FBDC vs. TYLD

Last updated Jul 18, 2026

FBDC (FT Confluence BDC & Specialty Finance Income ETF) and TYLD (Cambria Tactical Yield ETF) are both exchange-traded funds - FBDC is a Financials Equities fund actively managed by First Trust, while TYLD is a fund fund actively managed by Cambria. Both are actively managed. Over the past year, FBDC returned -13.53% vs 3.68% for TYLD. At a correlation of -0.09, they often move in opposite directions. FBDC charges 1.35%/yr vs 0.59%/yr for TYLD.

Performance

FBDC vs. TYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Confluence BDC & Specialty Finance Income ETF (FBDC) and Cambria Tactical Yield ETF (TYLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FBDC achieves a -5.45% return, which is significantly lower than TYLD's 1.76% return.

FBDC

• 1D: -1.41%
• 1M: 4.92%
• 6M: -7.40%
• YTD: -5.45%
• 1Y: -13.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TYLD

• 1D: 0.00%
• 1M: 0.12%
• 6M: 1.58%
• YTD: 1.76%
• 1Y: 3.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FBDC vs. TYLD - Yearly Performance Comparison

	2026 (YTD)	2025
FBDC FT Confluence BDC & Specialty Finance Income ETF	-5.45%	-2.66%
TYLD Cambria Tactical Yield ETF	1.76%	2.10%

Correlation

The correlation between FBDC and TYLD is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.11
Correlation (All Time) Calculated using the full available price history since Jun 30, 2025	-0.09

Return for Risk

FBDC vs. TYLD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FBDC

FBDC Risk / Return Rank: 4
FBDC Sharpe Ratio Rank: 3
FBDC Sortino Ratio Rank: 4
FBDC Omega Ratio Rank: 4
FBDC Calmar Ratio Rank: 4
FBDC Martin Ratio Rank: 3

TYLD

TYLD Risk / Return Rank: 99
TYLD Sharpe Ratio Rank: 98
TYLD Sortino Ratio Rank: 99
TYLD Omega Ratio Rank: 98
TYLD Calmar Ratio Rank: 99
TYLD Martin Ratio Rank: 99

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FBDC vs. TYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Confluence BDC & Specialty Finance Income ETF (FBDC) and Cambria Tactical Yield ETF (TYLD). 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	TYLD	Difference
Sharpe ratio: Return per unit of total volatility	-0.75	4.94	-5.69
Sortino ratio: Return per unit of downside risk	-0.99	9.19	-10.18
Omega ratio: Gain probability vs. loss probability	0.89	2.41	-1.52
Calmar ratio: Return relative to maximum drawdown	-0.69	20.74	-21.43
Martin ratio: Return relative to average drawdown	-1.18	106.89	-108.08

FBDC vs. TYLD - Sharpe Ratio Comparison

The current FBDC Sharpe Ratio is -0.75, which is lower than the TYLD Sharpe Ratio of 4.94. The chart below compares the historical Sharpe Ratios of FBDC and TYLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FBDC vs. TYLD - Drawdown Comparison

The maximum FBDC drawdown since its inception was -20.60%, which is greater than TYLD's maximum drawdown of -1.06%. Use the drawdown chart below to compare losses from any high point for FBDC and TYLD.

Drawdown Indicators

	FBDC	TYLD	Difference
Max Drawdown Largest peak-to-trough decline	-20.60%	-1.06%	-19.54%
Max Drawdown (1Y) Largest decline over 1 year	-19.79%	-0.18%	-19.61%
Current Drawdown Current decline from peak	-13.53%	-0.08%	-13.45%
Average Drawdown Average peak-to-trough decline	-10.75%	-0.10%	-10.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.26%	0.03%	+12.23%

Volatility

FBDC vs. TYLD - Volatility Comparison

FT Confluence BDC & Specialty Finance Income ETF (FBDC) has a higher volatility of 4.74% compared to Cambria Tactical Yield ETF (TYLD) at 0.29%. This indicates that FBDC's price experiences larger fluctuations and is considered to be riskier than TYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBDC	TYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.74%	0.29%	+4.45%
Volatility (6M) Calculated over the trailing 6-month period	14.53%	0.56%	+13.97%
Volatility (1Y) Calculated over the trailing 1-year period	18.09%	0.75%	+17.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.88%	1.74%	+16.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.88%	1.74%	+16.14%

FBDC vs. TYLD - Expense Ratio Comparison

FBDC has a 1.35% expense ratio, which is higher than TYLD's 0.59% expense ratio.

Dividends

FBDC vs. TYLD - Dividend Comparison

FBDC's dividend yield for the trailing twelve months is around 12.16%, more than TYLD's 3.73% yield.

Position	TTM	2025	2024
FBDC FT Confluence BDC & Specialty Finance Income ETF	12.16%	5.41%	0.00%
TYLD Cambria Tactical Yield ETF	3.73%	4.38%	4.24%

Frequently Asked Questions

Can I hold both FBDC and TYLD in my portfolio?

FBDC and TYLD have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FBDC or TYLD?

FBDC has higher volatility (4.74%) compared to TYLD (0.29%). In terms of maximum drawdown, FBDC dropped -20.60% vs TYLD's -1.06%.

Which ETF is better, FBDC or TYLD?

On 1-year performance, TYLD leads with 3.68% vs -13.53% for FBDC. On fees, TYLD is cheaper at 0.59% per year. On volatility, TYLD has been the lower-risk option at 0.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FBDC or TYLD?

Over the 1-year period, TYLD has performed better with a 3.68% return vs -13.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FBDC or TYLD?

TYLD is cheaper with a 0.59% expense ratio, compared with 1.35% for FBDC.

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

FBDC has the higher dividend yield at 12.16%, compared with 3.73% for TYLD.

What is the main difference between FBDC and TYLD?

They also come from different issuers: First Trust and Cambria. Their fees differ too: 1.35% for FBDC and 0.59% for TYLD.

Which has better risk-adjusted returns?

TYLD currently has the higher Sharpe Ratio (4.94 vs -0.75), 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.