MFSM vs. FBDC

Last updated Aug 1, 2026

MFSM (MFS Active Intermediate Muni Bond ETF) and FBDC (FT Confluence BDC & Specialty Finance Income ETF) are both exchange-traded funds - MFSM is a Municipal Bonds fund actively managed by MFS, while FBDC is a Financials Equities fund actively managed by First Trust. Both are actively managed. Over the past year, MFSM returned 4.68% vs -10.92% for FBDC. Their 0.07 correlation means their historical movements had little consistent relationship. MFSM charges 0.34%/yr vs 1.35%/yr for FBDC.

Performance

MFSM vs. FBDC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MFS Active Intermediate Muni Bond ETF (MFSM) 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, MFSM achieves a 0.59% return, which is significantly higher than FBDC's -7.31% return.

MFSM

• 1D: -0.20%
• 1M: -1.75%
• 6M: -0.22%
• YTD: 0.59%
• 1Y: 4.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 2.80%

FBDC

• 1D: -0.01%
• 1M: -0.49%
• 6M: -6.64%
• YTD: -7.31%
• 1Y: -10.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -9.05%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FBDC FT Confluence BDC & Specialty Finance Income ETF	$213.26K	$189.97K	$198.06K
MFSM MFS Active Intermediate Muni Bond ETF	$434.35K	$408.74K	$440.79K

MFSM vs. FBDC - Yearly Performance Comparison

	2026 (YTD)	2025
MFSM MFS Active Intermediate Muni Bond ETF	0.59%	4.70%
FBDC FT Confluence BDC & Specialty Finance Income ETF	-7.31%	-2.66%

Correlation

The correlation between MFSM and FBDC is 0.11, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.11
Correlation (All Time) Calculated using the full available price history since Jun 30, 2025	0.07

Return for Risk

MFSM vs. FBDC — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MFSM

MFSM Risk / Return Rank: 73
MFSM Sharpe Ratio Rank: 83
MFSM Sortino Ratio Rank: 85
MFSM Omega Ratio Rank: 88
MFSM Calmar Ratio Rank: 55
MFSM Martin Ratio Rank: 55

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: 4
FBDC Martin Ratio Rank: 4

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MFSM vs. FBDC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS Active Intermediate Muni Bond ETF (MFSM) 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.

	MFSM	FBDC	Difference
Sharpe ratio: Return per unit of total volatility	1.95	-0.64	+2.59
Sortino ratio: Return per unit of downside risk	2.85	-0.82	+3.67
Omega ratio: Gain probability vs. loss probability	1.40	0.91	+0.49
Calmar ratio: Return relative to maximum drawdown	1.98	-0.64	+2.63
Martin ratio: Return relative to average drawdown	6.64	-1.14	+7.79

MFSM vs. FBDC - Sharpe Ratio Comparison

The current MFSM Sharpe Ratio is 1.95, which is higher than the FBDC Sharpe Ratio of -0.64. The chart below compares the historical Sharpe Ratios of MFSM 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

MFSM vs. FBDC - Drawdown Comparison

The maximum MFSM drawdown since its inception was -3.86%, smaller than the maximum FBDC drawdown of -20.60%. Use the drawdown chart below to compare losses from any high point for MFSM and FBDC.

Drawdown Indicators

	MFSM	FBDC	Difference
Max Drawdown Largest peak-to-trough decline	-3.86%	-20.60%	+16.74%
Max Drawdown (1Y) Largest decline over 1 year	-2.65%	-18.08%	+15.43%
Current Drawdown Current decline from peak	-1.89%	-15.23%	+13.34%
Average Drawdown Average peak-to-trough decline	-0.86%	-10.91%	+10.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	10.12%	-9.33%

Volatility

MFSM vs. FBDC - Volatility Comparison

The current volatility for MFS Active Intermediate Muni Bond ETF (MFSM) is 0.88%, while FT Confluence BDC & Specialty Finance Income ETF (FBDC) has a volatility of 4.72%. This indicates that MFSM experiences smaller price fluctuations and is considered to be less risky than FBDC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MFSM	FBDC	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.88%	4.72%	-3.84%
Volatility (6M) Calculated over the trailing 6-month period	2.13%	14.60%	-12.47%
Volatility (1Y) Calculated over the trailing 1-year period	2.70%	18.15%	-15.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.38%	17.81%	-14.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.38%	17.81%	-14.43%

MFSM vs. FBDC - Expense Ratio Comparison

MFSM has a 0.34% expense ratio, which is lower than FBDC's 1.35% expense ratio.

Dividends

MFSM vs. FBDC - Dividend Comparison

MFSM's dividend yield for the trailing twelve months is around 3.62%, less than FBDC's 12.36% yield.

Position	TTM	2025	2024
FBDC FT Confluence BDC & Specialty Finance Income ETF	12.36%	5.41%	0.00%
MFSM MFS Active Intermediate Muni Bond ETF	3.62%	3.53%	0.23%

Frequently Asked Questions

Can I hold both MFSM and FBDC in my portfolio?

MFSM and FBDC have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MFSM or FBDC?

FBDC has higher volatility (4.72%) compared to MFSM (0.88%). In terms of maximum drawdown, MFSM dropped -3.86% vs FBDC's -20.60%.

Which ETF is better, MFSM or FBDC?

On 1-year performance, MFSM leads with 4.68% vs -10.92% for FBDC. On fees, MFSM is cheaper at 0.34% per year. On volatility, MFSM has been the lower-risk option at 0.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MFSM or FBDC?

Over the 1-year period, MFSM has performed better with a 4.68% return vs -10.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MFSM or FBDC?

MFSM is cheaper with a 0.34% expense ratio, compared with 1.35% for FBDC.

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

FBDC has the higher dividend yield at 12.36%, compared with 3.62% for MFSM.

What is the main difference between MFSM and FBDC?

MFSM is categorized as Municipal Bonds, while FBDC is Financials Equities. They also come from different issuers: MFS and First Trust. Their fees differ too: 0.34% for MFSM and 1.35% for FBDC.

Which has better risk-adjusted returns?

MFSM currently has the higher Sharpe Ratio (1.95 vs -0.64), 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.