GSIB vs. FBDC

Last updated Jul 14, 2026

GSIB (Themes Global Systemically Important Banks ETF) and FBDC (FT Confluence BDC & Specialty Finance Income ETF) are both Financials Equities funds. Both are actively managed. Over the past year, GSIB returned 42.79% vs -12.75% for FBDC. At a 0.44 correlation, their price movements are largely independent. GSIB charges 0.35%/yr vs 1.35%/yr for FBDC.

Performance

GSIB vs. FBDC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes Global Systemically Important Banks ETF (GSIB) 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, GSIB achieves a 17.31% return, which is significantly higher than FBDC's -7.16% return.

GSIB

• 1D: -0.28%
• 1M: 2.92%
• 6M: 14.51%
• YTD: 17.31%
• 1Y: 42.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FBDC

• 1D: -0.75%
• 1M: 0.63%
• 6M: -7.47%
• YTD: -7.16%
• 1Y: -12.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GSIB vs. FBDC - Yearly Performance Comparison

	2026 (YTD)	2025
GSIB Themes Global Systemically Important Banks ETF	17.31%	23.32%
FBDC FT Confluence BDC & Specialty Finance Income ETF	-7.16%	-2.66%

Correlation

The correlation between GSIB and FBDC is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (All Time) Calculated using the full available price history since Jun 30, 2025	0.44

Return for Risk

GSIB vs. FBDC — Risk / Return Rank

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

GSIB

GSIB Risk / Return Rank: 83
GSIB Sharpe Ratio Rank: 91
GSIB Sortino Ratio Rank: 91
GSIB Omega Ratio Rank: 86
GSIB Calmar Ratio Rank: 76
GSIB Martin Ratio Rank: 74

FBDC

FBDC Risk / Return Rank: 4
FBDC Sharpe Ratio Rank: 3
FBDC Sortino Ratio Rank: 4
FBDC Omega Ratio Rank: 4
FBDC Calmar Ratio Rank: 4
FBDC Martin Ratio Rank: 4

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.

GSIB vs. FBDC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Global Systemically Important Banks ETF (GSIB) 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.

	GSIB	FBDC	Difference
Sharpe ratio: Return per unit of total volatility	2.46	-0.71	+3.18
Sortino ratio: Return per unit of downside risk	3.44	-0.93	+4.37
Omega ratio: Gain probability vs. loss probability	1.41	0.90	+0.51
Calmar ratio: Return relative to maximum drawdown	3.09	-0.62	+3.71
Martin ratio: Return relative to average drawdown	10.84	-1.05	+11.89

GSIB vs. FBDC - Sharpe Ratio Comparison

The current GSIB Sharpe Ratio is 2.46, which is higher than the FBDC Sharpe Ratio of -0.71. The chart below compares the historical Sharpe Ratios of GSIB and FBDC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GSIB vs. FBDC - Drawdown Comparison

The maximum GSIB drawdown since its inception was -17.71%, smaller than the maximum FBDC drawdown of -20.60%. Use the drawdown chart below to compare losses from any high point for GSIB and FBDC.

Drawdown Indicators

	GSIB	FBDC	Difference
Max Drawdown Largest peak-to-trough decline	-17.71%	-20.60%	+2.89%
Max Drawdown (1Y) Largest decline over 1 year	-13.90%	-20.60%	+6.70%
Current Drawdown Current decline from peak	-0.28%	-15.10%	+14.82%
Average Drawdown Average peak-to-trough decline	-2.02%	-10.71%	+8.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.96%	12.14%	-8.18%

Volatility

GSIB vs. FBDC - Volatility Comparison

Themes Global Systemically Important Banks ETF (GSIB) has a higher volatility of 4.69% compared to FT Confluence BDC & Specialty Finance Income ETF (FBDC) at 4.14%. This indicates that GSIB's price experiences larger fluctuations and is considered to be riskier than FBDC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSIB	FBDC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.69%	4.14%	+0.55%
Volatility (6M) Calculated over the trailing 6-month period	14.41%	14.46%	-0.05%
Volatility (1Y) Calculated over the trailing 1-year period	17.48%	17.98%	-0.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.38%	17.85%	+0.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.38%	17.85%	+0.53%

GSIB vs. FBDC - Expense Ratio Comparison

GSIB has a 0.35% expense ratio, which is lower than FBDC's 1.35% expense ratio.

Dividends

GSIB vs. FBDC - Dividend Comparison

GSIB's dividend yield for the trailing twelve months is around 1.63%, less than FBDC's 12.38% yield.

Position	TTM	2025	2024
FBDC FT Confluence BDC & Specialty Finance Income ETF	12.38%	5.41%	0.00%
GSIB Themes Global Systemically Important Banks ETF	1.63%	1.91%	1.67%

Frequently Asked Questions

Can I hold both GSIB and FBDC in my portfolio?

GSIB and FBDC have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GSIB or FBDC?

GSIB has higher volatility (4.69%) compared to FBDC (4.14%). In terms of maximum drawdown, GSIB dropped -17.71% vs FBDC's -20.60%.

Which ETF is better, GSIB or FBDC?

On 1-year performance, GSIB leads with 42.79% vs -12.75% for FBDC. On fees, GSIB is cheaper at 0.35% per year. On volatility, FBDC has been the lower-risk option at 4.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSIB or FBDC?

Over the 1-year period, GSIB has performed better with a 42.79% return vs -12.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSIB or FBDC?

GSIB is cheaper with a 0.35% expense ratio, compared with 1.35% for FBDC.

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

FBDC has the higher dividend yield at 12.38%, compared with 1.63% for GSIB.

What is the main difference between GSIB and FBDC?

They also come from different issuers: Themes and First Trust. Their fees differ too: 0.35% for GSIB and 1.35% for FBDC.

Which has better risk-adjusted returns?

GSIB currently has the higher Sharpe Ratio (2.46 vs -0.71), 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.