- Issuer
- Fidelity
- Inception Date
- Jan 24, 2023
- Category
- Nontraditional Bonds
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $37M
Share Price Chart
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Performance
FTBD Performance Chart
Fidelity Tactical Bond ETF (FTBD) is up 1.6% since the beginning of the year. FTBD is currently trading at $49 per share.
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Returns By Period
Fidelity Tactical Bond ETF (FTBD) has returned 1.57% so far this year and 6.57% over the past 12 months.
Fidelity Tactical Bond ETF
- 1D
- 0.18%
- 1M
- 1.59%
- YTD
- 1.57%
- 6M
- 1.65%
- 1Y
- 6.57%
- 3Y*
- 5.18%
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.57%
- 1M
- 1.39%
- YTD
- 9.73%
- 6M
- 10.46%
- 1Y
- 24.50%
- 3Y*
- 19.43%
- 5Y*
- 12.21%
- 10Y*
- 13.75%
FTBD Monthly Returns History
Based on dividend-adjusted daily data since Jan 26, 2023, FTBD's average daily return is +0.02%, while the average monthly return is +0.37%. At this rate, an investment would double in approximately 15.6 years.
Historically, 64% of months were positive and 36% were negative. The best month was Nov 2023 with a return of +4.9%, while the worst month was Sep 2023 at -2.8%. The longest winning streak lasted 5 consecutive months, and the longest losing streak was 3 months.
On a daily basis, FTBD closed higher 54% of trading days. The best single day was Nov 14, 2023 with a return of +1.4%, while the worst single day was Apr 10, 2024 at -1.2%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.40% | 1.76% | -1.83% | 0.51% | 0.38% | 0.37% | 1.57% | ||||||
| 2025 | 0.77% | 2.28% | -0.29% | 0.36% | -0.21% | 1.87% | -0.07% | 1.27% | 1.54% | 0.35% | 0.53% | -0.33% | 8.35% |
| 2024 | -0.19% | -0.69% | 0.95% | -2.56% | 1.86% | 0.57% | 2.56% | 1.35% | 1.49% | -2.41% | 1.17% | -2.16% | 1.77% |
| 2023 | 0.02% | -2.12% | 2.23% | 0.57% | -1.26% | 0.38% | 0.21% | -0.81% | -2.80% | -1.55% | 4.93% | 4.10% | 3.65% |
Benchmark Metrics
Fidelity Tactical Bond ETF has an annualized alpha of 2.49%, beta of 0.11, and R2 of 0.08 versus S&P 500 Index. Calculated based on daily prices since January 26, 2023.
- This ETF participated in 38.96% of S&P 500 Index downside but only 23.92% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.11 may look defensive, but with R2 of 0.08 this ETF 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 ETF's risk.
- R2 of 0.08 means this ETF 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
- 2.49%
- Beta
- 0.11
- R²
- 0.08
- Upside Capture
- 23.92%
- Downside Capture
- 38.96%
Expense Ratio
FTBD has an expense ratio of 0.55%, placing it in the medium range.
Return for Risk
Risk / Return Rank
FTBD ranks 47 for risk / return — on par with similar ETFs. You're getting a typical balance of risk and reward. Not a standout, but not a red flag either — a reasonable choice if other factors align with your goals.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Fidelity Tactical Bond ETF (FTBD) 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.
| FTBD | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.44 | ||
| Sortino ratioReturn per unit of downside risk | -0.42 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.36 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.21 | 2.71 | -0.49 |
| Martin ratioReturn relative to average drawdown | 7.41 | 12.15 | -4.74 |
Dividends
Dividend History
Fidelity Tactical Bond ETF provided a 5.01% dividend yield over the last twelve months, with an annual payout of $2.47 per share.
| Period | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Dividend | $2.47 | $2.49 | $2.29 | $2.32 |
Dividend yield | 5.01% | 5.04% | 4.76% | 4.69% |
Monthly Dividends
The table displays the monthly dividend distributions for Fidelity Tactical Bond ETF. 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 | $0.15 | $0.16 | $0.20 | $0.20 | $0.19 | $0.00 | $0.91 | ||||||
| 2025 | $0.14 | $0.19 | $0.18 | $0.22 | $0.20 | $0.19 | $0.22 | $0.21 | $0.18 | $0.20 | $0.15 | $0.41 | $2.49 |
| 2024 | $0.12 | $0.20 | $0.19 | $0.21 | $0.21 | $0.21 | $0.20 | $0.16 | $0.16 | $0.17 | $0.18 | $0.28 | $2.29 |
| 2023 | $0.22 | $0.19 | $0.19 | $0.19 | $0.20 | $0.19 | $0.20 | $0.18 | $0.20 | $0.20 | $0.38 | $2.32 |
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 ETF. 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 ETF was 6.98%, occurring on Oct 19, 2023. Recovery took 33 trading sessions.
The current Fidelity Tactical Bond ETF drawdown is 0.59%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2023 pullback2023 | -6.98%Oct 2023 | 8mo 18d | 1mo 18d | 10mo 6dFeb 2023 - Dec 2023 |
2025 pullback2025 | -4.94%Jan 2025 | 3mo 28d | 5mo 12d | 9mo 10dSep 2024 - Jun 2025 |
2024 pullback2024 | -3.80%Apr 2024 | 3mo 20d | 2mo 3d | 5mo 23dDec 2023 - Jun 2024 |
2026 pullback2026 | -2.98%Mar 2026 | 25d | — | 3mo 17dMar 2026 - now |
2024 pullback2024 | -1.52%Jul 2024 | 11d | 4d | 15dJun 2024 - Jul 2024 |
Drawdown Indicators
| FTBD | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.98% | -56.78% | +49.80% |
Max Drawdown (1Y)Largest decline over 1 year | -2.98% | -9.10% | +6.12% |
Max Drawdown (3Y)Largest decline over 3 years | -6.56% | -18.90% | +12.34% |
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 | -0.59% | -1.29% | +0.70% |
Average DrawdownAverage peak-to-trough decline | -1.57% | -10.72% | +9.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.89% | 2.02% | -1.13% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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