FDLO vs. FBND

Last updated Jun 5, 2026

FDLO (Fidelity Low Volatility Factor ETF) and FBND (Fidelity Total Bond ETF) are both exchange-traded funds - FDLO is a Volatility Hedged Equity fund tracking the Fidelity U.S. Low Volatility Factor Index, while FBND is a Intermediate Core-Plus Bond fund actively managed by Fidelity. FDLO is passively managed, while FBND is actively managed. Over the past 5 years, FDLO returned 10.20%/yr vs 0.86%/yr for FBND. At a 0.18 correlation, their price movements are largely independent. FDLO charges 0.29%/yr vs 0.36%/yr for FBND.

Performance

FDLO vs. FBND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Low Volatility Factor ETF (FDLO) 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, FDLO achieves a 5.38% return, which is significantly higher than FBND's 0.61% return.

FDLO

• 1D: 0.36%
• 1M: 1.29%
• YTD: 5.38%
• 6M: 4.87%
• 1Y: 15.69%
• 3Y*: 14.49%
• 5Y*: 10.20%
• 10Y*: —

FBND

• 1D: 0.11%
• 1M: 0.25%
• YTD: 0.61%
• 6M: 0.60%
• 1Y: 5.08%
• 3Y*: 4.80%
• 5Y*: 0.86%
• 10Y*: 2.57%

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

FDLO vs. FBND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FDLO Fidelity Low Volatility Factor ETF	5.38%	11.77%	16.06%	16.38%	-10.38%	24.00%	12.19%	31.10%	-0.26%	20.44%
FBND Fidelity Total Bond ETF	0.61%	7.57%	2.13%	6.81%	-12.54%	-0.43%	9.41%	9.82%	-0.57%	3.52%

Correlation

The correlation between FDLO and FBND is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (All Time) Calculated using the full available price history since Sep 16, 2016	0.18

The correlation between FDLO and FBND shifts across timeframes, from 0.18 (all time) to 0.33 (1 year), reflecting how their relationship changes across market environments.

FDLO vs. FBND - Sectors Allocation Comparison

Sectors	FDLO	FBND
Technology	33.1%	-
Financial Services	12.5%	0.2%
Communication Services	10.8%	-
Consumer Cyclical	10.2%	-
Healthcare	9.5%	-
Industrials	9.1%	71.4%
Consumer Defensive	4.7%	-
Energy	3.4%	1.1%
Utilities	2.3%	27.5%
Real Estate	2.3%	-
Basic Materials	1.7%	-

Return for Risk

FDLO vs. FBND — Risk / Return Rank

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

FDLO

FDLO Risk / Return Rank: 52
FDLO Sharpe Ratio Rank: 54
FDLO Sortino Ratio Rank: 54
FDLO Omega Ratio Rank: 53
FDLO Calmar Ratio Rank: 45
FDLO Martin Ratio Rank: 56

FBND

FBND Risk / Return Rank: 38
FBND Sharpe Ratio Rank: 39
FBND Sortino Ratio Rank: 39
FBND Omega Ratio Rank: 36
FBND Calmar Ratio Rank: 39
FBND Martin Ratio Rank: 38

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.

FDLO vs. FBND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Low Volatility Factor ETF (FDLO) 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.

	FDLO	FBND	Difference
Sharpe ratio: Return per unit of total volatility	1.80	1.34	+0.46
Sortino ratio: Return per unit of downside risk	2.56	1.97	+0.59
Omega ratio: Gain probability vs. loss probability	1.32	1.23	+0.09
Calmar ratio: Return relative to maximum drawdown	2.21	1.91	+0.30
Martin ratio: Return relative to average drawdown	9.62	5.77	+3.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FDLO vs. FBND - Sharpe Ratio Comparison

The current FDLO Sharpe Ratio is 1.80, which is higher than the FBND Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of FDLO 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.

Sharpe Ratios by Period

	FDLO	FBND	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.80	1.34	+0.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	0.15	+0.64
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.42	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	0.45	+0.39

Drawdowns

FDLO vs. FBND - Drawdown Comparison

The maximum FDLO drawdown since its inception was -34.35%, which is greater than FBND's maximum drawdown of -17.25%. Use the drawdown chart below to compare losses from any high point for FDLO and FBND.

Drawdown Indicators

	FDLO	FBND	Difference
Max Drawdown Largest peak-to-trough decline	-34.35%	-17.25%	-17.10%
Max Drawdown (1Y) Largest decline over 1 year	-7.13%	-2.66%	-4.47%
Max Drawdown (3Y) Largest decline over 3 years	-13.68%	-5.94%	-7.74%
Max Drawdown (5Y) Largest decline over 5 years	-19.23%	-17.25%	-1.98%
Max Drawdown (10Y) Largest decline over 10 years	—	-17.25%	—
Current Drawdown Current decline from peak	-0.55%	-1.32%	+0.77%
Average Drawdown Average peak-to-trough decline	-3.38%	-3.35%	-0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.63%	0.88%	+0.75%

Volatility

FDLO vs. FBND - Volatility Comparison

Fidelity Low Volatility Factor ETF (FDLO) has a higher volatility of 1.91% compared to Fidelity Total Bond ETF (FBND) at 1.26%. This indicates that FDLO's price experiences larger fluctuations and is considered to be riskier than FBND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDLO	FBND	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.91%	1.26%	+0.65%
Volatility (6M) Calculated over the trailing 6-month period	6.42%	2.73%	+3.69%
Volatility (1Y) Calculated over the trailing 1-year period	8.75%	3.86%	+4.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.06%	5.92%	+7.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.50%	6.09%	+9.41%

FDLO vs. FBND - Expense Ratio Comparison

FDLO has a 0.29% expense ratio, which is lower than FBND's 0.36% expense ratio.

Dividends

FDLO vs. FBND - Dividend Comparison

FDLO's dividend yield for the trailing twelve months is around 1.36%, 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%
FDLO Fidelity Low Volatility Factor ETF	1.36%	1.37%	1.40%	1.35%	1.49%	1.11%	1.38%	1.55%	1.76%	1.61%	0.55%	0.00%

Frequently Asked Questions

Can I hold both FDLO and FBND in my portfolio?

FDLO and FBND have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDLO or FBND?

FDLO has higher volatility (1.91%) compared to FBND (1.26%). In terms of maximum drawdown, FDLO dropped -34.35% vs FBND's -17.25%.

Which ETF is better, FDLO or FBND?

On 5-year performance, FDLO leads with 10.20% vs 0.86% for FBND. On fees, FDLO is cheaper at 0.29% per year. On volatility, FBND has been the lower-risk option at 1.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDLO or FBND?

Over the 5-year period, FDLO has performed better with a 10.20% return vs 0.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDLO or FBND?

FDLO is cheaper with a 0.29% expense ratio, compared with 0.36% for FBND.

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

FBND has the higher dividend yield at 4.70%, compared with 1.36% for FDLO.

What is the main difference between FDLO and FBND?

FDLO is categorized as Volatility Hedged Equity, while FBND is Intermediate Core-Plus Bond. Their fees differ too: 0.29% for FDLO and 0.36% for FBND.

Which has better risk-adjusted returns?

FDLO currently has the higher Sharpe Ratio (1.80 vs 1.34), 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.