FCLO vs. FBND

Last updated Jun 4, 2026

FCLO (Fidelity CLO ETF) and FBND (Fidelity Total Bond ETF) are both exchange-traded funds - FCLO is a CLO fund actively managed by Fidelity, while FBND is a Intermediate Core-Plus Bond fund actively managed by Fidelity. Both are actively managed. At a correlation of -0.05, they often move in opposite directions. FCLO charges 0.45%/yr vs 0.36%/yr for FBND.

Performance

FCLO vs. FBND - Performance Comparison

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

Returns By Period

FCLO

• 1D: 0.02%
• 1M: 0.50%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FBND

• 1D: -0.20%
• 1M: 0.31%
• YTD: 0.50%
• 6M: 0.30%
• 1Y: 5.59%
• 3Y*: 4.70%
• 5Y*: 0.83%
• 10Y*: 2.56%

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

FCLO vs. FBND - Yearly Performance Comparison

	2026 (YTD)
FCLO Fidelity CLO ETF	1.70%
FBND Fidelity Total Bond ETF	-0.68%

Correlation

The correlation between FCLO and FBND is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 13, 2026	-0.05

Return for Risk

FCLO vs. FBND — Risk / Return Rank

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

FBND

FBND Risk / Return Rank: 40
FBND Sharpe Ratio Rank: 40
FBND Sortino Ratio Rank: 42
FBND Omega Ratio Rank: 37
FBND Calmar Ratio Rank: 42
FBND Martin Ratio Rank: 39

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.

FCLO vs. FBND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity CLO ETF (FCLO) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	FCLO	FBND	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.46	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	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	3.96	0.44	+3.52

Drawdowns

FCLO vs. FBND - Drawdown Comparison

The maximum FCLO drawdown since its inception was -0.58%, smaller than the maximum FBND drawdown of -17.25%. Use the drawdown chart below to compare losses from any high point for FCLO and FBND.

Drawdown Indicators

	FCLO	FBND	Difference
Max Drawdown Largest peak-to-trough decline	-0.58%	-17.25%	+16.67%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.66%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-5.94%	—
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	0.00%	-1.43%	+1.43%
Average Drawdown Average peak-to-trough decline	-0.09%	-3.35%	+3.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.88%	—

Volatility

Volatility by Period

	FCLO	FBND	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.27%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.73%	—
Volatility (1Y) Calculated over the trailing 1-year period	1.46%	3.86%	-2.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.46%	5.92%	-4.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.46%	6.10%	-4.64%

FCLO vs. FBND - Expense Ratio Comparison

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

Dividends

FCLO vs. FBND - Dividend Comparison

FCLO's dividend yield for the trailing twelve months is around 1.56%, less than FBND's 4.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBND Fidelity Total Bond ETF	4.70%	4.70%	4.73%	4.26%	3.07%	1.86%	4.25%	2.90%	2.93%	2.56%	2.84%	3.26%
FCLO Fidelity CLO ETF	1.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FCLO and FBND in my portfolio?

FCLO and FBND have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FCLO or FBND?

On fees, FBND is cheaper at 0.36% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FCLO or FBND?

FBND is cheaper with a 0.36% expense ratio, compared with 0.45% for FCLO.

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

FBND has the higher dividend yield at 4.70%, compared with 1.56% for FCLO.

What is the main difference between FCLO and FBND?

FCLO is categorized as CLO, while FBND is Intermediate Core-Plus Bond. Their fees differ too: 0.45% for FCLO and 0.36% for FBND.