FBNDX vs. FBND

Last updated Aug 1, 2026

FBNDX (Fidelity Investment Grade Bond Fund) and FBND (Fidelity Total Bond ETF) are both funds - FBNDX is a Intermediate Core Bond fund actively managed by Fidelity, while FBND is a Intermediate Core-Plus Bond fund actively managed by Fidelity. Both are actively managed. Over the past 10 years, FBNDX returned 1.80%/yr vs 2.27%/yr for FBND. Their correlation of 0.84 means they have usually moved in the same direction. FBNDX charges 0.45%/yr vs 0.36%/yr for FBND.

Performance

FBNDX vs. FBND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Investment Grade Bond Fund (FBNDX) and Fidelity Total Bond ETF (FBND). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FBNDX achieves a -0.73% return, which is significantly lower than FBND's -0.33% return. Over the past 10 years, FBNDX has underperformed FBND with an annualized return of 1.80%, while FBND has yielded a comparatively higher 2.27% annualized return.

FBNDX

• 1D: 0.00%
• 1M: -1.25%
• 6M: -0.77%
• YTD: -0.73%
• 1Y: 1.61%
• 3Y*: 3.64%
• 5Y*: -0.49%
• 10Y*: 1.80%
• ALL TIME*: 2.73%

FBND

• 1D: -0.27%
• 1M: -1.26%
• 6M: -0.60%
• YTD: -0.33%
• 1Y: 2.08%
• 3Y*: 4.55%
• 5Y*: 0.31%
• 10Y*: 2.27%
• ALL TIME*: 2.47%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FBND Fidelity Total Bond ETF	$133.84M	$127.41M	$124.15M
FBNDX Fidelity Investment Grade Bond Fund	$0.00	$0.00	$0.00

FBNDX vs. FBND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FBNDX Fidelity Investment Grade Bond Fund	-0.73%	7.37%	0.93%	6.51%	-14.04%	-1.13%	9.79%	9.82%	-0.35%	3.92%
FBND Fidelity Total Bond ETF	-0.33%	7.57%	2.13%	6.81%	-12.54%	-0.43%	9.41%	9.82%	-0.57%	3.52%

Correlation

The correlation between FBNDX and FBND is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.91
Correlation (3Y) Balances recent behavior with more history.	0.93
Correlation (5Y) Shows whether the relationship held over a longer period.	0.93
Correlation (10Y) Provides a long-term view across more market conditions.	0.87
Correlation (All Time) Calculated using the full available price history since Oct 9, 2014	0.84

The correlation between FBNDX and FBND has been stable across timeframes, ranging from 0.84 to 0.93 - a consistent structural relationship.

Return for Risk

FBNDX vs. FBND — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FBNDX

FBNDX Risk / Return Rank: 19
FBNDX Sharpe Ratio Rank: 20
FBNDX Sortino Ratio Rank: 20
FBNDX Omega Ratio Rank: 19
FBNDX Calmar Ratio Rank: 20
FBNDX Martin Ratio Rank: 17

FBND

FBND Risk / Return Rank: 30
FBND Sharpe Ratio Rank: 32
FBND Sortino Ratio Rank: 30
FBND Omega Ratio Rank: 28
FBND Calmar Ratio Rank: 32
FBND Martin Ratio Rank: 31

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FBNDX vs. FBND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Investment Grade Bond Fund (FBNDX) and Fidelity Total Bond ETF (FBND). 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.

	FBNDX	FBND	Difference
Sharpe ratio: Return per unit of total volatility	0.71	0.77	-0.05
Sortino ratio: Return per unit of downside risk	1.06	1.14	-0.08
Omega ratio: Gain probability vs. loss probability	1.12	1.13	-0.01
Calmar ratio: Return relative to maximum drawdown	0.93	1.09	-0.16
Martin ratio: Return relative to average drawdown	2.31	2.77	-0.46

FBNDX vs. FBND - Sharpe Ratio Comparison

The current FBNDX Sharpe Ratio is 0.71, which is comparable to the FBND Sharpe Ratio of 0.77. The chart below compares the historical Sharpe Ratios of FBNDX and FBND, 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

FBNDX vs. FBND - Drawdown Comparison

The maximum FBNDX drawdown since its inception was -42.76%, which is greater than FBND's maximum drawdown of -17.25%. Use the drawdown chart below to compare losses from any high point for FBNDX and FBND.

Drawdown Indicators

	FBNDX	FBND	Difference
Max Drawdown Largest peak-to-trough decline	-42.76%	-17.25%	-25.51%
Max Drawdown (1Y) Largest decline over 1 year	-3.02%	-2.66%	-0.36%
Max Drawdown (3Y) Largest decline over 3 years	-5.06%	-4.95%	-0.11%
Max Drawdown (5Y) Largest decline over 5 years	-18.74%	-17.25%	-1.49%
Max Drawdown (10Y) Largest decline over 10 years	-18.74%	-17.25%	-1.49%
Current Drawdown Current decline from peak	-2.67%	-2.24%	-0.43%
Average Drawdown Average peak-to-trough decline	-10.32%	-3.32%	-7.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.22%	1.05%	+0.17%

Volatility

FBNDX vs. FBND - Volatility Comparison

The current volatility for Fidelity Investment Grade Bond Fund (FBNDX) is 0.90%, while Fidelity Total Bond ETF (FBND) has a volatility of 0.95%. This indicates that FBNDX experiences smaller price fluctuations and is considered to be less risky than FBND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBNDX	FBND	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.90%	0.95%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	3.06%	2.94%	+0.12%
Volatility (1Y) Calculated over the trailing 1-year period	3.95%	3.77%	+0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.03%	5.93%	+0.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.02%	6.10%	-1.08%

FBNDX vs. FBND - Expense Ratio Comparison

FBNDX has a 0.45% expense ratio, which is higher than FBND's 0.36% expense ratio.

Dividends

FBNDX vs. FBND - Dividend Comparison

FBNDX's dividend yield for the trailing twelve months is around 3.63%, less than FBND's 4.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBND Fidelity Total Bond ETF	4.77%	4.70%	4.73%	4.26%	3.07%	1.86%	4.25%	2.90%	2.93%	2.56%	2.84%	3.26%
FBNDX Fidelity Investment Grade Bond Fund	3.63%	3.87%	3.34%	3.56%	1.98%	1.34%	4.70%	2.75%	2.86%	2.18%	2.72%	2.66%

Frequently Asked Questions

Can I hold both FBNDX and FBND in my portfolio?

With a correlation of 0.91, FBNDX and FBND 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.

Which is riskier, FBNDX or FBND?

FBND has higher volatility (0.95%) compared to FBNDX (0.90%). In terms of maximum drawdown, FBNDX dropped -42.76% vs FBND's -17.25%.

Which has better risk-adjusted returns?

FBND currently has the higher Sharpe Ratio (0.77 vs 0.71), 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.