FBND vs. TAXE

Last updated Jun 13, 2026

FBND (Fidelity Total Bond ETF) and TAXE (T. Rowe Price Intermediate Municipal Income ETF) are both exchange-traded funds - FBND is a Intermediate Core-Plus Bond fund actively managed by Fidelity, while TAXE is a Municipal Bonds fund actively managed by T. Rowe Price. Both are actively managed. Over the past year, FBND returned 4.85% vs 6.92% for TAXE. A 0.74 correlation means they provide meaningful diversification when combined. FBND charges 0.36%/yr vs 0.24%/yr for TAXE.

Performance

FBND vs. TAXE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Total Bond ETF (FBND) and T. Rowe Price Intermediate Municipal Income ETF (TAXE). 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 TAXE's 1.77% 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%

TAXE

• 1D: -0.04%
• 1M: 0.66%
• YTD: 1.77%
• 6M: 2.05%
• 1Y: 6.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FBND vs. TAXE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FBND Fidelity Total Bond ETF	0.70%	7.57%	1.56%
TAXE T. Rowe Price Intermediate Municipal Income ETF	1.77%	5.78%	1.56%

Correlation

The correlation between FBND and TAXE is 0.67, 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	0.67
Correlation (All Time) Calculated using the full available price history since Jul 10, 2024	0.74

The correlation between FBND and TAXE has been stable across timeframes, ranging from 0.67 to 0.74 - a consistent structural relationship.

Return for Risk

FBND vs. TAXE — 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

TAXE

TAXE Risk / Return Rank: 81
TAXE Sharpe Ratio Rank: 94
TAXE Sortino Ratio Rank: 95
TAXE Omega Ratio Rank: 96
TAXE Calmar Ratio Rank: 62
TAXE Martin Ratio Rank: 59

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. TAXE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Total Bond ETF (FBND) and T. Rowe Price Intermediate Municipal Income ETF (TAXE). 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	TAXE	Difference
Sharpe ratio: Return per unit of total volatility	1.27	3.13	-1.85
Sortino ratio: Return per unit of downside risk	1.90	4.76	-2.86
Omega ratio: Gain probability vs. loss probability	1.22	1.74	-0.52
Calmar ratio: Return relative to maximum drawdown	1.83	2.75	-0.92
Martin ratio: Return relative to average drawdown	5.32	9.31	-3.99

FBND vs. TAXE - Sharpe Ratio Comparison

The current FBND Sharpe Ratio is 1.27, which is lower than the TAXE Sharpe Ratio of 3.13. The chart below compares the historical Sharpe Ratios of FBND and TAXE, 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. TAXE - Drawdown Comparison

The maximum FBND drawdown since its inception was -17.25%, which is greater than TAXE's maximum drawdown of -3.72%. Use the drawdown chart below to compare losses from any high point for FBND and TAXE.

Drawdown Indicators

	FBND	TAXE	Difference
Max Drawdown Largest peak-to-trough decline	-17.25%	-3.72%	-13.53%
Max Drawdown (1Y) Largest decline over 1 year	-2.66%	-2.53%	-0.13%
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%	-0.60%	-0.63%
Average Drawdown Average peak-to-trough decline	-3.34%	-0.71%	-2.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	0.75%	+0.16%

Volatility

FBND vs. TAXE - Volatility Comparison

Fidelity Total Bond ETF (FBND) has a higher volatility of 1.35% compared to T. Rowe Price Intermediate Municipal Income ETF (TAXE) at 0.76%. This indicates that FBND's price experiences larger fluctuations and is considered to be riskier than TAXE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBND	TAXE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.35%	0.76%	+0.59%
Volatility (6M) Calculated over the trailing 6-month period	2.81%	1.66%	+1.15%
Volatility (1Y) Calculated over the trailing 1-year period	3.83%	2.23%	+1.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.92%	3.13%	+2.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.10%	3.13%	+2.97%

FBND vs. TAXE - Expense Ratio Comparison

FBND has a 0.36% expense ratio, which is higher than TAXE's 0.24% expense ratio.

Dividends

FBND vs. TAXE - Dividend Comparison

FBND's dividend yield for the trailing twelve months is around 4.69%, more than TAXE's 3.56% 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%
TAXE T. Rowe Price Intermediate Municipal Income ETF	3.56%	3.46%	1.74%	0.00%	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 TAXE in my portfolio?

FBND and TAXE have a correlation of 0.67, 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 TAXE?

FBND has higher volatility (1.35%) compared to TAXE (0.76%). In terms of maximum drawdown, FBND dropped -17.25% vs TAXE's -3.72%.

Which ETF is better, FBND or TAXE?

On 1-year performance, TAXE leads with 6.92% vs 4.85% for FBND. On fees, TAXE is cheaper at 0.24% per year. On volatility, TAXE has been the lower-risk option at 0.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FBND or TAXE?

Over the 1-year period, TAXE has performed better with a 6.92% return vs 4.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FBND or TAXE?

TAXE is cheaper with a 0.24% expense ratio, compared with 0.36% for FBND.

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

FBND has the higher dividend yield at 4.69%, compared with 3.56% for TAXE.

What is the main difference between FBND and TAXE?

FBND is categorized as Intermediate Core-Plus Bond, while TAXE is Municipal Bonds. They also come from different issuers: Fidelity and T. Rowe Price. Their fees differ too: 0.36% for FBND and 0.24% for TAXE.

Which has better risk-adjusted returns?

TAXE currently has the higher Sharpe Ratio (3.13 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.