- ISIN
- US31635T5838
- Issuer
- Fidelity
- Inception Date
- Feb 9, 2022
- Category
- Multisector Bonds
- Min. Investment
- $0
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
FBAPX Performance Chart
Fidelity Tactical Bond Fund (FBAPX) is up 1.1% since the beginning of the year. FBAPX is currently trading at $9 per share.
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Returns By Period
Fidelity Tactical Bond Fund (FBAPX) has returned 1.09% so far this year and 5.62% over the past 12 months.
Fidelity Tactical Bond Fund
- 1D
- 0.23%
- 1M
- 1.08%
- YTD
- 1.09%
- 6M
- 1.45%
- 1Y
- 5.62%
- 3Y*
- 4.60%
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
FBAPX Monthly Returns History
Based on dividend-adjusted daily data since Feb 22, 2022, FBAPX's average daily return is +0.01%, while the average monthly return is +0.13%. At this rate, an investment would double in approximately 44.5 years.
Historically, 57% of months were positive and 43% were negative. The best month was Nov 2023 with a return of +4.5%, while the worst month was Sep 2022 at -4.5%. The longest winning streak lasted 5 consecutive months, and the longest losing streak was 4 months.
On a daily basis, FBAPX closed higher 46% of trading days. The best single day was Nov 10, 2022 with a return of +1.3%, while the worst single day was Jun 13, 2022 at -1.5%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.34% | 1.66% | -1.86% | 0.47% | 0.40% | 0.11% | 1.09% | ||||||
| 2025 | 0.69% | 2.28% | -0.21% | 0.22% | -0.42% | 1.83% | -0.09% | 1.15% | 1.36% | 0.69% | 0.56% | -0.51% | 7.77% |
| 2024 | -0.19% | -0.76% | 0.93% | -2.56% | 1.67% | 0.84% | 2.30% | 1.36% | 1.34% | -2.30% | 1.25% | -2.16% | 1.57% |
| 2023 | 3.78% | -1.80% | 1.72% | 0.67% | -1.11% | 0.23% | 0.03% | -0.67% | -2.49% | -2.12% | 4.49% | 4.13% | 6.73% |
| 2022 | 0.46% | -2.02% | -3.37% | -0.84% | -3.62% | 2.88% | -1.35% | -4.48% | -0.48% | 3.29% | -0.57% | -9.94% |
Benchmark Metrics
Fidelity Tactical Bond Fund has an annualized alpha of 0.55%, beta of 0.07, and R2 of 0.05 versus S&P 500 Index. Calculated based on daily prices since February 22, 2022.
- This fund participated in 41.39% of S&P 500 Index downside but only 21.34% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.07 may look defensive, but with R2 of 0.05 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
- R2 of 0.05 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 0.55%
- Beta
- 0.07
- R²
- 0.05
- Upside Capture
- 21.34%
- Downside Capture
- 41.39%
Expense Ratio
FBAPX has an expense ratio of 0.66%, placing it in the medium range.
Return for Risk
Risk / Return Rank
FBAPX ranks 29 for risk / return — below 29% of mutual funds on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Fidelity Tactical Bond Fund (FBAPX) and compare them to S&P 500 Index.
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.
| FBAPX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.58 | ||
| Sortino ratioReturn per unit of downside risk | -0.57 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.37 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.04 | 2.78 | -0.74 |
| Martin ratioReturn relative to average drawdown | 5.90 | 12.44 | -6.54 |
Dividends
Dividend History
Fidelity Tactical Bond Fund provided a 4.70% dividend yield over the last twelve months, with an annual payout of $0.42 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Dividend | $0.42 | $0.41 | $0.42 | $0.37 | $0.28 |
Dividend yield | 4.70% | 4.61% | 4.81% | 4.08% | 3.19% |
Monthly Dividends
The table displays the monthly dividend distributions for Fidelity Tactical Bond Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.03 | $0.03 | $0.03 | $0.03 | $0.04 | $0.00 | $0.16 | ||||||
| 2025 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.07 | $0.41 |
| 2024 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.07 | $0.42 |
| 2023 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.00 | $0.03 | $0.06 | $0.37 |
| 2022 | $0.01 | $0.02 | $0.02 | $0.02 | $0.00 | $0.00 | $0.02 | $0.00 | $0.03 | $0.04 | $0.13 | $0.28 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Fidelity Tactical Bond Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Fidelity Tactical Bond Fund was 14.34%, occurring on Oct 21, 2022. Recovery took 471 trading sessions.
The current Fidelity Tactical Bond Fund drawdown is 0.90%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -14.34%Oct 2022 | 7mo 23d | 1y 10mo | 2y 6moMar 2022 - Sep 2024 |
2025 pullback2025 | -4.85%Jan 2025 | 3mo 28d | 5mo 14d | 9mo 12dSep 2024 - Jun 2025 |
2026 pullback2026 | -2.77%Mar 2026 | 25d | — | 3mo 23dMar 2026 - now |
2025 pullback2025 | -1.35%Jul 2025 | 13d | 17d | 1moJul 2025 - Aug 2025 |
2025 pullback2025 | -0.88%Dec 2025 | 8d | 1mo 29d | 2mo 7dDec 2025 - Feb 2026 |
Drawdown Indicators
| FBAPX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.34% | -56.78% | +42.44% |
Max Drawdown (1Y)Largest decline over 1 year | -2.77% | -9.10% | +6.33% |
Max Drawdown (3Y)Largest decline over 3 years | -6.04% | -18.90% | +12.86% |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -0.90% | -1.80% | +0.90% |
Average DrawdownAverage peak-to-trough decline | -4.92% | -10.71% | +5.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 2.03% | -1.07% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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