FBND vs. PRCHX

Last updated Jun 13, 2026

FBND (Fidelity Total Bond ETF) and PRCHX (T. Rowe Price Capital Appreciation and Income Fund Class I) are both funds - FBND is a Intermediate Core-Plus Bond fund actively managed by Fidelity, while PRCHX is a Diversified Portfolio fund actively managed by T. Rowe Price. Both are actively managed. Over the past year, FBND returned 4.85% vs 11.41% for PRCHX. At a 0.50 correlation, their price movements are largely independent. FBND charges 0.36%/yr vs 0.49%/yr for PRCHX.

Performance

FBND vs. PRCHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Total Bond ETF (FBND) and T. Rowe Price Capital Appreciation and Income Fund Class I (PRCHX). 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 PRCHX's 2.61% 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%

PRCHX

• 1D: 0.68%
• 1M: -0.41%
• YTD: 2.61%
• 6M: 3.48%
• 1Y: 11.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FBND vs. PRCHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FBND Fidelity Total Bond ETF	0.70%	7.57%	2.13%	3.55%
PRCHX T. Rowe Price Capital Appreciation and Income Fund Class I	2.61%	13.68%	8.92%	3.12%

Correlation

The correlation between FBND and PRCHX is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (All Time) Calculated using the full available price history since Nov 30, 2023	0.50

The correlation between FBND and PRCHX has been stable across timeframes, ranging from 0.50 to 0.51 - a consistent structural relationship.

Return for Risk

FBND vs. PRCHX — 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

PRCHX

PRCHX Risk / Return Rank: 75
PRCHX Sharpe Ratio Rank: 76
PRCHX Sortino Ratio Rank: 76
PRCHX Omega Ratio Rank: 75
PRCHX Calmar Ratio Rank: 64
PRCHX Martin Ratio Rank: 83

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. PRCHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Total Bond ETF (FBND) and T. Rowe Price Capital Appreciation and Income Fund Class I (PRCHX). 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	PRCHX	Difference
Sharpe ratio: Return per unit of total volatility	1.27	2.16	-0.89
Sortino ratio: Return per unit of downside risk	1.90	3.07	-1.17
Omega ratio: Gain probability vs. loss probability	1.22	1.41	-0.19
Calmar ratio: Return relative to maximum drawdown	1.83	2.63	-0.80
Martin ratio: Return relative to average drawdown	5.32	12.99	-7.67

FBND vs. PRCHX - Sharpe Ratio Comparison

The current FBND Sharpe Ratio is 1.27, which is lower than the PRCHX Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of FBND and PRCHX, 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. PRCHX - Drawdown Comparison

The maximum FBND drawdown since its inception was -17.25%, which is greater than PRCHX's maximum drawdown of -6.10%. Use the drawdown chart below to compare losses from any high point for FBND and PRCHX.

Drawdown Indicators

	FBND	PRCHX	Difference
Max Drawdown Largest peak-to-trough decline	-17.25%	-6.10%	-11.15%
Max Drawdown (1Y) Largest decline over 1 year	-2.66%	-4.50%	+1.84%
Max Drawdown (3Y) Largest decline over 3 years	-5.94%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.25%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-17.25%	—	—
Current Drawdown Current decline from peak	-1.23%	-1.37%	+0.14%
Average Drawdown Average peak-to-trough decline	-3.34%	-0.65%	-2.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	0.91%	0.00%

Volatility

FBND vs. PRCHX - Volatility Comparison

The current volatility for Fidelity Total Bond ETF (FBND) is 1.35%, while T. Rowe Price Capital Appreciation and Income Fund Class I (PRCHX) has a volatility of 2.18%. This indicates that FBND experiences smaller price fluctuations and is considered to be less risky than PRCHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBND	PRCHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.35%	2.18%	-0.83%
Volatility (6M) Calculated over the trailing 6-month period	2.81%	4.44%	-1.63%
Volatility (1Y) Calculated over the trailing 1-year period	3.83%	5.46%	-1.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.92%	6.56%	-0.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.10%	6.56%	-0.46%

FBND vs. PRCHX - Expense Ratio Comparison

FBND has a 0.36% expense ratio, which is lower than PRCHX's 0.49% expense ratio.

Dividends

FBND vs. PRCHX - Dividend Comparison

FBND's dividend yield for the trailing twelve months is around 4.69%, less than PRCHX's 5.20% 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%
PRCHX T. Rowe Price Capital Appreciation and Income Fund Class I	5.20%	5.08%	3.22%	0.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FBND and PRCHX in my portfolio?

FBND and PRCHX have a correlation of 0.51, 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 PRCHX?

PRCHX has higher volatility (2.18%) compared to FBND (1.35%). In terms of maximum drawdown, FBND dropped -17.25% vs PRCHX's -6.10%.

Which has better risk-adjusted returns?

PRCHX currently has the higher Sharpe Ratio (2.16 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.