GABF vs. FNCL

Last updated Jun 4, 2026

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

Performance

GABF vs. FNCL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gabelli Financial Services Opportunities ETF (GABF) and Fidelity MSCI Financials Index ETF (FNCL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GABF achieves a -7.03% return, which is significantly lower than FNCL's -6.43% return.

GABF

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

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%

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

GABF vs. FNCL - Yearly Performance Comparison

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

Correlation

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

GABF vs. FNCL - Sectors Allocation Comparison

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

Return for Risk

GABF vs. FNCL — Risk / Return Rank

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

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

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

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.

GABF vs. FNCL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gabelli Financial Services Opportunities ETF (GABF) and Fidelity MSCI Financials Index ETF (FNCL). 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.

	GABF	FNCL	Difference
Sharpe ratio: Return per unit of total volatility	-0.19	0.16	-0.35
Sortino ratio: Return per unit of downside risk	-0.13	0.32	-0.45
Omega ratio: Gain probability vs. loss probability	0.98	1.04	-0.06
Calmar ratio: Return relative to maximum drawdown	-0.19	0.16	-0.35
Martin ratio: Return relative to average drawdown	-0.44	0.43	-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.

GABF vs. FNCL - Sharpe Ratio Comparison

The current GABF Sharpe Ratio is -0.19, which is lower than the FNCL Sharpe Ratio of 0.16. The chart below compares the historical Sharpe Ratios of GABF and FNCL, 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

	GABF	FNCL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.19	0.16	-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	0.87	0.53	+0.34

Drawdowns

GABF vs. FNCL - Drawdown Comparison

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

Drawdown Indicators

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

Volatility

GABF vs. FNCL - Volatility Comparison

Gabelli Financial Services Opportunities ETF (GABF) has a higher volatility of 4.28% compared to Fidelity MSCI Financials Index ETF (FNCL) at 3.26%. This indicates that GABF's price experiences larger fluctuations and is considered to be riskier than FNCL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

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

GABF vs. FNCL - Expense Ratio Comparison

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

Dividends

GABF vs. FNCL - Dividend Comparison

GABF's dividend yield for the trailing twelve months is around 2.11%, more than FNCL's 1.70% 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 GABF and FNCL in my portfolio?

GABF and FNCL 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, GABF or FNCL?

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

Which ETF is better, GABF or FNCL?

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, GABF or FNCL?

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, GABF or FNCL?

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

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

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

What is the main difference between GABF and FNCL?

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

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.