FNCL vs VFH: Grades, Fees and Holdings Compared

Fidelity MSCI Financials Index ETF

FNCLANYSE Arca

Vanguard Financials ETF

VFHBNYSE Arca

Overlap

94.0%by weight

Expense ratio

FNCL −0.01pt a year

FNCL0.08%VFH0.09%

Avg volume · 30D

VFH 4.7×the volume

FNCL123KVFH579K

10Y return · a year

FNCL+12.9%VFH+12.9%

FNCL vs VFH Performance

Oct 29, 2021 – Oct 30, 2026

+52.4%FNCL+52.3%VFH

Expense ratio: FNCL 0.08%, better; VFH 0.09%
Fund size: FNCL $2.24B; VFH $13.9B
1Y total return: FNCL +9.6%; VFH +9.6%
Yield (12M): FNCL 1.61%; VFH 1.71%, better
Holdings: FNCL 386; VFH 426
Avg volume (30D): FNCL 123K sh; VFH 579K sh, better
NAV per share: FNCL $79.91; VFH $137.29
52W range

ETF.net Grade

Pillar letters and Scores for FNCL, VFH, with each pillar’s weight
Pillar	FNCL	VFH
Cost30% weight	A97Higher	A88
Mission25% weight	A81	Not scored
Risk15% weight	C53	C53
Tradability15% weight	A71Higher	B56
Holdings10% weight	C54Higher	C53
Durability5% weight	B56	A84Higher

Rank among Financials (Broad) funds

How we build Categories ›

Same Category. FNCL and VFH are both graded against the same 18 Financials (Broad) funds, so their Grades compare head to head.

Financials (Broad)⁠

Category · 18 funds

See all 18 ›

FNCL ranks 2nd and VFH 4th of 18 funds in the Financials (Broad) Category.

Rank 1AXLFState Street Financial Select Sector SPDR ETFScore 82
Rank 2AFNCLFidelity MSCI Financials Index ETFScore 76
Rank 3AKIEState Street SPDR S&P Insurance ETFScore 72
Rank 4BVFHVanguard Financials ETFScore 69
Rank 5BIXGiShares Global Financials ETFScore 66

Our read on each fund

ETF.net Research

FNCLAFidelity MSCI Financials Index ETF

VFHBVanguard Financials ETF

In short

FNCL The whole financial food chain in one cheap wrapper: FNCL tracks an MSCI index of about 400 US banks, insurers, exchanges and payment names for 0.08% a year.

VFH Financials without the size filter. VFH holds roughly 400 US financial stocks, from the megabanks down to small regional lenders and insurers, for 0.09% a year.

Stated mandate

FNCL The fund seeks to track, before fees and expenses, the performance of the MSCI USA IMI Financials Index.

VFH VFH seeks to track the MSCI US Investable Market Index (IMI)/Financials 25/50, providing passively managed, multicapitalization exposure to U.S. financial-sector equities.

Why people hold it

FNCL Costs 0.08% a year, against a median near 0.44% for broad financials funds. That is the cheapest tier in the category, matched by XLF and undercutting VFH.
About 400 holdings under the MSCI USA IMI Financials mandate, so the basket reaches well past the megabank tier into smaller lenders and insurers.
Pure index plumbing: it has tracked its benchmark tightly, one of the closer fits in its peer group, and it pays out quarterly.
Running since 2013, with a real multi-cycle record behind the ticker rather than a launch-week backtest.

VFH Owns the whole sector, not just the giants: roughly 400 US financial names through MSCI's US IMI Financials 25/50 index, megabanks through small regional lenders and insurers.vanguard.com
Costs 0.09% a year, a fraction of what the typical broad financials fund charges.vanguard.com
Running since 2004, now a multi-billion-dollar fund that trades actively, and it has stayed close to its index. One of the strongest implementations in the financials group.
Pays out quarterly, passively managed, no manager stock-picking inside the sector.

