FIXD vs. IUSB

Last updated Jun 4, 2026

FIXD (First Trust Smith Opportunistic Fixed Income ETF) and IUSB (iShares Core Universal USD Bond ETF) are both Intermediate Core-Plus Bond funds. FIXD is actively managed, while IUSB is passively managed. Over the past 5 years, FIXD returned -0.35%/yr vs 0.44%/yr for IUSB. Their correlation of 0.89 suggests significant overlap in exposure. FIXD charges 0.65%/yr vs 0.06%/yr for IUSB.

Performance

FIXD vs. IUSB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Smith Opportunistic Fixed Income ETF (FIXD) and iShares Core Universal USD Bond ETF (IUSB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIXD achieves a 0.16% return, which is significantly lower than IUSB's 0.43% return.

FIXD

• 1D: -0.21%
• 1M: 0.48%
• YTD: 0.16%
• 6M: -0.13%
• 1Y: 5.61%
• 3Y*: 3.87%
• 5Y*: -0.35%
• 10Y*: —

IUSB

• 1D: -0.17%
• 1M: 0.31%
• YTD: 0.43%
• 6M: 0.31%
• 1Y: 5.54%
• 3Y*: 4.51%
• 5Y*: 0.44%
• 10Y*: 1.94%

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

FIXD vs. IUSB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIXD First Trust Smith Opportunistic Fixed Income ETF	0.16%	7.95%	0.75%	5.72%	-15.00%	-1.07%	8.99%	10.56%	-0.00%	3.50%
IUSB iShares Core Universal USD Bond ETF	0.43%	7.38%	2.11%	6.23%	-13.04%	-1.33%	7.62%	9.13%	-0.27%	3.74%

Correlation

The correlation between FIXD and IUSB is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Feb 16, 2017	0.89

The correlation between FIXD and IUSB has been stable across timeframes, ranging from 0.89 to 0.97 - a consistent structural relationship.

FIXD vs. IUSB - Sectors Allocation Comparison

Sectors	FIXD	IUSB
Utilities	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	100.0%
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-

Return for Risk

FIXD vs. IUSB — Risk / Return Rank

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

FIXD

FIXD Risk / Return Rank: 36
FIXD Sharpe Ratio Rank: 37
FIXD Sortino Ratio Rank: 38
FIXD Omega Ratio Rank: 34
FIXD Calmar Ratio Rank: 35
FIXD Martin Ratio Rank: 35

IUSB

IUSB Risk / Return Rank: 43
IUSB Sharpe Ratio Rank: 43
IUSB Sortino Ratio Rank: 45
IUSB Omega Ratio Rank: 41
IUSB Calmar Ratio Rank: 43
IUSB Martin Ratio Rank: 41

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.

FIXD vs. IUSB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Smith Opportunistic Fixed Income ETF (FIXD) and iShares Core Universal USD Bond ETF (IUSB). 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.

	FIXD	IUSB	Difference
Sharpe ratio: Return per unit of total volatility	1.34	1.54	-0.20
Sortino ratio: Return per unit of downside risk	1.97	2.30	-0.33
Omega ratio: Gain probability vs. loss probability	1.23	1.27	-0.04
Calmar ratio: Return relative to maximum drawdown	1.76	2.20	-0.45
Martin ratio: Return relative to average drawdown	5.27	6.68	-1.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIXD vs. IUSB - Sharpe Ratio Comparison

The current FIXD Sharpe Ratio is 1.34, which is comparable to the IUSB Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of FIXD and IUSB, 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

	FIXD	IUSB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.34	1.54	-0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.05	0.08	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.39	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.46	-0.11

Drawdowns

FIXD vs. IUSB - Drawdown Comparison

The maximum FIXD drawdown since its inception was -20.44%, which is greater than IUSB's maximum drawdown of -17.90%. Use the drawdown chart below to compare losses from any high point for FIXD and IUSB.

Drawdown Indicators

	FIXD	IUSB	Difference
Max Drawdown Largest peak-to-trough decline	-20.44%	-17.90%	-2.54%
Max Drawdown (1Y) Largest decline over 1 year	-3.21%	-2.53%	-0.68%
Max Drawdown (3Y) Largest decline over 3 years	-6.97%	-5.82%	-1.15%
Max Drawdown (5Y) Largest decline over 5 years	-20.44%	-17.87%	-2.57%
Max Drawdown (10Y) Largest decline over 10 years	—	-17.90%	—
Current Drawdown Current decline from peak	-3.55%	-1.33%	-2.22%
Average Drawdown Average peak-to-trough decline	-5.50%	-3.59%	-1.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.07%	0.83%	+0.24%

Volatility

FIXD vs. IUSB - Volatility Comparison

First Trust Smith Opportunistic Fixed Income ETF (FIXD) has a higher volatility of 1.63% compared to iShares Core Universal USD Bond ETF (IUSB) at 1.24%. This indicates that FIXD's price experiences larger fluctuations and is considered to be riskier than IUSB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIXD	IUSB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.63%	1.24%	+0.39%
Volatility (6M) Calculated over the trailing 6-month period	3.13%	2.62%	+0.51%
Volatility (1Y) Calculated over the trailing 1-year period	4.20%	3.62%	+0.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.58%	5.79%	+0.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.84%	5.04%	+0.80%

FIXD vs. IUSB - Expense Ratio Comparison

FIXD has a 0.65% expense ratio, which is higher than IUSB's 0.06% expense ratio.

Dividends

FIXD vs. IUSB - Dividend Comparison

FIXD's dividend yield for the trailing twelve months is around 4.69%, more than IUSB's 4.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIXD First Trust Smith Opportunistic Fixed Income ETF	4.69%	4.50%	4.56%	3.93%	3.07%	1.74%	3.14%	5.10%	2.81%	1.95%	0.00%	0.00%
IUSB iShares Core Universal USD Bond ETF	4.23%	4.17%	4.04%	3.46%	2.53%	1.74%	2.68%	3.04%	2.98%	2.56%	2.60%	1.95%

Frequently Asked Questions

Can I hold both FIXD and IUSB in my portfolio?

With a correlation of 0.96, FIXD and IUSB move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FIXD or IUSB?

FIXD has higher volatility (1.63%) compared to IUSB (1.24%). In terms of maximum drawdown, FIXD dropped -20.44% vs IUSB's -17.90%.

Which ETF is better, FIXD or IUSB?

On 5-year performance, IUSB leads with 0.44% vs -0.35% for FIXD. On fees, IUSB is cheaper at 0.06% per year. On volatility, IUSB has been the lower-risk option at 1.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FIXD or IUSB?

Over the 5-year period, IUSB has performed better with a 0.44% return vs -0.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FIXD or IUSB?

IUSB is cheaper with a 0.06% expense ratio, compared with 0.65% for FIXD.

Which ETF pays a higher dividend yield, FIXD or IUSB?

FIXD has the higher dividend yield at 4.69%, compared with 4.23% for IUSB.

What is the main difference between FIXD and IUSB?

They also come from different issuers: First Trust and iShares. Their fees differ too: 0.65% for FIXD and 0.06% for IUSB.

Which has better risk-adjusted returns?

IUSB currently has the higher Sharpe Ratio (1.54 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.