STAX vs. FBDC

Last updated Jul 17, 2026

STAX (Macquarie Tax-Free USA Short Term ETF) and FBDC (FT Confluence BDC & Specialty Finance Income ETF) are both exchange-traded funds - STAX is a Municipal Bonds fund actively managed by Macquarie, while FBDC is a Financials Equities fund actively managed by First Trust. Both are actively managed. Over the past year, STAX returned 3.30% vs -11.30% for FBDC. At a 0.12 correlation, their price movements are largely independent. STAX charges 0.29%/yr vs 1.35%/yr for FBDC.

Performance

STAX vs. FBDC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Macquarie Tax-Free USA Short Term ETF (STAX) 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, STAX achieves a 1.42% return, which is significantly higher than FBDC's -4.10% return.

STAX

• 1D: 0.02%
• 1M: 0.07%
• 6M: 0.87%
• YTD: 1.42%
• 1Y: 3.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FBDC

• 1D: 1.74%
• 1M: 4.48%
• 6M: -6.58%
• YTD: -4.10%
• 1Y: -11.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

STAX vs. FBDC - Yearly Performance Comparison

	2026 (YTD)	2025
STAX Macquarie Tax-Free USA Short Term ETF	1.42%	2.24%
FBDC FT Confluence BDC & Specialty Finance Income ETF	-4.10%	-2.66%

Correlation

The correlation between STAX and FBDC is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (All Time) Calculated using the full available price history since Jun 30, 2025	0.12

Return for Risk

STAX vs. FBDC — Risk / Return Rank

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

STAX

STAX Risk / Return Rank: 87
STAX Sharpe Ratio Rank: 96
STAX Sortino Ratio Rank: 97
STAX Omega Ratio Rank: 97
STAX Calmar Ratio Rank: 76
STAX Martin Ratio Rank: 70

FBDC

FBDC Risk / Return Rank: 4
FBDC Sharpe Ratio Rank: 4
FBDC Sortino Ratio Rank: 4
FBDC Omega Ratio Rank: 4
FBDC Calmar Ratio Rank: 5
FBDC Martin Ratio Rank: 5

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.

STAX vs. FBDC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Macquarie Tax-Free USA Short Term ETF (STAX) 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.

	STAX	FBDC	Difference
Sharpe ratio: Return per unit of total volatility	3.08	-0.63	+3.71
Sortino ratio: Return per unit of downside risk	5.00	-0.80	+5.80
Omega ratio: Gain probability vs. loss probability	1.74	0.91	+0.83
Calmar ratio: Return relative to maximum drawdown	3.15	-0.55	+3.70
Martin ratio: Return relative to average drawdown	9.95	-0.93	+10.87

STAX vs. FBDC - Sharpe Ratio Comparison

The current STAX Sharpe Ratio is 3.08, which is higher than the FBDC Sharpe Ratio of -0.63. The chart below compares the historical Sharpe Ratios of STAX 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

STAX vs. FBDC - Drawdown Comparison

The maximum STAX drawdown since its inception was -1.42%, smaller than the maximum FBDC drawdown of -20.60%. Use the drawdown chart below to compare losses from any high point for STAX and FBDC.

Drawdown Indicators

	STAX	FBDC	Difference
Max Drawdown Largest peak-to-trough decline	-1.42%	-20.60%	+19.18%
Max Drawdown (1Y) Largest decline over 1 year	-1.05%	-20.60%	+19.55%
Current Drawdown Current decline from peak	-0.18%	-12.29%	+12.11%
Average Drawdown Average peak-to-trough decline	-0.22%	-10.74%	+10.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.33%	12.23%	-11.90%

Volatility

STAX vs. FBDC - Volatility Comparison

The current volatility for Macquarie Tax-Free USA Short Term ETF (STAX) is 0.26%, while FT Confluence BDC & Specialty Finance Income ETF (FBDC) has a volatility of 4.45%. This indicates that STAX 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

	STAX	FBDC	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.26%	4.45%	-4.19%
Volatility (6M) Calculated over the trailing 6-month period	0.88%	14.59%	-13.71%
Volatility (1Y) Calculated over the trailing 1-year period	1.07%	18.06%	-16.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.38%	17.86%	-16.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.38%	17.86%	-16.48%

STAX vs. FBDC - Expense Ratio Comparison

STAX has a 0.29% expense ratio, which is lower than FBDC's 1.35% expense ratio.

Dividends

STAX vs. FBDC - Dividend Comparison

STAX's dividend yield for the trailing twelve months is around 3.17%, less than FBDC's 11.99% yield.

Position	TTM	2025	2024
FBDC FT Confluence BDC & Specialty Finance Income ETF	11.99%	5.41%	0.00%
STAX Macquarie Tax-Free USA Short Term ETF	3.17%	3.16%	3.43%

Frequently Asked Questions

Can I hold both STAX and FBDC in my portfolio?

STAX and FBDC have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, STAX or FBDC?

FBDC has higher volatility (4.45%) compared to STAX (0.26%). In terms of maximum drawdown, STAX dropped -1.42% vs FBDC's -20.60%.

Which ETF is better, STAX or FBDC?

On 1-year performance, STAX leads with 3.30% vs -11.30% for FBDC. On fees, STAX is cheaper at 0.29% per year. On volatility, STAX has been the lower-risk option at 0.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, STAX or FBDC?

Over the 1-year period, STAX has performed better with a 3.30% return vs -11.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, STAX or FBDC?

STAX is cheaper with a 0.29% expense ratio, compared with 1.35% for FBDC.

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

FBDC has the higher dividend yield at 11.99%, compared with 3.17% for STAX.

What is the main difference between STAX and FBDC?

STAX is categorized as Municipal Bonds, while FBDC is Financials Equities. They also come from different issuers: Macquarie and First Trust. Their fees differ too: 0.29% for STAX and 1.35% for FBDC.

Which has better risk-adjusted returns?

STAX currently has the higher Sharpe Ratio (3.08 vs -0.63), 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.