PEX vs. FBDC
PEX (ProShares Global Listed Private Equity ETF) and FBDC (FT Confluence BDC & Specialty Finance Income ETF) are both Financials Equities funds. PEX is passively managed, while FBDC is actively managed. Their correlation of 0.81 suggests significant overlap in exposure. PEX charges 3.13%/yr vs 1.35%/yr for FBDC.
Performance
PEX vs. FBDC - Performance Comparison
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Returns By Period
In the year-to-date period, PEX achieves a -12.48% return, which is significantly lower than FBDC's -9.51% return.
PEX
- 1D
- -2.88%
- 1M
- -5.57%
- YTD
- -12.48%
- 6M
- -10.90%
- 1Y
- -12.90%
- 3Y*
- 3.61%
- 5Y*
- -1.12%
- 10Y*
- 4.13%
FBDC
- 1D
- -2.98%
- 1M
- -7.81%
- YTD
- -9.51%
- 6M
- -10.31%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PEX vs. FBDC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PEX ProShares Global Listed Private Equity ETF | -12.48% | -4.32% |
FBDC FT Confluence BDC & Specialty Finance Income ETF | -9.51% | -2.43% |
Correlation
The correlation between PEX and FBDC is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Jul 1, 2025 | 0.81 |
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Return for Risk
PEX vs. FBDC — Risk / Return Rank
PEX
FBDC
PEX vs. FBDC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Global Listed Private Equity ETF (PEX) 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.
| PEX | FBDC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.88 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.52 | — | — |
| Martin ratioReturn relative to average drawdown | -1.06 | — | — |
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
| PEX | FBDC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.83 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.06 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.21 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.25 | -0.70 | +0.95 |
Drawdowns
PEX vs. FBDC - Drawdown Comparison
The maximum PEX drawdown since its inception was -49.17%, which is greater than FBDC's maximum drawdown of -20.60%. Use the drawdown chart below to compare losses from any high point for PEX and FBDC.
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Drawdown Indicators
| PEX | FBDC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.17% | -20.60% | -28.57% |
Max Drawdown (1Y)Largest decline over 1 year | -24.72% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -24.72% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -36.58% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -49.17% | — | — |
Current DrawdownCurrent decline from peak | -20.90% | -17.24% | -3.66% |
Average DrawdownAverage peak-to-trough decline | -8.21% | -10.14% | +1.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.22% | — | — |
Volatility
PEX vs. FBDC - Volatility Comparison
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Volatility by Period
| PEX | FBDC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.81% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 13.05% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 15.61% | 18.06% | -2.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.96% | 18.06% | -0.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.44% | 18.06% | +1.38% |
PEX vs. FBDC - Expense Ratio Comparison
PEX has a 3.13% expense ratio, which is higher than FBDC's 1.35% expense ratio.
Dividends
PEX vs. FBDC - Dividend Comparison
PEX's dividend yield for the trailing twelve months is around 12.81%, more than FBDC's 11.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FBDC FT Confluence BDC & Specialty Finance Income ETF | 11.52% | 5.41% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PEX ProShares Global Listed Private Equity ETF | 12.81% | 12.80% | 14.11% | 13.02% | 1.77% | 13.64% | 5.52% | 7.94% | 4.72% | 24.26% | 3.24% | 12.50% |
Frequently Asked Questions
PEX and FBDC have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FBDC is cheaper at 1.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FBDC is cheaper with a 1.35% expense ratio, compared with 3.13% for PEX.
PEX has the higher dividend yield at 12.81%, compared with 11.52% for FBDC.
They also come from different issuers: ProShares and First Trust. Their fees differ too: 3.13% for PEX and 1.35% for FBDC.
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