DFCF vs. FBND
DFCF (Dimensional Core Fixed Income ETF) and FBND (Fidelity Total Bond ETF) are both exchange-traded funds - DFCF is a Intermediate Core Bond fund actively managed by Dimensional, while FBND is a Intermediate Core-Plus Bond fund actively managed by Fidelity. Both are actively managed. Over the past 3 years, DFCF returned 4.72%/yr vs 4.60%/yr for FBND. Their correlation of 0.94 suggests significant overlap in exposure. DFCF charges 0.17%/yr vs 0.36%/yr for FBND.
Performance
DFCF vs. FBND - Performance Comparison
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Returns By Period
In the year-to-date period, DFCF achieves a -0.06% return, which is significantly lower than FBND's 0.10% return.
DFCF
- 1D
- -0.07%
- 1M
- -0.75%
- YTD
- -0.06%
- 6M
- 0.27%
- 1Y
- 5.55%
- 3Y*
- 4.72%
- 5Y*
- —
- 10Y*
- —
FBND
- 1D
- -0.07%
- 1M
- -0.69%
- YTD
- 0.10%
- 6M
- 0.40%
- 1Y
- 5.34%
- 3Y*
- 4.60%
- 5Y*
- 0.68%
- 10Y*
- 2.47%
DFCF vs. FBND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
DFCF Dimensional Core Fixed Income ETF | -0.06% | 7.89% | 1.86% | 6.94% | -14.48% | 0.23% |
FBND Fidelity Total Bond ETF | 0.10% | 7.57% | 2.13% | 6.81% | -12.54% | 0.59% |
Correlation
The correlation between DFCF 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 (All Time) Calculated using the full available price history since Nov 17, 2021 | 0.94 |
The correlation between DFCF and FBND has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.
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Return for Risk
DFCF vs. FBND — Risk / Return Rank
DFCF
FBND
DFCF vs. FBND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Dimensional Core Fixed Income ETF (DFCF) 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.
| DFCF | FBND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.25 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.00 | 2.01 | -0.01 |
| Martin ratioReturn relative to average drawdown | 5.98 | 5.97 | +0.01 |
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
| DFCF | FBND | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.42 | 1.41 | +0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.12 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.41 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.02 | 0.44 | -0.41 |
Drawdowns
DFCF vs. FBND - Drawdown Comparison
The maximum DFCF drawdown since its inception was -19.56%, which is greater than FBND's maximum drawdown of -17.25%. Use the drawdown chart below to compare losses from any high point for DFCF and FBND.
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Drawdown Indicators
| DFCF | FBND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.56% | -17.25% | -2.31% |
Max Drawdown (1Y)Largest decline over 1 year | -2.79% | -2.66% | -0.13% |
Max Drawdown (3Y)Largest decline over 3 years | -5.05% | -5.94% | +0.89% |
Max Drawdown (5Y)Largest decline over 5 years | — | -17.25% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -17.25% | — |
Current DrawdownCurrent decline from peak | -1.88% | -1.82% | -0.06% |
Average DrawdownAverage peak-to-trough decline | -8.02% | -3.35% | -4.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 0.90% | +0.03% |
Volatility
DFCF vs. FBND - Volatility Comparison
Dimensional Core Fixed Income ETF (DFCF) has a higher volatility of 1.34% compared to Fidelity Total Bond ETF (FBND) at 1.23%. This indicates that DFCF's price experiences larger fluctuations and is considered to be riskier than FBND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DFCF | FBND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.34% | 1.23% | +0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 2.94% | 2.75% | +0.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.94% | 3.80% | +0.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.46% | 5.92% | +0.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.46% | 6.10% | +0.36% |
DFCF vs. FBND - Expense Ratio Comparison
DFCF has a 0.17% expense ratio, which is lower than FBND's 0.36% expense ratio.
Dividends
DFCF vs. FBND - Dividend Comparison
DFCF's dividend yield for the trailing twelve months is around 4.33%, less than FBND's 4.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DFCF Dimensional Core Fixed Income ETF | 4.33% | 4.48% | 4.61% | 4.51% | 3.27% | 0.16% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FBND Fidelity Total Bond ETF | 4.72% | 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 0.97, DFCF 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.
DFCF has higher volatility (1.34%) compared to FBND (1.23%). In terms of maximum drawdown, DFCF dropped -19.56% vs FBND's -17.25%.
On 3-year performance, DFCF leads with 4.72% vs 4.60% for FBND. On fees, DFCF is cheaper at 0.17% per year. On volatility, FBND has been the lower-risk option at 1.23%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, DFCF has performed better with a 4.72% return vs 4.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DFCF is cheaper with a 0.17% expense ratio, compared with 0.36% for FBND.
FBND has the higher dividend yield at 4.72%, compared with 4.33% for DFCF.
DFCF is categorized as Intermediate Core Bond, while FBND is Intermediate Core-Plus Bond. They also come from different issuers: Dimensional and Fidelity. Their fees differ too: 0.17% for DFCF and 0.36% for FBND.
DFCF currently has the higher Sharpe Ratio (1.42 vs 1.41), 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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