FLDR vs. FCNVX

Last updated Jun 24, 2026

FLDR (Fidelity Low Duration Bond Factor ETF) and FCNVX (Fidelity Conservative Income Bond Institutional Class) are both funds - FLDR is a Short-Term Bond fund tracking the Fidelity Low Duration Investment Grade Factor Index, while FCNVX is a Total Bond Market fund managed by Fidelity. Over the past 5 years, FLDR returned 3.72%/yr vs 3.58%/yr for FCNVX. At a 0.17 correlation, their price movements are largely independent. FLDR charges 0.15%/yr vs 0.25%/yr for FCNVX.

Performance

FLDR vs. FCNVX - Performance Comparison

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

Returns By Period

In the year-to-date period, FLDR achieves a 1.70% return, which is significantly higher than FCNVX's 1.40% return.

FLDR

• 1D: 0.08%
• 1M: 0.47%
• YTD: 1.70%
• 6M: 1.84%
• 1Y: 4.64%
• 3Y*: 5.33%
• 5Y*: 3.72%
• 10Y*: —

FCNVX

• 1D: 0.00%
• 1M: 0.23%
• YTD: 1.40%
• 6M: 1.75%
• 1Y: 4.03%
• 3Y*: 5.00%
• 5Y*: 3.58%
• 10Y*: 2.57%

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

FLDR vs. FCNVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FLDR Fidelity Low Duration Bond Factor ETF	1.70%	5.41%	5.71%	6.32%	-0.33%	-0.18%	2.01%	4.52%	0.84%
FCNVX Fidelity Conservative Income Bond Institutional Class	1.40%	4.51%	5.43%	5.86%	0.85%	-0.06%	1.10%	3.00%	1.02%

Correlation

The correlation between FLDR and FCNVX is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (All Time) Calculated using the full available price history since Jun 14, 2018	0.17

Return for Risk

FLDR vs. FCNVX — Risk / Return Rank

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

FLDR

FLDR Risk / Return Rank: 98
FLDR Sharpe Ratio Rank: 98
FLDR Sortino Ratio Rank: 99
FLDR Omega Ratio Rank: 99
FLDR Calmar Ratio Rank: 97
FLDR Martin Ratio Rank: 98

FCNVX

FCNVX Risk / Return Rank: 99
FCNVX Sharpe Ratio Rank: 98
FCNVX Sortino Ratio Rank: 100
FCNVX Omega Ratio Rank: 100
FCNVX Calmar Ratio Rank: 100
FCNVX Martin Ratio Rank: 100

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.

FLDR vs. FCNVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Low Duration Bond Factor ETF (FLDR) and Fidelity Conservative Income Bond Institutional Class (FCNVX). 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.

	FLDR	FCNVX	Difference
Sharpe ratio: Return per unit of total volatility	5.75	3.44	+2.31
Sortino ratio: Return per unit of downside risk	9.69	22.92	-13.23
Omega ratio: Gain probability vs. loss probability	2.65	13.46	-10.81
Calmar ratio: Return relative to maximum drawdown	9.97	40.73	-30.77
Martin ratio: Return relative to average drawdown	67.93	139.01	-71.08

FLDR vs. FCNVX - Sharpe Ratio Comparison

The current FLDR Sharpe Ratio is 5.75, which is higher than the FCNVX Sharpe Ratio of 3.44. The chart below compares the historical Sharpe Ratios of FLDR and FCNVX, 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

FLDR vs. FCNVX - Drawdown Comparison

The maximum FLDR drawdown since its inception was -12.23%, which is greater than FCNVX's maximum drawdown of -2.19%. Use the drawdown chart below to compare losses from any high point for FLDR and FCNVX.

Drawdown Indicators

	FLDR	FCNVX	Difference
Max Drawdown Largest peak-to-trough decline	-12.23%	-2.19%	-10.04%
Max Drawdown (1Y) Largest decline over 1 year	-0.47%	-0.10%	-0.37%
Max Drawdown (3Y) Largest decline over 3 years	-0.76%	-0.30%	-0.46%
Max Drawdown (5Y) Largest decline over 5 years	-2.33%	-0.59%	-1.74%
Max Drawdown (10Y) Largest decline over 10 years	—	-2.19%	—
Current Drawdown Current decline from peak	0.00%	-0.10%	+0.10%
Average Drawdown Average peak-to-trough decline	-0.35%	-0.05%	-0.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.07%	0.03%	+0.04%

Volatility

FLDR vs. FCNVX - Volatility Comparison

The current volatility for Fidelity Low Duration Bond Factor ETF (FLDR) is 0.19%, while Fidelity Conservative Income Bond Institutional Class (FCNVX) has a volatility of 0.35%. This indicates that FLDR experiences smaller price fluctuations and is considered to be less risky than FCNVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLDR	FCNVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.19%	0.35%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	0.60%	0.79%	-0.19%
Volatility (1Y) Calculated over the trailing 1-year period	0.81%	1.18%	-0.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.21%	1.29%	-0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.25%	1.04%	+4.21%

FLDR vs. FCNVX - Expense Ratio Comparison

FLDR has a 0.15% expense ratio, which is lower than FCNVX's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FLDR vs. FCNVX - Dividend Comparison

FLDR's dividend yield for the trailing twelve months is around 4.41%, more than FCNVX's 4.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCNVX Fidelity Conservative Income Bond Institutional Class	4.15%	4.41%	5.17%	4.97%	1.24%	0.24%	0.99%	2.45%	2.21%	1.30%	1.01%	0.48%
FLDR Fidelity Low Duration Bond Factor ETF	4.41%	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 FLDR and FCNVX in my portfolio?

FLDR and FCNVX have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLDR or FCNVX?

FCNVX has higher volatility (0.35%) compared to FLDR (0.19%). In terms of maximum drawdown, FLDR dropped -12.23% vs FCNVX's -2.19%.

Which has better risk-adjusted returns?

FLDR currently has the higher Sharpe Ratio (5.75 vs 3.44), 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.