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FNCL vs. IYF
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FNCL vs. IYF

Last updated Jun 24, 2026

FNCL (Fidelity MSCI Financials Index ETF) and IYF (iShares U.S. Financials ETF) are both Financials Equities funds - FNCL tracks the MSCI USA IMI Financials Index while IYF tracks the Dow Jones U.S. Financials Index. Both are passively managed. Over the past 10 years, FNCL returned 13.45%/yr vs 13.90%/yr for IYF. With a 0.97 correlation, they move nearly in lockstep. FNCL charges 0.08%/yr vs 0.42%/yr for IYF.

Performance

FNCL vs. IYF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity MSCI Financials Index ETF (FNCL) and iShares U.S. Financials ETF (IYF). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FNCL achieves a -0.31% return, which is significantly lower than IYF's 0.92% return. Both investments have delivered pretty close results over the past 10 years, with FNCL having a 13.45% annualized return and IYF not far ahead at 13.90%.

FNCL

1D
0.46%
1M
4.20%
YTD
-0.31%
6M
-1.64%
1Y
8.95%
3Y*
20.96%
5Y*
10.07%
10Y*
13.45%

IYF

1D
0.41%
1M
4.59%
YTD
0.92%
6M
-0.33%
1Y
11.89%
3Y*
23.15%
5Y*
11.53%
10Y*
13.90%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FNCL vs. IYF - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FNCL
Fidelity MSCI Financials Index ETF		-0.31%14.94%30.44%14.10%-12.28%34.92%-2.19%31.59%-13.44%19.99%
IYF
iShares U.S. Financials ETF		0.92%18.25%31.30%15.32%-11.33%31.60%-1.00%31.86%-9.39%19.58%

Correlation

The correlation between FNCL and IYF is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.98

Correlation (3Y)
Calculated over the trailing 3-year period

0.98

Correlation (5Y)
Calculated over the trailing 5-year period

0.99

Correlation (10Y)
Calculated over the trailing 10-year period

0.97

Correlation (All Time)
Calculated using the full available price history since Oct 24, 2013

0.97

The correlation between FNCL and IYF has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.

FNCL vs. IYF - Sectors Allocation Comparison

Sectors
FNCL
IYF

Financial Services

96.9%
99.1%

Technology

2.0%
0.3%

Real Estate

0.7%
0.6%

Industrials

0.2%

-

Healthcare

0.1%

-

Communication Services

0.0%

-

Consumer Cyclical

0.0%

-

Basic Materials

-

-

Consumer Defensive

-

-

Energy

-

-

Utilities

-

-

Financial Services

FNCL
96.9%
IYF
99.1%

Technology

FNCL
2.0%
IYF
0.3%

Real Estate

FNCL
0.7%
IYF
0.6%

Industrials

FNCL
0.2%
IYF

-

Healthcare

FNCL
0.1%
IYF

-

Communication Services

FNCL
0.0%
IYF

-

Consumer Cyclical

FNCL
0.0%
IYF

-

Basic Materials

FNCL

-

IYF

-

Consumer Defensive

FNCL

-

IYF

-

Energy

FNCL

-

IYF

-

Utilities

FNCL

-

IYF

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Fidelity MSCI Financials Index ETF

iShares U.S. Financials ETF

Often compared with FNCL:
FNCL vs. XLFFNCL vs. VFHFNCL vs. FIDSXFNCL vs. FSPCXFNCL vs. FTECFNCL vs. KBEFNCL vs. FCOM
Often compared with IYF:
IYF vs. XLFIYF vs. VFHIYF vs. IYGIYF vs. KBWBIYF vs. KBEIYF vs. IXGIYF vs. FTXO

Return for Risk

FNCL vs. IYF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FNCL
FNCL Risk / Return Rank: 1717
Overall Rank
FNCL Sharpe Ratio Rank: 1919
Sharpe Ratio Rank
FNCL Sortino Ratio Rank: 1717
Sortino Ratio Rank
FNCL Omega Ratio Rank: 1717
Omega Ratio Rank
FNCL Calmar Ratio Rank: 1616
Calmar Ratio Rank
FNCL Martin Ratio Rank: 1616
Martin Ratio Rank
IYF
IYF Risk / Return Rank: 2222
Overall Rank
IYF Sharpe Ratio Rank: 2424
Sharpe Ratio Rank
IYF Sortino Ratio Rank: 2222
Sortino Ratio Rank
IYF Omega Ratio Rank: 2222
Omega Ratio Rank
IYF Calmar Ratio Rank: 2020
Calmar Ratio Rank
IYF Martin Ratio Rank: 2020
Martin Ratio Rank
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. IYF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Financials Index ETF (FNCL) and iShares U.S. Financials ETF (IYF). 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.

