FBND vs. TBUX

Last updated Jun 9, 2026

FBND (Fidelity Total Bond ETF) and TBUX (T. Rowe Price Ultra Short-Term Bond ETF) are both exchange-traded funds - FBND is a Intermediate Core-Plus Bond fund actively managed by Fidelity, while TBUX is a Ultrashort Bond fund actively managed by T. Rowe Price. Both are actively managed. Over the past 3 years, FBND returned 4.60%/yr vs 5.85%/yr for TBUX. At a 0.44 correlation, their price movements are largely independent. FBND charges 0.36%/yr vs 0.17%/yr for TBUX.

Performance

FBND vs. TBUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Total Bond ETF (FBND) and T. Rowe Price Ultra Short-Term Bond ETF (TBUX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FBND achieves a 0.10% return, which is significantly lower than TBUX's 1.69% return.

FBND

• 1D: -0.07%
• 1M: -0.69%
• YTD: 0.10%
• 6M: 0.40%
• 1Y: 5.34%
• 3Y*: 4.60%
• 5Y*: 0.68%
• 10Y*: 2.47%

TBUX

• 1D: 0.06%
• 1M: 0.29%
• YTD: 1.69%
• 6M: 2.08%
• 1Y: 4.88%
• 3Y*: 5.85%
• 5Y*: —
• 10Y*: —

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

FBND vs. TBUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FBND Fidelity Total Bond ETF	0.10%	7.57%	2.13%	6.81%	-12.54%	0.15%
TBUX T. Rowe Price Ultra Short-Term Bond ETF	1.69%	5.37%	6.38%	6.39%	-0.13%	-0.22%

Correlation

The correlation between FBND and TBUX 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 (3Y) Calculated over the trailing 3-year period	0.40
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021	0.44

The correlation between FBND and TBUX shifts across timeframes, from 0.40 (3 years) to 0.51 (1 year), reflecting how their relationship changes across market environments.

FBND vs. TBUX - Sectors Allocation Comparison

Sectors	FBND	TBUX
Industrials	71.4%	3.5%
Utilities	27.5%	1.2%
Energy	1.1%	0.6%
Financial Services	0.2%	0.5%
Basic Materials	-	1.3%
Communication Services	-	15.2%
Consumer Cyclical	-	14.3%
Consumer Defensive	-	5.5%
Healthcare	-	5.0%
Real Estate	-	0.2%
Technology	-	52.7%

Return for Risk

FBND vs. TBUX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FBND

FBND Risk / Return Rank: 44
FBND Sharpe Ratio Rank: 45
FBND Sortino Ratio Rank: 47
FBND Omega Ratio Rank: 41
FBND Calmar Ratio Rank: 45
FBND Martin Ratio Rank: 40

TBUX

TBUX Risk / Return Rank: 99
TBUX Sharpe Ratio Rank: 99
TBUX Sortino Ratio Rank: 99
TBUX Omega Ratio Rank: 99
TBUX Calmar Ratio Rank: 99
TBUX Martin Ratio Rank: 99

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. TBUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Total Bond ETF (FBND) and T. Rowe Price Ultra Short-Term Bond ETF (TBUX). 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	TBUX	Difference
Sharpe ratio: Return per unit of total volatility	1.41	7.27	-5.86
Sortino ratio: Return per unit of downside risk	2.09	14.70	-12.61
Omega ratio: Gain probability vs. loss probability	1.25	3.15	-1.90
Calmar ratio: Return relative to maximum drawdown	2.01	48.80	-46.79
Martin ratio: Return relative to average drawdown	5.97	185.24	-179.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FBND vs. TBUX - Sharpe Ratio Comparison

The current FBND Sharpe Ratio is 1.41, which is lower than the TBUX Sharpe Ratio of 7.27. The chart below compares the historical Sharpe Ratios of FBND and TBUX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FBND	TBUX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.41	7.27	-5.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.12	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	3.88	-3.45

Drawdowns

FBND vs. TBUX - Drawdown Comparison

The maximum FBND drawdown since its inception was -17.25%, which is greater than TBUX's maximum drawdown of -1.79%. Use the drawdown chart below to compare losses from any high point for FBND and TBUX.

Drawdown Indicators

	FBND	TBUX	Difference
Max Drawdown Largest peak-to-trough decline	-17.25%	-1.79%	-15.46%
Max Drawdown (1Y) Largest decline over 1 year	-2.66%	-0.10%	-2.56%
Max Drawdown (3Y) Largest decline over 3 years	-5.94%	-0.33%	-5.61%
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	-1.82%	-0.04%	-1.78%
Average Drawdown Average peak-to-trough decline	-3.35%	-0.28%	-3.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	0.03%	+0.87%

Volatility

FBND vs. TBUX - Volatility Comparison

Fidelity Total Bond ETF (FBND) has a higher volatility of 1.23% compared to T. Rowe Price Ultra Short-Term Bond ETF (TBUX) at 0.22%. This indicates that FBND's price experiences larger fluctuations and is considered to be riskier than TBUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBND	TBUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.23%	0.22%	+1.01%
Volatility (6M) Calculated over the trailing 6-month period	2.75%	0.46%	+2.29%
Volatility (1Y) Calculated over the trailing 1-year period	3.80%	0.67%	+3.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.92%	1.07%	+4.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.10%	1.07%	+5.03%

FBND vs. TBUX - Expense Ratio Comparison

FBND has a 0.36% expense ratio, which is higher than TBUX's 0.17% expense ratio.

Dividends

FBND vs. TBUX - Dividend Comparison

FBND's dividend yield for the trailing twelve months is around 4.72%, more than TBUX's 4.48% 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%
TBUX T. Rowe Price Ultra Short-Term Bond ETF	4.48%	4.67%	5.39%	4.66%	2.58%	0.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FBND and TBUX in my portfolio?

FBND and TBUX 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 TBUX?

FBND has higher volatility (1.23%) compared to TBUX (0.22%). In terms of maximum drawdown, FBND dropped -17.25% vs TBUX's -1.79%.

Which ETF is better, FBND or TBUX?

On 3-year performance, TBUX leads with 5.85% vs 4.60% for FBND. On fees, TBUX is cheaper at 0.17% per year. On volatility, TBUX has been the lower-risk option at 0.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FBND or TBUX?

Over the 3-year period, TBUX has performed better with a 5.85% return vs 4.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FBND or TBUX?

TBUX is cheaper with a 0.17% expense ratio, compared with 0.36% for FBND.

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

FBND has the higher dividend yield at 4.72%, compared with 4.48% for TBUX.

What is the main difference between FBND and TBUX?

FBND is categorized as Intermediate Core-Plus Bond, while TBUX is Ultrashort Bond. They also come from different issuers: Fidelity and T. Rowe Price. Their fees differ too: 0.36% for FBND and 0.17% for TBUX.

Which has better risk-adjusted returns?

TBUX currently has the higher Sharpe Ratio (7.27 vs 1.41), 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.