FBND vs. DFCF
FBND (Fidelity Total Bond ETF) and DFCF (Dimensional Core Fixed Income ETF) are both exchange-traded funds - FBND is a Intermediate Core-Plus Bond fund actively managed by Fidelity, while DFCF is a Intermediate Core Bond fund actively managed by Dimensional. Both are actively managed. Over the past 3 years, FBND returned 4.60%/yr vs 4.72%/yr for DFCF. Their correlation of 0.94 suggests significant overlap in exposure. FBND charges 0.36%/yr vs 0.17%/yr for DFCF.
Performance
FBND vs. DFCF - Performance Comparison
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Returns By Period
In the year-to-date period, FBND achieves a 0.10% return, which is significantly higher than DFCF's -0.06% return.
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
- 1D
- -0.07%
- 1M
- -0.75%
- YTD
- -0.06%
- 6M
- 0.27%
- 1Y
- 5.55%
- 3Y*
- 4.72%
- 5Y*
- —
- 10Y*
- —
FBND vs. DFCF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
FBND Fidelity Total Bond ETF | 0.10% | 7.57% | 2.13% | 6.81% | -12.54% | 0.59% |
DFCF Dimensional Core Fixed Income ETF | -0.06% | 7.89% | 1.86% | 6.94% | -14.48% | 0.23% |
Correlation
The correlation between FBND and DFCF 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 FBND and DFCF has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.
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Return for Risk
FBND vs. DFCF — Risk / Return Rank
FBND
DFCF
FBND vs. DFCF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Total Bond ETF (FBND) and Dimensional Core Fixed Income ETF (DFCF). 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.
| FBND | DFCF | 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 | 2.01 | 2.00 | +0.01 |
| Martin ratioReturn relative to average drawdown | 5.97 | 5.98 | -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
| FBND | DFCF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.41 | 1.42 | -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 | 0.44 | 0.02 | +0.41 |
Drawdowns
FBND vs. DFCF - Drawdown Comparison
The maximum FBND drawdown since its inception was -17.25%, smaller than the maximum DFCF drawdown of -19.56%. Use the drawdown chart below to compare losses from any high point for FBND and DFCF.
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Drawdown Indicators
| FBND | DFCF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.25% | -19.56% | +2.31% |
Max Drawdown (1Y)Largest decline over 1 year | -2.66% | -2.79% | +0.13% |
Max Drawdown (3Y)Largest decline over 3 years | -5.94% | -5.05% | -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 | -1.82% | -1.88% | +0.06% |
Average DrawdownAverage peak-to-trough decline | -3.35% | -8.02% | +4.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.90% | 0.93% | -0.03% |
Volatility
FBND vs. DFCF - Volatility Comparison
The current volatility for Fidelity Total Bond ETF (FBND) is 1.23%, while Dimensional Core Fixed Income ETF (DFCF) has a volatility of 1.34%. This indicates that FBND experiences smaller price fluctuations and is considered to be less risky than DFCF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FBND | DFCF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.23% | 1.34% | -0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 2.75% | 2.94% | -0.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.80% | 3.94% | -0.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.92% | 6.46% | -0.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.10% | 6.46% | -0.36% |
FBND vs. DFCF - Expense Ratio Comparison
FBND has a 0.36% expense ratio, which is higher than DFCF's 0.17% expense ratio.
Dividends
FBND vs. DFCF - Dividend Comparison
FBND's dividend yield for the trailing twelve months is around 4.72%, more than DFCF's 4.33% 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, FBND and DFCF 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, FBND dropped -17.25% vs DFCF's -19.56%.
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.
FBND is categorized as Intermediate Core-Plus Bond, while DFCF is Intermediate Core Bond. They also come from different issuers: Fidelity and Dimensional. Their fees differ too: 0.36% for FBND and 0.17% for DFCF.
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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