PFI vs. FBDC
PFI (Invesco Dorsey Wright Financial Momentum ETF) and FBDC (FT Confluence BDC & Specialty Finance Income ETF) are both exchange-traded funds - PFI is a Momentum fund tracking the Dorsey Wright Financials Technical Leaders Index, while FBDC is a Financials Equities fund actively managed by First Trust. PFI is passively managed, while FBDC is actively managed. Over the past year, PFI returned 12.93% vs -12.75% for FBDC. A 0.53 correlation means they provide meaningful diversification when combined. PFI charges 0.60%/yr vs 1.35%/yr for FBDC.
Performance
PFI vs. FBDC - Performance Comparison
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Returns By Period
In the year-to-date period, PFI achieves a 7.70% return, which is significantly higher than FBDC's -7.16% return.
PFI
- 1D
- -1.34%
- 1M
- 2.23%
- 6M
- 4.69%
- YTD
- 7.70%
- 1Y
- 12.93%
- 3Y*
- 14.47%
- 5Y*
- 6.05%
- 10Y*
- 8.68%
FBDC
- 1D
- -0.75%
- 1M
- 0.63%
- 6M
- -7.47%
- YTD
- -7.16%
- 1Y
- -12.75%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PFI vs. FBDC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PFI Invesco Dorsey Wright Financial Momentum ETF | 7.70% | 3.66% |
FBDC FT Confluence BDC & Specialty Finance Income ETF | -7.16% | -2.66% |
Correlation
The correlation between PFI and FBDC is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2025 | 0.53 |
The correlation between PFI and FBDC has been stable across timeframes, ranging from 0.53 to 0.54 - a consistent structural relationship.
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Return for Risk
PFI vs. FBDC — Risk / Return Rank
PFI
FBDC
PFI vs. FBDC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Dorsey Wright Financial Momentum ETF (PFI) 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.
| PFI | FBDC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.40 | ||
| Sortino ratioReturn per unit of downside risk | +1.96 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 0.90 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 0.94 | -0.62 | +1.56 |
| Martin ratioReturn relative to average drawdown | 2.83 | -1.05 | +3.88 |
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Drawdowns
PFI vs. FBDC - Drawdown Comparison
The maximum PFI drawdown since its inception was -59.53%, which is greater than FBDC's maximum drawdown of -20.60%. Use the drawdown chart below to compare losses from any high point for PFI and FBDC.
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Drawdown Indicators
| PFI | FBDC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.53% | -20.60% | -38.93% |
Max Drawdown (1Y)Largest decline over 1 year | -13.86% | -20.60% | +6.74% |
Max Drawdown (3Y)Largest decline over 3 years | -24.82% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -35.43% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -43.09% | — | — |
Current DrawdownCurrent decline from peak | -1.40% | -15.10% | +13.70% |
Average DrawdownAverage peak-to-trough decline | -14.43% | -10.71% | -3.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.58% | 12.14% | -7.56% |
Volatility
PFI vs. FBDC - Volatility Comparison
Invesco Dorsey Wright Financial Momentum ETF (PFI) has a higher volatility of 4.86% compared to FT Confluence BDC & Specialty Finance Income ETF (FBDC) at 4.14%. This indicates that PFI'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.
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Volatility by Period
| PFI | FBDC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.86% | 4.14% | +0.72% |
Volatility (6M)Calculated over the trailing 6-month period | 13.94% | 14.46% | -0.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.85% | 17.98% | +0.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.78% | 17.85% | +3.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.27% | 17.85% | +4.42% |
PFI vs. FBDC - Expense Ratio Comparison
PFI has a 0.60% expense ratio, which is lower than FBDC's 1.35% expense ratio.
Dividends
PFI vs. FBDC - Dividend Comparison
PFI's dividend yield for the trailing twelve months is around 0.99%, less than FBDC's 12.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FBDC FT Confluence BDC & Specialty Finance Income ETF | 12.38% | 5.41% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PFI Invesco Dorsey Wright Financial Momentum ETF | 0.99% | 0.68% | 2.77% | 1.85% | 1.93% | 1.28% | 1.56% | 0.92% | 1.98% | 0.35% | 2.16% | 1.44% |
Frequently Asked Questions
PFI and FBDC have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFI has higher volatility (4.86%) compared to FBDC (4.14%). In terms of maximum drawdown, PFI dropped -59.53% vs FBDC's -20.60%.
On 1-year performance, PFI leads with 12.93% vs -12.75% for FBDC. On fees, PFI is cheaper at 0.60% per year. On volatility, FBDC has been the lower-risk option at 4.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, PFI has performed better with a 12.93% return vs -12.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PFI is cheaper with a 0.60% expense ratio, compared with 1.35% for FBDC.
FBDC has the higher dividend yield at 12.38%, compared with 0.99% for PFI.
PFI is categorized as Momentum, while FBDC is Financials Equities. They also come from different issuers: Invesco and First Trust. Their fees differ too: 0.60% for PFI and 1.35% for FBDC.
PFI currently has the higher Sharpe Ratio (0.69 vs -0.71), 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.
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