FNCL vs. FTXO

Last updated Jun 4, 2026

FNCL (Fidelity MSCI Financials Index ETF) and FTXO (First Trust Nasdaq Bank ETF) are both Financials Equities funds - FNCL tracks the MSCI USA IMI Financials Index while FTXO tracks the NASDAQ US Banks Index. Both are passively managed. Over the past 5 years, FNCL returned 7.79%/yr vs 5.35%/yr for FTXO. Their correlation of 0.92 suggests significant overlap in exposure. FNCL charges 0.08%/yr vs 0.60%/yr for FTXO.

Performance

FNCL vs. FTXO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity MSCI Financials Index ETF (FNCL) and First Trust Nasdaq Bank ETF (FTXO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNCL achieves a -6.43% return, which is significantly lower than FTXO's 0.81% return.

FNCL

• 1D: -1.42%
• 1M: -1.74%
• YTD: -6.43%
• 6M: -3.99%
• 1Y: 2.36%
• 3Y*: 18.42%
• 5Y*: 7.79%
• 10Y*: 12.14%

FTXO

• 1D: -1.34%
• 1M: -0.87%
• YTD: 0.81%
• 6M: 4.64%
• 1Y: 23.41%
• 3Y*: 24.18%
• 5Y*: 5.35%
• 10Y*: —

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

FNCL vs. FTXO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNCL Fidelity MSCI Financials Index ETF	-6.43%	14.94%	30.44%	14.10%	-12.28%	34.92%	-2.19%	31.59%	-13.44%	19.99%
FTXO First Trust Nasdaq Bank ETF	0.81%	21.32%	29.05%	0.05%	-17.93%	40.53%	-12.53%	30.11%	-21.79%	14.25%

Correlation

The correlation between FNCL and FTXO is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Oct 10, 2016	0.92

The correlation between FNCL and FTXO has been stable across timeframes, ranging from 0.85 to 0.92 - a consistent structural relationship.

FNCL vs. FTXO - Sectors Allocation Comparison

Sectors	FNCL	FTXO
Financial Services	96.9%	100.0%
Technology	2.1%	0.4%
Real Estate	0.7%	-
Industrials	0.2%	-
Healthcare	0.0%	-
Communication Services	0.0%	-
Consumer Cyclical	0.0%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Utilities	-	-

Return for Risk

FNCL vs. FTXO — Risk / Return Rank

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

FNCL

FNCL Risk / Return Rank: 10
FNCL Sharpe Ratio Rank: 11
FNCL Sortino Ratio Rank: 10
FNCL Omega Ratio Rank: 10
FNCL Calmar Ratio Rank: 10
FNCL Martin Ratio Rank: 11

FTXO

FTXO Risk / Return Rank: 30
FTXO Sharpe Ratio Rank: 31
FTXO Sortino Ratio Rank: 30
FTXO Omega Ratio Rank: 30
FTXO Calmar Ratio Rank: 29
FTXO Martin Ratio Rank: 28

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. FTXO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Financials Index ETF (FNCL) and First Trust Nasdaq Bank ETF (FTXO). 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	FTXO	Difference
Sharpe ratio: Return per unit of total volatility	0.16	1.13	-0.97
Sortino ratio: Return per unit of downside risk	0.32	1.62	-1.30
Omega ratio: Gain probability vs. loss probability	1.04	1.21	-0.17
Calmar ratio: Return relative to maximum drawdown	0.16	1.41	-1.25
Martin ratio: Return relative to average drawdown	0.43	3.90	-3.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FNCL vs. FTXO - Sharpe Ratio Comparison

The current FNCL Sharpe Ratio is 0.16, which is lower than the FTXO Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of FNCL and FTXO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FNCL	FTXO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.16	1.13	-0.97
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.20	+0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.31	+0.22

Drawdowns

FNCL vs. FTXO - Drawdown Comparison

The maximum FNCL drawdown since its inception was -44.38%, smaller than the maximum FTXO drawdown of -55.26%. Use the drawdown chart below to compare losses from any high point for FNCL and FTXO.

Drawdown Indicators

	FNCL	FTXO	Difference
Max Drawdown Largest peak-to-trough decline	-44.38%	-55.26%	+10.88%
Max Drawdown (1Y) Largest decline over 1 year	-14.78%	-16.69%	+1.91%
Max Drawdown (3Y) Largest decline over 3 years	-17.29%	-25.84%	+8.55%
Max Drawdown (5Y) Largest decline over 5 years	-25.68%	-46.55%	+20.87%
Max Drawdown (10Y) Largest decline over 10 years	-44.38%	—	—
Current Drawdown Current decline from peak	-9.28%	-8.10%	-1.18%
Average Drawdown Average peak-to-trough decline	-6.90%	-15.88%	+8.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.56%	6.01%	-0.45%

Volatility

FNCL vs. FTXO - Volatility Comparison

The current volatility for Fidelity MSCI Financials Index ETF (FNCL) is 3.26%, while First Trust Nasdaq Bank ETF (FTXO) has a volatility of 5.69%. This indicates that FNCL experiences smaller price fluctuations and is considered to be less risky than FTXO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNCL	FTXO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.26%	5.69%	-2.43%
Volatility (6M) Calculated over the trailing 6-month period	11.03%	15.46%	-4.43%
Volatility (1Y) Calculated over the trailing 1-year period	14.76%	20.80%	-6.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.26%	27.01%	-7.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.34%	29.98%	-7.64%

FNCL vs. FTXO - Expense Ratio Comparison

FNCL has a 0.08% expense ratio, which is lower than FTXO's 0.60% expense ratio.

Dividends

FNCL vs. FTXO - Dividend Comparison

FNCL's dividend yield for the trailing twelve months is around 1.70%, less than FTXO's 1.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNCL Fidelity MSCI Financials Index ETF	1.70%	1.45%	1.52%	1.91%	2.29%	1.75%	2.26%	2.17%	2.37%	1.60%	1.81%	2.17%
FTXO First Trust Nasdaq Bank ETF	1.78%	1.92%	2.18%	3.20%	2.94%	1.64%	2.74%	2.53%	3.51%	1.09%	0.16%	0.00%

Frequently Asked Questions

Can I hold both FNCL and FTXO in my portfolio?

FNCL and FTXO have a correlation of 0.85, 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 FTXO?

FTXO has higher volatility (5.69%) compared to FNCL (3.26%). In terms of maximum drawdown, FNCL dropped -44.38% vs FTXO's -55.26%.

Which ETF is better, FNCL or FTXO?

On 5-year performance, FNCL leads with 7.79% vs 5.35% for FTXO. On fees, FNCL is cheaper at 0.08% per year. On volatility, FNCL has been the lower-risk option at 3.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNCL or FTXO?

Over the 5-year period, FNCL has performed better with a 7.79% return vs 5.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNCL or FTXO?

FNCL is cheaper with a 0.08% expense ratio, compared with 0.60% for FTXO.

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

FTXO has the higher dividend yield at 1.78%, compared with 1.70% for FNCL.

What is the main difference between FNCL and FTXO?

FNCL tracks MSCI USA IMI Financials Index, while FTXO tracks NASDAQ US Banks Index. They also come from different issuers: Fidelity and First Trust. Their fees differ too: 0.08% for FNCL and 0.60% for FTXO.

Which has better risk-adjusted returns?

FTXO currently has the higher Sharpe Ratio (1.13 vs 0.16), 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.