FBND vs. SPAB
FBND (Fidelity Total Bond ETF) and SPAB (SPDR Portfolio Aggregate Bond ETF) are both exchange-traded funds - FBND is a Intermediate Core-Plus Bond fund actively managed by Fidelity, while SPAB is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Bond Index. FBND is actively managed, while SPAB is passively managed. Over the past 10 years, FBND returned 2.56%/yr vs 1.54%/yr for SPAB. Their correlation of 0.84 suggests significant overlap in exposure. FBND charges 0.36%/yr vs 0.03%/yr for SPAB.
Performance
FBND vs. SPAB - Performance Comparison
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Returns By Period
In the year-to-date period, FBND achieves a 0.50% return, which is significantly higher than SPAB's 0.29% return. Over the past 10 years, FBND has outperformed SPAB with an annualized return of 2.56%, while SPAB has yielded a comparatively lower 1.54% annualized return.
FBND
- 1D
- -0.20%
- 1M
- 0.31%
- YTD
- 0.50%
- 6M
- 0.30%
- 1Y
- 5.59%
- 3Y*
- 4.70%
- 5Y*
- 0.83%
- 10Y*
- 2.56%
SPAB
- 1D
- -0.12%
- 1M
- 0.31%
- YTD
- 0.29%
- 6M
- 0.14%
- 1Y
- 5.24%
- 3Y*
- 3.93%
- 5Y*
- 0.07%
- 10Y*
- 1.54%
FBND vs. SPAB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FBND Fidelity Total Bond ETF | 0.50% | 7.57% | 2.13% | 6.81% | -12.54% | -0.43% | 9.41% | 9.82% | -0.57% | 3.52% |
SPAB SPDR Portfolio Aggregate Bond ETF | 0.29% | 7.25% | 1.25% | 5.56% | -13.04% | -1.77% | 7.39% | 8.67% | -0.18% | 3.71% |
Correlation
The correlation between FBND and SPAB is 0.98 - 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 | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Oct 10, 2014 | 0.84 |
The correlation between FBND and SPAB shifts across timeframes, from 0.84 (all time) to 0.98 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FBND vs. SPAB — Risk / Return Rank
FBND
SPAB
FBND vs. SPAB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Total Bond ETF (FBND) and SPDR Portfolio Aggregate Bond ETF (SPAB). 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 | SPAB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.25 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.11 | 1.92 | +0.19 |
| Martin ratioReturn relative to average drawdown | 6.37 | 5.72 | +0.65 |
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 | SPAB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.46 | 1.40 | +0.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.14 | 0.01 | +0.13 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.42 | 0.28 | +0.14 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.44 | 0.50 | -0.06 |
Drawdowns
FBND vs. SPAB - Drawdown Comparison
The maximum FBND drawdown since its inception was -17.25%, smaller than the maximum SPAB drawdown of -18.56%. Use the drawdown chart below to compare losses from any high point for FBND and SPAB.
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Drawdown Indicators
| FBND | SPAB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.25% | -18.56% | +1.31% |
Max Drawdown (1Y)Largest decline over 1 year | -2.66% | -2.74% | +0.08% |
Max Drawdown (3Y)Largest decline over 3 years | -5.94% | -6.08% | +0.14% |
Max Drawdown (5Y)Largest decline over 5 years | -17.25% | -17.96% | +0.71% |
Max Drawdown (10Y)Largest decline over 10 years | -17.25% | -18.56% | +1.31% |
Current DrawdownCurrent decline from peak | -1.43% | -2.27% | +0.84% |
Average DrawdownAverage peak-to-trough decline | -3.35% | -3.08% | -0.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 0.92% | -0.04% |
Volatility
FBND vs. SPAB - Volatility Comparison
Fidelity Total Bond ETF (FBND) has a higher volatility of 1.27% compared to SPDR Portfolio Aggregate Bond ETF (SPAB) at 1.15%. This indicates that FBND's price experiences larger fluctuations and is considered to be riskier than SPAB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FBND | SPAB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.27% | 1.15% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 2.73% | 2.57% | +0.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.86% | 3.77% | +0.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.92% | 5.92% | 0.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.10% | 5.54% | +0.56% |
FBND vs. SPAB - Expense Ratio Comparison
FBND has a 0.36% expense ratio, which is higher than SPAB's 0.03% expense ratio.
Dividends
FBND vs. SPAB - Dividend Comparison
FBND's dividend yield for the trailing twelve months is around 4.70%, more than SPAB's 4.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FBND Fidelity Total Bond ETF | 4.70% | 4.70% | 4.73% | 4.26% | 3.07% | 1.86% | 4.25% | 2.90% | 2.93% | 2.56% | 2.84% | 3.26% |
SPAB SPDR Portfolio Aggregate Bond ETF | 4.05% | 3.97% | 3.86% | 3.34% | 2.59% | 2.11% | 2.43% | 2.92% | 2.96% | 2.67% | 2.63% | 2.59% |
Frequently Asked Questions
With a correlation of 0.98, FBND and SPAB 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.
FBND has higher volatility (1.27%) compared to SPAB (1.15%). In terms of maximum drawdown, FBND dropped -17.25% vs SPAB's -18.56%.
On 10-year performance, FBND leads with 2.56% vs 1.54% for SPAB. On fees, SPAB is cheaper at 0.03% per year. On volatility, SPAB has been the lower-risk option at 1.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FBND has performed better with a 2.56% return vs 1.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPAB is cheaper with a 0.03% expense ratio, compared with 0.36% for FBND.
FBND has the higher dividend yield at 4.70%, compared with 4.05% for SPAB.
FBND is categorized as Intermediate Core-Plus Bond, while SPAB is Total Bond Market. They also come from different issuers: Fidelity and State Street. Their fees differ too: 0.36% for FBND and 0.03% for SPAB.
FBND currently has the higher Sharpe Ratio (1.46 vs 1.40), 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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