Data as of Oct 28, 2026.
FNCL vs IYF: Differences, Returns & Fees
Over the year to Oct 28, 2026, FNCL returned +7.6% to IYF's +7.8%; 68% 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 $3.7bn on Oct 28, 2026 for iShares U.S. Financials ETF.
Pair scorecard
FNCL costs 0.29 points a year less; their one-year returns differ by 0.2 points; IYF is 1.7 times larger.
| Measure | FNCL | IYF |
|---|---|---|
| Return | ||
| Total return, 1 year | +7.6% | +7.8% |
| Drawdown | ||
| Below its high | 4.4%, high on Sep 3, 2026 | 5.6%, high on Sep 3, 2026 |
| Benchmark | ||
| What it tracks | MSCI USA IMI Financials 25/50 Index | Russell 1000 Financials 40 Act 15/22 |
| Cost and size | ||
| Expense ratio | 0.08% | 0.37% |
| Net assets, as of Sep 30, 2026 | $2.2bn | $3.8bn |
| Holdings | ||
| Holdings in common | 68% | |
| Top ten holdings, share of the fund | 48.4% | 48.3% |
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 returnsEach against its own benchmark: FNCL against VFH, Nov 1, 2013 to Oct 23, 2026; IYF against IWB, Jun 2, 2000 to Oct 23, 2026.
IYF returned slightly more: +325.1% to +317.7%. IYF swung slightly less: 19.7% to 20.8%. IYF fell slightly less at its worst: −39.1% to −40.6%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | FNCL | IYF | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +317.7% | +325.1% | IYF (slight) | Price change plus distributions, reinvested. |
| Annualized | +11.6% | +11.8% | Tie | Total return as a yearly rate. |
| Price return | +219.9% | +242.2% | IYF (slight) | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 20.8% | 19.7% | IYF (slight) | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 14.4% | 13.7% | IYF (slight) | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −40.6% | −39.1% | IYF (slight) | Deepest fall from a high to the low after it. |
| Upside capture | 100.1% | 111.4% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 100.0% | 107.0% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 1.00 | 1.17 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 1.00 | 0.75 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 0.54 | 0.56 | IYF (slight) | Return above Treasury bills per unit of volatility. |
| Sortino | 0.78 | 0.81 | IYF (slight) | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.112 | 0.063 | Return above Treasury bills per unit of beta. | |
| Calmar | 0.29 | 0.30 | IYF (slight) | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | VFH | IWB | The ETF each fund is measured against. | |
| Alpha | 0.0% a year | −1.6% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 0.08 | −0.70 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −0.3% to +0.4% | −6.2% to +2.9% | Includes zero | The 95% range for the yearly alpha. |
| Information ratio | −0.03 | −0.03 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 0.6% | 12.4% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
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 IYF hold 68% of their money in the same securities at the same weight. Holdings dated Jul 31, 2026 and Oct 27, 2026.
half
68% in common
Only in one fund ↓
Side by side
FNCL and IYF on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
FNCL and IYF 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 IYF follows Russell 1000 Financials 40 Act 15/22.
- Cost. FNCL charges 0.08% of assets a year and IYF 0.37%, a gap of 0.29 points.
- Holdings in common (similar). 68% of the weight is in the same securities (holdings dated Jul 31, 2026 and Oct 27, 2026).
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.
IYF
IYF tracks an index. Over the year to Oct 28, 2026 it returned +7.8% with distributions reinvested, against +13.1% for its benchmark, the Russell 1000 Index. The prospectus expense ratio is 0.37% a year. By its holdings published by its issuer for Oct 27, 2026, 89% of the fund by weight is stocks the S&P 500 also holds, across 144 positions, with the top ten at 48.3%. It sat 5.6% below its high of Sep 3, 2026 on Oct 28, 2026.
Questions people ask
- Which returned more over the last year, FNCL or IYF?
- In the year to Oct 28, 2026, with distributions reinvested, FNCL returned +7.6% and IYF +7.8%.
- Which is cheaper, FNCL or IYF?
- 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 IYF, data as of Oct 28, 2026. https://etfiq.com/compare/any/fncl-vs-iyf
ETFIQ. (Oct 28, 2026). FNCL against IYF. Retrieved from https://etfiq.com/compare/any/fncl-vs-iyf
[FNCL against IYF (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/fncl-vs-iyf)
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