PMBS vs. FBDC

Last updated Jun 4, 2026

PMBS (PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund) and FBDC (FT Confluence BDC & Specialty Finance Income ETF) are both exchange-traded funds - PMBS is a Mortgage Backed Securities fund actively managed by PIMCO, while FBDC is a Financials Equities fund actively managed by First Trust. Both are actively managed. At a 0.14 correlation, their price movements are largely independent. PMBS charges 0.71%/yr vs 1.35%/yr for FBDC.

Performance

PMBS vs. FBDC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (PMBS) 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, PMBS achieves a 0.90% return, which is significantly higher than FBDC's -9.51% return.

PMBS

• 1D: -0.21%
• 1M: 0.11%
• YTD: 0.90%
• 6M: 1.15%
• 1Y: 7.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FBDC

• 1D: -2.98%
• 1M: -7.81%
• YTD: -9.51%
• 6M: -10.31%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PMBS vs. FBDC - Yearly Performance Comparison

	2026 (YTD)	2025
PMBS PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund	0.90%	4.38%
FBDC FT Confluence BDC & Specialty Finance Income ETF	-9.51%	-2.43%

Correlation

The correlation between PMBS and FBDC is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 1, 2025	0.14

Return for Risk

PMBS vs. FBDC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PMBS

PMBS Risk / Return Rank: 53
PMBS Sharpe Ratio Rank: 53
PMBS Sortino Ratio Rank: 56
PMBS Omega Ratio Rank: 53
PMBS Calmar Ratio Rank: 52
PMBS Martin Ratio Rank: 52

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PMBS vs. FBDC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (PMBS) 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.

	PMBS	FBDC	Difference
Sharpe ratio: Return per unit of total volatility	1.80	—	—
Sortino ratio: Return per unit of downside risk	2.66	—	—
Omega ratio: Gain probability vs. loss probability	1.33	—	—
Calmar ratio: Return relative to maximum drawdown	2.56	—	—
Martin ratio: Return relative to average drawdown	8.70	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	PMBS	FBDC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.80	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	-0.70	+1.53

Drawdowns

PMBS vs. FBDC - Drawdown Comparison

The maximum PMBS drawdown since its inception was -4.35%, smaller than the maximum FBDC drawdown of -20.60%. Use the drawdown chart below to compare losses from any high point for PMBS and FBDC.

Drawdown Indicators

	PMBS	FBDC	Difference
Max Drawdown Largest peak-to-trough decline	-4.35%	-20.60%	+16.25%
Max Drawdown (1Y) Largest decline over 1 year	-2.97%	—	—
Current Drawdown Current decline from peak	-1.55%	-17.24%	+15.69%
Average Drawdown Average peak-to-trough decline	-1.14%	-10.14%	+9.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	—	—

Volatility

Volatility by Period

	PMBS	FBDC	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.52%	—	—
Volatility (6M) Calculated over the trailing 6-month period	3.10%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	4.22%	18.06%	-13.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.88%	18.06%	-13.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.88%	18.06%	-13.18%

PMBS vs. FBDC - Expense Ratio Comparison

PMBS has a 0.71% expense ratio, which is lower than FBDC's 1.35% expense ratio.

Dividends

PMBS vs. FBDC - Dividend Comparison

PMBS's dividend yield for the trailing twelve months is around 4.98%, less than FBDC's 11.52% yield.

Position	TTM	2025	2024
FBDC FT Confluence BDC & Specialty Finance Income ETF	11.52%	5.41%	0.00%
PMBS PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund	4.98%	4.73%	1.59%

Frequently Asked Questions

Can I hold both PMBS and FBDC in my portfolio?

PMBS and FBDC have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PMBS or FBDC?

On fees, PMBS is cheaper at 0.71% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PMBS or FBDC?

PMBS is cheaper with a 0.71% expense ratio, compared with 1.35% for FBDC.

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

FBDC has the higher dividend yield at 11.52%, compared with 4.98% for PMBS.

What is the main difference between PMBS and FBDC?

PMBS is categorized as Mortgage Backed Securities, while FBDC is Financials Equities. They also come from different issuers: PIMCO and First Trust. Their fees differ too: 0.71% for PMBS and 1.35% for FBDC.