PBEU vs. FNCL
PBEU (Portfolio Building Block European Banks Index ETF) and FNCL (Fidelity MSCI Financials Index ETF) are both Financials Equities funds - PBEU tracks the BITA European Banks Index while FNCL tracks the MSCI USA IMI Financials Index. Both are passively managed. A 0.52 correlation means they provide meaningful diversification when combined. PBEU charges 0.13%/yr vs 0.08%/yr for FNCL.
Performance
PBEU vs. FNCL - Performance Comparison
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Returns By Period
In the year-to-date period, PBEU achieves a 13.63% return, which is significantly higher than FNCL's -0.31% return.
PBEU
- 1D
- -1.42%
- 1M
- 7.22%
- YTD
- 13.63%
- 6M
- 14.09%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FNCL
- 1D
- 0.46%
- 1M
- 4.20%
- YTD
- -0.31%
- 6M
- -1.64%
- 1Y
- 8.95%
- 3Y*
- 20.96%
- 5Y*
- 10.07%
- 10Y*
- 13.45%
PBEU vs. FNCL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PBEU Portfolio Building Block European Banks Index ETF | 13.63% | 11.42% |
FNCL Fidelity MSCI Financials Index ETF | -0.31% | 6.11% |
Correlation
The correlation between PBEU and FNCL is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 25, 2025 | 0.52 |
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Return for Risk
PBEU vs. FNCL — Risk / Return Rank
PBEU
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
FNCL
PBEU vs. FNCL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Portfolio Building Block European Banks Index ETF (PBEU) 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.
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.
| PBEU | FNCL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.11 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 0.61 | — |
| Martin ratioReturn relative to average drawdown | — | 1.58 | — |
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Drawdowns
PBEU vs. FNCL - Drawdown Comparison
The maximum PBEU drawdown since its inception was -17.26%, smaller than the maximum FNCL drawdown of -44.38%. Use the drawdown chart below to compare losses from any high point for PBEU and FNCL.
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Drawdown Indicators
| PBEU | FNCL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.26% | -44.38% | +27.12% |
Max Drawdown (1Y)Largest decline over 1 year | — | -14.78% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -17.29% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.68% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -44.38% | — |
Current DrawdownCurrent decline from peak | -1.42% | -3.35% | +1.93% |
Average DrawdownAverage peak-to-trough decline | -3.94% | -6.90% | +2.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 5.68% | — |
Volatility
PBEU vs. FNCL - Volatility Comparison
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Volatility by Period
| PBEU | FNCL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 4.22% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 11.36% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 27.63% | 14.94% | +12.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.63% | 19.21% | +8.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.63% | 22.30% | +5.33% |
PBEU vs. FNCL - Expense Ratio Comparison
PBEU has a 0.13% expense ratio, which is higher than FNCL's 0.08% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
PBEU vs. FNCL - Dividend Comparison
PBEU's dividend yield for the trailing twelve months is around 0.01%, less than FNCL's 1.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FNCL Fidelity MSCI Financials Index ETF | 1.64% | 1.45% | 1.52% | 1.91% | 2.29% | 1.75% | 2.26% | 2.17% | 2.37% | 1.60% | 1.81% | 2.17% |
PBEU Portfolio Building Block European Banks Index ETF | 0.01% | 0.01% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PBEU and FNCL have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FNCL is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FNCL is cheaper with a 0.08% expense ratio, compared with 0.13% for PBEU.
FNCL has the higher dividend yield at 1.64%, compared with 0.01% for PBEU.
PBEU tracks BITA European Banks Index, while FNCL tracks MSCI USA IMI Financials Index. They also come from different issuers: Portfolio Building Block and Fidelity. Their fees differ too: 0.13% for PBEU and 0.08% for FNCL.
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