FNCLIYFDifference
Sharpe ratioReturn per unit of total volatility
0.60
0.82

-0.22

Sortino ratioReturn per unit of downside risk
0.91
1.19

-0.28

Omega ratioGain probability vs. loss probability

1.11

1.15

-0.04

Calmar ratioReturn relative to maximum drawdown

0.61

0.86

-0.25

Martin ratioReturn relative to average drawdown

1.58

2.32

-0.74

FNCL vs. IYF - Sharpe Ratio Comparison

The current FNCL Sharpe Ratio is 0.60, which is comparable to the IYF Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of FNCL and IYF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

FNCL vs. IYF - Drawdown Comparison

The maximum FNCL drawdown since its inception was -44.38%, smaller than the maximum IYF drawdown of -79.09%. Use the drawdown chart below to compare losses from any high point for FNCL and IYF.

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Drawdown Indicators

FNCLIYFDifference

Max Drawdown

Largest peak-to-trough decline

-44.38%

-79.09%

+34.71%

Max Drawdown (1Y)

Largest decline over 1 year

-14.78%

-13.88%

-0.90%

Max Drawdown (3Y)

Largest decline over 3 years

-17.29%

-16.60%

-0.69%

Max Drawdown (5Y)

Largest decline over 5 years

-25.68%

-25.06%

-0.62%

Max Drawdown (10Y)

Largest decline over 10 years

-44.38%

-42.57%

-1.81%

Current Drawdown

Current decline from peak

-3.35%

-2.17%

-1.18%

Average Drawdown

Average peak-to-trough decline

-6.90%

-17.58%

+10.68%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.68%

5.14%

+0.54%

Volatility

FNCL vs. IYF - Volatility Comparison

Fidelity MSCI Financials Index ETF (FNCL) and iShares U.S. Financials ETF (IYF) have volatilities of 4.22% and 4.13%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FNCLIYFDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.22%

4.13%

+0.09%

Volatility (6M)

Calculated over the trailing 6-month period

11.36%

11.19%

+0.17%

Volatility (1Y)

Calculated over the trailing 1-year period

14.94%

14.53%

+0.41%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.21%

19.00%

+0.21%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.30%

20.84%

+1.46%

FNCL vs. IYF - Expense Ratio Comparison

FNCL has a 0.08% expense ratio, which is lower than IYF's 0.42% expense ratio.

Dividends

FNCL vs. IYF - Dividend Comparison

FNCL's dividend yield for the trailing twelve months is around 1.64%, more than IYF's 1.48% yield.

PositionTTM20252024202320222021202020192018201720162015
FNCL
Fidelity MSCI Financials Index ETF		1.64%1.45%1.52%1.91%2.29%1.75%2.26%2.17%2.37%1.60%1.81%2.17%
IYF
iShares U.S. Financials ETF		1.48%1.32%1.29%1.67%1.86%1.27%1.72%1.64%1.90%1.46%1.67%1.66%

Frequently Asked Questions

With a correlation of 0.98, FNCL and IYF move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

FNCL has higher volatility (4.22%) compared to IYF (4.13%). In terms of maximum drawdown, FNCL dropped -44.38% vs IYF's -79.09%.

On 10-year performance, IYF leads with 13.90% vs 13.45% for FNCL. On fees, FNCL is cheaper at 0.08% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IYF has performed better with a 13.90% return vs 13.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FNCL is cheaper with a 0.08% expense ratio, compared with 0.42% for IYF.

FNCL has the higher dividend yield at 1.64%, compared with 1.48% for IYF.

FNCL tracks MSCI USA IMI Financials Index, while IYF tracks Dow Jones U.S. Financials Index. They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.08% for FNCL and 0.42% for IYF.

IYF currently has the higher Sharpe Ratio (0.82 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.

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