IAT vs. FBDC
IAT (iShares U.S. Regional Banks ETF) and FBDC (FT Confluence BDC & Specialty Finance Income ETF) are both Financials Equities funds. IAT is passively managed, while FBDC is actively managed. Over the past year, IAT returned 31.32% vs -11.30% for FBDC. At a 0.47 correlation, their price movements are largely independent. IAT charges 0.42%/yr vs 1.35%/yr for FBDC.
Performance
IAT vs. FBDC - Performance Comparison
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Returns By Period
In the year-to-date period, IAT achieves a 19.57% return, which is significantly higher than FBDC's -4.10% return.
IAT
- 1D
- 2.00%
- 1M
- 8.29%
- 6M
- 15.61%
- YTD
- 19.57%
- 1Y
- 31.32%
- 3Y*
- 26.05%
- 5Y*
- 6.40%
- 10Y*
- 9.84%
FBDC
- 1D
- 1.74%
- 1M
- 4.48%
- 6M
- -6.58%
- YTD
- -4.10%
- 1Y
- -11.30%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IAT vs. FBDC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IAT iShares U.S. Regional Banks ETF | 19.57% | 13.70% |
FBDC FT Confluence BDC & Specialty Finance Income ETF | -4.10% | -2.66% |
Correlation
The correlation between IAT and FBDC is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2025 | 0.47 |
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Return for Risk
IAT vs. FBDC — Risk / Return Rank
IAT
FBDC
IAT vs. FBDC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Regional Banks ETF (IAT) 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.
| IAT | FBDC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.07 | ||
| Sortino ratioReturn per unit of downside risk | +2.78 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 0.91 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 1.80 | -0.55 | +2.35 |
| Martin ratioReturn relative to average drawdown | 4.59 | -0.93 | +5.52 |
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Drawdowns
IAT vs. FBDC - Drawdown Comparison
The maximum IAT drawdown since its inception was -77.22%, which is greater than FBDC's maximum drawdown of -20.60%. Use the drawdown chart below to compare losses from any high point for IAT and FBDC.
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Drawdown Indicators
| IAT | FBDC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.22% | -20.60% | -56.62% |
Max Drawdown (1Y)Largest decline over 1 year | -17.49% | -20.60% | +3.11% |
Max Drawdown (3Y)Largest decline over 3 years | -29.29% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -55.55% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -55.55% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -12.29% | +12.29% |
Average DrawdownAverage peak-to-trough decline | -26.83% | -10.74% | -16.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.84% | 12.23% | -5.39% |
Volatility
IAT vs. FBDC - Volatility Comparison
iShares U.S. Regional Banks ETF (IAT) has a higher volatility of 5.56% compared to FT Confluence BDC & Specialty Finance Income ETF (FBDC) at 4.45%. This indicates that IAT'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.
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Volatility by Period
| IAT | FBDC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.56% | 4.45% | +1.11% |
Volatility (6M)Calculated over the trailing 6-month period | 16.40% | 14.59% | +1.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.86% | 18.06% | +3.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.87% | 17.86% | +11.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.66% | 17.86% | +12.80% |
IAT vs. FBDC - Expense Ratio Comparison
IAT has a 0.42% expense ratio, which is lower than FBDC's 1.35% expense ratio.
Dividends
IAT vs. FBDC - Dividend Comparison
IAT's dividend yield for the trailing twelve months is around 2.48%, less than FBDC's 11.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FBDC FT Confluence BDC & Specialty Finance Income ETF | 11.99% | 5.41% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IAT iShares U.S. Regional Banks ETF | 2.48% | 2.94% | 2.95% | 3.56% | 3.12% | 1.88% | 2.87% | 2.49% | 2.48% | 1.55% | 1.52% | 1.78% |
Frequently Asked Questions
IAT and FBDC have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IAT has higher volatility (5.56%) compared to FBDC (4.45%). In terms of maximum drawdown, IAT dropped -77.22% vs FBDC's -20.60%.
On 1-year performance, IAT leads with 31.32% vs -11.30% for FBDC. On fees, IAT is cheaper at 0.42% per year. On volatility, FBDC has been the lower-risk option at 4.45%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IAT has performed better with a 31.32% return vs -11.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAT is cheaper with a 0.42% expense ratio, compared with 1.35% for FBDC.
FBDC has the higher dividend yield at 11.99%, compared with 2.48% for IAT.
They also come from different issuers: iShares and First Trust. Their fees differ too: 0.42% for IAT and 1.35% for FBDC.
IAT currently has the higher Sharpe Ratio (1.44 vs -0.63), 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.
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