FBT vs. BPAY

Last updated Jun 4, 2026

FBT (First Trust Amex Biotechnology Index) and BPAY (BlackRock Future Financial and Technology ETF) are both exchange-traded funds - FBT is a Health & Biotech Equities fund tracking the NYSE Arca Biotechnology Index, while BPAY is a Financials Equities fund actively managed by BlackRock. FBT is passively managed, while BPAY is actively managed. Over the past 3 years, FBT returned 12.40%/yr vs 8.49%/yr for BPAY. A 0.56 correlation means they provide meaningful diversification when combined. FBT charges 0.57%/yr vs 0.70%/yr for BPAY.

Performance

FBT vs. BPAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Amex Biotechnology Index (FBT) and BlackRock Future Financial and Technology ETF (BPAY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FBT achieves a 7.08% return, which is significantly higher than BPAY's -12.44% return.

FBT

• 1D: 2.92%
• 1M: 6.19%
• YTD: 7.08%
• 6M: 3.95%
• 1Y: 35.94%
• 3Y*: 12.40%
• 5Y*: 6.79%
• 10Y*: 8.86%

BPAY

• 1D: -4.23%
• 1M: -4.47%
• YTD: -12.44%
• 6M: -14.32%
• 1Y: -10.80%
• 3Y*: 8.49%
• 5Y*: —
• 10Y*: —

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

FBT vs. BPAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FBT First Trust Amex Biotechnology Index	7.08%	24.25%	5.88%	2.55%	6.77%
BPAY BlackRock Future Financial and Technology ETF	-12.44%	8.54%	17.28%	13.19%	-16.39%

Correlation

The correlation between FBT and BPAY is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (All Time) Calculated using the full available price history since Aug 19, 2022	0.56

The correlation between FBT and BPAY has been stable across timeframes, ranging from 0.50 to 0.56 - a consistent structural relationship.

FBT vs. BPAY - Sectors Allocation Comparison

Sectors	FBT	BPAY
Healthcare	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	6.0%
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	53.0%
Industrials	-	4.6%
Real Estate	-	2.2%
Technology	-	36.4%
Utilities	-	-

Return for Risk

FBT vs. BPAY — Risk / Return Rank

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

FBT

FBT Risk / Return Rank: 49
FBT Sharpe Ratio Rank: 50
FBT Sortino Ratio Rank: 52
FBT Omega Ratio Rank: 48
FBT Calmar Ratio Rank: 52
FBT Martin Ratio Rank: 45

BPAY

BPAY Risk / Return Rank: 5
BPAY Sharpe Ratio Rank: 5
BPAY Sortino Ratio Rank: 5
BPAY Omega Ratio Rank: 5
BPAY Calmar Ratio Rank: 6
BPAY Martin Ratio Rank: 6

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.

FBT vs. BPAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Amex Biotechnology Index (FBT) and BlackRock Future Financial and Technology ETF (BPAY). 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.

	FBT	BPAY	Difference
Sharpe ratio: Return per unit of total volatility	1.74	-0.42	+2.15
Sortino ratio: Return per unit of downside risk	2.56	-0.42	+2.98
Omega ratio: Gain probability vs. loss probability	1.31	0.95	+0.36
Calmar ratio: Return relative to maximum drawdown	2.53	-0.32	+2.86
Martin ratio: Return relative to average drawdown	7.43	-0.64	+8.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FBT vs. BPAY - Sharpe Ratio Comparison

The current FBT Sharpe Ratio is 1.74, which is higher than the BPAY Sharpe Ratio of -0.42. The chart below compares the historical Sharpe Ratios of FBT and BPAY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FBT	BPAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.74	-0.42	+2.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.06	+0.45

Drawdowns

FBT vs. BPAY - Drawdown Comparison

The maximum FBT drawdown since its inception was -40.51%, which is greater than BPAY's maximum drawdown of -33.62%. Use the drawdown chart below to compare losses from any high point for FBT and BPAY.

Drawdown Indicators

	FBT	BPAY	Difference
Max Drawdown Largest peak-to-trough decline	-40.51%	-33.62%	-6.89%
Max Drawdown (1Y) Largest decline over 1 year	-14.26%	-33.62%	+19.36%
Max Drawdown (3Y) Largest decline over 3 years	-20.05%	-33.62%	+13.57%
Max Drawdown (5Y) Largest decline over 5 years	-29.05%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-32.37%	—	—
Current Drawdown Current decline from peak	-0.72%	-26.03%	+25.31%
Average Drawdown Average peak-to-trough decline	-11.17%	-10.54%	-0.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.85%	16.98%	-12.13%

Volatility

FBT vs. BPAY - Volatility Comparison

First Trust Amex Biotechnology Index (FBT) and BlackRock Future Financial and Technology ETF (BPAY) have volatilities of 6.94% and 6.91%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBT	BPAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.94%	6.91%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	15.87%	18.71%	-2.84%
Volatility (1Y) Calculated over the trailing 1-year period	20.79%	26.01%	-5.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.89%	24.35%	-2.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.91%	24.35%	-0.44%

FBT vs. BPAY - Expense Ratio Comparison

FBT has a 0.57% expense ratio, which is lower than BPAY's 0.70% expense ratio.

Dividends

FBT vs. BPAY - Dividend Comparison

FBT has not paid dividends to shareholders, while BPAY's dividend yield for the trailing twelve months is around 7.41%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BPAY BlackRock Future Financial and Technology ETF	7.41%	6.49%	0.48%	1.18%	0.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FBT First Trust Amex Biotechnology Index	0.00%	0.00%	0.71%	0.00%	0.00%	1.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.12%

Frequently Asked Questions

Can I hold both FBT and BPAY in my portfolio?

FBT and BPAY have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FBT or BPAY?

FBT has higher volatility (6.94%) compared to BPAY (6.91%). In terms of maximum drawdown, FBT dropped -40.51% vs BPAY's -33.62%.

Which ETF is better, FBT or BPAY?

On 3-year performance, FBT leads with 12.40% vs 8.49% for BPAY. On fees, FBT is cheaper at 0.57% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FBT or BPAY?

Over the 3-year period, FBT has performed better with a 12.40% return vs 8.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FBT or BPAY?

FBT is cheaper with a 0.57% expense ratio, compared with 0.70% for BPAY.

Which ETF pays a higher dividend yield, FBT or BPAY?

BPAY has the higher dividend yield at 7.41%, compared with 0.00% for FBT.

What is the main difference between FBT and BPAY?

FBT is categorized as Health & Biotech Equities, while BPAY is Financials Equities. They also come from different issuers: First Trust and BlackRock. Their fees differ too: 0.57% for FBT and 0.70% for BPAY.

Which has better risk-adjusted returns?

FBT currently has the higher Sharpe Ratio (1.74 vs -0.42), 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.