FNCL vs. FBDC

Last updated Apr 1, 2026

Compare and contrast key facts about Fidelity MSCI Financials Index ETF (FNCL) and FT Confluence BDC & Specialty Finance Income ETF (FBDC).

FNCL and FBDC are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FNCL is a passively managed fund by Fidelity that tracks the performance of the MSCI USA IMI Financials Index. It was launched on Oct 21, 2013. FBDC is an actively managed fund by First Trust. It was launched on Jun 30, 2025.

Performance

FNCL vs. FBDC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity MSCI Financials Index ETF (FNCL) and FT Confluence BDC & Specialty Finance Income ETF (FBDC). The values are adjusted to include any dividend payments, if applicable.

FNCL vs. FBDC - Yearly Performance Comparison

	2026 (YTD)	2025
FNCL Fidelity MSCI Financials Index ETF	-9.17%	5.75%
FBDC FT Confluence BDC & Specialty Finance Income ETF	-9.87%	-2.43%

Returns By Period

In the year-to-date period, FNCL achieves a -9.17% return, which is significantly higher than FBDC's -9.87% return.

FNCL

• 1D: 2.23%
• 1M: -3.42%
• YTD: -9.17%
• 6M: -7.18%
• 1Y: 2.69%
• 3Y*: 17.96%
• 5Y*: 9.30%
• 10Y*: 12.25%

FBDC

• 1D: 2.30%
• 1M: 2.24%
• YTD: -9.87%
• 6M: -9.05%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FNCL vs. FBDC - Expense Ratio Comparison

FNCL has a 0.08% expense ratio, which is lower than FBDC's 13.69% expense ratio.

FBDC

FT Confluence BDC & Specialty Finance Income ETF

FNCL

Fidelity MSCI Financials Index ETF

Return for Risk

FNCL vs. FBDC — Risk / Return Rank

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

FNCL

FNCL Risk / Return Rank: 17
FNCL Sharpe Ratio Rank: 16
FNCL Sortino Ratio Rank: 15
FNCL Omega Ratio Rank: 16
FNCL Calmar Ratio Rank: 18
FNCL Martin Ratio Rank: 18

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.

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.

	FNCL	FBDC	Difference
Sharpe ratio Return per unit of total volatility	0.14	—	—
Sortino ratio Return per unit of downside risk	0.32	—	—
Omega ratio Gain probability vs. loss probability	1.05	—	—
Calmar ratio Return relative to maximum drawdown	0.26	—	—
Martin ratio Return relative to average drawdown	0.79	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	FNCL	FBDC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.14	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.48	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	-0.91	+1.43

Correlation

The correlation between FNCL and FBDC is 0.55, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

FNCL vs. FBDC - Dividend Comparison

FNCL's dividend yield for the trailing twelve months is around 1.75%, less than FBDC's 9.28% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNCL Fidelity MSCI Financials Index ETF	1.75%	1.45%	1.52%	1.91%	2.29%	1.75%	2.26%	2.17%	2.37%	1.60%	1.81%	2.17%
FBDC FT Confluence BDC & Specialty Finance Income ETF	9.28%	5.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

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.

Drawdown Indicators

	FNCL	FBDC	Difference
Max Drawdown Largest peak-to-trough decline	-44.38%	-20.60%	-23.78%
Max Drawdown (1Y) Largest decline over 1 year	-14.78%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.68%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-44.38%	—	—
Current Drawdown Current decline from peak	-11.94%	-17.57%	+5.63%
Average Drawdown Average peak-to-trough decline	-6.89%	-9.11%	+2.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.92%	—	—

Volatility

Volatility by Period

	FNCL	FBDC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.88%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.75%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	20.02%	17.36%	+2.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.34%	17.36%	+1.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.35%	17.36%	+4.99%