FBND vs. PRSIX
FBND (Fidelity Total Bond ETF) and PRSIX (T. Rowe Price Spectrum Conservative Allocation Fund) are both funds - FBND is a Intermediate Core-Plus Bond fund actively managed by Fidelity, while PRSIX is a Diversified Portfolio fund managed by T. Rowe Price. Over the past 10 years, FBND returned 2.54%/yr vs 6.84%/yr for PRSIX. At a 0.29 correlation, their price movements are largely independent. Both charge a 0.36% expense ratio.
Performance
FBND vs. PRSIX - Performance Comparison
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Returns By Period
In the year-to-date period, FBND achieves a 0.70% return, which is significantly lower than PRSIX's 5.01% return. Over the past 10 years, FBND has underperformed PRSIX with an annualized return of 2.54%, while PRSIX has yielded a comparatively higher 6.84% annualized 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%
PRSIX
- 1D
- 1.14%
- 1M
- 0.19%
- YTD
- 5.01%
- 6M
- 5.51%
- 1Y
- 12.50%
- 3Y*
- 10.58%
- 5Y*
- 4.58%
- 10Y*
- 6.84%
FBND vs. PRSIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FBND Fidelity Total Bond ETF | 0.70% | 7.57% | 2.13% | 6.81% | -12.54% | -0.43% | 9.41% | 9.82% | -0.57% | 3.52% |
PRSIX T. Rowe Price Spectrum Conservative Allocation Fund | 5.01% | 11.91% | 8.53% | 11.97% | -13.65% | 7.07% | 11.70% | 16.78% | -3.01% | 12.28% |
Correlation
The correlation between FBND and PRSIX is 0.50, 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 | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Oct 9, 2014 | 0.29 |
Over the past year, FBND and PRSIX have become more correlated (0.50) than their long-term average of 0.29, meaning their price movements have been converging.
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Return for Risk
FBND vs. PRSIX — Risk / Return Rank
FBND
PRSIX
FBND vs. PRSIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Total Bond ETF (FBND) and T. Rowe Price Spectrum Conservative Allocation Fund (PRSIX). 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 | PRSIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.82 | ||
| Sortino ratioReturn per unit of downside risk | -1.07 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.41 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.83 | 2.56 | -0.73 |
| Martin ratioReturn relative to average drawdown | 5.32 | 11.28 | -5.95 |
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Drawdowns
FBND vs. PRSIX - Drawdown Comparison
The maximum FBND drawdown since its inception was -17.25%, smaller than the maximum PRSIX drawdown of -30.00%. Use the drawdown chart below to compare losses from any high point for FBND and PRSIX.
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Drawdown Indicators
| FBND | PRSIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.25% | -30.00% | +12.75% |
Max Drawdown (1Y)Largest decline over 1 year | -2.66% | -5.02% | +2.36% |
Max Drawdown (3Y)Largest decline over 3 years | -5.94% | -6.80% | +0.86% |
Max Drawdown (5Y)Largest decline over 5 years | -17.25% | -18.69% | +1.44% |
Max Drawdown (10Y)Largest decline over 10 years | -17.25% | -19.28% | +2.03% |
Current DrawdownCurrent decline from peak | -1.23% | -0.74% | -0.49% |
Average DrawdownAverage peak-to-trough decline | -3.34% | -2.82% | -0.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.91% | 1.14% | -0.23% |
Volatility
FBND vs. PRSIX - Volatility Comparison
The current volatility for Fidelity Total Bond ETF (FBND) is 1.35%, while T. Rowe Price Spectrum Conservative Allocation Fund (PRSIX) has a volatility of 2.52%. This indicates that FBND experiences smaller price fluctuations and is considered to be less risky than PRSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FBND | PRSIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.35% | 2.52% | -1.17% |
Volatility (6M)Calculated over the trailing 6-month period | 2.81% | 5.24% | -2.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.83% | 6.14% | -2.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.92% | 7.10% | -1.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.10% | 7.42% | -1.32% |
FBND vs. PRSIX - Expense Ratio Comparison
Both FBND and PRSIX have an expense ratio of 0.36%.
Dividends
FBND vs. PRSIX - Dividend Comparison
FBND's dividend yield for the trailing twelve months is around 4.69%, less than PRSIX's 6.89% 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% |
PRSIX T. Rowe Price Spectrum Conservative Allocation Fund | 6.89% | 7.12% | 3.92% | 3.78% | 5.63% | 7.63% | 3.77% | 5.11% | 5.27% | 3.43% | 2.22% | 4.56% |
Frequently Asked Questions
FBND and PRSIX have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PRSIX has higher volatility (2.52%) compared to FBND (1.35%). In terms of maximum drawdown, FBND dropped -17.25% vs PRSIX's -30.00%.
PRSIX currently has the higher Sharpe Ratio (2.09 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.
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