BCOSX vs. FBND

Last updated Jun 24, 2026

BCOSX (Baird Core Plus Bond Fund) and FBND (Fidelity Total Bond ETF) are both Intermediate Core-Plus Bond funds. Over the past 10 years, BCOSX returned 2.07%/yr vs 2.54%/yr for FBND. Their correlation of 0.85 suggests significant overlap in exposure. BCOSX charges 0.55%/yr vs 0.36%/yr for FBND.

Performance

BCOSX vs. FBND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baird Core Plus Bond Fund (BCOSX) and Fidelity Total Bond ETF (FBND). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BCOSX achieves a 0.32% return, which is significantly lower than FBND's 0.72% return. Over the past 10 years, BCOSX has underperformed FBND with an annualized return of 2.07%, while FBND has yielded a comparatively higher 2.54% annualized return.

BCOSX

• 1D: -0.28%
• 1M: 0.71%
• YTD: 0.32%
• 6M: 0.60%
• 1Y: 4.31%
• 3Y*: 4.52%
• 5Y*: 0.42%
• 10Y*: 2.07%

FBND

• 1D: 0.11%
• 1M: 0.69%
• YTD: 0.72%
• 6M: 0.80%
• 1Y: 4.71%
• 3Y*: 4.73%
• 5Y*: 0.79%
• 10Y*: 2.54%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BCOSX vs. FBND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BCOSX Baird Core Plus Bond Fund	0.32%	7.22%	2.26%	6.60%	-13.09%	-1.23%	8.59%	9.69%	-0.74%	4.47%
FBND Fidelity Total Bond ETF	0.72%	7.57%	2.13%	6.81%	-12.54%	-0.43%	9.41%	9.82%	-0.57%	3.52%

Correlation

The correlation between BCOSX and FBND is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Oct 9, 2014	0.85

The correlation between BCOSX and FBND shifts across timeframes, from 0.85 (all time) to 0.97 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BCOSX vs. FBND — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BCOSX

BCOSX Risk / Return Rank: 23
BCOSX Sharpe Ratio Rank: 23
BCOSX Sortino Ratio Rank: 24
BCOSX Omega Ratio Rank: 22
BCOSX Calmar Ratio Rank: 26
BCOSX Martin Ratio Rank: 21

FBND

FBND Risk / Return Rank: 35
FBND Sharpe Ratio Rank: 36
FBND Sortino Ratio Rank: 37
FBND Omega Ratio Rank: 33
FBND Calmar Ratio Rank: 37
FBND Martin Ratio Rank: 35

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BCOSX vs. FBND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baird Core Plus Bond Fund (BCOSX) and Fidelity Total Bond ETF (FBND). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

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.

	BCOSX	FBND	Difference
Sharpe ratio: Return per unit of total volatility	1.27	1.24	+0.03
Sortino ratio: Return per unit of downside risk	1.91	1.84	+0.07
Omega ratio: Gain probability vs. loss probability	1.23	1.21	+0.01
Calmar ratio: Return relative to maximum drawdown	1.75	1.77	-0.02
Martin ratio: Return relative to average drawdown	4.87	5.07	-0.20

BCOSX vs. FBND - Sharpe Ratio Comparison

The current BCOSX Sharpe Ratio is 1.27, which is comparable to the FBND Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of BCOSX and FBND, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BCOSX vs. FBND - Drawdown Comparison

The maximum BCOSX drawdown since its inception was -18.39%, which is greater than FBND's maximum drawdown of -17.25%. Use the drawdown chart below to compare losses from any high point for BCOSX and FBND.

Drawdown Indicators

	BCOSX	FBND	Difference
Max Drawdown Largest peak-to-trough decline	-18.39%	-17.25%	-1.14%
Max Drawdown (1Y) Largest decline over 1 year	-2.58%	-2.66%	+0.08%
Max Drawdown (3Y) Largest decline over 3 years	-5.80%	-5.94%	+0.14%
Max Drawdown (5Y) Largest decline over 5 years	-18.39%	-17.25%	-1.14%
Max Drawdown (10Y) Largest decline over 10 years	-18.39%	-17.25%	-1.14%
Current Drawdown Current decline from peak	-1.33%	-1.21%	-0.12%
Average Drawdown Average peak-to-trough decline	-2.30%	-3.34%	+1.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	0.93%	0.00%

Volatility

BCOSX vs. FBND - Volatility Comparison

Baird Core Plus Bond Fund (BCOSX) and Fidelity Total Bond ETF (FBND) have volatilities of 1.10% and 1.13%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BCOSX	FBND	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.10%	1.13%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	2.62%	2.84%	-0.22%
Volatility (1Y) Calculated over the trailing 1-year period	3.57%	3.83%	-0.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.63%	5.93%	-0.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.66%	6.10%	-1.44%

BCOSX vs. FBND - Expense Ratio Comparison

BCOSX has a 0.55% expense ratio, which is higher than FBND's 0.36% expense ratio.

Dividends

BCOSX vs. FBND - Dividend Comparison

BCOSX's dividend yield for the trailing twelve months is around 3.87%, less than FBND's 4.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BCOSX Baird Core Plus Bond Fund	3.87%	3.75%	3.68%	3.17%	2.69%	2.57%	3.11%	2.60%	2.75%	2.47%	2.27%	2.49%
FBND Fidelity Total Bond ETF	4.69%	4.70%	4.73%	4.26%	3.07%	1.86%	4.25%	2.90%	2.93%	2.56%	2.84%	3.26%

Frequently Asked Questions

Can I hold both BCOSX and FBND in my portfolio?

With a correlation of 0.97, BCOSX and FBND move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BCOSX or FBND?

FBND has higher volatility (1.13%) compared to BCOSX (1.10%). In terms of maximum drawdown, BCOSX dropped -18.39% vs FBND's -17.25%.

Which has better risk-adjusted returns?

BCOSX currently has the higher Sharpe Ratio (1.27 vs 1.24), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.