FNCL vs. GPZ

Last updated Aug 2, 2026

FNCL (Fidelity MSCI Financials Index ETF) and GPZ (VanEck Alternative Asset Manager ETF) are both Financials Equities funds - FNCL tracks the MSCI USA IMI Financials Index while GPZ tracks the MarketVector Alternative Asset Managers Index. Both are passively managed. Over the past year, FNCL returned 13.08% vs -14.79% for GPZ. Their 0.70 correlation means they have sometimes moved together and sometimes differently. FNCL charges 0.08%/yr vs 0.40%/yr for GPZ.

Performance

FNCL vs. GPZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity MSCI Financials Index ETF (FNCL) and VanEck Alternative Asset Manager ETF (GPZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNCL achieves a 5.30% return, which is significantly higher than GPZ's -14.18% return.

FNCL

• 1D: -0.16%
• 1M: 2.30%
• 6M: 7.40%
• YTD: 5.30%
• 1Y: 13.08%
• 3Y*: 19.64%
• 5Y*: 11.32%
• 10Y*: 13.39%
• ALL TIME*: 11.78%

GPZ

• 1D: 1.04%
• 1M: 6.01%
• 6M: -11.09%
• YTD: -14.18%
• 1Y: -14.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -5.45%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FNCL Fidelity MSCI Financials Index ETF	$7.49M	$8.37M	$7.85M
GPZ VanEck Alternative Asset Manager ETF	$3.00M	$3.53M	$4.16M

FNCL vs. GPZ - Yearly Performance Comparison

	2026 (YTD)	2025
FNCL Fidelity MSCI Financials Index ETF	5.30%	10.06%
GPZ VanEck Alternative Asset Manager ETF	-14.18%	9.24%

Correlation

The correlation between FNCL and GPZ is 0.69, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.69
Correlation (All Time) Calculated using the full available price history since Jun 5, 2025	0.70

The correlation between FNCL and GPZ has been stable across timeframes, ranging from 0.69 to 0.70 - a consistent structural relationship.

FNCL vs. GPZ - Sectors Allocation Comparison

Sectors	FNCL	GPZ
Financial Services	97.0%	100.0%
Technology	1.9%	-
Real Estate	0.7%	2.3%
Industrials	0.2%	-
Healthcare	0.1%	-
Communication Services	0.0%	-
Consumer Cyclical	0.0%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Utilities	-	-

Return for Risk

FNCL vs. GPZ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FNCL

FNCL Risk / Return Rank: 28
FNCL Sharpe Ratio Rank: 31
FNCL Sortino Ratio Rank: 29
FNCL Omega Ratio Rank: 29
FNCL Calmar Ratio Rank: 25
FNCL Martin Ratio Rank: 25

GPZ

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FNCL vs. GPZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Financials Index ETF (FNCL) and VanEck Alternative Asset Manager ETF (GPZ). 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	GPZ	Difference
Sharpe ratio: Return per unit of total volatility	0.74	-0.60	+1.34
Sortino ratio: Return per unit of downside risk	1.09	-0.68	+1.77
Omega ratio: Gain probability vs. loss probability	1.14	0.92	+0.22
Calmar ratio: Return relative to maximum drawdown	0.75	-0.53	+1.27
Martin ratio: Return relative to average drawdown	1.94	-0.94	+2.88

FNCL vs. GPZ - Sharpe Ratio Comparison

The current FNCL Sharpe Ratio is 0.74, which is higher than the GPZ Sharpe Ratio of -0.60. The chart below compares the historical Sharpe Ratios of FNCL and GPZ, 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. GPZ - Drawdown Comparison

The maximum FNCL drawdown since its inception was -44.38%, which is greater than GPZ's maximum drawdown of -31.72%. Use the drawdown chart below to compare losses from any high point for FNCL and GPZ.

Drawdown Indicators

	FNCL	GPZ	Difference
Max Drawdown Largest peak-to-trough decline	-44.38%	-31.72%	-12.66%
Max Drawdown (1Y) Largest decline over 1 year	-14.78%	-31.72%	+16.94%
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	-1.17%	-21.16%	+19.99%
Average Drawdown Average peak-to-trough decline	-6.85%	-13.41%	+6.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.68%	17.72%	-12.04%

Volatility

FNCL vs. GPZ - Volatility Comparison

The current volatility for Fidelity MSCI Financials Index ETF (FNCL) is 3.93%, while VanEck Alternative Asset Manager ETF (GPZ) has a volatility of 7.01%. This indicates that FNCL experiences smaller price fluctuations and is considered to be less risky than GPZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNCL	GPZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.93%	7.01%	-3.08%
Volatility (6M) Calculated over the trailing 6-month period	11.15%	22.44%	-11.29%
Volatility (1Y) Calculated over the trailing 1-year period	15.00%	27.83%	-12.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.09%	27.37%	-8.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.28%	27.37%	-5.09%

FNCL vs. GPZ - Expense Ratio Comparison

FNCL has a 0.08% expense ratio, which is lower than GPZ's 0.40% expense ratio.

Dividends

FNCL vs. GPZ - Dividend Comparison

FNCL's dividend yield for the trailing twelve months is around 1.56%, more than GPZ's 0.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
GPZ VanEck Alternative Asset Manager ETF	0.96%	0.83%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FNCL and GPZ in my portfolio?

FNCL and GPZ have a correlation of 0.69, 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 GPZ?

GPZ has higher volatility (7.01%) compared to FNCL (3.93%). In terms of maximum drawdown, FNCL dropped -44.38% vs GPZ's -31.72%.

Which ETF is better, FNCL or GPZ?

On 1-year performance, FNCL leads with 13.08% vs -14.79% for GPZ. On fees, FNCL is cheaper at 0.08% per year. On volatility, FNCL has been the lower-risk option at 3.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNCL or GPZ?

Over the 1-year period, FNCL has performed better with a 13.08% return vs -14.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNCL or GPZ?

FNCL is cheaper with a 0.08% expense ratio, compared with 0.40% for GPZ.

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

FNCL has the higher dividend yield at 1.56%, compared with 0.96% for GPZ.

What is the main difference between FNCL and GPZ?

FNCL tracks MSCI USA IMI Financials Index, while GPZ tracks MarketVector Alternative Asset Managers Index. They also come from different issuers: Fidelity and VanEck. Their fees differ too: 0.08% for FNCL and 0.40% for GPZ.

Which has better risk-adjusted returns?

FNCL currently has the higher Sharpe Ratio (0.74 vs -0.60), 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.