FDHY vs. FBND
FDHY (Fidelity High Yield Factor ETF) and FBND (Fidelity Total Bond ETF) are both exchange-traded funds - FDHY is a High Yield Bonds 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 5 years, FDHY returned 3.89%/yr vs 0.79%/yr for FBND. At a 0.42 correlation, their price movements are largely independent. FDHY charges 0.45%/yr vs 0.36%/yr for FBND.
Performance
FDHY vs. FBND - Performance Comparison
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Returns By Period
In the year-to-date period, FDHY achieves a 2.43% return, which is significantly higher than FBND's 0.72% return.
FDHY
- 1D
- -0.02%
- 1M
- 0.59%
- YTD
- 2.43%
- 6M
- 2.90%
- 1Y
- 7.74%
- 3Y*
- 9.11%
- 5Y*
- 3.89%
- 10Y*
- —
FBND
- 1D
- 0.11%
- 1M
- 0.69%
- YTD
- 0.72%
- 6M
- 0.80%
- 1Y
- 4.71%
- 3Y*
- 4.73%
- 5Y*
- 0.79%
- 10Y*
- 2.54%
FDHY vs. FBND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FDHY Fidelity High Yield Factor ETF | 2.43% | 9.24% | 7.53% | 11.14% | -11.30% | 4.33% | 10.71% | 16.87% | -2.35% |
FBND Fidelity Total Bond ETF | 0.72% | 7.57% | 2.13% | 6.81% | -12.54% | -0.43% | 9.41% | 9.82% | 1.44% |
Correlation
The correlation between FDHY and FBND 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 | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.55 |
Correlation (All Time) Calculated using the full available price history since Jun 14, 2018 | 0.42 |
The correlation between FDHY and FBND shifts across timeframes, from 0.42 (all time) to 0.57 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
FDHY vs. FBND — Risk / Return Rank
FDHY
FBND
FDHY vs. FBND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity High Yield Factor ETF (FDHY) 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.
| FDHY | FBND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.94 | ||
| Sortino ratioReturn per unit of downside risk | +1.49 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.21 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 3.66 | 1.77 | +1.88 |
| Martin ratioReturn relative to average drawdown | 15.38 | 5.07 | +10.31 |
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Drawdowns
FDHY vs. FBND - Drawdown Comparison
The maximum FDHY drawdown since its inception was -20.01%, which is greater than FBND's maximum drawdown of -17.25%. Use the drawdown chart below to compare losses from any high point for FDHY and FBND.
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Drawdown Indicators
| FDHY | FBND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.01% | -17.25% | -2.76% |
Max Drawdown (1Y)Largest decline over 1 year | -2.12% | -2.66% | +0.54% |
Max Drawdown (3Y)Largest decline over 3 years | -5.26% | -5.94% | +0.68% |
Max Drawdown (5Y)Largest decline over 5 years | -16.38% | -17.25% | +0.87% |
Max Drawdown (10Y)Largest decline over 10 years | — | -17.25% | — |
Current DrawdownCurrent decline from peak | -0.20% | -1.21% | +1.01% |
Average DrawdownAverage peak-to-trough decline | -2.86% | -3.34% | +0.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.50% | 0.93% | -0.43% |
Volatility
FDHY vs. FBND - Volatility Comparison
The current volatility for Fidelity High Yield Factor ETF (FDHY) is 0.82%, while Fidelity Total Bond ETF (FBND) has a volatility of 1.13%. This indicates that FDHY 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.
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Volatility by Period
| FDHY | FBND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.82% | 1.13% | -0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 2.78% | 2.84% | -0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.57% | 3.83% | -0.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.14% | 5.93% | +1.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.02% | 6.10% | +1.92% |
FDHY vs. FBND - Expense Ratio Comparison
FDHY has a 0.45% expense ratio, which is higher than FBND's 0.36% expense ratio.
Dividends
FDHY vs. FBND - Dividend Comparison
FDHY's dividend yield for the trailing twelve months is around 6.51%, more than FBND's 4.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FBND Fidelity Total Bond ETF | 4.69% | 4.70% | 4.73% | 4.26% | 3.07% | 1.86% | 4.25% | 2.90% | 2.93% | 2.56% | 2.84% | 3.26% |
FDHY Fidelity High Yield Factor ETF | 6.51% | 6.56% | 6.58% | 6.26% | 5.34% | 6.09% | 5.78% | 4.94% | 2.55% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FDHY and FBND 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.
FBND has higher volatility (1.13%) compared to FDHY (0.82%). In terms of maximum drawdown, FDHY dropped -20.01% vs FBND's -17.25%.
On 5-year performance, FDHY leads with 3.89% vs 0.79% for FBND. On fees, FBND is cheaper at 0.36% per year. On volatility, FDHY has been the lower-risk option at 0.82%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FDHY has performed better with a 3.89% return vs 0.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FBND is cheaper with a 0.36% expense ratio, compared with 0.45% for FDHY.
FDHY has the higher dividend yield at 6.51%, compared with 4.69% for FBND.
FDHY is categorized as High Yield Bonds, while FBND is Intermediate Core-Plus Bond. Their fees differ too: 0.45% for FDHY and 0.36% for FBND.
FDHY currently has the higher Sharpe Ratio (2.18 vs 1.24), 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.
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