FNCL vs. FBDC
FNCL (Fidelity MSCI Financials Index ETF) and FBDC (FT Confluence BDC & Specialty Finance Income ETF) are both Financials Equities funds. FNCL is passively managed, while FBDC is actively managed. A 0.52 correlation means they provide meaningful diversification when combined. FNCL charges 0.08%/yr vs 1.35%/yr for FBDC.
Performance
FNCL vs. FBDC - Performance Comparison
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Returns By Period
In the year-to-date period, FNCL achieves a -0.31% return, which is significantly higher than FBDC's -10.39% return.
FNCL
- 1D
- 0.46%
- 1M
- 4.20%
- YTD
- -0.31%
- 6M
- -1.64%
- 1Y
- 8.95%
- 3Y*
- 20.96%
- 5Y*
- 10.07%
- 10Y*
- 13.45%
FBDC
- 1D
- 0.30%
- 1M
- -1.24%
- YTD
- -10.39%
- 6M
- -8.60%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FNCL vs. FBDC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FNCL Fidelity MSCI Financials Index ETF | -0.31% | 6.73% |
FBDC FT Confluence BDC & Specialty Finance Income ETF | -10.39% | -2.66% |
Correlation
The correlation between FNCL and FBDC is 0.52, 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 Jun 30, 2025 | 0.52 |
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Return for Risk
FNCL vs. FBDC — Risk / Return Rank
FNCL
FBDC
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
FNCL vs. FBDC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Financials Index ETF (FNCL) 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.
| FNCL | FBDC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.11 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 0.61 | — | — |
| Martin ratioReturn relative to average drawdown | 1.58 | — | — |
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Drawdowns
FNCL vs. FBDC - Drawdown Comparison
The maximum FNCL drawdown since its inception was -44.38%, which is greater than FBDC's maximum drawdown of -20.60%. Use the drawdown chart below to compare losses from any high point for FNCL and FBDC.
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Drawdown Indicators
| FNCL | FBDC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.38% | -20.60% | -23.78% |
Max Drawdown (1Y)Largest decline over 1 year | -14.78% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -17.29% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -25.68% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -44.38% | — | — |
Current DrawdownCurrent decline from peak | -3.35% | -18.04% | +14.69% |
Average DrawdownAverage peak-to-trough decline | -6.90% | -10.44% | +3.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.68% | — | — |
Volatility
FNCL vs. FBDC - Volatility Comparison
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Volatility by Period
| FNCL | FBDC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.22% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 11.36% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 14.94% | 18.00% | -3.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.21% | 18.00% | +1.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.30% | 18.00% | +4.30% |
FNCL vs. FBDC - Expense Ratio Comparison
FNCL has a 0.08% expense ratio, which is lower than FBDC's 1.35% expense ratio.
Dividends
FNCL vs. FBDC - Dividend Comparison
FNCL's dividend yield for the trailing twelve months is around 1.64%, less than FBDC's 11.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FBDC FT Confluence BDC & Specialty Finance Income ETF | 11.63% | 5.41% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FNCL Fidelity MSCI Financials Index ETF | 1.64% | 1.45% | 1.52% | 1.91% | 2.29% | 1.75% | 2.26% | 2.17% | 2.37% | 1.60% | 1.81% | 2.17% |
Frequently Asked Questions
FNCL and FBDC have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FNCL is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FNCL is cheaper with a 0.08% expense ratio, compared with 1.35% for FBDC.
FBDC has the higher dividend yield at 11.63%, compared with 1.64% for FNCL.
They also come from different issuers: Fidelity and First Trust. Their fees differ too: 0.08% for FNCL and 1.35% for FBDC.
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