PSCF vs. FNCL

Last updated Aug 2, 2026

PSCF (Invesco S&P SmallCap Financials ETF) and FNCL (Fidelity MSCI Financials Index ETF) are both Financials Equities funds - PSCF tracks the S&P SmallCap 600 Financials Index while FNCL tracks the MSCI USA IMI Financials Index. Both are passively managed. Over the past 10 years, PSCF returned 7.81%/yr vs 13.39%/yr for FNCL. Their correlation of 0.83 means they have usually moved in the same direction. PSCF charges 0.29%/yr vs 0.08%/yr for FNCL.

Performance

PSCF vs. FNCL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P SmallCap Financials ETF (PSCF) and Fidelity MSCI Financials Index ETF (FNCL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PSCF achieves a 17.94% return, which is significantly higher than FNCL's 5.30% return. Over the past 10 years, PSCF has underperformed FNCL with an annualized return of 7.81%, while FNCL has yielded a comparatively higher 13.39% annualized return.

PSCF

• 1D: -0.24%
• 1M: 1.75%
• 6M: 13.69%
• YTD: 17.94%
• 1Y: 27.87%
• 3Y*: 15.78%
• 5Y*: 6.19%
• 10Y*: 7.81%
• ALL TIME*: 9.08%

FNCL

• 1D: -0.16%
• 1M: 2.30%
• 6M: 7.40%
• YTD: 5.30%
• 1Y: 13.08%
• 3Y*: 19.64%
• 5Y*: 11.32%
• 10Y*: 13.39%
• ALL TIME*: 11.78%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FNCL Fidelity MSCI Financials Index ETF	$7.49M	$8.37M	$7.85M
PSCF Invesco S&P SmallCap Financials ETF	$437.87K	$392.38K	$202.32K

PSCF vs. FNCL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSCF Invesco S&P SmallCap Financials ETF	17.94%	6.19%	15.50%	6.02%	-19.34%	27.82%	-9.07%	23.13%	-8.43%	6.71%
FNCL Fidelity MSCI Financials Index ETF	5.30%	14.94%	30.44%	14.10%	-12.28%	34.92%	-2.19%	31.59%	-13.44%	19.99%

Correlation

The correlation between PSCF and FNCL is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.77
Correlation (3Y) Balances recent behavior with more history.	0.82
Correlation (5Y) Shows whether the relationship held over a longer period.	0.84
Correlation (10Y) Provides a long-term view across more market conditions.	0.82
Correlation (All Time) Calculated using the full available price history since Oct 24, 2013	0.83

The correlation between PSCF and FNCL has been stable across timeframes, ranging from 0.77 to 0.84 - a consistent structural relationship.

PSCF vs. FNCL - Sectors Allocation Comparison

Sectors	PSCF	FNCL
Financial Services	66.3%	97.0%
Real Estate	29.9%	0.7%
Technology	3.4%	1.9%
Industrials	0.4%	0.2%
Basic Materials	-	-
Communication Services	-	0.0%
Consumer Cyclical	-	0.0%
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	0.1%
Utilities	-	-

Return for Risk

PSCF vs. FNCL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PSCF

PSCF Risk / Return Rank: 67
PSCF Sharpe Ratio Rank: 67
PSCF Sortino Ratio Rank: 69
PSCF Omega Ratio Rank: 65
PSCF Calmar Ratio Rank: 75
PSCF Martin Ratio Rank: 60

FNCL

FNCL Risk / Return Rank: 28
FNCL Sharpe Ratio Rank: 31
FNCL Sortino Ratio Rank: 29
FNCL Omega Ratio Rank: 29
FNCL Calmar Ratio Rank: 25
FNCL Martin Ratio Rank: 25

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PSCF vs. FNCL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap Financials ETF (PSCF) 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.

