OBOR vs. FBDC
OBOR (KraneShares MSCI One Belt One Road Index ETF) and FBDC (FT Confluence BDC & Specialty Finance Income ETF) are both exchange-traded funds - OBOR is a Emerging Markets Equities fund tracking the MSCI Global China Infrastructure Exposure, while FBDC is a Financials Equities fund actively managed by First Trust. OBOR is passively managed, while FBDC is actively managed. At a 0.08 correlation, their price movements are largely independent. OBOR charges 0.79%/yr vs 1.35%/yr for FBDC.
Performance
OBOR vs. FBDC - Performance Comparison
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Returns By Period
In the year-to-date period, OBOR achieves a 4.26% return, which is significantly higher than FBDC's -6.73% return.
OBOR
- 1D
- 1.15%
- 1M
- -1.00%
- YTD
- 4.26%
- 6M
- 7.97%
- 1Y
- 24.36%
- 3Y*
- 12.00%
- 5Y*
- 1.31%
- 10Y*
- —
FBDC
- 1D
- -0.28%
- 1M
- -4.81%
- YTD
- -6.73%
- 6M
- -6.36%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
OBOR vs. FBDC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
OBOR KraneShares MSCI One Belt One Road Index ETF | 4.26% | 13.60% |
FBDC FT Confluence BDC & Specialty Finance Income ETF | -6.73% | -2.43% |
Correlation
The correlation between OBOR and FBDC is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Jul 1, 2025 | 0.08 |
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Return for Risk
OBOR vs. FBDC — Risk / Return Rank
OBOR
FBDC
OBOR vs. FBDC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KraneShares MSCI One Belt One Road Index ETF (OBOR) 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.
| OBOR | FBDC | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.52 | — | — |
Sortino ratioReturn per unit of downside risk | 2.06 | — | — |
Omega ratioGain probability vs. loss probability | 1.28 | — | — |
Calmar ratioReturn relative to maximum drawdown | 2.33 | — | — |
Martin ratioReturn relative to average drawdown | 5.96 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| OBOR | FBDC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.52 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.08 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.21 | -0.55 | +0.75 |
Drawdowns
OBOR vs. FBDC - Drawdown Comparison
The maximum OBOR drawdown since its inception was -41.54%, which is greater than FBDC's maximum drawdown of -20.60%. Use the drawdown chart below to compare losses from any high point for OBOR and FBDC.
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Drawdown Indicators
| OBOR | FBDC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.54% | -20.60% | -20.94% |
Max Drawdown (1Y)Largest decline over 1 year | -10.47% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -18.06% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -34.00% | — | — |
Current DrawdownCurrent decline from peak | -8.01% | -14.70% | +6.69% |
Average DrawdownAverage peak-to-trough decline | -15.98% | -10.11% | -5.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.08% | — | — |
Volatility
OBOR vs. FBDC - Volatility Comparison
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Volatility by Period
| OBOR | FBDC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.43% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 13.80% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 16.05% | 17.83% | -1.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.06% | 17.83% | -1.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.52% | 17.83% | +0.69% |
OBOR vs. FBDC - Expense Ratio Comparison
OBOR has a 0.79% expense ratio, which is lower than FBDC's 1.35% expense ratio.
Dividends
OBOR vs. FBDC - Dividend Comparison
OBOR's dividend yield for the trailing twelve months is around 1.86%, less than FBDC's 11.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FBDC FT Confluence BDC & Specialty Finance Income ETF | 11.18% | 5.41% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
OBOR KraneShares MSCI One Belt One Road Index ETF | 1.86% | 1.94% | 3.87% | 3.40% | 4.75% | 3.26% | 2.04% | 4.33% | 0.02% | 0.10% |
Frequently Asked Questions
OBOR and FBDC have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, OBOR is cheaper at 0.79% per year. The better choice depends on whether you care most about return, fees, risk, or income.
OBOR is cheaper with a 0.79% expense ratio, compared with 1.35% for FBDC.
FBDC has the higher dividend yield at 11.18%, compared with 1.86% for OBOR.
OBOR is categorized as Emerging Markets Equities, while FBDC is Financials Equities. They also come from different issuers: CICC and First Trust. Their fees differ too: 0.79% for OBOR and 1.35% for FBDC.
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