FBND vs. TRRIX

Last updated Jun 9, 2026

FBND (Fidelity Total Bond ETF) and TRRIX (T. Rowe Price Retirement Balanced Fund) are both funds - FBND is a Intermediate Core-Plus Bond fund actively managed by Fidelity, while TRRIX is a Diversified Portfolio fund managed by T. Rowe Price. Over the past 10 years, FBND returned 2.47%/yr vs 6.45%/yr for TRRIX. At a 0.32 correlation, their price movements are largely independent. FBND charges 0.36%/yr vs 0.49%/yr for TRRIX.

Performance

FBND vs. TRRIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Total Bond ETF (FBND) and T. Rowe Price Retirement Balanced Fund (TRRIX). 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 TRRIX's 3.88% return. Over the past 10 years, FBND has underperformed TRRIX with an annualized return of 2.47%, while TRRIX has yielded a comparatively higher 6.45% annualized 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%

TRRIX

• 1D: -1.30%
• 1M: -0.52%
• YTD: 3.88%
• 6M: 3.69%
• 1Y: 11.09%
• 3Y*: 10.41%
• 5Y*: 4.76%
• 10Y*: 6.45%

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

FBND vs. TRRIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FBND Fidelity Total Bond ETF	0.10%	7.57%	2.13%	6.81%	-12.54%	-0.43%	9.41%	9.82%	-0.57%	3.52%
TRRIX T. Rowe Price Retirement Balanced Fund	3.88%	11.02%	9.96%	11.57%	-13.16%	8.63%	11.48%	15.32%	-3.29%	10.38%

Correlation

The correlation between FBND and TRRIX is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since Oct 10, 2014	0.32

Over the past year, FBND and TRRIX have become more correlated (0.52) than their long-term average of 0.32, meaning their price movements have been converging.

Return for Risk

FBND vs. TRRIX — 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

TRRIX

TRRIX Risk / Return Rank: 47
TRRIX Sharpe Ratio Rank: 45
TRRIX Sortino Ratio Rank: 45
TRRIX Omega Ratio Rank: 51
TRRIX Calmar Ratio Rank: 42
TRRIX Martin Ratio Rank: 50

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. TRRIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Total Bond ETF (FBND) and T. Rowe Price Retirement Balanced Fund (TRRIX). 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	TRRIX	Difference
Sharpe ratio: Return per unit of total volatility	1.41	1.88	-0.47
Sortino ratio: Return per unit of downside risk	2.09	2.71	-0.62
Omega ratio: Gain probability vs. loss probability	1.25	1.37	-0.13
Calmar ratio: Return relative to maximum drawdown	2.01	2.37	-0.36
Martin ratio: Return relative to average drawdown	5.97	9.93	-3.96
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. TRRIX - Sharpe Ratio Comparison

The current FBND Sharpe Ratio is 1.41, which is comparable to the TRRIX Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of FBND and TRRIX, 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	TRRIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.41	1.88	-0.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.12	0.67	-0.56
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	0.90	-0.49
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.82	-0.38

Drawdowns

FBND vs. TRRIX - Drawdown Comparison

The maximum FBND drawdown since its inception was -17.25%, smaller than the maximum TRRIX drawdown of -27.77%. Use the drawdown chart below to compare losses from any high point for FBND and TRRIX.

Drawdown Indicators

	FBND	TRRIX	Difference
Max Drawdown Largest peak-to-trough decline	-17.25%	-27.77%	+10.52%
Max Drawdown (1Y) Largest decline over 1 year	-2.66%	-4.85%	+2.19%
Max Drawdown (3Y) Largest decline over 3 years	-5.94%	-6.10%	+0.16%
Max Drawdown (5Y) Largest decline over 5 years	-17.25%	-18.13%	+0.88%
Max Drawdown (10Y) Largest decline over 10 years	-17.25%	-18.57%	+1.32%
Current Drawdown Current decline from peak	-1.82%	-1.50%	-0.32%
Average Drawdown Average peak-to-trough decline	-3.35%	-2.84%	-0.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	1.14%	-0.24%

Volatility

FBND vs. TRRIX - Volatility Comparison

The current volatility for Fidelity Total Bond ETF (FBND) is 1.23%, while T. Rowe Price Retirement Balanced Fund (TRRIX) has a volatility of 2.15%. This indicates that FBND experiences smaller price fluctuations and is considered to be less risky than TRRIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBND	TRRIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.23%	2.15%	-0.92%
Volatility (6M) Calculated over the trailing 6-month period	2.75%	5.27%	-2.52%
Volatility (1Y) Calculated over the trailing 1-year period	3.80%	6.12%	-2.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.92%	7.12%	-1.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.10%	7.23%	-1.13%

FBND vs. TRRIX - Expense Ratio Comparison

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

Dividends

FBND vs. TRRIX - Dividend Comparison

FBND's dividend yield for the trailing twelve months is around 4.72%, which matches TRRIX's 4.71% 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%
TRRIX T. Rowe Price Retirement Balanced Fund	4.71%	4.86%	5.78%	4.32%	10.15%	12.67%	9.27%	3.39%	7.01%	5.07%	3.40%	3.44%

Frequently Asked Questions

Can I hold both FBND and TRRIX in my portfolio?

FBND and TRRIX have a correlation of 0.52, 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 TRRIX?

TRRIX has higher volatility (2.15%) compared to FBND (1.23%). In terms of maximum drawdown, FBND dropped -17.25% vs TRRIX's -27.77%.

Which has better risk-adjusted returns?

TRRIX currently has the higher Sharpe Ratio (1.88 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.