Worth knowing

FNCL This is one slice of the market. Financials live and die by rates, credit and lending cycles, so the ride is bumpier than a total-market fund.
Volume is moderate rather than heavy. XLF trades far more actively, so limit orders matter more here, especially in fast markets.

VFH One sector, one storyline: banks, insurers and brokers tend to move together with interest rates and the credit cycle.
The multicap reach cuts both ways. Small regional banks and niche insurers ride along with the megacaps, and they can swing harder.
Cost isn't the edge here: XLF and FNCL sit at essentially the same fee. Breadth of coverage is the real differentiator.

Full FNCL profile⁠

Full VFH profile⁠

FNCL vs VFH Holdings

How FNCL and VFH differ

Overlap by weight

94.0%

Shared holdings make up 96.8% of FNCL and 96.3% of VFH.

Level by level

Holdings362 in both94.0%
Countryby domicile98.6%
Asset classEquity100%
Sector7 Sectors99.8%

Sector

Sector weights in FNCL and VFH, widest gap first
Sector	More in FNCLMore in VFH	FNCL	VFH
Financials	VFH +0.2 points	97.1%	97.3%
Industrials	FNCL +0.1 points	0.2%	0.1%
Technology	Same weight	1.9%	1.9%
Real Estate	Same weight	0.6%	0.6%
Consumer Discretionary	Same weight	0.0%	0.0%
Communication	Same weight	0.0%	0.0%
Health Care	Same weight	0.1%	0.1%

Country, concentration and asset class

Country by domicile

Country weights in FNCL and VFH, widest gap first
Country	More in FNCLMore in VFH	FNCL	VFH
United States	VFH +1.4 points	98.6%	100.0%
Switzerland	FNCL +1.4 points	1.4%	0.0%

Concentration

Weight in the 10 largest Holdings

FNCL48.7%
VFH48.5%

Securities held

FNCL383
VFH424

Asset class

FNCL: Equity
VFH: Equity

Holdings

Only in FNCL21
In both362
Only in VFH62

Only in FNCL

21 securities, 4.2% of FNCL by weight

Chubb Ltd1.42%
Securities Lending Cf1.11%
Block Inc Class A0.44%
Willis Towers Watson PLC0.34%
Fiserv Inc0.29%
Everest Group Ltd0.18%
State Street 60 Day Money Mark0.14%
Invesco Ltd0.12%
Freedom Holding Corp/Nv0.04%
Happen Inc0.02%
Triumph Financial Inc0.02%
Enact Holdings Inc0.01%
Tfs Financial Corp0.01%
Republic Bancorp Inc Ky Class A<0.01%
Metrocity Bankshares Inc<0.01%
Burford Capital Ltd<0.01%
Adamas Trust Inc<0.01%
Hagerty Inc Class A<0.01%
Hbt Financial Inc<0.01%
Ridgepost Capital Inc<0.01%
Uwm Holdings Corp Rt 11/12/260.00%

Only in VFH

62 securities, 3.2% of VFH by weight

Chubb Ltd1.35%
Block Inc0.45%
Willis Towers Watson PLC0.32%
Fiserv Inc0.29%
Everest Group Ltd0.17%
SLBBH11420.14%
Invesco Ltd0.13%
Happen Inc0.02%
Triumph Financial Inc0.02%
SmartFinancial Inc<0.01%
Burford Capital Ltd<0.01%
Mid Penn Bancorp Inc<0.01%
Alerus Financial Corp<0.01%
Apollo Commercial Real Estate Finance Inc<0.01%
HomeTrust Bancshares Inc<0.01%
Compass Diversified Holdings<0.01%
Financial Institutions Inc<0.01%
Shore Bancshares Inc<0.01%
Adamas Trust Inc<0.01%
GCM Grosvenor Inc<0.01%
Carter Bankshares Inc<0.01%
Community West Bancshares<0.01%
Bar Harbor Bankshares<0.01%
Invesco Mortgage Capital Inc<0.01%
Green Dot Corp<0.01%
Peoples Financial Services Corp<0.01%
Cass Information Systems Inc<0.01%
Midland States Bancorp Inc<0.01%
Arrow Financial Corp<0.01%
Kearny Financial Corp/MD<0.01%
Civista Bancshares Inc<0.01%
Northrim BanCorp Inc<0.01%
Southern First Bancshares Inc<0.01%
Home Bancorp Inc<0.01%
Hingham Institution For Savings The<0.01%
Sierra Bancorp<0.01%
Citizens & Northern Corp<0.01%
RBB Bancorp<0.01%
Bridgewater Bancshares Inc<0.01%
Bank of Marin Bancorp<0.01%
Colony Bankcorp Inc<0.01%
Ridgepost Capital Inc<0.01%
Unity Bancorp Inc<0.01%
Investors Title Co<0.01%
Greenlight Capital Re Ltd<0.01%
KKR Real Estate Finance Trust Inc<0.01%
International Money Express Inc<0.01%
Repay Holdings Corp<0.01%
Ategrity Specialty Holdings LLC<0.01%
Regional Management Corp<0.01%

