FBT vs. FDN

Last updated Aug 2, 2026

FBT (First Trust Amex Biotechnology Index) and FDN (First Trust Dow Jones Internet Index Fund) are both exchange-traded funds - FBT is a Health & Biotech Equities fund tracking the NYSE Arca Biotechnology Index, while FDN is a Large Cap Growth Equities fund tracking the Dow Jones Internet Composite Index. Both are passively managed. Over the past 10 years, FBT returned 9.39%/yr vs 13.59%/yr for FDN. Their 0.61 correlation means they have sometimes moved together and sometimes differently. FBT charges 0.57%/yr vs 0.49%/yr for FDN.

Performance

FBT vs. FDN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Amex Biotechnology Index (FBT) and First Trust Dow Jones Internet Index Fund (FDN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FBT achieves a 18.66% return, which is significantly higher than FDN's 2.08% return. Over the past 10 years, FBT has underperformed FDN with an annualized return of 9.39%, while FDN has yielded a comparatively higher 13.59% annualized return.

FBT

• 1D: -3.01%
• 1M: -4.04%
• 6M: 15.09%
• YTD: 18.66%
• 1Y: 49.10%
• 3Y*: 17.01%
• 5Y*: 8.29%
• 10Y*: 9.39%
• ALL TIME*: 13.46%

FDN

• 1D: 2.59%
• 1M: 2.90%
• 6M: 5.43%
• YTD: 2.08%
• 1Y: 3.80%
• 3Y*: 16.68%
• 5Y*: 2.58%
• 10Y*: 13.59%
• ALL TIME*: 13.78%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FBT First Trust Amex Biotechnology Index	$41.36M	$24.77M	$18.75M
FDN First Trust Dow Jones Internet Index Fund	$116.36M	$88.95M	$109.31M

FBT vs. FDN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FBT First Trust Amex Biotechnology Index	18.66%	24.25%	5.88%	2.55%	-4.83%	-2.26%	12.96%	19.74%	-0.30%	37.07%
FDN First Trust Dow Jones Internet Index Fund	2.08%	10.70%	30.35%	51.48%	-45.54%	6.55%	52.55%	19.25%	6.17%	37.64%

Correlation

The correlation between FBT and FDN is 0.32, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.32
Correlation (3Y) Balances recent behavior with more history.	0.40
Correlation (5Y) Shows whether the relationship held over a longer period.	0.55
Correlation (10Y) Provides a long-term view across more market conditions.	0.58
Correlation (All Time) Calculated using the full available price history since Jun 23, 2006	0.61

Over the past year, the correlation between FBT and FDN has dropped to 0.32 - well below their long-term average of 0.61, suggesting their price drivers have been diverging.

FBT vs. FDN - Sectors Allocation Comparison

Sectors	FBT	FDN
Healthcare	100.0%	1.1%
Basic Materials	-	-
Communication Services	-	25.2%
Consumer Cyclical	-	25.5%
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	1.9%
Industrials	-	1.0%
Real Estate	-	-
Technology	-	45.2%
Utilities	-	-

Return for Risk

FBT vs. FDN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FBT

FBT Risk / Return Rank: 87
FBT Sharpe Ratio Rank: 91
FBT Sortino Ratio Rank: 91
FBT Omega Ratio Rank: 88
FBT Calmar Ratio Rank: 87
FBT Martin Ratio Rank: 79

FDN

FDN Risk / Return Rank: 11
FDN Sharpe Ratio Rank: 11
FDN Sortino Ratio Rank: 11
FDN Omega Ratio Rank: 11
FDN Calmar Ratio Rank: 11
FDN Martin Ratio Rank: 11

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FBT vs. FDN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Amex Biotechnology Index (FBT) and First Trust Dow Jones Internet Index Fund (FDN). 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.

	FBT	FDN	Difference
Sharpe ratio: Return per unit of total volatility	2.31	0.02	+2.29
Sortino ratio: Return per unit of downside risk	3.24	0.16	+3.08
Omega ratio: Gain probability vs. loss probability	1.39	1.02	+0.37
Calmar ratio: Return relative to maximum drawdown	3.47	0.02	+3.45
Martin ratio: Return relative to average drawdown	10.25	0.04	+10.21

FBT vs. FDN - Sharpe Ratio Comparison

The current FBT Sharpe Ratio is 2.31, which is higher than the FDN Sharpe Ratio of 0.02. The chart below compares the historical Sharpe Ratios of FBT and FDN, 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

FBT vs. FDN - Drawdown Comparison

The maximum FBT drawdown since its inception was -40.51%, smaller than the maximum FDN drawdown of -61.55%. Use the drawdown chart below to compare losses from any high point for FBT and FDN.

Drawdown Indicators

	FBT	FDN	Difference
Max Drawdown Largest peak-to-trough decline	-40.51%	-61.55%	+21.04%
Max Drawdown (1Y) Largest decline over 1 year	-14.26%	-21.31%	+7.05%
Max Drawdown (3Y) Largest decline over 3 years	-20.05%	-24.98%	+4.93%
Max Drawdown (5Y) Largest decline over 5 years	-28.98%	-53.97%	+24.99%
Max Drawdown (10Y) Largest decline over 10 years	-32.37%	-53.97%	+21.60%
Current Drawdown Current decline from peak	-4.34%	-5.17%	+0.83%
Average Drawdown Average peak-to-trough decline	-11.09%	-11.79%	+0.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.81%	8.91%	-4.10%

Volatility

FBT vs. FDN - Volatility Comparison

First Trust Amex Biotechnology Index (FBT) has a higher volatility of 6.29% compared to First Trust Dow Jones Internet Index Fund (FDN) at 5.93%. This indicates that FBT's price experiences larger fluctuations and is considered to be riskier than FDN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBT	FDN	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.29%	5.93%	+0.36%
Volatility (6M) Calculated over the trailing 6-month period	16.08%	16.19%	-0.11%
Volatility (1Y) Calculated over the trailing 1-year period	21.41%	20.42%	+0.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.01%	27.42%	-5.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.77%	25.65%	-1.88%

FBT vs. FDN - Expense Ratio Comparison

FBT has a 0.57% expense ratio, which is higher than FDN's 0.49% expense ratio.

Dividends

FBT vs. FDN - Dividend Comparison

Neither FBT nor FDN has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
FDN First Trust Dow Jones Internet Index Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FBT and FDN in my portfolio?

FBT and FDN have a correlation of 0.32, 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 FDN?

FBT has higher volatility (6.29%) compared to FDN (5.93%). In terms of maximum drawdown, FBT dropped -40.51% vs FDN's -61.55%.

Which ETF is better, FBT or FDN?

On 10-year performance, FDN leads with 13.59% vs 9.39% for FBT. On fees, FDN is cheaper at 0.49% per year. On volatility, FDN has been the lower-risk option at 5.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FBT or FDN?

Over the 10-year period, FDN has performed better with a 13.59% return vs 9.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FBT or FDN?

FDN is cheaper with a 0.49% expense ratio, compared with 0.57% for FBT.

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

FBT and FDN have nearly identical dividend yields, around 0.00%.

What is the main difference between FBT and FDN?

FBT is categorized as Health & Biotech Equities, while FDN is Large Cap Growth Equities. FBT tracks NYSE Arca Biotechnology Index, while FDN tracks Dow Jones Internet Composite Index. Their fees differ too: 0.57% for FBT and 0.49% for FDN.

Which has better risk-adjusted returns?

FBT currently has the higher Sharpe Ratio (2.31 vs 0.02), 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.