FBND vs. ILCV
FBND (Fidelity Total Bond ETF) and ILCV (iShares Morningstar Value ETF) are both exchange-traded funds - FBND is a Intermediate Core-Plus Bond fund actively managed by Fidelity, while ILCV is a Large Cap Value Equities fund tracking the Morningstar US Large-Mid Cap Broad Value Index. FBND is actively managed, while ILCV is passively managed. Over the past 10 years, FBND returned 2.32%/yr vs 11.48%/yr for ILCV. At a 0.06 correlation, their price movements are largely independent. FBND charges 0.36%/yr vs 0.04%/yr for ILCV.
Performance
FBND vs. ILCV - Performance Comparison
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Returns By Period
In the year-to-date period, FBND achieves a 0.27% return, which is significantly lower than ILCV's 10.57% return. Over the past 10 years, FBND has underperformed ILCV with an annualized return of 2.32%, while ILCV has yielded a comparatively higher 11.48% annualized return.
FBND
- 1D
- -0.26%
- 1M
- -0.60%
- 6M
- 0.12%
- YTD
- 0.27%
- 1Y
- 4.12%
- 3Y*
- 4.46%
- 5Y*
- 0.52%
- 10Y*
- 2.32%
- ALL TIME*
- 2.53%
ILCV
- 1D
- -0.36%
- 1M
- 2.42%
- 6M
- 8.38%
- YTD
- 10.57%
- 1Y
- 25.05%
- 3Y*
- 17.20%
- 5Y*
- 12.21%
- 10Y*
- 11.48%
- ALL TIME*
- 8.66%
FBND vs. ILCV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FBND Fidelity Total Bond ETF | 0.27% | 7.57% | 2.13% | 6.81% | -12.54% | -0.43% | 9.41% | 9.82% | -0.57% | 3.52% |
ILCV iShares Morningstar Value ETF | 10.57% | 18.79% | 17.03% | 14.43% | -7.02% | 26.71% | -0.84% | 25.19% | -6.24% | 15.00% |
Correlation
The correlation between FBND and ILCV is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.25 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Oct 9, 2014 | 0.06 |
Over the past year, FBND and ILCV have become more correlated (0.33) than their long-term average of 0.06, meaning their price movements have been converging.
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Return for Risk
FBND vs. ILCV — Risk / Return Rank
FBND
ILCV
FBND vs. ILCV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Total Bond ETF (FBND) and iShares Morningstar Value ETF (ILCV). 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 | ILCV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.43 | ||
| Sortino ratioReturn per unit of downside risk | -1.95 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.46 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | 1.55 | 3.84 | -2.29 |
| Martin ratioReturn relative to average drawdown | 4.22 | 15.71 | -11.49 |
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Drawdowns
FBND vs. ILCV - Drawdown Comparison
The maximum FBND drawdown since its inception was -17.25%, smaller than the maximum ILCV drawdown of -58.63%. Use the drawdown chart below to compare losses from any high point for FBND and ILCV.
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Drawdown Indicators
| FBND | ILCV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.25% | -58.63% | +41.38% |
Max Drawdown (1Y)Largest decline over 1 year | -2.66% | -6.55% | +3.89% |
Max Drawdown (3Y)Largest decline over 3 years | -5.61% | -14.95% | +9.34% |
Max Drawdown (5Y)Largest decline over 5 years | -17.25% | -18.58% | +1.33% |
Max Drawdown (10Y)Largest decline over 10 years | -17.25% | -35.53% | +18.28% |
Current DrawdownCurrent decline from peak | -1.65% | -1.01% | -0.64% |
Average DrawdownAverage peak-to-trough decline | -3.33% | -9.27% | +5.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.98% | 1.60% | -0.62% |
Volatility
FBND vs. ILCV - Volatility Comparison
The current volatility for Fidelity Total Bond ETF (FBND) is 1.07%, while iShares Morningstar Value ETF (ILCV) has a volatility of 2.36%. This indicates that FBND experiences smaller price fluctuations and is considered to be less risky than ILCV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FBND | ILCV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.07% | 2.36% | -1.29% |
Volatility (6M)Calculated over the trailing 6-month period | 2.92% | 7.34% | -4.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.80% | 10.00% | -6.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.93% | 14.15% | -8.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.10% | 16.63% | -10.53% |
FBND vs. ILCV - Expense Ratio Comparison
FBND has a 0.36% expense ratio, which is higher than ILCV's 0.04% expense ratio.
Dividends
FBND vs. ILCV - Dividend Comparison
FBND's dividend yield for the trailing twelve months is around 4.72%, more than ILCV's 1.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
ILCV iShares Morningstar Value ETF | 1.58% | 1.77% | 1.99% | 2.27% | 2.32% | 2.01% | 2.96% | 2.70% | 2.93% | 2.32% | 2.76% | 3.01% |
Frequently Asked Questions
FBND and ILCV have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ILCV has higher volatility (2.36%) compared to FBND (1.07%). In terms of maximum drawdown, FBND dropped -17.25% vs ILCV's -58.63%.
On 10-year performance, ILCV leads with 11.48% vs 2.32% for FBND. On fees, ILCV is cheaper at 0.04% per year. On volatility, FBND has been the lower-risk option at 1.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ILCV has performed better with a 11.48% return vs 2.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ILCV is cheaper with a 0.04% expense ratio, compared with 0.36% for FBND.
FBND has the higher dividend yield at 4.72%, compared with 1.58% for ILCV.
FBND is categorized as Intermediate Core-Plus Bond, while ILCV is Large Cap Value Equities. They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.36% for FBND and 0.04% for ILCV.
ILCV currently has the higher Sharpe Ratio (2.52 vs 1.09), 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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