Weight gaps

The 100 widest of 362 Holdings in both funds.

Holding weights in FNCL and VFH, widest gap first
Holding	More in FNCLMore in VFH	FNCL	VFH
Visa Inc Class AV	FNCL +0.53 points	7.63%	7.10%
Bank of America CorporationBAC	VFH +0.48 points	3.72%	4.20%
Mastercard Inc Class AMA	FNCL +0.45 points	5.77%	5.32%
Schwab Charles CorpSCHW	VFH +0.27 points	1.65%	1.92%
JPMorgan Chase & CoJPM	VFH +0.24 points	10.22%	10.46%
Robinhood Markets IncHOOD	VFH +0.24 points	0.77%	1.01%
Citigroup IncC	VFH +0.21 points	2.40%	2.61%
PayPal Hldgs IncPYPL	FNCL +0.20 points	0.53%	0.33%
Berkshire Hathaway Inc Class BBRK.B	FNCL +0.20 points	8.56%	8.36%
S&P Global IncSPGI	FNCL +0.14 points	1.56%	1.42%
Morgan StanleyMS	VFH +0.13 points	2.51%	2.64%
Goldman Sachs Group IncGS	FNCL +0.10 points	3.06%	2.96%
Coinbase Global IncCOIN	VFH +0.09 points	0.38%	0.47%
BlackRock IncBLK	FNCL +0.09 points	1.94%	1.85%
Marsh & Mclennan Cos IncMRSH	FNCL +0.08 points	1.06%	0.98%
Arthur J Gallaghar and CoAJG	FNCL +0.07 points	0.77%	0.70%
Cme Group Inc Class ACME	FNCL +0.07 points	1.20%	1.13%
Allstate CorporationALL	FNCL +0.07 points	0.75%	0.68%
Progressive Corp OhioPGR	FNCL +0.07 points	1.51%	1.44%
Aon PLCAON	FNCL +0.06 points	0.73%	0.67%
Travelers Companies IncTRV	FNCL +0.05 points	0.93%	0.88%
Interactive Brokers Group IncIBKR	VFH +0.04 points	0.39%	0.43%
Lpl Financial Holdings IncLPLA	VFH +0.04 points	0.25%	0.29%
Nasdaq IncNDAQ	FNCL +0.03 points	0.53%	0.50%
State Street CorpSTT	VFH +0.03 points	0.54%	0.57%
Msci IncMSCI	FNCL +0.03 points	0.49%	0.46%
Bread Financial Holdings IncBFH	VFH +0.04 points	0.01%	0.05%
Bank of New York Mellon CorpBNY	VFH +0.04 points	1.13%	1.17%
Cboe Global Markets IncCBOE	FNCL +0.03 points	0.37%	0.34%
Ameriprise Financial IncAMP	VFH +0.03 points	0.50%	0.53%
Aflac IncAFL	FNCL +0.02 points	0.63%	0.61%
Arch Capital Group LtdACGL	FNCL +0.03 points	0.40%	0.37%
Capital One Financial CorpCOF	FNCL +0.03 points	1.37%	1.34%
Apollo Global Management IncAPO	VFH +0.03 points	0.55%	0.58%
Cincinnati Financial CorpCINF	FNCL +0.02 points	0.31%	0.29%
Pnc Financial Services Grp IncPNC	VFH +0.02 points	1.04%	1.06%
First Citizens Bancshares IncFCNCA	FNCL +0.02 points	0.20%	0.18%
Stonex Group IncSNEX	VFH +0.01 points	0.07%	0.08%
Tradeweb Markets Inc ATW	FNCL +0.01 points	0.15%	0.14%
Firstcash Holdings IncFCFS	VFH +0.02 points	0.08%	0.10%
American International GroupAIG	FNCL +0.01 points	0.48%	0.47%
Prudential Financial IncPRU	VFH +0.02 points	0.45%	0.47%
Northern Trust CorpNTRS	VFH +0.01 points	0.34%	0.35%
Fidelity Natl Inform Svcs IncFIS	FNCL +0.02 points	0.22%	0.20%
Sofi Technologies Inc ASOFI	FNCL +0.01 points	0.25%	0.24%
Factset Research Systems IncFDS	FNCL +0.02 points	0.13%	0.11%
Us Bancorp DelUSB	VFH +0.01 points	1.06%	1.07%
