FBT vs. XLVI

Last updated Jun 24, 2026

FBT (First Trust Amex Biotechnology Index) and XLVI (State Street Health Care Select Sector SPDR Premium Income ETF) are both exchange-traded funds - FBT is a Health & Biotech Equities fund tracking the NYSE Arca Biotechnology Index, while XLVI is a Derivative Income fund actively managed by State Street. FBT is passively managed, while XLVI is actively managed. A 0.64 correlation means they provide meaningful diversification when combined. FBT charges 0.57%/yr vs 0.35%/yr for XLVI.

Performance

FBT vs. XLVI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Amex Biotechnology Index (FBT) and State Street Health Care Select Sector SPDR Premium Income ETF (XLVI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FBT achieves a 11.66% return, which is significantly higher than XLVI's 2.50% return.

FBT

• 1D: 0.35%
• 1M: 8.29%
• YTD: 11.66%
• 6M: 7.46%
• 1Y: 45.08%
• 3Y*: 13.91%
• 5Y*: 6.27%
• 10Y*: 10.49%

XLVI

• 1D: 1.53%
• 1M: 2.15%
• YTD: 2.50%
• 6M: 2.57%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FBT vs. XLVI - Yearly Performance Comparison

	2026 (YTD)	2025
FBT First Trust Amex Biotechnology Index	11.66%	24.32%
XLVI State Street Health Care Select Sector SPDR Premium Income ETF	2.50%	12.41%

Correlation

The correlation between FBT and XLVI is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 30, 2025	0.64

FBT vs. XLVI - Sectors Allocation Comparison

Sectors	FBT	XLVI
Healthcare	100.0%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	100.2%
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

FBT vs. XLVI — Risk / Return Rank

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

FBT

FBT Risk / Return Rank: 67
FBT Sharpe Ratio Rank: 71
FBT Sortino Ratio Rank: 73
FBT Omega Ratio Rank: 66
FBT Calmar Ratio Rank: 67
FBT Martin Ratio Rank: 57

XLVI

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. XLVI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Amex Biotechnology Index (FBT) and State Street Health Care Select Sector SPDR Premium Income ETF (XLVI). 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	XLVI	Difference
Sharpe ratio: Return per unit of total volatility	2.16	—	—
Sortino ratio: Return per unit of downside risk	3.07	—	—
Omega ratio: Gain probability vs. loss probability	1.37	—	—
Calmar ratio: Return relative to maximum drawdown	3.18	—	—
Martin ratio: Return relative to average drawdown	9.39	—	—

Drawdowns

FBT vs. XLVI - Drawdown Comparison

The maximum FBT drawdown since its inception was -40.51%, which is greater than XLVI's maximum drawdown of -8.14%. Use the drawdown chart below to compare losses from any high point for FBT and XLVI.

Drawdown Indicators

	FBT	XLVI	Difference
Max Drawdown Largest peak-to-trough decline	-40.51%	-8.14%	-32.37%
Max Drawdown (1Y) Largest decline over 1 year	-14.26%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-20.05%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.98%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-32.37%	—	—
Current Drawdown Current decline from peak	0.00%	-0.97%	+0.97%
Average Drawdown Average peak-to-trough decline	-11.14%	-1.94%	-9.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.81%	—	—

Volatility

Volatility by Period

	FBT	XLVI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.54%	—	—
Volatility (6M) Calculated over the trailing 6-month period	16.15%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	21.02%	11.06%	+9.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.88%	11.06%	+10.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.83%	11.06%	+12.77%

FBT vs. XLVI - Expense Ratio Comparison

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

Dividends

FBT vs. XLVI - Dividend Comparison

FBT has not paid dividends to shareholders, while XLVI's dividend yield for the trailing twelve months is around 11.17%.

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%
XLVI State Street Health Care Select Sector SPDR Premium Income ETF	11.17%	5.73%	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 XLVI in my portfolio?

FBT and XLVI have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FBT or XLVI?

On fees, XLVI is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FBT or XLVI?

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

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

XLVI has the higher dividend yield at 11.17%, compared with 0.00% for FBT.

What is the main difference between FBT and XLVI?

FBT is categorized as Health & Biotech Equities, while XLVI is Derivative Income. They also come from different issuers: First Trust and State Street. Their fees differ too: 0.57% for FBT and 0.35% for XLVI.