FBNDX vs. SPHY
Compare and contrast key facts about Fidelity Investment Grade Bond Fund (FBNDX) and SPDR Portfolio High Yield Bond ETF (SPHY).
FBNDX is managed by Fidelity. It was launched on Aug 6, 1971. SPHY is a passively managed fund by State Street that tracks the performance of the ICE BofAML US High Yield Index. It was launched on Jun 18, 2012.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: FBNDX or SPHY.
Key characteristics
| FBNDX | SPHY | |
|---|---|---|
| YTD Return | 2.08% | 8.45% |
| 1Y Return | 8.40% | 14.62% |
| 3Y Return (Ann) | -2.05% | 3.34% |
| 5Y Return (Ann) | -0.07% | 4.85% |
| 10Y Return (Ann) | 1.65% | 4.56% |
| Sharpe Ratio | 1.22 | 3.20 |
| Sortino Ratio | 1.82 | 5.12 |
| Omega Ratio | 1.22 | 1.65 |
| Calmar Ratio | 0.46 | 3.06 |
| Martin Ratio | 4.19 | 26.10 |
| Ulcer Index | 1.71% | 0.55% |
| Daily Std Dev | 5.97% | 4.52% |
| Max Drawdown | -20.16% | -21.97% |
| Current Drawdown | -9.56% | -0.50% |
Correlation
The correlation between FBNDX and SPHY is 0.23, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Performance
FBNDX vs. SPHY - Performance Comparison
In the year-to-date period, FBNDX achieves a 2.08% return, which is significantly lower than SPHY's 8.45% return. Over the past 10 years, FBNDX has underperformed SPHY with an annualized return of 1.65%, while SPHY has yielded a comparatively higher 4.56% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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FBNDX vs. SPHY - Expense Ratio Comparison
FBNDX has a 0.45% expense ratio, which is higher than SPHY's 0.10% expense ratio.
Risk-Adjusted Performance
FBNDX vs. SPHY - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Investment Grade Bond Fund (FBNDX) and SPDR Portfolio High Yield Bond ETF (SPHY). 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.
Dividends
FBNDX vs. SPHY - Dividend Comparison
FBNDX's dividend yield for the trailing twelve months is around 3.92%, less than SPHY's 7.78% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FBNDX Fidelity Investment Grade Bond Fund | 3.92% | 3.56% | 2.67% | 1.53% | 1.88% | 2.77% | 2.84% | 2.17% | 2.50% | 2.90% | 2.59% | 2.36% |
SPHY SPDR Portfolio High Yield Bond ETF | 7.78% | 7.30% | 6.46% | 5.13% | 5.63% | 5.73% | 4.09% | 4.41% | 4.28% | 4.29% | 3.98% | 4.40% |
Drawdowns
FBNDX vs. SPHY - Drawdown Comparison
The maximum FBNDX drawdown since its inception was -20.16%, smaller than the maximum SPHY drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for FBNDX and SPHY. For additional features, visit the drawdowns tool.
Volatility
FBNDX vs. SPHY - Volatility Comparison
Fidelity Investment Grade Bond Fund (FBNDX) has a higher volatility of 1.85% compared to SPDR Portfolio High Yield Bond ETF (SPHY) at 1.15%. This indicates that FBNDX's price experiences larger fluctuations and is considered to be riskier than SPHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.