	PSCF	FNCL	Difference
Sharpe ratio: Return per unit of total volatility	1.54	0.74	+0.80
Sortino ratio: Return per unit of downside risk	2.24	1.09	+1.15
Omega ratio: Gain probability vs. loss probability	1.28	1.14	+0.14
Calmar ratio: Return relative to maximum drawdown	2.66	0.75	+1.91
Martin ratio: Return relative to average drawdown	7.19	1.94	+5.25

PSCF vs. FNCL - Sharpe Ratio Comparison

The current PSCF Sharpe Ratio is 1.54, which is higher than the FNCL Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of PSCF and FNCL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PSCF vs. FNCL - Drawdown Comparison

The maximum PSCF drawdown since its inception was -45.46%, roughly equal to the maximum FNCL drawdown of -44.38%. Use the drawdown chart below to compare losses from any high point for PSCF and FNCL.

Drawdown Indicators

	PSCF	FNCL	Difference
Max Drawdown Largest peak-to-trough decline	-45.46%	-44.38%	-1.08%
Max Drawdown (1Y) Largest decline over 1 year	-9.91%	-14.78%	+4.87%
Max Drawdown (3Y) Largest decline over 3 years	-24.34%	-17.29%	-7.05%
Max Drawdown (5Y) Largest decline over 5 years	-36.77%	-25.68%	-11.09%
Max Drawdown (10Y) Largest decline over 10 years	-45.46%	-44.38%	-1.08%
Current Drawdown Current decline from peak	-1.46%	-1.17%	-0.29%
Average Drawdown Average peak-to-trough decline	-8.52%	-6.85%	-1.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.66%	5.68%	-2.02%

Volatility

PSCF vs. FNCL - Volatility Comparison

Invesco S&P SmallCap Financials ETF (PSCF) has a higher volatility of 4.47% compared to Fidelity MSCI Financials Index ETF (FNCL) at 3.93%. This indicates that PSCF's price experiences larger fluctuations and is considered to be riskier than FNCL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSCF	FNCL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.47%	3.93%	+0.54%
Volatility (6M) Calculated over the trailing 6-month period	11.69%	11.15%	+0.54%
Volatility (1Y) Calculated over the trailing 1-year period	17.14%	15.00%	+2.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.23%	19.09%	+3.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.74%	22.28%	+2.46%

PSCF vs. FNCL - Expense Ratio Comparison

PSCF has a 0.29% expense ratio, which is higher than FNCL's 0.08% expense ratio.

Dividends

PSCF vs. FNCL - Dividend Comparison

PSCF's dividend yield for the trailing twelve months is around 2.13%, more than FNCL's 1.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNCL Fidelity MSCI Financials Index ETF	1.56%	1.45%	1.52%	1.91%	2.29%	1.75%	2.26%	2.17%	2.37%	1.60%	1.81%	2.17%
PSCF Invesco S&P SmallCap Financials ETF	2.13%	2.09%	2.48%	3.32%	2.93%	1.83%	3.57%	4.27%	4.21%	2.26%	3.01%	2.37%

Frequently Asked Questions

Can I hold both PSCF and FNCL in my portfolio?

PSCF and FNCL have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSCF or FNCL?

PSCF has higher volatility (4.47%) compared to FNCL (3.93%). In terms of maximum drawdown, PSCF dropped -45.46% vs FNCL's -44.38%.

Which ETF is better, PSCF or FNCL?

On 10-year performance, FNCL leads with 13.39% vs 7.81% for PSCF. On fees, FNCL is cheaper at 0.08% per year. On volatility, FNCL has been the lower-risk option at 3.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSCF or FNCL?

Over the 10-year period, FNCL has performed better with a 13.39% return vs 7.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSCF or FNCL?

FNCL is cheaper with a 0.08% expense ratio, compared with 0.29% for PSCF.

Which ETF pays a higher dividend yield, PSCF or FNCL?

PSCF has the higher dividend yield at 2.13%, compared with 1.56% for FNCL.

What is the main difference between PSCF and FNCL?

PSCF tracks S&P SmallCap 600 Financials Index, while FNCL tracks MSCI USA IMI Financials Index. They also come from different issuers: Invesco and Fidelity. Their fees differ too: 0.29% for PSCF and 0.08% for FNCL.

Which has better risk-adjusted returns?

PSCF currently has the higher Sharpe Ratio (1.54 vs 0.74), 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.