RMOP vs. FBDC

Last updated Jul 14, 2026

RMOP (Rockefeller Opportunistic Municipal Bond ETF) and FBDC (FT Confluence BDC & Specialty Finance Income ETF) are both exchange-traded funds - RMOP is a High Yield Muni fund actively managed by Rockefeller, while FBDC is a Financials Equities fund actively managed by First Trust. Both are actively managed. Over the past year, RMOP returned 10.30% vs -12.75% for FBDC. At a 0.09 correlation, their price movements are largely independent. RMOP charges 0.55%/yr vs 1.35%/yr for FBDC.

Performance

RMOP vs. FBDC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Rockefeller Opportunistic Municipal Bond ETF (RMOP) 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, RMOP achieves a 4.29% return, which is significantly higher than FBDC's -7.16% return.

RMOP

• 1D: -0.16%
• 1M: 0.76%
• 6M: 3.91%
• YTD: 4.29%
• 1Y: 10.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FBDC

• 1D: -0.75%
• 1M: 0.63%
• 6M: -7.47%
• YTD: -7.16%
• 1Y: -12.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RMOP vs. FBDC - Yearly Performance Comparison

	2026 (YTD)	2025
RMOP Rockefeller Opportunistic Municipal Bond ETF	4.29%	5.32%
FBDC FT Confluence BDC & Specialty Finance Income ETF	-7.16%	-2.66%

Correlation

The correlation between RMOP and FBDC is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (All Time) Calculated using the full available price history since Jun 30, 2025	0.09

Return for Risk

RMOP vs. FBDC — Risk / Return Rank

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

RMOP

RMOP Risk / Return Rank: 92
RMOP Sharpe Ratio Rank: 94
RMOP Sortino Ratio Rank: 95
RMOP Omega Ratio Rank: 95
RMOP Calmar Ratio Rank: 87
RMOP Martin Ratio Rank: 90

FBDC

FBDC Risk / Return Rank: 4
FBDC Sharpe Ratio Rank: 3
FBDC Sortino Ratio Rank: 4
FBDC Omega Ratio Rank: 4
FBDC Calmar Ratio Rank: 4
FBDC Martin Ratio Rank: 4

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.

RMOP vs. FBDC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rockefeller Opportunistic Municipal Bond ETF (RMOP) 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.

	RMOP	FBDC	Difference
Sharpe ratio: Return per unit of total volatility	2.76	-0.71	+3.47
Sortino ratio: Return per unit of downside risk	4.14	-0.93	+5.07
Omega ratio: Gain probability vs. loss probability	1.56	0.90	+0.67
Calmar ratio: Return relative to maximum drawdown	3.89	-0.62	+4.51
Martin ratio: Return relative to average drawdown	15.98	-1.05	+17.04

RMOP vs. FBDC - Sharpe Ratio Comparison

The current RMOP Sharpe Ratio is 2.76, which is higher than the FBDC Sharpe Ratio of -0.71. The chart below compares the historical Sharpe Ratios of RMOP and FBDC, 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

RMOP vs. FBDC - Drawdown Comparison

The maximum RMOP drawdown since its inception was -6.67%, smaller than the maximum FBDC drawdown of -20.60%. Use the drawdown chart below to compare losses from any high point for RMOP and FBDC.

Drawdown Indicators

	RMOP	FBDC	Difference
Max Drawdown Largest peak-to-trough decline	-6.67%	-20.60%	+13.93%
Max Drawdown (1Y) Largest decline over 1 year	-2.66%	-20.60%	+17.94%
Current Drawdown Current decline from peak	-0.49%	-15.10%	+14.61%
Average Drawdown Average peak-to-trough decline	-1.44%	-10.71%	+9.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.65%	12.14%	-11.49%

Volatility

RMOP vs. FBDC - Volatility Comparison

The current volatility for Rockefeller Opportunistic Municipal Bond ETF (RMOP) is 0.84%, while FT Confluence BDC & Specialty Finance Income ETF (FBDC) has a volatility of 4.14%. This indicates that RMOP experiences smaller price fluctuations and is considered to be less risky than FBDC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RMOP	FBDC	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.84%	4.14%	-3.30%
Volatility (6M) Calculated over the trailing 6-month period	2.70%	14.46%	-11.76%
Volatility (1Y) Calculated over the trailing 1-year period	3.76%	17.98%	-14.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.54%	17.85%	-12.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.54%	17.85%	-12.31%

RMOP vs. FBDC - Expense Ratio Comparison

RMOP has a 0.55% expense ratio, which is lower than FBDC's 1.35% expense ratio.

Dividends

RMOP vs. FBDC - Dividend Comparison

RMOP's dividend yield for the trailing twelve months is around 5.18%, less than FBDC's 12.38% yield.

Position	TTM	2025	2024
FBDC FT Confluence BDC & Specialty Finance Income ETF	12.38%	5.41%	0.00%
RMOP Rockefeller Opportunistic Municipal Bond ETF	5.18%	5.15%	1.27%

Frequently Asked Questions

Can I hold both RMOP and FBDC in my portfolio?

RMOP and FBDC have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RMOP or FBDC?

FBDC has higher volatility (4.14%) compared to RMOP (0.84%). In terms of maximum drawdown, RMOP dropped -6.67% vs FBDC's -20.60%.

Which ETF is better, RMOP or FBDC?

On 1-year performance, RMOP leads with 10.30% vs -12.75% for FBDC. On fees, RMOP is cheaper at 0.55% per year. On volatility, RMOP has been the lower-risk option at 0.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RMOP or FBDC?

Over the 1-year period, RMOP has performed better with a 10.30% return vs -12.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RMOP or FBDC?

RMOP is cheaper with a 0.55% expense ratio, compared with 1.35% for FBDC.

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

FBDC has the higher dividend yield at 12.38%, compared with 5.18% for RMOP.

What is the main difference between RMOP and FBDC?

RMOP is categorized as High Yield Muni, while FBDC is Financials Equities. They also come from different issuers: Rockefeller and First Trust. Their fees differ too: 0.55% for RMOP and 1.35% for FBDC.

Which has better risk-adjusted returns?

RMOP currently has the higher Sharpe Ratio (2.76 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.