Globe Life IncGL	VFH +0.01 points	0.14%	0.15%
Annaly Capital Mgmt Inc ReitNLY	VFH +0.01 points	0.15%	0.16%
Principal Finl Group IncPFG	VFH +0.01 points	0.28%	0.29%
Galaxy Digital Inc AGLXY	VFH +0.01 points	0.04%	0.05%
Blackstone IncBX	FNCL +0.01 points	1.00%	0.99%
Slm CorpSLM	VFH +0.01 points	0.04%	0.05%
Evercore Inc AEVR	FNCL +0.01 points	0.12%	0.11%
M&T Bank CorpMTB	VFH +0.02 points	0.36%	0.38%
Brown & Brown IncBRO	FNCL +0.01 points	0.22%	0.21%
Ares Management Corp Class AARES	FNCL +0.01 points	0.30%	0.29%
Lincoln National CorpLNC	VFH +0.01 points	0.07%	0.08%
Moodys CorpMCO	FNCL +0.01 points	0.81%	0.80%
Stifel Financial CorpSF	VFH +0.01 points	0.11%	0.12%
Wells Fargo & CoWFC	Same weight	2.88%	2.88%
Corpay IncCPAY	VFH +0.01 points	0.28%	0.29%
Assurant IncAIZ	Same weight	0.16%	0.16%
Figure Technology Soluti Inc AFIGR	VFH +0.01 points	0.03%	0.04%
Intercontinental Exchange IncICE	FNCL +0.01 points	1.03%	1.02%
Citizens Financial Group IncCFG	VFH +0.01 points	0.31%	0.32%
Kkr & Co IncKKR	VFH +0.01 points	0.67%	0.68%
Agnc Investment CorpAGNC	Same weight	0.12%	0.12%
Price (T Rowe)group IncTROW	VFH +0.01 points	0.26%	0.27%
Selective Insurance Group IncSIGI	FNCL +0.01 points	0.07%	0.06%
Siriuspoint LtdSPNT	VFH +0.01 points	0.02%	0.03%
Starwood Property Trust IncSTWD	VFH +0.01 points	0.05%	0.06%
Fifth Third BancorpFITB	Same weight	0.55%	0.55%
Synchrony FinancialSYF	FNCL +0.01 points	0.29%	0.28%
American Finl Group Inc OhioAFG	Same weight	0.11%	0.11%
Flagstar Financial IncFLG	Same weight	0.04%	0.04%
Henry (Jack) & Associates IncJKHY	FNCL +0.01 points	0.13%	0.12%
Rli CorpRLI	Same weight	0.06%	0.06%
Markel Group IncMKL	Same weight	0.26%	0.26%
Essent Group LtdESNT	FNCL +0.01 points	0.07%	0.06%
Hartford Insurance Grp Inc/TheHIG	FNCL +0.01 points	0.41%	0.40%
Wisdomtree IncWT	VFH +0.01 points	0.03%	0.04%
Erie Indemnity Co Class AERIE	Same weight	0.07%	0.07%
Blue Owl Capital Inc AOWL	Same weight	0.07%	0.07%
Kinsale Capital Group IncKNSL	FNCL +0.01 points	0.09%	0.08%
Ryan Specialty Holdings IncRYAN	Same weight	0.05%	0.05%
Brighthouse Financial IncBHF	Same weight	0.03%	0.03%
Franklin Templeton IncBEN	VFH +0.01 points	0.10%	0.11%
Preferred Bank Los AngelesPFBC	Same weight	<0.01%	0.01%
Valley Natl BancorpVLY	FNCL +0.01 points	0.08%	0.07%
Popular IncBPOP	VFH +0.01 points	0.11%	0.12%
Glacier Bancorp IncGBCI	Same weight	0.07%	0.07%
Huntington Bancshares IncHBAN	VFH +0.01 points	0.36%	0.37%
Oscar Health Inc - Class AOSCR	VFH +0.01 points	0.08%	0.09%
Radian Group IncRDN	Same weight	0.05%	0.05%
Morningstar IncMORN	Same weight	0.05%	0.05%
Affirm Holdings IncAFRM	FNCL +0.01 points	0.23%	0.23%
Sezzle IncSEZL	FNCL +0.01 points	0.03%	0.02%
Sei Inv CorpSEIC	Same weight	0.12%	0.12%
Remitly Global IncRELY	Same weight	0.05%	0.05%

