FLTB vs. SDMZX

Last updated Jun 23, 2026

FLTB (Fidelity Limited Term Bond ETF) and SDMZX (PGIM Short Duration Multi-Sector Bond Fund) are both Short-Term Bond funds. Over the past 10 years, FLTB returned 2.44%/yr vs 3.10%/yr for SDMZX. A 0.52 correlation means they provide meaningful diversification when combined. FLTB charges 0.25%/yr vs 0.46%/yr for SDMZX.

Performance

FLTB vs. SDMZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Limited Term Bond ETF (FLTB) and PGIM Short Duration Multi-Sector Bond Fund (SDMZX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLTB achieves a 0.82% return, which is significantly lower than SDMZX's 0.92% return. Over the past 10 years, FLTB has underperformed SDMZX with an annualized return of 2.44%, while SDMZX has yielded a comparatively higher 3.10% 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%

SDMZX

• 1D: 0.11%
• 1M: 0.40%
• YTD: 0.92%
• 6M: 1.33%
• 1Y: 4.79%
• 3Y*: 5.76%
• 5Y*: 2.76%
• 10Y*: 3.10%

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

FLTB vs. SDMZX - 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%
SDMZX PGIM Short Duration Multi-Sector Bond Fund	0.92%	6.18%	5.64%	6.25%	-4.82%	-0.19%	3.97%	7.92%	0.95%	3.96%

Correlation

The correlation between FLTB and SDMZX is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.57
Correlation (All Time) Calculated using the full available price history since Oct 9, 2014	0.52

The correlation between FLTB and SDMZX shifts across timeframes, from 0.52 (all time) to 0.68 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FLTB vs. SDMZX — Risk / Return Rank

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

FLTB

FLTB Risk / Return Rank: 66
FLTB Sharpe Ratio Rank: 64
FLTB Sortino Ratio Rank: 73
FLTB Omega Ratio Rank: 67
FLTB Calmar Ratio Rank: 59
FLTB Martin Ratio Rank: 66

SDMZX

SDMZX Risk / Return Rank: 53
SDMZX Sharpe Ratio Rank: 33
SDMZX Sortino Ratio Rank: 43
SDMZX Omega Ratio Rank: 81
SDMZX Calmar Ratio Rank: 55
SDMZX Martin Ratio Rank: 51

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.

FLTB vs. SDMZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Limited Term Bond ETF (FLTB) and PGIM Short Duration Multi-Sector Bond Fund (SDMZX). 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	SDMZX	Difference
Sharpe ratio: Return per unit of total volatility	2.04	1.53	+0.51
Sortino ratio: Return per unit of downside risk	3.14	2.55	+0.59
Omega ratio: Gain probability vs. loss probability	1.39	1.49	-0.10
Calmar ratio: Return relative to maximum drawdown	2.81	2.72	+0.09
Martin ratio: Return relative to average drawdown	11.71	9.79	+1.92

FLTB vs. SDMZX - Sharpe Ratio Comparison

The current FLTB Sharpe Ratio is 2.04, which is higher than the SDMZX Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of FLTB and SDMZX, 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

FLTB vs. SDMZX - Drawdown Comparison

The maximum FLTB drawdown since its inception was -9.37%, roughly equal to the maximum SDMZX drawdown of -9.76%. Use the drawdown chart below to compare losses from any high point for FLTB and SDMZX.

Drawdown Indicators

	FLTB	SDMZX	Difference
Max Drawdown Largest peak-to-trough decline	-9.37%	-9.76%	+0.39%
Max Drawdown (1Y) Largest decline over 1 year	-1.52%	-1.77%	+0.25%
Max Drawdown (3Y) Largest decline over 3 years	-1.52%	-1.77%	+0.25%
Max Drawdown (5Y) Largest decline over 5 years	-9.26%	-8.51%	-0.75%
Max Drawdown (10Y) Largest decline over 10 years	-9.37%	-9.76%	+0.39%
Current Drawdown Current decline from peak	-0.28%	-1.66%	+1.38%
Average Drawdown Average peak-to-trough decline	-1.39%	-0.99%	-0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.36%	0.49%	-0.13%

Volatility

FLTB vs. SDMZX - Volatility Comparison

The current volatility for Fidelity Limited Term Bond ETF (FLTB) is 0.57%, while PGIM Short Duration Multi-Sector Bond Fund (SDMZX) has a volatility of 2.49%. This indicates that FLTB experiences smaller price fluctuations and is considered to be less risky than SDMZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLTB	SDMZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.57%	2.49%	-1.92%
Volatility (6M) Calculated over the trailing 6-month period	1.66%	2.83%	-1.17%
Volatility (1Y) Calculated over the trailing 1-year period	2.10%	3.15%	-1.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.81%	2.56%	+0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.94%	2.58%	+0.36%

FLTB vs. SDMZX - Expense Ratio Comparison

FLTB has a 0.25% expense ratio, which is lower than SDMZX's 0.46% expense ratio.

Dividends

FLTB vs. SDMZX - Dividend Comparison

FLTB's dividend yield for the trailing twelve months is around 4.36%, less than SDMZX's 4.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SDMZX PGIM Short Duration Multi-Sector Bond Fund	4.70%	4.62%	4.57%	3.36%	4.70%	2.76%	3.10%	6.18%	3.47%	2.64%	2.76%	3.34%

Frequently Asked Questions

Can I hold both FLTB and SDMZX in my portfolio?

FLTB and SDMZX have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLTB or SDMZX?

SDMZX has higher volatility (2.49%) compared to FLTB (0.57%). In terms of maximum drawdown, FLTB dropped -9.37% vs SDMZX's -9.76%.

Which has better risk-adjusted returns?

FLTB currently has the higher Sharpe Ratio (2.04 vs 1.53), 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.