FMSFX vs. FBND

Last updated Jun 23, 2026

FMSFX (Fidelity Mortgage Securities Fund) and FBND (Fidelity Total Bond ETF) are both funds - FMSFX is a Total Bond Market fund managed by Fidelity, while FBND is a Intermediate Core-Plus Bond fund actively managed by Fidelity. Over the past 10 years, FMSFX returned 1.29%/yr vs 2.53%/yr for FBND. A 0.77 correlation means they provide meaningful diversification when combined. FMSFX charges 0.45%/yr vs 0.36%/yr for FBND.

Performance

FMSFX vs. FBND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Mortgage Securities Fund (FMSFX) and Fidelity Total Bond ETF (FBND). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMSFX achieves a 0.87% return, which is significantly higher than FBND's 0.61% return. Over the past 10 years, FMSFX has underperformed FBND with an annualized return of 1.29%, while FBND has yielded a comparatively higher 2.53% annualized return.

FMSFX

• 1D: 0.20%
• 1M: 0.83%
• YTD: 0.87%
• 6M: 1.17%
• 1Y: 6.23%
• 3Y*: 4.32%
• 5Y*: 0.20%
• 10Y*: 1.29%

FBND

• 1D: -0.26%
• 1M: 0.58%
• YTD: 0.61%
• 6M: 0.71%
• 1Y: 4.87%
• 3Y*: 4.69%
• 5Y*: 0.78%
• 10Y*: 2.53%

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

FMSFX vs. FBND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMSFX Fidelity Mortgage Securities Fund	0.87%	8.29%	1.00%	4.91%	-12.61%	-1.20%	4.41%	6.43%	0.79%	2.35%
FBND Fidelity Total Bond ETF	0.61%	7.57%	2.13%	6.81%	-12.54%	-0.43%	9.41%	9.82%	-0.57%	3.52%

Correlation

The correlation between FMSFX and FBND is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Oct 9, 2014	0.77

The correlation between FMSFX and FBND shifts across timeframes, from 0.77 (all time) to 0.93 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

FMSFX vs. FBND — Risk / Return Rank

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

FMSFX

FMSFX Risk / Return Rank: 36
FMSFX Sharpe Ratio Rank: 35
FMSFX Sortino Ratio Rank: 38
FMSFX Omega Ratio Rank: 35
FMSFX Calmar Ratio Rank: 38
FMSFX Martin Ratio Rank: 33

FBND

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

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.

FMSFX vs. FBND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Mortgage Securities Fund (FMSFX) and Fidelity Total Bond ETF (FBND). 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.

	FMSFX	FBND	Difference
Sharpe ratio: Return per unit of total volatility	1.59	1.28	+0.32
Sortino ratio: Return per unit of downside risk	2.39	1.91	+0.49
Omega ratio: Gain probability vs. loss probability	1.29	1.22	+0.07
Calmar ratio: Return relative to maximum drawdown	2.22	1.83	+0.39
Martin ratio: Return relative to average drawdown	6.98	5.27	+1.71

FMSFX vs. FBND - Sharpe Ratio Comparison

The current FMSFX Sharpe Ratio is 1.59, which is comparable to the FBND Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of FMSFX and FBND, 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

FMSFX vs. FBND - Drawdown Comparison

The maximum FMSFX drawdown since its inception was -18.81%, which is greater than FBND's maximum drawdown of -17.25%. Use the drawdown chart below to compare losses from any high point for FMSFX and FBND.

Drawdown Indicators

	FMSFX	FBND	Difference
Max Drawdown Largest peak-to-trough decline	-18.81%	-17.25%	-1.56%
Max Drawdown (1Y) Largest decline over 1 year	-2.81%	-2.66%	-0.15%
Max Drawdown (3Y) Largest decline over 3 years	-8.04%	-5.94%	-2.10%
Max Drawdown (5Y) Largest decline over 5 years	-18.66%	-17.25%	-1.41%
Max Drawdown (10Y) Largest decline over 10 years	-18.81%	-17.25%	-1.56%
Current Drawdown Current decline from peak	-1.21%	-1.32%	+0.11%
Average Drawdown Average peak-to-trough decline	-1.92%	-3.34%	+1.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.89%	0.93%	-0.04%

Volatility

FMSFX vs. FBND - Volatility Comparison

Fidelity Mortgage Securities Fund (FMSFX) has a higher volatility of 1.33% compared to Fidelity Total Bond ETF (FBND) at 1.12%. This indicates that FMSFX's price experiences larger fluctuations and is considered to be riskier than FBND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMSFX	FBND	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.33%	1.12%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	2.89%	2.85%	+0.04%
Volatility (1Y) Calculated over the trailing 1-year period	3.92%	3.83%	+0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.80%	5.93%	+0.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.13%	6.10%	-0.97%

FMSFX vs. FBND - Expense Ratio Comparison

FMSFX has a 0.45% expense ratio, which is higher than FBND's 0.36% expense ratio.

Dividends

FMSFX vs. FBND - Dividend Comparison

FMSFX's dividend yield for the trailing twelve months is around 3.91%, less than FBND's 4.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBND Fidelity Total Bond ETF	4.70%	4.70%	4.73%	4.26%	3.07%	1.86%	4.25%	2.90%	2.93%	2.56%	2.84%	3.26%
FMSFX Fidelity Mortgage Securities Fund	3.91%	3.93%	4.12%	3.50%	1.43%	0.62%	2.40%	2.62%	2.57%	2.60%	2.65%	2.05%

Frequently Asked Questions

Can I hold both FMSFX and FBND in my portfolio?

With a correlation of 0.90, FMSFX and FBND 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, FMSFX or FBND?

FMSFX has higher volatility (1.33%) compared to FBND (1.12%). In terms of maximum drawdown, FMSFX dropped -18.81% vs FBND's -17.25%.

Which has better risk-adjusted returns?

FMSFX currently has the higher Sharpe Ratio (1.59 vs 1.28), 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.