FNCL vs. GABF

Last updated Jun 4, 2026

FNCL (Fidelity MSCI Financials Index ETF) and GABF (Gabelli Financial Services Opportunities ETF) are both Financials Equities funds. FNCL is passively managed, while GABF is actively managed. Over the past 3 years, FNCL returned 18.42%/yr vs 20.47%/yr for GABF. Their correlation of 0.91 suggests significant overlap in exposure. FNCL charges 0.08%/yr vs 0.10%/yr for GABF.

Performance

FNCL vs. GABF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity MSCI Financials Index ETF (FNCL) and Gabelli Financial Services Opportunities ETF (GABF). 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 higher than GABF's -7.03% 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%

GABF

• 1D: -1.89%
• 1M: -3.11%
• YTD: -7.03%
• 6M: -6.24%
• 1Y: -3.20%
• 3Y*: 20.47%
• 5Y*: —
• 10Y*: —

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

FNCL vs. GABF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FNCL Fidelity MSCI Financials Index ETF	-6.43%	14.94%	30.44%	14.10%	2.84%
GABF Gabelli Financial Services Opportunities ETF	-7.03%	3.60%	44.38%	38.92%	0.40%

Correlation

The correlation between FNCL and GABF is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (All Time) Calculated using the full available price history since May 11, 2022	0.91

The correlation between FNCL and GABF has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.

FNCL vs. GABF - Sectors Allocation Comparison

Sectors	FNCL	GABF
Financial Services	96.9%	84.6%
Technology	2.1%	4.9%
Real Estate	0.7%	6.0%
Industrials	0.2%	4.6%
Healthcare	0.0%	-
Communication Services	0.0%	-
Consumer Cyclical	0.0%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Utilities	-	-

Return for Risk

FNCL vs. GABF — 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

GABF

GABF Risk / Return Rank: 7
GABF Sharpe Ratio Rank: 7
GABF Sortino Ratio Rank: 6
GABF Omega Ratio Rank: 6
GABF Calmar Ratio Rank: 7
GABF Martin Ratio Rank: 7

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. GABF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Financials Index ETF (FNCL) and Gabelli Financial Services Opportunities ETF (GABF). 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	GABF	Difference
Sharpe ratio: Return per unit of total volatility	0.16	-0.19	+0.35
Sortino ratio: Return per unit of downside risk	0.32	-0.13	+0.45
Omega ratio: Gain probability vs. loss probability	1.04	0.98	+0.06
Calmar ratio: Return relative to maximum drawdown	0.16	-0.19	+0.35
Martin ratio: Return relative to average drawdown	0.43	-0.44	+0.87
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. GABF - Sharpe Ratio Comparison

The current FNCL Sharpe Ratio is 0.16, which is higher than the GABF Sharpe Ratio of -0.19. The chart below compares the historical Sharpe Ratios of FNCL and GABF, 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	GABF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.16	-0.19	+0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	—	—
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	0.87	-0.34

Drawdowns

FNCL vs. GABF - Drawdown Comparison

The maximum FNCL drawdown since its inception was -44.38%, which is greater than GABF's maximum drawdown of -20.86%. Use the drawdown chart below to compare losses from any high point for FNCL and GABF.

Drawdown Indicators

	FNCL	GABF	Difference
Max Drawdown Largest peak-to-trough decline	-44.38%	-20.86%	-23.52%
Max Drawdown (1Y) Largest decline over 1 year	-14.78%	-17.16%	+2.38%
Max Drawdown (3Y) Largest decline over 3 years	-17.29%	-20.86%	+3.57%
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	-9.28%	-11.60%	+2.32%
Average Drawdown Average peak-to-trough decline	-6.90%	-4.86%	-2.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.56%	7.27%	-1.71%

Volatility

FNCL vs. GABF - Volatility Comparison

The current volatility for Fidelity MSCI Financials Index ETF (FNCL) is 3.26%, while Gabelli Financial Services Opportunities ETF (GABF) has a volatility of 4.28%. This indicates that FNCL experiences smaller price fluctuations and is considered to be less risky than GABF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNCL	GABF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.26%	4.28%	-1.02%
Volatility (6M) Calculated over the trailing 6-month period	11.03%	13.14%	-2.11%
Volatility (1Y) Calculated over the trailing 1-year period	14.76%	17.37%	-2.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.26%	20.54%	-1.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.34%	20.54%	+1.80%

FNCL vs. GABF - Expense Ratio Comparison

FNCL has a 0.08% expense ratio, which is lower than GABF's 0.10% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FNCL vs. GABF - Dividend Comparison

FNCL's dividend yield for the trailing twelve months is around 1.70%, less than GABF's 2.11% 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%
GABF Gabelli Financial Services Opportunities ETF	2.11%	1.96%	4.19%	4.95%	1.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FNCL and GABF in my portfolio?

FNCL and GABF have a correlation of 0.90, 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 GABF?

GABF has higher volatility (4.28%) compared to FNCL (3.26%). In terms of maximum drawdown, FNCL dropped -44.38% vs GABF's -20.86%.

Which ETF is better, FNCL or GABF?

On 3-year performance, GABF leads with 20.47% vs 18.42% for FNCL. 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 GABF?

Over the 3-year period, GABF has performed better with a 20.47% return vs 18.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNCL or GABF?

FNCL is cheaper with a 0.08% expense ratio, compared with 0.10% for GABF.

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

GABF has the higher dividend yield at 2.11%, compared with 1.70% for FNCL.

What is the main difference between FNCL and GABF?

They also come from different issuers: Fidelity and Gabelli. Their fees differ too: 0.08% for FNCL and 0.10% for GABF.

Which has better risk-adjusted returns?

FNCL currently has the higher Sharpe Ratio (0.16 vs -0.19), 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.