FCDSX vs. BNDX

Last updated Jun 3, 2026

FCDSX (Fidelity Series International Credit Fund) and BNDX (Vanguard Total International Bond ETF) are both Global Bonds funds. Over the past 5 years, FCDSX returned 1.03%/yr vs 0.45%/yr for BNDX. A 0.77 correlation means they provide meaningful diversification when combined. FCDSX charges 0.00%/yr vs 0.07%/yr for BNDX.

Performance

FCDSX vs. BNDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Series International Credit Fund (FCDSX) and Vanguard Total International Bond ETF (BNDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with FCDSX having a 0.86% return and BNDX slightly higher at 0.89%.

FCDSX

• 1D: -0.12%
• 1M: 0.60%
• YTD: 0.86%
• 6M: 0.90%
• 1Y: 5.39%
• 3Y*: 7.63%
• 5Y*: 1.03%
• 10Y*: —

BNDX

• 1D: 0.19%
• 1M: 0.72%
• YTD: 0.89%
• 6M: 0.65%
• 1Y: 2.18%
• 3Y*: 4.16%
• 5Y*: 0.45%
• 10Y*: 1.72%

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

FCDSX vs. BNDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCDSX Fidelity Series International Credit Fund	0.86%	7.22%	8.47%	7.64%	-17.34%	-0.07%	8.34%	13.86%	-1.04%	1.91%
BNDX Vanguard Total International Bond ETF	0.89%	2.86%	3.57%	8.77%	-12.76%	-2.29%	4.65%	7.87%	2.81%	1.80%

Correlation

The correlation between FCDSX and BNDX is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since Jul 26, 2017	0.77

The correlation between FCDSX and BNDX has been stable across timeframes, ranging from 0.77 to 0.85 - a consistent structural relationship.

Return for Risk

FCDSX vs. BNDX — Risk / Return Rank

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

FCDSX

FCDSX Risk / Return Rank: 35
FCDSX Sharpe Ratio Rank: 40
FCDSX Sortino Ratio Rank: 43
FCDSX Omega Ratio Rank: 42
FCDSX Calmar Ratio Rank: 26
FCDSX Martin Ratio Rank: 23

BNDX

BNDX Risk / Return Rank: 18
BNDX Sharpe Ratio Rank: 20
BNDX Sortino Ratio Rank: 18
BNDX Omega Ratio Rank: 19
BNDX Calmar Ratio Rank: 18
BNDX Martin Ratio Rank: 18

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.

FCDSX vs. BNDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Series International Credit Fund (FCDSX) and Vanguard Total International Bond ETF (BNDX). 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.

	FCDSX	BNDX	Difference
Sharpe ratio Return per unit of total volatility	1.85	0.64	+1.20
Sortino ratio Return per unit of downside risk	2.77	0.93	+1.85
Omega ratio Gain probability vs. loss probability	1.35	1.12	+0.24
Calmar ratio Return relative to maximum drawdown	1.93	0.71	+1.22
Martin ratio Return relative to average drawdown	6.04	2.05	+4.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCDSX vs. BNDX - Sharpe Ratio Comparison

The current FCDSX Sharpe Ratio is 1.85, which is higher than the BNDX Sharpe Ratio of 0.64. The chart below compares the historical Sharpe Ratios of FCDSX and BNDX, 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

	FCDSX	BNDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.85	0.64	+1.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.09	+0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.42	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	0.61	+0.11

Drawdowns

FCDSX vs. BNDX - Drawdown Comparison

The maximum FCDSX drawdown since its inception was -22.33%, which is greater than BNDX's maximum drawdown of -16.23%. Use the drawdown chart below to compare losses from any high point for FCDSX and BNDX.

Drawdown Indicators

	FCDSX	BNDX	Difference
Max Drawdown Largest peak-to-trough decline	-22.33%	-16.23%	-6.10%
Max Drawdown (1Y) Largest decline over 1 year	-2.78%	-2.93%	+0.15%
Max Drawdown (3Y) Largest decline over 3 years	-2.78%	-2.93%	+0.15%
Max Drawdown (5Y) Largest decline over 5 years	-22.33%	-15.86%	-6.47%
Max Drawdown (10Y) Largest decline over 10 years	—	-16.23%	—
Current Drawdown Current decline from peak	-1.13%	-1.14%	+0.01%
Average Drawdown Average peak-to-trough decline	-5.07%	-3.09%	-1.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.89%	1.02%	-0.13%

Volatility

FCDSX vs. BNDX - Volatility Comparison

The current volatility for Fidelity Series International Credit Fund (FCDSX) is 0.99%, while Vanguard Total International Bond ETF (BNDX) has a volatility of 1.55%. This indicates that FCDSX experiences smaller price fluctuations and is considered to be less risky than BNDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCDSX	BNDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.99%	1.55%	-0.56%
Volatility (6M) Calculated over the trailing 6-month period	2.24%	2.90%	-0.66%
Volatility (1Y) Calculated over the trailing 1-year period	2.87%	3.41%	-0.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.44%	4.88%	-0.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.13%	4.09%	+0.04%

FCDSX vs. BNDX - Expense Ratio Comparison

FCDSX has a 0.00% expense ratio, which is lower than BNDX's 0.07% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FCDSX vs. BNDX - Dividend Comparison

FCDSX's dividend yield for the trailing twelve months is around 4.18%, less than BNDX's 4.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BNDX Vanguard Total International Bond ETF	4.48%	4.39%	4.18%	4.42%	1.51%	3.74%	1.11%	3.40%	3.01%	2.23%	1.89%	1.63%
FCDSX Fidelity Series International Credit Fund	4.18%	4.58%	4.81%	3.67%	6.73%	3.04%	6.58%	7.12%	4.17%	1.90%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FCDSX and BNDX in my portfolio?

FCDSX and BNDX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCDSX or BNDX?

BNDX has higher volatility (1.55%) compared to FCDSX (0.99%). In terms of maximum drawdown, FCDSX dropped -22.33% vs BNDX's -16.23%.

Which has better risk-adjusted returns?

FCDSX currently has the higher Sharpe Ratio (1.85 vs 0.64), 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.