FNCL vs. FBDC

Last updated Jul 17, 2026

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. Over the past year, FNCL returned 11.59% vs -11.30% for FBDC. A 0.51 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

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.

Returns By Period

In the year-to-date period, FNCL achieves a 5.29% return, which is significantly higher than FBDC's -4.10% return.

FNCL

• 1D: 0.56%
• 1M: 5.12%
• 6M: 5.41%
• YTD: 5.29%
• 1Y: 11.59%
• 3Y*: 20.62%
• 5Y*: 11.65%
• 10Y*: 13.34%

FBDC

• 1D: 1.74%
• 1M: 4.48%
• 6M: -6.58%
• YTD: -4.10%
• 1Y: -11.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FNCL vs. FBDC - Yearly Performance Comparison

	2026 (YTD)	2025
FNCL Fidelity MSCI Financials Index ETF	5.29%	6.73%
FBDC FT Confluence BDC & Specialty Finance Income ETF	-4.10%	-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 (1Y) Calculated over the trailing 1-year period	0.52
Correlation (All Time) Calculated using the full available price history since Jun 30, 2025	0.51

The correlation between FNCL and FBDC has been stable across timeframes, ranging from 0.51 to 0.52 - a consistent structural relationship.

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: 24
FNCL Sharpe Ratio Rank: 26
FNCL Sortino Ratio Rank: 25
FNCL Omega Ratio Rank: 25
FNCL Calmar Ratio Rank: 21
FNCL Martin Ratio Rank: 22

FBDC

FBDC Risk / Return Rank: 4
FBDC Sharpe Ratio Rank: 4
FBDC Sortino Ratio Rank: 4
FBDC Omega Ratio Rank: 4
FBDC Calmar Ratio Rank: 5
FBDC Martin Ratio Rank: 5

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.

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 ratio: Return per unit of total volatility	0.78	-0.63	+1.41
Sortino ratio: Return per unit of downside risk	1.15	-0.80	+1.95
Omega ratio: Gain probability vs. loss probability	1.15	0.91	+0.23
Calmar ratio: Return relative to maximum drawdown	0.79	-0.55	+1.34
Martin ratio: Return relative to average drawdown	2.04	-0.93	+2.96

FNCL vs. FBDC - Sharpe Ratio Comparison

The current FNCL Sharpe Ratio is 0.78, which is higher than the FBDC Sharpe Ratio of -0.63. The chart below compares the historical Sharpe Ratios of FNCL 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

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%	-20.60%	+5.82%
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 Drawdown Current decline from peak	0.00%	-12.29%	+12.29%
Average Drawdown Average peak-to-trough decline	-6.87%	-10.74%	+3.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.70%	12.23%	-6.53%

Volatility

FNCL vs. FBDC - Volatility Comparison

The current volatility for Fidelity MSCI Financials Index ETF (FNCL) is 3.98%, while FT Confluence BDC & Specialty Finance Income ETF (FBDC) has a volatility of 4.45%. This indicates that FNCL 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

	FNCL	FBDC	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.98%	4.45%	-0.47%
Volatility (6M) Calculated over the trailing 6-month period	11.28%	14.59%	-3.31%
Volatility (1Y) Calculated over the trailing 1-year period	14.89%	18.06%	-3.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.16%	17.86%	+1.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.26%	17.86%	+4.40%

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 1.56%, less than FBDC's 11.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBDC FT Confluence BDC & Specialty Finance Income ETF	11.99%	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	1.56%	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

Can I hold both FNCL and FBDC in my portfolio?

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.

Which is riskier, FNCL or FBDC?

FBDC has higher volatility (4.45%) compared to FNCL (3.98%). In terms of maximum drawdown, FNCL dropped -44.38% vs FBDC's -20.60%.

Which ETF is better, FNCL or FBDC?

On 1-year performance, FNCL leads with 11.59% vs -11.30% for FBDC. On fees, FNCL is cheaper at 0.08% per year. On volatility, FNCL has been the lower-risk option at 3.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNCL or FBDC?

Over the 1-year period, FNCL has performed better with a 11.59% return vs -11.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNCL or FBDC?

FNCL is cheaper with a 0.08% expense ratio, compared with 1.35% for FBDC.

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

FBDC has the higher dividend yield at 11.99%, compared with 1.56% for FNCL.

What is the main difference between FNCL and FBDC?

They also come from different issuers: Fidelity and First Trust. Their fees differ too: 0.08% for FNCL and 1.35% for FBDC.

Which has better risk-adjusted returns?

FNCL currently has the higher Sharpe Ratio (0.78 vs -0.63), 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.