BKAG vs. FBND
BKAG (BNY Mellon Core Bond ETF) and FBND (Fidelity Total Bond ETF) are both exchange-traded funds - BKAG is a Total Bond Market fund tracking the Bloomberg US Aggregate Total Return Index, while FBND is a Intermediate Core-Plus Bond fund actively managed by Fidelity. BKAG is passively managed, while FBND is actively managed. Over the past 5 years, BKAG returned 0.07%/yr vs 0.83%/yr for FBND. Their correlation of 0.93 suggests significant overlap in exposure. BKAG charges 0.00%/yr vs 0.36%/yr for FBND.
Performance
BKAG vs. FBND - Performance Comparison
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Returns By Period
In the year-to-date period, BKAG achieves a 0.29% return, which is significantly lower than FBND's 0.50% return.
BKAG
- 1D
- -0.19%
- 1M
- 0.27%
- YTD
- 0.29%
- 6M
- 0.12%
- 1Y
- 5.10%
- 3Y*
- 3.95%
- 5Y*
- 0.07%
- 10Y*
- —
FBND
- 1D
- -0.20%
- 1M
- 0.31%
- YTD
- 0.50%
- 6M
- 0.30%
- 1Y
- 5.59%
- 3Y*
- 4.70%
- 5Y*
- 0.83%
- 10Y*
- 2.56%
BKAG vs. FBND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BKAG BNY Mellon Core Bond ETF | 0.29% | 7.23% | 1.17% | 5.67% | -13.29% | -1.46% | 2.15% |
FBND Fidelity Total Bond ETF | 0.50% | 7.57% | 2.13% | 6.81% | -12.54% | -0.43% | 5.99% |
Correlation
The correlation between BKAG and FBND is 0.96 - 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 | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Apr 27, 2020 | 0.93 |
The correlation between BKAG and FBND has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.
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Return for Risk
BKAG vs. FBND — Risk / Return Rank
BKAG
FBND
BKAG vs. FBND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Core Bond ETF (BKAG) 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.
| BKAG | FBND | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.32 | 1.46 | -0.13 |
Sortino ratioReturn per unit of downside risk | 1.94 | 2.17 | -0.22 |
Omega ratioGain probability vs. loss probability | 1.23 | 1.25 | -0.02 |
Calmar ratioReturn relative to maximum drawdown | 1.86 | 2.11 | -0.25 |
Martin ratioReturn relative to average drawdown | 5.49 | 6.37 | -0.87 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BKAG | FBND | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.32 | 1.46 | -0.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.01 | 0.14 | -0.13 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.42 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.01 | 0.44 | -0.43 |
Drawdowns
BKAG vs. FBND - Drawdown Comparison
The maximum BKAG drawdown since its inception was -18.53%, which is greater than FBND's maximum drawdown of -17.25%. Use the drawdown chart below to compare losses from any high point for BKAG and FBND.
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Drawdown Indicators
| BKAG | FBND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.53% | -17.25% | -1.28% |
Max Drawdown (1Y)Largest decline over 1 year | -2.76% | -2.66% | -0.10% |
Max Drawdown (3Y)Largest decline over 3 years | -6.04% | -5.94% | -0.10% |
Max Drawdown (5Y)Largest decline over 5 years | -18.00% | -17.25% | -0.75% |
Max Drawdown (10Y)Largest decline over 10 years | — | -17.25% | — |
Current DrawdownCurrent decline from peak | -2.32% | -1.43% | -0.89% |
Average DrawdownAverage peak-to-trough decline | -7.12% | -3.35% | -3.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 0.88% | +0.05% |
Volatility
BKAG vs. FBND - Volatility Comparison
BNY Mellon Core Bond ETF (BKAG) and Fidelity Total Bond ETF (FBND) have volatilities of 1.22% and 1.27%, 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.
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Volatility by Period
| BKAG | FBND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.22% | 1.27% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 2.74% | 2.73% | +0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.87% | 3.86% | +0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.01% | 5.92% | +0.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.55% | 6.10% | -0.55% |
BKAG vs. FBND - Expense Ratio Comparison
BKAG has a 0.00% expense ratio, which is lower than FBND's 0.36% expense ratio.
Dividends
BKAG vs. FBND - Dividend Comparison
BKAG's dividend yield for the trailing twelve months is around 4.24%, less than FBND's 4.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BKAG BNY Mellon Core Bond ETF | 4.24% | 4.17% | 4.26% | 3.33% | 2.49% | 1.55% | 1.16% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FBND Fidelity Total Bond ETF | 4.70% | 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
With a correlation of 0.96, BKAG 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.
FBND has higher volatility (1.27%) compared to BKAG (1.22%). In terms of maximum drawdown, BKAG dropped -18.53% vs FBND's -17.25%.
On 5-year performance, FBND leads with 0.83% vs 0.07% for BKAG. On fees, BKAG is cheaper at 0.00% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FBND has performed better with a 0.83% return vs 0.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BKAG is cheaper with a 0.00% expense ratio, compared with 0.36% for FBND.
FBND has the higher dividend yield at 4.70%, compared with 4.24% for BKAG.
BKAG is categorized as Total Bond Market, while FBND is Intermediate Core-Plus Bond. They also come from different issuers: BNY Mellon and Fidelity. Their fees differ too: 0.00% for BKAG and 0.36% for FBND.
FBND currently has the higher Sharpe Ratio (1.46 vs 1.32), 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.
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