GMUN vs. FBDC

Last updated Jun 4, 2026

GMUN (Goldman Sachs Community Municipal Bond ETF) and FBDC (FT Confluence BDC & Specialty Finance Income ETF) are both exchange-traded funds - GMUN is a Municipal Bonds fund tracking the Bloomberg Goldman Sachs Community Municipal Index, while FBDC is a Financials Equities fund actively managed by First Trust. GMUN is passively managed, while FBDC is actively managed. At a 0.01 correlation, their price movements are largely independent. GMUN charges 0.15%/yr vs 1.35%/yr for FBDC.

Performance

GMUN vs. FBDC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Community Municipal Bond ETF (GMUN) and FT Confluence BDC & Specialty Finance Income ETF (FBDC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GMUN achieves a -0.34% return, which is significantly higher than FBDC's -9.51% return.

GMUN

• 1D: 0.00%
• 1M: -0.75%
• YTD: -0.34%
• 6M: 0.04%
• 1Y: 4.92%
• 3Y*: 3.06%
• 5Y*: —
• 10Y*: —

FBDC

• 1D: -2.98%
• 1M: -7.81%
• YTD: -9.51%
• 6M: -10.31%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GMUN vs. FBDC - Yearly Performance Comparison

	2026 (YTD)	2025
GMUN Goldman Sachs Community Municipal Bond ETF	-0.34%	4.33%
FBDC FT Confluence BDC & Specialty Finance Income ETF	-9.51%	-2.43%

Correlation

The correlation between GMUN and FBDC is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 1, 2025	0.01

Return for Risk

GMUN vs. FBDC — Risk / Return Rank

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

GMUN

GMUN Risk / Return Rank: 55
GMUN Sharpe Ratio Rank: 61
GMUN Sortino Ratio Rank: 60
GMUN Omega Ratio Rank: 81
GMUN Calmar Ratio Rank: 36
GMUN Martin Ratio Rank: 35

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.

GMUN vs. FBDC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Community Municipal Bond ETF (GMUN) 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.

	GMUN	FBDC	Difference
Sharpe ratio: Return per unit of total volatility	2.04	—	—
Sortino ratio: Return per unit of downside risk	2.79	—	—
Omega ratio: Gain probability vs. loss probability	1.49	—	—
Calmar ratio: Return relative to maximum drawdown	1.75	—	—
Martin ratio: Return relative to average drawdown	5.36	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	GMUN	FBDC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.04	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.99	-0.70	+1.69

Drawdowns

GMUN vs. FBDC - Drawdown Comparison

The maximum GMUN drawdown since its inception was -4.35%, smaller than the maximum FBDC drawdown of -20.60%. Use the drawdown chart below to compare losses from any high point for GMUN and FBDC.

Drawdown Indicators

	GMUN	FBDC	Difference
Max Drawdown Largest peak-to-trough decline	-4.35%	-20.60%	+16.25%
Max Drawdown (1Y) Largest decline over 1 year	-2.83%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-3.37%	—	—
Current Drawdown Current decline from peak	-2.29%	-17.24%	+14.95%
Average Drawdown Average peak-to-trough decline	-1.02%	-10.14%	+9.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	—	—

Volatility

Volatility by Period

	GMUN	FBDC	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.09%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.00%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.42%	18.06%	-15.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.96%	18.06%	-15.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.96%	18.06%	-15.10%

GMUN vs. FBDC - Expense Ratio Comparison

GMUN has a 0.15% expense ratio, which is lower than FBDC's 1.35% expense ratio.

Dividends

GMUN vs. FBDC - Dividend Comparison

GMUN's dividend yield for the trailing twelve months is around 3.12%, less than FBDC's 11.52% yield.

Position	TTM	2025	2024	2023
FBDC FT Confluence BDC & Specialty Finance Income ETF	11.52%	5.41%	0.00%	0.00%
GMUN Goldman Sachs Community Municipal Bond ETF	3.12%	2.94%	3.22%	2.20%

Frequently Asked Questions

Can I hold both GMUN and FBDC in my portfolio?

GMUN and FBDC have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GMUN or FBDC?

On fees, GMUN is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GMUN or FBDC?

GMUN is cheaper with a 0.15% expense ratio, compared with 1.35% for FBDC.

Which ETF pays a higher dividend yield, GMUN or FBDC?

FBDC has the higher dividend yield at 11.52%, compared with 3.12% for GMUN.

What is the main difference between GMUN and FBDC?

GMUN is categorized as Municipal Bonds, while FBDC is Financials Equities. They also come from different issuers: Goldman Sachs and First Trust. Their fees differ too: 0.15% for GMUN and 1.35% for FBDC.