWT
- 1D
- 0.08%
- 1M
- -2.31%
- 6M
- -2.08%
- YTD
- -2.43%
- 1Y
- -1.11%
- 3Y*
- 8.19%
- 5Y*
- 8.63%
- 10Y*
- —
FBDC vs. KWT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FBDC FT Confluence BDC & Specialty Finance Income ETF | -6.46% | -2.66% |
KWT iShares MSCI Kuwait ETF | -2.43% | 6.17% |
Correlation
The correlation between FBDC and KWT is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2025 | 0.13 |
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Return for Risk
FBDC vs. KWT — Risk / Return Rank
FBDC
KWT
FBDC vs. KWT - 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 MSCI Kuwait ETF (KWT). 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 | KWT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.58 | ||
| Sortino ratioReturn per unit of downside risk | -0.83 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.00 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.57 | -0.09 | -0.48 |
| Martin ratioReturn relative to average drawdown | -0.97 | -0.20 | -0.77 |
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Drawdowns
FBDC vs. KWT - Drawdown Comparison
The maximum FBDC drawdown since its inception was -20.60%, smaller than the maximum KWT drawdown of -24.37%. Use the drawdown chart below to compare losses from any high point for FBDC and KWT.
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Drawdown Indicators
| FBDC | KWT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.60% | -24.37% | +3.77% |
Max Drawdown (1Y)Largest decline over 1 year | -20.60% | -11.54% | -9.06% |
Max Drawdown (3Y)Largest decline over 3 years | — | -15.22% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.37% | — |
Current DrawdownCurrent decline from peak | -14.45% | -7.14% | -7.31% |
Average DrawdownAverage peak-to-trough decline | -10.69% | -7.29% | -3.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.11% | 5.22% | +6.89% |
Volatility
FBDC vs. KWT - Volatility Comparison
FT Confluence BDC & Specialty Finance Income ETF (FBDC) has a higher volatility of 4.07% compared to iShares MSCI Kuwait ETF (KWT) at 3.33%. This indicates that FBDC's price experiences larger fluctuations and is considered to be riskier than KWT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FBDC | KWT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.07% | 3.33% | +0.74% |
Volatility (6M)Calculated over the trailing 6-month period | 14.76% | 10.23% | +4.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.98% | 13.39% | +4.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.87% | 13.64% | +4.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.87% | 13.92% | +3.95% |
FBDC vs. KWT - Expense Ratio Comparison
FBDC has a 1.35% expense ratio, which is higher than KWT's 0.74% expense ratio.
Dividends
FBDC vs. KWT - Dividend Comparison
FBDC's dividend yield for the trailing twelve months is around 12.29%, more than KWT's 5.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
FBDC FT Confluence BDC & Specialty Finance Income ETF | 12.29% | 5.41% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
KWT iShares MSCI Kuwait ETF | 5.64% | 5.40% | 6.09% | 2.25% | 5.87% | 7.65% | 0.27% |
Frequently Asked Questions
FBDC and KWT have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FBDC has higher volatility (4.07%) compared to KWT (3.33%). In terms of maximum drawdown, FBDC dropped -20.60% vs KWT's -24.37%.
On 1-year performance, KWT leads with -1.11% vs -12.09% for FBDC. On fees, KWT is cheaper at 0.74% per year. On volatility, KWT has been the lower-risk option at 3.33%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, KWT has performed better with a -1.11% return vs -12.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KWT is cheaper with a 0.74% expense ratio, compared with 1.35% for FBDC.
FBDC has the higher dividend yield at 12.29%, compared with 5.64% for KWT.
They also come from different issuers: First Trust and iShares. Their fees differ too: 1.35% for FBDC and 0.74% for KWT.
KWT currently has the higher Sharpe Ratio (-0.08 vs -0.65), 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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