FLTB vs. FCNVX
FLTB (Fidelity Limited Term Bond ETF) and FCNVX (Fidelity Conservative Income Bond Institutional Class) are both funds - FLTB is a Short-Term Bond fund actively managed by Fidelity, while FCNVX is a Total Bond Market fund managed by Fidelity. Over the past 10 years, FLTB returned 2.44%/yr vs 2.57%/yr for FCNVX. At a 0.21 correlation, their price movements are largely independent. Both charge a 0.25% expense ratio.
Performance
FLTB vs. FCNVX - Performance Comparison
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Returns By Period
In the year-to-date period, FLTB achieves a 0.82% return, which is significantly lower than FCNVX's 1.40% return. Over the past 10 years, FLTB has underperformed FCNVX with an annualized return of 2.44%, while FCNVX has yielded a comparatively higher 2.57% annualized return.
FLTB
- 1D
- -0.06%
- 1M
- 0.32%
- YTD
- 0.82%
- 6M
- 0.86%
- 1Y
- 4.26%
- 3Y*
- 5.58%
- 5Y*
- 2.30%
- 10Y*
- 2.44%
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%
FLTB vs. FCNVX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FLTB Fidelity Limited Term Bond ETF | 0.82% | 6.60% | 5.14% | 5.94% | -5.88% | -1.20% | 5.57% | 5.87% | 1.06% | 2.10% |
FCNVX Fidelity Conservative Income Bond Institutional Class | 1.40% | 4.51% | 5.43% | 5.86% | 0.85% | -0.06% | 1.10% | 3.00% | 1.82% | 1.42% |
Correlation
The correlation between FLTB 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 | 0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.23 |
Correlation (All Time) Calculated using the full available price history since Oct 9, 2014 | 0.21 |
The correlation between FLTB and FCNVX shifts across timeframes, from 0.14 (1 year) to 0.30 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
FLTB vs. FCNVX — Risk / Return Rank
FLTB
FCNVX
FLTB vs. FCNVX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Limited Term Bond ETF (FLTB) 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.
| FLTB | FCNVX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.40 | ||
| Sortino ratioReturn per unit of downside risk | -19.78 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 13.46 | -12.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.81 | 40.73 | -37.93 |
| Martin ratioReturn relative to average drawdown | 11.71 | 142.35 | -130.64 |
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Drawdowns
FLTB vs. FCNVX - Drawdown Comparison
The maximum FLTB drawdown since its inception was -9.37%, which is greater than FCNVX's maximum drawdown of -2.19%. Use the drawdown chart below to compare losses from any high point for FLTB and FCNVX.
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Drawdown Indicators
| FLTB | FCNVX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.37% | -2.19% | -7.18% |
Max Drawdown (1Y)Largest decline over 1 year | -1.52% | -0.10% | -1.42% |
Max Drawdown (3Y)Largest decline over 3 years | -1.52% | -0.30% | -1.22% |
Max Drawdown (5Y)Largest decline over 5 years | -9.26% | -0.59% | -8.67% |
Max Drawdown (10Y)Largest decline over 10 years | -9.37% | -2.19% | -7.18% |
Current DrawdownCurrent decline from peak | -0.28% | -0.10% | -0.18% |
Average DrawdownAverage peak-to-trough decline | -1.39% | -0.05% | -1.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.36% | 0.03% | +0.33% |
Volatility
FLTB vs. FCNVX - Volatility Comparison
Fidelity Limited Term Bond ETF (FLTB) has a higher volatility of 0.57% compared to Fidelity Conservative Income Bond Institutional Class (FCNVX) at 0.35%. This indicates that FLTB's price experiences larger fluctuations and is considered to be riskier than FCNVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FLTB | FCNVX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.57% | 0.35% | +0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 1.66% | 0.79% | +0.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.10% | 1.18% | +0.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.81% | 1.29% | +1.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.94% | 1.04% | +1.90% |
FLTB vs. FCNVX - Expense Ratio Comparison
Both FLTB and FCNVX have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
FLTB vs. FCNVX - Dividend Comparison
FLTB's dividend yield for the trailing twelve months is around 4.36%, 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% |
FLTB Fidelity Limited Term Bond ETF | 4.36% | 4.31% | 4.11% | 3.20% | 1.63% | 0.89% | 1.56% | 2.67% | 2.50% | 1.78% | 1.59% | 1.63% |
Frequently Asked Questions
FLTB 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.
FLTB has higher volatility (0.57%) compared to FCNVX (0.35%). In terms of maximum drawdown, FLTB dropped -9.37% vs FCNVX's -2.19%.
FCNVX currently has the higher Sharpe Ratio (3.44 vs 2.04), 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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