FMNY vs. FBDC

Last updated Jul 18, 2026

FMNY (First Trust New York High Income Municipal ETF) and FBDC (FT Confluence BDC & Specialty Finance Income ETF) are both exchange-traded funds - FMNY is a Municipal Bonds fund actively managed by First Trust, while FBDC is a Financials Equities fund actively managed by First Trust. Both are actively managed. Over the past year, FMNY returned 7.46% vs -13.53% for FBDC. At a correlation of -0.04, they often move in opposite directions. FMNY charges 0.65%/yr vs 1.35%/yr for FBDC.

Performance

FMNY vs. FBDC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust New York High Income Municipal ETF (FMNY) and FT Confluence BDC & Specialty Finance Income ETF (FBDC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMNY achieves a 1.77% return, which is significantly higher than FBDC's -5.45% return.

FMNY

• 1D: -0.15%
• 1M: -0.27%
• 6M: 1.03%
• YTD: 1.77%
• 1Y: 7.46%
• 3Y*: 3.62%
• 5Y*: 0.35%
• 10Y*: —

FBDC

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

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

FMNY vs. FBDC - Yearly Performance Comparison

	2026 (YTD)	2025
FMNY First Trust New York High Income Municipal ETF	1.77%	4.95%
FBDC FT Confluence BDC & Specialty Finance Income ETF	-5.45%	-2.66%

Correlation

The correlation between FMNY and FBDC is -0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.00
Correlation (All Time) Calculated using the full available price history since Jun 30, 2025	-0.04

Return for Risk

FMNY vs. FBDC — Risk / Return Rank

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

FMNY

FMNY Risk / Return Rank: 81
FMNY Sharpe Ratio Rank: 89
FMNY Sortino Ratio Rank: 90
FMNY Omega Ratio Rank: 92
FMNY Calmar Ratio Rank: 69
FMNY Martin Ratio Rank: 64

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

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.

FMNY vs. FBDC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust New York High Income Municipal ETF (FMNY) and FT Confluence BDC & Specialty Finance Income ETF (FBDC). 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.

	FMNY	FBDC	Difference
Sharpe ratio: Return per unit of total volatility	2.31	-0.75	+3.07
Sortino ratio: Return per unit of downside risk	3.35	-0.99	+4.35
Omega ratio: Gain probability vs. loss probability	1.49	0.89	+0.60
Calmar ratio: Return relative to maximum drawdown	2.65	-0.69	+3.34
Martin ratio: Return relative to average drawdown	8.64	-1.18	+9.82

FMNY vs. FBDC - Sharpe Ratio Comparison

The current FMNY Sharpe Ratio is 2.31, which is higher than the FBDC Sharpe Ratio of -0.75. The chart below compares the historical Sharpe Ratios of FMNY and FBDC, 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

FMNY vs. FBDC - Drawdown Comparison

The maximum FMNY drawdown since its inception was -15.90%, smaller than the maximum FBDC drawdown of -20.60%. Use the drawdown chart below to compare losses from any high point for FMNY and FBDC.

Drawdown Indicators

	FMNY	FBDC	Difference
Max Drawdown Largest peak-to-trough decline	-15.90%	-20.60%	+4.70%
Max Drawdown (1Y) Largest decline over 1 year	-2.83%	-19.79%	+16.96%
Max Drawdown (3Y) Largest decline over 3 years	-5.88%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.90%	—	—
Current Drawdown Current decline from peak	-0.89%	-13.53%	+12.64%
Average Drawdown Average peak-to-trough decline	-5.56%	-10.75%	+5.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	12.26%	-11.39%

Volatility

FMNY vs. FBDC - Volatility Comparison

The current volatility for First Trust New York High Income Municipal ETF (FMNY) is 0.60%, while FT Confluence BDC & Specialty Finance Income ETF (FBDC) has a volatility of 4.74%. This indicates that FMNY experiences smaller price fluctuations and is considered to be less risky than FBDC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMNY	FBDC	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.60%	4.74%	-4.14%
Volatility (6M) Calculated over the trailing 6-month period	2.30%	14.53%	-12.23%
Volatility (1Y) Calculated over the trailing 1-year period	3.26%	18.09%	-14.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.00%	17.88%	-13.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.95%	17.88%	-13.93%

FMNY vs. FBDC - Expense Ratio Comparison

FMNY has a 0.65% expense ratio, which is lower than FBDC's 1.35% expense ratio.

Dividends

FMNY vs. FBDC - Dividend Comparison

FMNY's dividend yield for the trailing twelve months is around 3.71%, less than FBDC's 12.16% yield.

Position	TTM	2025	2024	2023	2022	2021
FBDC FT Confluence BDC & Specialty Finance Income ETF	12.16%	5.41%	0.00%	0.00%	0.00%	0.00%
FMNY First Trust New York High Income Municipal ETF	3.71%	3.64%	3.56%	3.25%	2.34%	0.72%

Frequently Asked Questions

Can I hold both FMNY and FBDC in my portfolio?

FMNY and FBDC have a correlation of -0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMNY or FBDC?

FBDC has higher volatility (4.74%) compared to FMNY (0.60%). In terms of maximum drawdown, FMNY dropped -15.90% vs FBDC's -20.60%.

Which ETF is better, FMNY or FBDC?

On 1-year performance, FMNY leads with 7.46% vs -13.53% for FBDC. On fees, FMNY is cheaper at 0.65% per year. On volatility, FMNY has been the lower-risk option at 0.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMNY or FBDC?

Over the 1-year period, FMNY has performed better with a 7.46% return vs -13.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMNY or FBDC?

FMNY is cheaper with a 0.65% expense ratio, compared with 1.35% for FBDC.

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

FBDC has the higher dividend yield at 12.16%, compared with 3.71% for FMNY.

What is the main difference between FMNY and FBDC?

FMNY is categorized as Municipal Bonds, while FBDC is Financials Equities. Their fees differ too: 0.65% for FMNY and 1.35% for FBDC.

Which has better risk-adjusted returns?

FMNY currently has the higher Sharpe Ratio (2.31 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.