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FLTB vs. SHY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FLTB vs. SHY

Last updated Jun 3, 2026

FLTB (Fidelity Limited Term Bond ETF) and SHY (iShares 1-3 Year Treasury Bond ETF) are both exchange-traded funds - FLTB is a Short-Term Bond fund actively managed by Fidelity, while SHY is a Government Bonds fund tracking the ICE US Treasury 1-3 Year Index. FLTB is actively managed, while SHY is passively managed. Over the past 10 years, FLTB returned 2.48%/yr vs 1.65%/yr for SHY. A 0.63 correlation means they provide meaningful diversification when combined. FLTB charges 0.25%/yr vs 0.15%/yr for SHY.

Performance

FLTB vs. SHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Limited Term Bond ETF (FLTB) and iShares 1-3 Year Treasury Bond ETF (SHY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FLTB achieves a 0.84% return, which is significantly higher than SHY's 0.48% return. Over the past 10 years, FLTB has outperformed SHY with an annualized return of 2.48%, while SHY has yielded a comparatively lower 1.65% annualized return.

FLTB

1D
-0.12%
1M
0.06%
YTD
0.84%
6M
1.16%
1Y
4.75%
3Y*
5.54%
5Y*
2.28%
10Y*
2.48%

SHY

1D
0.00%
1M
0.00%
YTD
0.48%
6M
0.80%
1Y
3.34%
3Y*
4.04%
5Y*
1.73%
10Y*
1.65%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FLTB vs. SHY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FLTB
Fidelity Limited Term Bond ETF		0.84%6.60%5.14%5.94%-5.88%-1.20%5.57%5.87%1.06%2.10%
SHY
iShares 1-3 Year Treasury Bond ETF		0.48%4.95%3.92%4.16%-3.88%-0.71%3.03%3.38%1.46%0.26%

Correlation

The correlation between FLTB and SHY is 0.70, 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

0.70

Correlation (3Y)
Calculated over the trailing 3-year period

0.78

Correlation (5Y)
Calculated over the trailing 5-year period

0.82

Correlation (10Y)
Calculated over the trailing 10-year period

0.68

Correlation (All Time)
Calculated using the full available price history since Oct 10, 2014

0.63

The correlation between FLTB and SHY shifts across timeframes, from 0.63 (all time) to 0.82 (5 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Fidelity Limited Term Bond ETF

iShares 1-3 Year Treasury Bond ETF

Often compared with FLTB:
FLTB vs. FBNDFLTB vs. BOXXFLTB vs. FLRTFLTB vs. MINTFLTB vs. BSVFLTB vs. FCNVXFLTB vs. FSIG
Often compared with SHY:
SHY vs. SGOVSHY vs. VGSHSHY vs. SHVSHY vs. TLTSHY vs. IEFSHY vs. BILSHY vs. BSV

Return for Risk

FLTB vs. SHY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FLTB
FLTB Risk / Return Rank: 6868
Overall Rank
FLTB Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
FLTB Sortino Ratio Rank: 7676
Sortino Ratio Rank
FLTB Omega Ratio Rank: 7070
Omega Ratio Rank
FLTB Calmar Ratio Rank: 6060
Calmar Ratio Rank
FLTB Martin Ratio Rank: 6868
Martin Ratio Rank
SHY
SHY Risk / Return Rank: 7979
Overall Rank
SHY Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
SHY Sortino Ratio Rank: 8989
Sortino Ratio Rank
SHY Omega Ratio Rank: 8484
Omega Ratio Rank
SHY Calmar Ratio Rank: 7272
Calmar Ratio Rank
SHY Martin Ratio Rank: 7676
Martin Ratio Rank
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. SHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Limited Term Bond ETF (FLTB) and iShares 1-3 Year Treasury Bond ETF (SHY). 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.

FLTBSHYDifference

Sharpe ratio

Return per unit of total volatility

2.24

2.51

-0.27

Sortino ratio

Return per unit of downside risk

3.47

4.14

-0.67

Omega ratio

Gain probability vs. loss probability

1.43

1.51

-0.09

Calmar ratio

Return relative to maximum drawdown

3.03

3.67

-0.64

Martin ratio

Return relative to average drawdown

12.86

14.96

-2.10

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLTB vs. SHY - Sharpe Ratio Comparison

The current FLTB Sharpe Ratio is 2.24, which is comparable to the SHY Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of FLTB and SHY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

FLTBSHYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.24

2.51

-0.27

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.82

0.88

-0.06

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.85

1.06

-0.21

Sharpe Ratio (All Time)

Calculated using the full available price history

0.83

1.29

-0.45

Drawdowns

FLTB vs. SHY - Drawdown Comparison

The maximum FLTB drawdown since its inception was -9.37%, which is greater than SHY's maximum drawdown of -5.71%. Use the drawdown chart below to compare losses from any high point for FLTB and SHY.

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Drawdown Indicators

FLTBSHYDifference

Max Drawdown

Largest peak-to-trough decline

-9.37%

-5.71%

-3.66%

Max Drawdown (1Y)

Largest decline over 1 year

-1.52%

-0.89%

-0.63%

Max Drawdown (3Y)

Largest decline over 3 years

-1.52%

-0.97%

-0.55%

Max Drawdown (5Y)

Largest decline over 5 years

-9.26%

-5.71%

-3.55%

Max Drawdown (10Y)

Largest decline over 10 years

-9.37%

-5.71%

-3.66%

Current Drawdown

Current decline from peak

-0.26%

-0.26%

0.00%

Average Drawdown

Average peak-to-trough decline

-1.40%

-0.52%

-0.88%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.36%

0.22%

+0.14%

Volatility

FLTB vs. SHY - Volatility Comparison

Fidelity Limited Term Bond ETF (FLTB) has a higher volatility of 0.70% compared to iShares 1-3 Year Treasury Bond ETF (SHY) at 0.37%. This indicates that FLTB's price experiences larger fluctuations and is considered to be riskier than SHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FLTBSHYDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.70%

0.37%

+0.33%

Volatility (6M)

Calculated over the trailing 6-month period

1.64%

0.93%

+0.71%

Volatility (1Y)

Calculated over the trailing 1-year period

2.14%

1.34%

+0.80%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

2.80%

1.98%

+0.82%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

2.94%

1.57%

+1.37%

FLTB vs. SHY - Expense Ratio Comparison

FLTB has a 0.25% expense ratio, which is higher than SHY's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FLTB vs. SHY - Dividend Comparison

FLTB's dividend yield for the trailing twelve months is around 4.36%, more than SHY's 3.68% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
SHY
iShares 1-3 Year Treasury Bond ETF		3.68%3.81%3.92%2.99%1.30%0.26%0.94%2.12%1.72%0.98%0.71%0.54%

Frequently Asked Questions

FLTB and SHY have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FLTB has higher volatility (0.70%) compared to SHY (0.37%). In terms of maximum drawdown, FLTB dropped -9.37% vs SHY's -5.71%.

On 10-year performance, FLTB leads with 2.48% vs 1.65% for SHY. On fees, SHY is cheaper at 0.15% per year. On volatility, SHY has been the lower-risk option at 0.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, FLTB has performed better with a 2.48% return vs 1.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SHY is cheaper with a 0.15% expense ratio, compared with 0.25% for FLTB.

FLTB has the higher dividend yield at 4.36%, compared with 3.68% for SHY.

FLTB is categorized as Short-Term Bond, while SHY is Government Bonds. They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.25% for FLTB and 0.15% for SHY.

SHY currently has the higher Sharpe Ratio (2.51 vs 2.24), 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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