FBDC vs. PBEU

Last updated Jun 5, 2026

FBDC (FT Confluence BDC & Specialty Finance Income ETF) and PBEU (Portfolio Building Block European Banks Index ETF) are both Financials Equities funds. FBDC is actively managed, while PBEU is passively managed. At a 0.41 correlation, their price movements are largely independent. FBDC charges 1.35%/yr vs 0.13%/yr for PBEU.

Performance

FBDC vs. PBEU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Confluence BDC & Specialty Finance Income ETF (FBDC) and Portfolio Building Block European Banks Index ETF (PBEU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FBDC achieves a -7.17% return, which is significantly lower than PBEU's 7.74% return.

FBDC

• 1D: 2.59%
• 1M: -5.28%
• YTD: -7.17%
• 6M: -8.43%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PBEU

• 1D: 1.00%
• 1M: 5.33%
• YTD: 7.74%
• 6M: 15.29%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FBDC vs. PBEU - Yearly Performance Comparison

	2026 (YTD)	2025
FBDC FT Confluence BDC & Specialty Finance Income ETF	-7.17%	1.64%
PBEU Portfolio Building Block European Banks Index ETF	7.74%	11.49%

Correlation

The correlation between FBDC and PBEU is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 26, 2025	0.41

Return for Risk

FBDC vs. PBEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Confluence BDC & Specialty Finance Income ETF (FBDC) and Portfolio Building Block European Banks Index ETF (PBEU). 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	PBEU	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-0.56	1.54	-2.10

Drawdowns

FBDC vs. PBEU - Drawdown Comparison

The maximum FBDC drawdown since its inception was -20.60%, which is greater than PBEU's maximum drawdown of -17.26%. Use the drawdown chart below to compare losses from any high point for FBDC and PBEU.

Drawdown Indicators

	FBDC	PBEU	Difference
Max Drawdown Largest peak-to-trough decline	-20.60%	-17.26%	-3.34%
Current Drawdown Current decline from peak	-15.10%	-1.20%	-13.90%
Average Drawdown Average peak-to-trough decline	-10.16%	-4.21%	-5.95%

Volatility

Volatility by Period

	FBDC	PBEU	Difference
Volatility (1Y) Calculated over the trailing 1-year period	18.22%	27.80%	-9.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.22%	27.80%	-9.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.22%	27.80%	-9.58%

FBDC vs. PBEU - Expense Ratio Comparison

FBDC has a 1.35% expense ratio, which is higher than PBEU's 0.13% expense ratio.

Dividends

FBDC vs. PBEU - Dividend Comparison

FBDC's dividend yield for the trailing twelve months is around 11.23%, more than PBEU's 0.01% yield.

Position	TTM	2025
FBDC FT Confluence BDC & Specialty Finance Income ETF	11.23%	5.41%
PBEU Portfolio Building Block European Banks Index ETF	0.01%	0.01%

Frequently Asked Questions

Can I hold both FBDC and PBEU in my portfolio?

FBDC and PBEU have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FBDC or PBEU?

On fees, PBEU is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FBDC or PBEU?

PBEU is cheaper with a 0.13% expense ratio, compared with 1.35% for FBDC.

Which ETF pays a higher dividend yield, FBDC or PBEU?

FBDC has the higher dividend yield at 11.23%, compared with 0.01% for PBEU.

What is the main difference between FBDC and PBEU?

They also come from different issuers: First Trust and Portfolio Building Block. Their fees differ too: 1.35% for FBDC and 0.13% for PBEU.