FXO vs. FBDC
FXO (First Trust Financials AlphaDEX Fund) and FBDC (FT Confluence BDC & Specialty Finance Income ETF) are both Financials Equities funds from First Trust. FXO is passively managed, while FBDC is actively managed. A 0.58 correlation means they provide meaningful diversification when combined. FXO charges 0.62%/yr vs 1.35%/yr for FBDC.
Performance
FXO vs. FBDC - Performance Comparison
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Returns By Period
In the year-to-date period, FXO achieves a -1.28% return, which is significantly higher than FBDC's -7.17% return.
FXO
- 1D
- 2.13%
- 1M
- -0.72%
- YTD
- -1.28%
- 6M
- -0.11%
- 1Y
- 12.48%
- 3Y*
- 20.09%
- 5Y*
- 7.88%
- 10Y*
- 12.03%
FBDC
- 1D
- 2.59%
- 1M
- -5.28%
- YTD
- -7.17%
- 6M
- -8.43%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FXO vs. FBDC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FXO First Trust Financials AlphaDEX Fund | -1.28% | 8.72% |
FBDC FT Confluence BDC & Specialty Finance Income ETF | -7.17% | -2.43% |
Correlation
The correlation between FXO and FBDC is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Jul 1, 2025 | 0.58 |
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Return for Risk
FXO vs. FBDC — Risk / Return Rank
FXO
FBDC
FXO vs. FBDC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Financials AlphaDEX Fund (FXO) 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.
| FXO | FBDC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.14 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.07 | — | — |
| Martin ratioReturn relative to average drawdown | 3.20 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FXO | FBDC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.80 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.36 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.50 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | -0.56 | +0.87 |
Drawdowns
FXO vs. FBDC - Drawdown Comparison
The maximum FXO drawdown since its inception was -71.30%, which is greater than FBDC's maximum drawdown of -20.60%. Use the drawdown chart below to compare losses from any high point for FXO and FBDC.
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Drawdown Indicators
| FXO | FBDC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.30% | -20.60% | -50.70% |
Max Drawdown (1Y)Largest decline over 1 year | -11.72% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -21.35% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -28.80% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -48.55% | — | — |
Current DrawdownCurrent decline from peak | -4.23% | -15.10% | +10.87% |
Average DrawdownAverage peak-to-trough decline | -13.11% | -10.16% | -2.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.92% | — | — |
Volatility
FXO vs. FBDC - Volatility Comparison
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Volatility by Period
| FXO | FBDC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.16% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 10.94% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 15.76% | 18.22% | -2.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.98% | 18.22% | +3.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.13% | 18.22% | +5.91% |
FXO vs. FBDC - Expense Ratio Comparison
FXO has a 0.62% expense ratio, which is lower than FBDC's 1.35% expense ratio.
Dividends
FXO vs. FBDC - Dividend Comparison
FXO's dividend yield for the trailing twelve months is around 2.19%, less than FBDC's 11.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FBDC FT Confluence BDC & Specialty Finance Income ETF | 11.23% | 5.41% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FXO First Trust Financials AlphaDEX Fund | 2.19% | 1.78% | 1.97% | 2.98% | 2.49% | 1.91% | 2.60% | 1.72% | 2.60% | 1.62% | 1.35% | 1.51% |
Frequently Asked Questions
FXO and FBDC have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FXO is cheaper at 0.62% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FXO is cheaper with a 0.62% expense ratio, compared with 1.35% for FBDC.
FBDC has the higher dividend yield at 11.23%, compared with 2.19% for FXO.
Their fees differ too: 0.62% for FXO and 1.35% for FBDC.
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