GMUN vs. FBDC
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
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Returns By Period
In the year-to-date period, GMUN achieves a -0.34% return, which is significantly higher than FBDC's -10.39% return.
GMUN
- 1D
- 0.00%
- 1M
- -0.58%
- YTD
- -0.34%
- 6M
- -0.20%
- 1Y
- 4.19%
- 3Y*
- 3.06%
- 5Y*
- —
- 10Y*
- —
FBDC
- 1D
- 0.39%
- 1M
- -2.69%
- YTD
- -10.39%
- 6M
- -9.25%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GMUN vs. FBDC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
GMUN Goldman Sachs Community Municipal Bond ETF | -0.34% | 4.43% |
FBDC FT Confluence BDC & Specialty Finance Income ETF | -10.39% | -2.66% |
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 Jun 30, 2025 | 0.01 |
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Return for Risk
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.
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.
| GMUN | FBDC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.49 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.75 | — | — |
| Martin ratioReturn relative to average drawdown | 5.36 | — | — |
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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.
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Drawdown Indicators
| GMUN | FBDC | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -2.29% | -18.05% | +15.76% |
Average DrawdownAverage peak-to-trough decline | -1.02% | -10.50% | +9.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | — | — |
Volatility
GMUN vs. FBDC - Volatility Comparison
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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% | 17.93% | -15.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.95% | 17.93% | -14.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.95% | 17.93% | -14.98% |
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 has not paid dividends to shareholders, while FBDC's dividend yield for the trailing twelve months is around 12.83%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
FBDC FT Confluence BDC & Specialty Finance Income ETF | 12.83% | 5.41% | 0.00% | 0.00% |
GMUN Goldman Sachs Community Municipal Bond ETF | 3.12% | 2.94% | 3.22% | 2.20% |
Frequently Asked Questions
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.
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.
GMUN is cheaper with a 0.15% expense ratio, compared with 1.35% for FBDC.
FBDC has the higher dividend yield at 12.83%, compared with 3.12% for GMUN.
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.
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