All 404 FNCL holdings⁠All 404 VFH holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FNCL vs VFH Cost

Overpaying VFH vs FNCL

$125

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

FNCL 0.084%
$1,773
VFH 0.09%
$1,898

Amount$10,000

Years30 years

Cost over time

FNCL 0.084%
VFH 0.09%
Overpaying

Year by year

Year	FNCL	VFH	Overpaying
10	$154	$165	$11
20	$603	$646	$43
30	$1,773	$1,898	$125

Expense ratio

0.08%FNCL, cheaper
0.09%VFH

FNCL0.08%VFH0.09%

0.08%5.39%

Middle half of Financials (Broad) funds
Median 0.37%

FNCL 2nd cheapest of 18 funds

VFH 3rd cheapest of 18 funds

FNCL vs VFH Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FNCL 1.61%; VFH 1.71%, better
Payout (12M): FNCL $1.29; VFH $2.35
Last payment: FNCL $0.31; VFH $0.45
Ex-dividend: FNCL Sep 18, 2026; VFH Sep 23, 2026
Paid on: FNCL Sep 22, 2026; VFH Sep 25, 2026
Frequency: FNCL Quarterly; VFH Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FNCLQuarterly · 39 paymentsAll FNCL payments⁠

VFHQuarterly · 39 paymentsAll VFH payments⁠

FNCL vs VFH Risk

Fall from peak · 5 years

FNCL
VFH

Risk facts

VolatilityStd dev, 3 years: FNCL 15.8%, betterVFH 15.9%
Return per unit of riskSharpe ratio, 3 years: FNCL 1.11VFH 1.11
Worst fallMax drawdown, 5 years: FNCL −25.7%VFH −25.7%
Market sensitivityBeta, 5 years: FNCL 0.92VFH 0.82; Market = 1

FNCL and VFH in the news

All news⁠

Deep Dive
Bank earnings week will miss most of what a financials fund owns
Oct 12, 2026FNCLVFH

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FNCL vs VFH

In short

Stated mandate

Why people hold it

Worth knowing

How FNCL and VFH differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FNCL

Only in VFH

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Bank earnings week will miss most of what a financials fund owns

How FNCL and VFH differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FNCL

Only in VFH

Weight gaps