FBND vs. FSMD

Last updated Jun 13, 2026

FBND (Fidelity Total Bond ETF) and FSMD (Fidelity Small-Mid Multifactor ETF) are both exchange-traded funds - FBND is a Intermediate Core-Plus Bond fund actively managed by Fidelity, while FSMD is a Small Cap Growth Equities fund tracking the Fidelity Small-Mid Multifactor Index. FBND is actively managed, while FSMD is passively managed. Over the past 5 years, FBND returned 0.76%/yr vs 10.00%/yr for FSMD. At a 0.17 correlation, their price movements are largely independent. FBND charges 0.36%/yr vs 0.29%/yr for FSMD.

Performance

FBND vs. FSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Total Bond ETF (FBND) and Fidelity Small-Mid Multifactor ETF (FSMD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FBND achieves a 0.70% return, which is significantly lower than FSMD's 17.58% return.

FBND

• 1D: -0.13%
• 1M: 0.43%
• YTD: 0.70%
• 6M: 1.04%
• 1Y: 4.85%
• 3Y*: 4.89%
• 5Y*: 0.76%
• 10Y*: 2.54%

FSMD

• 1D: 1.00%
• 1M: 4.76%
• YTD: 17.58%
• 6M: 15.58%
• 1Y: 27.73%
• 3Y*: 17.46%
• 5Y*: 10.00%
• 10Y*: —

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

FBND vs. FSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FBND Fidelity Total Bond ETF	0.70%	7.57%	2.13%	6.81%	-12.54%	-0.43%	9.41%	7.64%
FSMD Fidelity Small-Mid Multifactor ETF	17.58%	8.70%	15.18%	17.37%	-11.15%	26.40%	8.94%	8.81%

Correlation

The correlation between FBND and FSMD is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.24
Correlation (All Time) Calculated using the full available price history since Feb 28, 2019	0.17

Over the past year, FBND and FSMD have become more correlated (0.37) than their long-term average of 0.17, meaning their price movements have been converging.

FBND vs. FSMD - Sectors Allocation Comparison

Sectors	FBND	FSMD
Industrials	71.4%	20.7%
Utilities	27.5%	2.2%
Energy	1.1%	4.6%
Financial Services	0.2%	15.4%
Basic Materials	-	3.9%
Communication Services	-	2.8%
Consumer Cyclical	-	11.1%
Consumer Defensive	-	3.3%
Healthcare	-	11.6%
Real Estate	-	6.2%
Technology	-	18.2%

Return for Risk

FBND vs. FSMD — Risk / Return Rank

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

FBND

FBND Risk / Return Rank: 40
FBND Sharpe Ratio Rank: 41
FBND Sortino Ratio Rank: 42
FBND Omega Ratio Rank: 38
FBND Calmar Ratio Rank: 41
FBND Martin Ratio Rank: 38

FSMD

FSMD Risk / Return Rank: 66
FSMD Sharpe Ratio Rank: 61
FSMD Sortino Ratio Rank: 64
FSMD Omega Ratio Rank: 58
FSMD Calmar Ratio Rank: 74
FSMD Martin Ratio Rank: 73

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.

FBND vs. FSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Total Bond ETF (FBND) and Fidelity Small-Mid Multifactor ETF (FSMD). 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.

	FBND	FSMD	Difference
Sharpe ratio: Return per unit of total volatility	1.27	1.78	-0.50
Sortino ratio: Return per unit of downside risk	1.90	2.58	-0.68
Omega ratio: Gain probability vs. loss probability	1.22	1.31	-0.09
Calmar ratio: Return relative to maximum drawdown	1.83	3.30	-1.48
Martin ratio: Return relative to average drawdown	5.32	11.89	-6.56

FBND vs. FSMD - Sharpe Ratio Comparison

The current FBND Sharpe Ratio is 1.27, which is comparable to the FSMD Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of FBND and FSMD, 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

FBND vs. FSMD - Drawdown Comparison

The maximum FBND drawdown since its inception was -17.25%, smaller than the maximum FSMD drawdown of -40.67%. Use the drawdown chart below to compare losses from any high point for FBND and FSMD.

Drawdown Indicators

	FBND	FSMD	Difference
Max Drawdown Largest peak-to-trough decline	-17.25%	-40.67%	+23.42%
Max Drawdown (1Y) Largest decline over 1 year	-2.66%	-8.44%	+5.78%
Max Drawdown (3Y) Largest decline over 3 years	-5.94%	-22.16%	+16.22%
Max Drawdown (5Y) Largest decline over 5 years	-17.25%	-22.16%	+4.91%
Max Drawdown (10Y) Largest decline over 10 years	-17.25%	—	—
Current Drawdown Current decline from peak	-1.23%	0.00%	-1.23%
Average Drawdown Average peak-to-trough decline	-3.34%	-5.98%	+2.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	2.34%	-1.43%

Volatility

FBND vs. FSMD - Volatility Comparison

The current volatility for Fidelity Total Bond ETF (FBND) is 1.35%, while Fidelity Small-Mid Multifactor ETF (FSMD) has a volatility of 5.14%. This indicates that FBND experiences smaller price fluctuations and is considered to be less risky than FSMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBND	FSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.35%	5.14%	-3.79%
Volatility (6M) Calculated over the trailing 6-month period	2.81%	11.85%	-9.04%
Volatility (1Y) Calculated over the trailing 1-year period	3.83%	15.69%	-11.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.92%	18.55%	-12.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.10%	21.43%	-15.33%

FBND vs. FSMD - Expense Ratio Comparison

FBND has a 0.36% expense ratio, which is higher than FSMD's 0.29% expense ratio.

Dividends

FBND vs. FSMD - Dividend Comparison

FBND's dividend yield for the trailing twelve months is around 4.69%, more than FSMD's 1.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
FSMD Fidelity Small-Mid Multifactor ETF	1.18%	1.33%	1.29%	1.37%	1.54%	1.18%	1.32%	1.37%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FBND and FSMD in my portfolio?

FBND and FSMD have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FBND or FSMD?

FSMD has higher volatility (5.14%) compared to FBND (1.35%). In terms of maximum drawdown, FBND dropped -17.25% vs FSMD's -40.67%.

Which ETF is better, FBND or FSMD?

On 5-year performance, FSMD leads with 10.00% vs 0.76% for FBND. On fees, FSMD is cheaper at 0.29% per year. On volatility, FBND has been the lower-risk option at 1.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FBND or FSMD?

Over the 5-year period, FSMD has performed better with a 10.00% return vs 0.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FBND or FSMD?

FSMD is cheaper with a 0.29% expense ratio, compared with 0.36% for FBND.

Which ETF pays a higher dividend yield, FBND or FSMD?

FBND has the higher dividend yield at 4.69%, compared with 1.18% for FSMD.

What is the main difference between FBND and FSMD?

FBND is categorized as Intermediate Core-Plus Bond, while FSMD is Small Cap Growth Equities. Their fees differ too: 0.36% for FBND and 0.29% for FSMD.

Which has better risk-adjusted returns?

FSMD currently has the higher Sharpe Ratio (1.78 vs 1.27), 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.