UINC.L vs. FBT.L

Last updated Jul 16, 2026

UINC.L (First Trust US Equity Income UCITS ETF) and FBT.L (First Trust NYSE Arca Biotechnology UCITS ETF Acc) are both exchange-traded funds - UINC.L is a Dividend fund tracking the First Trust US Equity Income UCITS ETF, while FBT.L is a Health & Biotech Equities fund tracking the NASDAQ Biotechnology TR USD. Both are passively managed. Over the past 5 years, UINC.L returned 10.14%/yr vs 8.78%/yr for FBT.L. At a 0.34 correlation, their price movements are largely independent.

Performance

UINC.L vs. FBT.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in First Trust US Equity Income UCITS ETF (UINC.L) and First Trust NYSE Arca Biotechnology UCITS ETF Acc (FBT.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with UINC.L having a 16.69% return and FBT.L slightly higher at 17.27%.

UINC.L

• 1D: -0.42%
• 1M: 1.33%
• 6M: 13.40%
• YTD: 16.69%
• 1Y: 22.27%
• 3Y*: 14.34%
• 5Y*: 10.14%
• 10Y*: 9.99%

FBT.L

• 1D: -0.19%
• 1M: 8.27%
• 6M: 14.75%
• YTD: 17.27%
• 1Y: 49.02%
• 3Y*: 15.75%
• 5Y*: 8.78%
• 10Y*: —

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

UINC.L vs. FBT.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
UINC.L First Trust US Equity Income UCITS ETF	16.69%	0.01%	8.49%	10.78%	4.24%	34.94%	26.56%
FBT.L First Trust NYSE Arca Biotechnology UCITS ETF Acc	17.27%	17.28%	6.52%	-1.81%	5.32%	-2.57%	7,473.50%

Correlation

The correlation between UINC.L and FBT.L is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (All Time) Calculated using the full available price history since May 20, 2020	0.34

The correlation between UINC.L and FBT.L shifts across timeframes, from 0.18 (1 year) to 0.39 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

UINC.L vs. FBT.L — Risk / Return Rank

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

UINC.L

UINC.L Risk / Return Rank: 81
UINC.L Sharpe Ratio Rank: 77
UINC.L Sortino Ratio Rank: 79
UINC.L Omega Ratio Rank: 71
UINC.L Calmar Ratio Rank: 92
UINC.L Martin Ratio Rank: 85

FBT.L

FBT.L Risk / Return Rank: 82
FBT.L Sharpe Ratio Rank: 89
FBT.L Sortino Ratio Rank: 89
FBT.L Omega Ratio Rank: 84
FBT.L Calmar Ratio Rank: 82
FBT.L Martin Ratio Rank: 66

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.

UINC.L vs. FBT.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust US Equity Income UCITS ETF (UINC.L) and First Trust NYSE Arca Biotechnology UCITS ETF Acc (FBT.L). 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.

	UINC.L	FBT.L	Difference
Sharpe ratio: Return per unit of total volatility	1.95	2.34	-0.38
Sortino ratio: Return per unit of downside risk	2.83	3.34	-0.51
Omega ratio: Gain probability vs. loss probability	1.34	1.39	-0.06
Calmar ratio: Return relative to maximum drawdown	4.79	3.53	+1.26
Martin ratio: Return relative to average drawdown	13.50	9.57	+3.93

UINC.L vs. FBT.L - Sharpe Ratio Comparison

The current UINC.L Sharpe Ratio is 1.95, which is comparable to the FBT.L Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of UINC.L and FBT.L, 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

UINC.L vs. FBT.L - Drawdown Comparison

The maximum UINC.L drawdown since its inception was -38.33%, which is greater than FBT.L's maximum drawdown of -30.39%. Use the drawdown chart below to compare losses from any high point for UINC.L and FBT.L.

Drawdown Indicators

	UINC.L	FBT.L	Difference
Max Drawdown Largest peak-to-trough decline	-38.33%	-30.39%	-7.94%
Max Drawdown (1Y) Largest decline over 1 year	-5.10%	-13.81%	+8.71%
Max Drawdown (3Y) Largest decline over 3 years	-23.09%	-24.59%	+1.50%
Max Drawdown (5Y) Largest decline over 5 years	-23.09%	-24.59%	+1.50%
Max Drawdown (10Y) Largest decline over 10 years	-38.33%	—	—
Current Drawdown Current decline from peak	-0.88%	-4.56%	+3.68%
Average Drawdown Average peak-to-trough decline	-8.26%	-13.21%	+4.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.81%	5.11%	-3.30%

Volatility

UINC.L vs. FBT.L - Volatility Comparison

The current volatility for First Trust US Equity Income UCITS ETF (UINC.L) is 3.50%, while First Trust NYSE Arca Biotechnology UCITS ETF Acc (FBT.L) has a volatility of 6.25%. This indicates that UINC.L experiences smaller price fluctuations and is considered to be less risky than FBT.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UINC.L	FBT.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.50%	6.25%	-2.75%
Volatility (6M) Calculated over the trailing 6-month period	9.01%	15.78%	-6.77%
Volatility (1Y) Calculated over the trailing 1-year period	12.64%	20.92%	-8.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.74%	23.80%	-7.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.57%	3,210.80%	-3,191.23%

Dividends

UINC.L vs. FBT.L - Dividend Comparison

UINC.L's dividend yield for the trailing twelve months is around 2.82%, while FBT.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FBT.L First Trust NYSE Arca Biotechnology UCITS ETF Acc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UINC.L First Trust US Equity Income UCITS ETF	2.82%	3.03%	2.84%	3.20%	3.25%	2.15%	3.40%	3.14%	3.01%	2.49%	1.60%

Frequently Asked Questions

Can I hold both UINC.L and FBT.L in my portfolio?

UINC.L and FBT.L have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between UINC.L and FBT.L?

UINC.L is categorized as Dividend, while FBT.L is Health & Biotech Equities. UINC.L tracks First Trust US Equity Income UCITS ETF, while FBT.L tracks NASDAQ Biotechnology TR USD.