IYF vs. FNCL

Last updated Apr 1, 2026

Compare and contrast key facts about iShares U.S. Financials ETF (IYF) and Fidelity MSCI Financials Index ETF (FNCL).

IYF and FNCL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IYF is a passively managed fund by iShares that tracks the performance of the Dow Jones U.S. Financials Index. It was launched on May 31, 2000. FNCL is a passively managed fund by Fidelity that tracks the performance of the MSCI USA IMI Financials Index. It was launched on Oct 21, 2013. Both IYF and FNCL are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

IYF vs. FNCL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Financials ETF (IYF) and Fidelity MSCI Financials Index ETF (FNCL). The values are adjusted to include any dividend payments, if applicable.

IYF vs. FNCL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IYF iShares U.S. Financials ETF	-8.29%	18.25%	31.30%	15.32%	-11.33%	31.60%	-1.00%	31.86%	-9.39%	19.58%
FNCL Fidelity MSCI Financials Index ETF	-9.17%	14.94%	30.44%	14.10%	-12.28%	34.92%	-2.19%	31.59%	-13.44%	19.99%

Returns By Period

In the year-to-date period, IYF achieves a -8.29% return, which is significantly higher than FNCL's -9.17% return. Both investments have delivered pretty close results over the past 10 years, with IYF having a 12.58% annualized return and FNCL not far behind at 12.25%.

IYF

• 1D: 2.27%
• 1M: -3.56%
• YTD: -8.29%
• 6M: -6.22%
• 1Y: 5.91%
• 3Y*: 20.12%
• 5Y*: 10.92%
• 10Y*: 12.58%

FNCL

• 1D: 2.23%
• 1M: -3.42%
• YTD: -9.17%
• 6M: -7.18%
• 1Y: 2.69%
• 3Y*: 17.96%
• 5Y*: 9.30%
• 10Y*: 12.25%

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

IYF vs. FNCL - Expense Ratio Comparison

IYF has a 0.42% expense ratio, which is higher than FNCL's 0.08% expense ratio.

IYF

iShares U.S. Financials ETF

FNCL

Fidelity MSCI Financials Index ETF

Return for Risk

IYF vs. FNCL — Risk / Return Rank

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

IYF

IYF Risk / Return Rank: 23
IYF Sharpe Ratio Rank: 22
IYF Sortino Ratio Rank: 21
IYF Omega Ratio Rank: 22
IYF Calmar Ratio Rank: 25
IYF Martin Ratio Rank: 24

FNCL

FNCL Risk / Return Rank: 17
FNCL Sharpe Ratio Rank: 16
FNCL Sortino Ratio Rank: 15
FNCL Omega Ratio Rank: 16
FNCL Calmar Ratio Rank: 18
FNCL Martin Ratio Rank: 18

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.

IYF vs. FNCL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Financials ETF (IYF) 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.

	IYF	FNCL	Difference
Sharpe ratio Return per unit of total volatility	0.31	0.14	+0.17
Sortino ratio Return per unit of downside risk	0.53	0.32	+0.22
Omega ratio Gain probability vs. loss probability	1.08	1.05	+0.03
Calmar ratio Return relative to maximum drawdown	0.51	0.26	+0.24
Martin ratio Return relative to average drawdown	1.52	0.79	+0.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IYF vs. FNCL - Sharpe Ratio Comparison

The current IYF Sharpe Ratio is 0.31, which is higher than the FNCL Sharpe Ratio of 0.14. The chart below compares the historical Sharpe Ratios of IYF and FNCL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	IYF	FNCL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.31	0.14	+0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	0.48	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	0.55	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.52	-0.30

Correlation

The correlation between IYF and FNCL is 0.98, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

IYF vs. FNCL - Dividend Comparison

IYF's dividend yield for the trailing twelve months is around 1.62%, less than FNCL's 1.75% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IYF iShares U.S. Financials ETF	1.62%	1.32%	1.29%	1.67%	1.86%	1.27%	1.72%	1.64%	1.90%	1.46%	1.67%	1.66%
FNCL Fidelity MSCI Financials Index ETF	1.75%	1.45%	1.52%	1.91%	2.29%	1.75%	2.26%	2.17%	2.37%	1.60%	1.81%	2.17%

Drawdowns

IYF vs. FNCL - Drawdown Comparison

The maximum IYF drawdown since its inception was -79.09%, which is greater than FNCL's maximum drawdown of -44.38%. Use the drawdown chart below to compare losses from any high point for IYF and FNCL.

Drawdown Indicators

	IYF	FNCL	Difference
Max Drawdown Largest peak-to-trough decline	-79.09%	-44.38%	-34.71%
Max Drawdown (1Y) Largest decline over 1 year	-13.88%	-14.78%	+0.90%
Max Drawdown (5Y) Largest decline over 5 years	-25.06%	-25.68%	+0.62%
Max Drawdown (10Y) Largest decline over 10 years	-42.57%	-44.38%	+1.81%
Current Drawdown Current decline from peak	-11.10%	-11.94%	+0.84%
Average Drawdown Average peak-to-trough decline	-17.68%	-6.89%	-10.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.62%	4.92%	-0.30%

Volatility

IYF vs. FNCL - Volatility Comparison

iShares U.S. Financials ETF (IYF) and Fidelity MSCI Financials Index ETF (FNCL) have volatilities of 4.71% and 4.88%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IYF	FNCL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.71%	4.88%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	11.36%	11.75%	-0.39%
Volatility (1Y) Calculated over the trailing 1-year period	19.48%	20.02%	-0.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.00%	19.34%	-0.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.91%	22.35%	-1.44%