Data as of Oct 28, 2026.
FNCL vs IAI: Differences, Returns & Fees
Over the year to Oct 28, 2026, FNCL returned +7.6% to IAI's +2.3%; 15% of their weight is in the same names.
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Net assets: $2.2bn on Sep 30, 2026 for Fidelity MSCI Financials Index ETF, and $1.3bn on Oct 27, 2026 for iShares U.S. Broker-Dealers & Securities Exchanges ETF.
Pair scorecard
FNCL costs 0.29 points a year less; their one-year returns differ by 5.3 points; FNCL is 1.7 times larger.
| Measure | FNCL | IAI |
|---|---|---|
| Return | ||
| Total return, 1 year | +7.6% | +2.3% |
| Drawdown | ||
| Below its high | 4.4%, high on Sep 3, 2026 | 9.5%, high on Sep 3, 2026 |
| Benchmark | ||
| What it tracks | MSCI USA IMI Financials 25/50 Index | Dow Jones U.S. Select Investment Services Index |
| Cost and size | ||
| Expense ratio | 0.08% | 0.37% |
| Net assets, as of Sep 30, 2026 | $2.2bn | $1.3bn |
| Holdings | ||
| Holdings in common | 15% | |
| Top ten holdings, share of the fund | 48.4% | 74.5% |
Holdings in common uses holdings dated Jul 31, 2026 and Oct 27, 2026. Method
Risk and return
Nov 1, 2013 to Oct 23, 2026 · 677 weekly returnsIAI returned more: +530.6% to +317.7%. FNCL swung slightly less: 20.8% to 21.8%. IAI fell less at its worst: −35.8% to −40.6%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | FNCL | IAI | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +317.7% | +530.6% | IAI | Price change plus distributions, reinvested. |
| Annualized | +11.6% | +15.2% | IAI | Total return as a yearly rate. |
| Price return | +219.9% | +414.2% | IAI | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 20.8% | 21.8% | FNCL (slight) | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 14.4% | 14.9% | FNCL (slight) | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −40.6% | −35.8% | IAI | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.54 | 0.67 | IAI | Return above Treasury bills per unit of volatility. |
| Sortino | 0.78 | 0.98 | IAI | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.29 | 0.42 | IAI | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 677 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, FNCL and IAI hold 15% of their money in the same securities at the same weight. Holdings dated Jul 31, 2026 and Oct 27, 2026.
half
15% in common
Only in one fund ↓
Side by side
FNCL and IAI on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
FNCL and IAI are built for the same job. How do they differ in cost, holdings and results?
- What each follows. FNCL follows MSCI USA IMI Financials 25/50 Index and IAI follows Dow Jones U.S. Select Investment Services Index.
- Holdings in common. 15% of the weight is in the same securities (holdings dated Jul 31, 2026 and Oct 27, 2026).
- One-year total return. Over 1 year to Oct 28, 2026 FNCL returned +7.6% and IAI +2.3% with distributions reinvested, a gap of 5.3 points.
Data as of Oct 28, 2026.
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FNCL
FNCL tracks an index. Over the year to Oct 28, 2026 it returned +7.6% with distributions reinvested, against +7.5% for its benchmark, the MSCI USA IMI Financials 25/50 Index. The prospectus expense ratio is 0.08% a year. By its holdings filed for Jul 31, 2026, 86% of the fund by weight is stocks the S&P 500 also holds, across 383 positions, with the top ten at 48.4%. It sat 4.4% below its high of Sep 3, 2026 on Oct 28, 2026.
IAI
IAI tracks an index. Over the year to Oct 28, 2026 it returned +2.3% with distributions reinvested. The prospectus expense ratio is 0.37% a year. By its holdings published by its issuer for Oct 27, 2026, 88% of the fund by weight is stocks the S&P 500 also holds, across 36 positions, with the top ten at 74.5%. It sat 9.5% below its high of Sep 3, 2026 on Oct 28, 2026.
Questions people ask
- Which returned more over the last year, FNCL or IAI?
- In the year to Oct 28, 2026, with distributions reinvested, FNCL returned +7.6% and IAI +2.3%.
- Which is cheaper, FNCL or IAI?
- FNCL is cheaper, by 0.29 percentage points a year. That is about $29 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
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ETFIQ, FNCL against IAI, data as of Oct 28, 2026. https://etfiq.com/compare/any/fncl-vs-iai
ETFIQ. (Oct 28, 2026). FNCL against IAI. Retrieved from https://etfiq.com/compare/any/fncl-vs-iai
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