FEPAX vs. FLDR

Last updated Jul 15, 2026

FEPAX (Fidelity Advisor Total Bond Fund Class A) and FLDR (Fidelity Low Duration Bond Factor ETF) are both funds - FEPAX is a Total Bond Market fund managed by Fidelity, while FLDR is a Short-Term Bond fund tracking the Fidelity Low Duration Investment Grade Factor Index. Over the past 5 years, FEPAX returned -0.17%/yr vs 3.72%/yr for FLDR. A 0.53 correlation means they provide meaningful diversification when combined. FEPAX charges 0.75%/yr vs 0.15%/yr for FLDR.

Performance

FEPAX vs. FLDR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Total Bond Fund Class A (FEPAX) and Fidelity Low Duration Bond Factor ETF (FLDR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEPAX achieves a -0.28% return, which is significantly lower than FLDR's 1.83% return.

FEPAX

• 1D: -0.32%
• 1M: -0.62%
• 6M: -0.39%
• YTD: -0.28%
• 1Y: 3.77%
• 3Y*: 3.77%
• 5Y*: -0.17%
• 10Y*: 1.82%

FLDR

• 1D: 0.04%
• 1M: 0.25%
• 6M: 1.74%
• YTD: 1.83%
• 1Y: 4.49%
• 3Y*: 5.28%
• 5Y*: 3.72%
• 10Y*: —

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

FEPAX vs. FLDR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FEPAX Fidelity Advisor Total Bond Fund Class A	-0.28%	7.18%	1.16%	6.54%	-13.76%	-0.56%	9.02%	9.55%	1.11%
FLDR Fidelity Low Duration Bond Factor ETF	1.83%	5.41%	5.71%	6.32%	-0.33%	-0.18%	2.01%	4.52%	0.84%

Correlation

The correlation between FEPAX and FLDR is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (All Time) Calculated using the full available price history since Jun 14, 2018	0.53

The correlation between FEPAX and FLDR shifts across timeframes, from 0.53 (all time) to 0.72 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

FEPAX vs. FLDR — Risk / Return Rank

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

FEPAX

FEPAX Risk / Return Rank: 21
FEPAX Sharpe Ratio Rank: 22
FEPAX Sortino Ratio Rank: 23
FEPAX Omega Ratio Rank: 19
FEPAX Calmar Ratio Rank: 21
FEPAX Martin Ratio Rank: 19

FLDR

FLDR Risk / Return Rank: 98
FLDR Sharpe Ratio Rank: 99
FLDR Sortino Ratio Rank: 99
FLDR Omega Ratio Rank: 99
FLDR Calmar Ratio Rank: 98
FLDR Martin Ratio Rank: 99

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.

FEPAX vs. FLDR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Total Bond Fund Class A (FEPAX) and Fidelity Low Duration Bond Factor ETF (FLDR). 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.

	FEPAX	FLDR	Difference
Sharpe ratio: Return per unit of total volatility	0.98	5.64	-4.67
Sortino ratio: Return per unit of downside risk	1.48	9.36	-7.89
Omega ratio: Gain probability vs. loss probability	1.17	2.61	-1.44
Calmar ratio: Return relative to maximum drawdown	1.25	9.65	-8.40
Martin ratio: Return relative to average drawdown	3.38	65.59	-62.21

FEPAX vs. FLDR - Sharpe Ratio Comparison

The current FEPAX Sharpe Ratio is 0.98, which is lower than the FLDR Sharpe Ratio of 5.64. The chart below compares the historical Sharpe Ratios of FEPAX and FLDR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FEPAX vs. FLDR - Drawdown Comparison

The maximum FEPAX drawdown since its inception was -18.52%, which is greater than FLDR's maximum drawdown of -12.23%. Use the drawdown chart below to compare losses from any high point for FEPAX and FLDR.

Drawdown Indicators

	FEPAX	FLDR	Difference
Max Drawdown Largest peak-to-trough decline	-18.52%	-12.23%	-6.29%
Max Drawdown (1Y) Largest decline over 1 year	-2.94%	-0.47%	-2.47%
Max Drawdown (3Y) Largest decline over 3 years	-5.89%	-0.76%	-5.13%
Max Drawdown (5Y) Largest decline over 5 years	-18.52%	-2.33%	-16.19%
Max Drawdown (10Y) Largest decline over 10 years	-18.52%	—	—
Current Drawdown Current decline from peak	-2.09%	-0.03%	-2.06%
Average Drawdown Average peak-to-trough decline	-2.62%	-0.35%	-2.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.08%	0.07%	+1.01%

Volatility

FEPAX vs. FLDR - Volatility Comparison

Fidelity Advisor Total Bond Fund Class A (FEPAX) has a higher volatility of 1.08% compared to Fidelity Low Duration Bond Factor ETF (FLDR) at 0.22%. This indicates that FEPAX's price experiences larger fluctuations and is considered to be riskier than FLDR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEPAX	FLDR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.08%	0.22%	+0.86%
Volatility (6M) Calculated over the trailing 6-month period	2.86%	0.61%	+2.25%
Volatility (1Y) Calculated over the trailing 1-year period	3.76%	0.80%	+2.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.66%	1.21%	+4.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.73%	5.23%	-0.50%

FEPAX vs. FLDR - Expense Ratio Comparison

FEPAX has a 0.75% expense ratio, which is higher than FLDR's 0.15% expense ratio.

Dividends

FEPAX vs. FLDR - Dividend Comparison

FEPAX's dividend yield for the trailing twelve months is around 4.08%, less than FLDR's 4.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEPAX Fidelity Advisor Total Bond Fund Class A	4.08%	4.07%	3.18%	3.51%	2.29%	1.68%	4.93%	2.73%	2.87%	2.49%	3.28%	3.01%
FLDR Fidelity Low Duration Bond Factor ETF	4.33%	4.66%	5.50%	5.28%	2.09%	0.51%	1.22%	2.69%	1.38%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FEPAX and FLDR in my portfolio?

FEPAX and FLDR have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEPAX or FLDR?

FEPAX has higher volatility (1.08%) compared to FLDR (0.22%). In terms of maximum drawdown, FEPAX dropped -18.52% vs FLDR's -12.23%.

Which has better risk-adjusted returns?

FLDR currently has the higher Sharpe Ratio (5.64 vs 0.98), 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.