FBT vs. XBI

Last updated Jun 23, 2026

FBT (First Trust Amex Biotechnology Index) and XBI (SPDR S&P Biotech ETF) are both Health & Biotech Equities funds - FBT tracks the NYSE Arca Biotechnology Index while XBI tracks the S&P Biotechnology Select Industry Index. Both are passively managed. Over the past 10 years, FBT returned 10.45%/yr vs 11.06%/yr for XBI. Their correlation of 0.88 suggests significant overlap in exposure. FBT charges 0.57%/yr vs 0.35%/yr for XBI.

Performance

FBT vs. XBI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Amex Biotechnology Index (FBT) and SPDR S&P Biotech ETF (XBI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FBT achieves a 11.27% return, which is significantly lower than XBI's 19.74% return. Over the past 10 years, FBT has underperformed XBI with an annualized return of 10.45%, while XBI has yielded a comparatively higher 11.06% annualized return.

FBT

• 1D: 0.41%
• 1M: 7.91%
• YTD: 11.27%
• 6M: 6.83%
• 1Y: 44.08%
• 3Y*: 13.78%
• 5Y*: 6.30%
• 10Y*: 10.45%

XBI

• 1D: 3.75%
• 1M: 10.89%
• YTD: 19.74%
• 6M: 15.96%
• 1Y: 77.88%
• 3Y*: 19.92%
• 5Y*: 1.79%
• 10Y*: 11.06%

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

FBT vs. XBI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FBT First Trust Amex Biotechnology Index	11.27%	24.25%	5.88%	2.55%	-4.83%	-2.26%	12.96%	19.74%	-0.30%	37.07%
XBI SPDR S&P Biotech ETF	19.74%	35.89%	1.01%	7.60%	-25.87%	-20.45%	48.33%	32.56%	-15.28%	43.77%

Correlation

The correlation between FBT and XBI is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jun 23, 2006	0.88

The correlation between FBT and XBI has been stable across timeframes, ranging from 0.80 to 0.88 - a consistent structural relationship.

FBT vs. XBI - Sectors Allocation Comparison

Sectors	FBT	XBI
Healthcare	100.0%	99.7%
Basic Materials	-	0.2%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	0.3%
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

FBT vs. XBI — Risk / Return Rank

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

FBT

FBT Risk / Return Rank: 63
FBT Sharpe Ratio Rank: 67
FBT Sortino Ratio Rank: 69
FBT Omega Ratio Rank: 62
FBT Calmar Ratio Rank: 64
FBT Martin Ratio Rank: 54

XBI

XBI Risk / Return Rank: 90
XBI Sharpe Ratio Rank: 91
XBI Sortino Ratio Rank: 88
XBI Omega Ratio Rank: 81
XBI Calmar Ratio Rank: 96
XBI Martin Ratio Rank: 93

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. XBI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Amex Biotechnology Index (FBT) and SPDR S&P Biotech ETF (XBI). 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	XBI	Difference
Sharpe ratio: Return per unit of total volatility	2.11	2.96	-0.85
Sortino ratio: Return per unit of downside risk	3.02	3.83	-0.81
Omega ratio: Gain probability vs. loss probability	1.36	1.46	-0.10
Calmar ratio: Return relative to maximum drawdown	3.11	8.05	-4.95
Martin ratio: Return relative to average drawdown	9.19	23.79	-14.61

FBT vs. XBI - Sharpe Ratio Comparison

The current FBT Sharpe Ratio is 2.11, which is comparable to the XBI Sharpe Ratio of 2.96. The chart below compares the historical Sharpe Ratios of FBT and XBI, 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. XBI - Drawdown Comparison

The maximum FBT drawdown since its inception was -40.51%, smaller than the maximum XBI drawdown of -63.89%. Use the drawdown chart below to compare losses from any high point for FBT and XBI.

Drawdown Indicators

	FBT	XBI	Difference
Max Drawdown Largest peak-to-trough decline	-40.51%	-63.89%	+23.38%
Max Drawdown (1Y) Largest decline over 1 year	-14.26%	-9.72%	-4.54%
Max Drawdown (3Y) Largest decline over 3 years	-20.05%	-32.99%	+12.94%
Max Drawdown (5Y) Largest decline over 5 years	-28.98%	-54.71%	+25.73%
Max Drawdown (10Y) Largest decline over 10 years	-32.37%	-63.89%	+31.52%
Current Drawdown Current decline from peak	0.00%	-15.61%	+15.61%
Average Drawdown Average peak-to-trough decline	-11.14%	-20.93%	+9.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.81%	3.28%	+1.53%

Volatility

FBT vs. XBI - Volatility Comparison

The current volatility for First Trust Amex Biotechnology Index (FBT) is 6.54%, while SPDR S&P Biotech ETF (XBI) has a volatility of 9.97%. This indicates that FBT experiences smaller price fluctuations and is considered to be less risky than XBI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBT	XBI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.54%	9.97%	-3.43%
Volatility (6M) Calculated over the trailing 6-month period	16.15%	21.32%	-5.17%
Volatility (1Y) Calculated over the trailing 1-year period	21.06%	26.52%	-5.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.88%	32.30%	-10.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.88%	32.04%	-8.16%

FBT vs. XBI - Expense Ratio Comparison

FBT has a 0.57% expense ratio, which is higher than XBI's 0.35% expense ratio.

Dividends

FBT vs. XBI - Dividend Comparison

FBT has not paid dividends to shareholders, while XBI's dividend yield for the trailing twelve months is around 0.40%.

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%
XBI SPDR S&P Biotech ETF	0.40%	0.37%	0.15%	0.02%	0.00%	0.04%	0.20%	0.00%	0.28%	0.24%	0.26%	0.61%

Frequently Asked Questions

Can I hold both FBT and XBI in my portfolio?

FBT and XBI have a correlation of 0.80, 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 XBI?

XBI has higher volatility (9.97%) compared to FBT (6.54%). In terms of maximum drawdown, FBT dropped -40.51% vs XBI's -63.89%.

Which ETF is better, FBT or XBI?

On 10-year performance, XBI leads with 11.06% vs 10.45% for FBT. On fees, XBI is cheaper at 0.35% per year. On volatility, FBT has been the lower-risk option at 6.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FBT or XBI?

Over the 10-year period, XBI has performed better with a 11.06% return vs 10.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FBT or XBI?

XBI is cheaper with a 0.35% expense ratio, compared with 0.57% for FBT.

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

XBI has the higher dividend yield at 0.40%, compared with 0.00% for FBT.

What is the main difference between FBT and XBI?

FBT tracks NYSE Arca Biotechnology Index, while XBI tracks S&P Biotechnology Select Industry Index. They also come from different issuers: First Trust and State Street. Their fees differ too: 0.57% for FBT and 0.35% for XBI.

Which has better risk-adjusted returns?

XBI currently has the higher Sharpe Ratio (2.96 vs 2.11), 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.