TRPA vs. FBDC

Last updated Jul 17, 2026

TRPA (Hartford AAA CLO ETF) and FBDC (FT Confluence BDC & Specialty Finance Income ETF) are both exchange-traded funds - TRPA is a CLO fund actively managed by Hartford, while FBDC is a Financials Equities fund actively managed by First Trust. Both are actively managed. Over the past year, TRPA returned 4.74% vs -11.30% for FBDC. At a 0.12 correlation, their price movements are largely independent. TRPA charges 0.24%/yr vs 1.35%/yr for FBDC.

Performance

TRPA vs. FBDC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hartford AAA CLO ETF (TRPA) 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, TRPA achieves a 2.45% return, which is significantly higher than FBDC's -4.10% return.

TRPA

• 1D: 0.10%
• 1M: 0.26%
• 6M: 2.39%
• YTD: 2.45%
• 1Y: 4.74%
• 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)

TRPA vs. FBDC - Yearly Performance Comparison

	2026 (YTD)	2025
TRPA Hartford AAA CLO ETF	2.45%	3.01%
FBDC FT Confluence BDC & Specialty Finance Income ETF	-4.10%	-2.66%

Correlation

The correlation between TRPA 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	0.12

Return for Risk

TRPA vs. FBDC — Risk / Return Rank

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

TRPA

TRPA Risk / Return Rank: 92
TRPA Sharpe Ratio Rank: 86
TRPA Sortino Ratio Rank: 91
TRPA Omega Ratio Rank: 90
TRPA Calmar Ratio Rank: 97
TRPA Martin Ratio Rank: 97

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.

TRPA vs. FBDC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hartford AAA CLO ETF (TRPA) 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.

	TRPA	FBDC	Difference
Sharpe ratio: Return per unit of total volatility	2.23	-0.63	+2.86
Sortino ratio: Return per unit of downside risk	3.54	-0.80	+4.34
Omega ratio: Gain probability vs. loss probability	1.46	0.91	+0.55
Calmar ratio: Return relative to maximum drawdown	7.80	-0.55	+8.35
Martin ratio: Return relative to average drawdown	33.93	-0.93	+34.85

TRPA vs. FBDC - Sharpe Ratio Comparison

The current TRPA Sharpe Ratio is 2.23, which is higher than the FBDC Sharpe Ratio of -0.63. The chart below compares the historical Sharpe Ratios of TRPA 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

TRPA vs. FBDC - Drawdown Comparison

The maximum TRPA drawdown since its inception was -0.61%, smaller than the maximum FBDC drawdown of -20.60%. Use the drawdown chart below to compare losses from any high point for TRPA and FBDC.

Drawdown Indicators

	TRPA	FBDC	Difference
Max Drawdown Largest peak-to-trough decline	-0.61%	-20.60%	+19.99%
Max Drawdown (1Y) Largest decline over 1 year	-0.61%	-20.60%	+19.99%
Current Drawdown Current decline from peak	0.00%	-12.29%	+12.29%
Average Drawdown Average peak-to-trough decline	-0.09%	-10.74%	+10.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.14%	12.23%	-12.09%

Volatility

TRPA vs. FBDC - Volatility Comparison

The current volatility for Hartford AAA CLO ETF (TRPA) is 0.26%, while FT Confluence BDC & Specialty Finance Income ETF (FBDC) has a volatility of 4.45%. This indicates that TRPA 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

	TRPA	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	1.40%	14.59%	-13.19%
Volatility (1Y) Calculated over the trailing 1-year period	2.15%	18.06%	-15.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.28%	17.86%	-15.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.28%	17.86%	-15.58%

TRPA vs. FBDC - Expense Ratio Comparison

TRPA has a 0.24% expense ratio, which is lower than FBDC's 1.35% expense ratio.

Dividends

TRPA vs. FBDC - Dividend Comparison

TRPA's dividend yield for the trailing twelve months is around 5.15%, less than FBDC's 11.99% yield.

Position	TTM	2025
FBDC FT Confluence BDC & Specialty Finance Income ETF	11.99%	5.41%
TRPA Hartford AAA CLO ETF	5.15%	4.14%

Frequently Asked Questions

Can I hold both TRPA and FBDC in my portfolio?

TRPA 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, TRPA or FBDC?

FBDC has higher volatility (4.45%) compared to TRPA (0.26%). In terms of maximum drawdown, TRPA dropped -0.61% vs FBDC's -20.60%.

Which ETF is better, TRPA or FBDC?

On 1-year performance, TRPA leads with 4.74% vs -11.30% for FBDC. On fees, TRPA is cheaper at 0.24% per year. On volatility, TRPA 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, TRPA or FBDC?

Over the 1-year period, TRPA has performed better with a 4.74% return vs -11.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TRPA or FBDC?

TRPA is cheaper with a 0.24% expense ratio, compared with 1.35% for FBDC.

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

FBDC has the higher dividend yield at 11.99%, compared with 5.15% for TRPA.

What is the main difference between TRPA and FBDC?

TRPA is categorized as CLO, while FBDC is Financials Equities. They also come from different issuers: Hartford and First Trust. Their fees differ too: 0.24% for TRPA and 1.35% for FBDC.

Which has better risk-adjusted returns?

TRPA currently has the higher Sharpe Ratio (2.23 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.