KBE vs. FBDC

Last updated Jul 17, 2026

KBE (SPDR S&P Bank ETF) and FBDC (FT Confluence BDC & Specialty Finance Income ETF) are both Financials Equities funds. KBE is passively managed, while FBDC is actively managed. Over the past year, KBE returned 27.43% vs -11.30% for FBDC. At a 0.48 correlation, their price movements are largely independent. KBE charges 0.35%/yr vs 1.35%/yr for FBDC.

Performance

KBE vs. FBDC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Bank ETF (KBE) 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, KBE achieves a 18.79% return, which is significantly higher than FBDC's -4.10% return.

KBE

• 1D: 2.44%
• 1M: 7.83%
• 6M: 13.42%
• YTD: 18.79%
• 1Y: 27.43%
• 3Y*: 26.33%
• 5Y*: 10.84%
• 10Y*: 11.11%

FBDC

• 1D: 1.74%
• 1M: 4.48%
• 6M: -6.58%
• YTD: -4.10%
• 1Y: -11.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KBE vs. FBDC - Yearly Performance Comparison

	2026 (YTD)	2025
KBE SPDR S&P Bank ETF	18.79%	10.26%
FBDC FT Confluence BDC & Specialty Finance Income ETF	-4.10%	-2.66%

Correlation

The correlation between KBE and FBDC is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (All Time) Calculated using the full available price history since Jun 30, 2025	0.48

Return for Risk

KBE vs. FBDC — Risk / Return Rank

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

KBE

KBE Risk / Return Rank: 43
KBE Sharpe Ratio Rank: 44
KBE Sortino Ratio Rank: 43
KBE Omega Ratio Rank: 46
KBE Calmar Ratio Rank: 45
KBE Martin Ratio Rank: 39

FBDC

FBDC Risk / Return Rank: 4
FBDC Sharpe Ratio Rank: 4
FBDC Sortino Ratio Rank: 4
FBDC Omega Ratio Rank: 4
FBDC Calmar Ratio Rank: 5
FBDC Martin Ratio Rank: 5

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.

KBE vs. FBDC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Bank ETF (KBE) 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.

	KBE	FBDC	Difference
Sharpe ratio: Return per unit of total volatility	1.29	-0.63	+1.92
Sortino ratio: Return per unit of downside risk	1.84	-0.80	+2.64
Omega ratio: Gain probability vs. loss probability	1.24	0.91	+0.33
Calmar ratio: Return relative to maximum drawdown	1.88	-0.55	+2.43
Martin ratio: Return relative to average drawdown	4.95	-0.93	+5.88

KBE vs. FBDC - Sharpe Ratio Comparison

The current KBE Sharpe Ratio is 1.29, which is higher than the FBDC Sharpe Ratio of -0.63. The chart below compares the historical Sharpe Ratios of KBE 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

KBE vs. FBDC - Drawdown Comparison

The maximum KBE drawdown since its inception was -83.15%, which is greater than FBDC's maximum drawdown of -20.60%. Use the drawdown chart below to compare losses from any high point for KBE and FBDC.

Drawdown Indicators

	KBE	FBDC	Difference
Max Drawdown Largest peak-to-trough decline	-83.15%	-20.60%	-62.55%
Max Drawdown (1Y) Largest decline over 1 year	-14.63%	-20.60%	+5.97%
Max Drawdown (3Y) Largest decline over 3 years	-25.97%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-45.25%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-53.14%	—	—
Current Drawdown Current decline from peak	0.00%	-12.29%	+12.29%
Average Drawdown Average peak-to-trough decline	-27.39%	-10.74%	-16.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.55%	12.23%	-6.68%

Volatility

KBE vs. FBDC - Volatility Comparison

SPDR S&P Bank ETF (KBE) has a higher volatility of 5.22% compared to FT Confluence BDC & Specialty Finance Income ETF (FBDC) at 4.45%. This indicates that KBE'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

	KBE	FBDC	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.22%	4.45%	+0.77%
Volatility (6M) Calculated over the trailing 6-month period	15.35%	14.59%	+0.76%
Volatility (1Y) Calculated over the trailing 1-year period	21.30%	18.06%	+3.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.15%	17.86%	+9.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.66%	17.86%	+11.80%

KBE vs. FBDC - Expense Ratio Comparison

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

Dividends

KBE vs. FBDC - Dividend Comparison

KBE's dividend yield for the trailing twelve months is around 2.06%, 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%
KBE SPDR S&P Bank ETF	2.06%	2.51%	2.35%	2.78%	2.99%	2.16%	2.44%	2.33%	2.18%	1.36%	1.39%	1.70%

Frequently Asked Questions

Can I hold both KBE and FBDC in my portfolio?

KBE and FBDC have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KBE or FBDC?

KBE has higher volatility (5.22%) compared to FBDC (4.45%). In terms of maximum drawdown, KBE dropped -83.15% vs FBDC's -20.60%.

Which ETF is better, KBE or FBDC?

On 1-year performance, KBE leads with 27.43% vs -11.30% for FBDC. On fees, KBE is cheaper at 0.35% 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.

Which ETF has performed better, KBE or FBDC?

Over the 1-year period, KBE has performed better with a 27.43% return vs -11.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KBE or FBDC?

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

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

FBDC has the higher dividend yield at 11.99%, compared with 2.06% for KBE.

What is the main difference between KBE and FBDC?

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

Which has better risk-adjusted returns?

KBE currently has the higher Sharpe Ratio (1.29 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.