FNCL vs. FBND

Last updated Jun 4, 2026

FNCL (Fidelity MSCI Financials Index ETF) and FBND (Fidelity Total Bond ETF) are both exchange-traded funds - FNCL is a Financials Equities fund tracking the MSCI USA IMI Financials Index, while FBND is a Intermediate Core-Plus Bond fund actively managed by Fidelity. FNCL is passively managed, while FBND is actively managed. Over the past 10 years, FNCL returned 12.14%/yr vs 2.56%/yr for FBND. At a correlation of -0.03, they often move in opposite directions. FNCL charges 0.08%/yr vs 0.36%/yr for FBND.

Performance

FNCL vs. FBND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity MSCI Financials Index ETF (FNCL) 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, FNCL achieves a -6.43% return, which is significantly lower than FBND's 0.50% return. Over the past 10 years, FNCL has outperformed FBND with an annualized return of 12.14%, while FBND has yielded a comparatively lower 2.56% annualized return.

FNCL

• 1D: -1.42%
• 1M: -1.74%
• YTD: -6.43%
• 6M: -3.99%
• 1Y: 2.36%
• 3Y*: 18.42%
• 5Y*: 7.79%
• 10Y*: 12.14%

FBND

• 1D: -0.20%
• 1M: 0.31%
• YTD: 0.50%
• 6M: 0.30%
• 1Y: 5.59%
• 3Y*: 4.70%
• 5Y*: 0.83%
• 10Y*: 2.56%

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

FNCL vs. FBND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNCL Fidelity MSCI Financials Index ETF	-6.43%	14.94%	30.44%	14.10%	-12.28%	34.92%	-2.19%	31.59%	-13.44%	19.99%
FBND Fidelity Total Bond ETF	0.50%	7.57%	2.13%	6.81%	-12.54%	-0.43%	9.41%	9.82%	-0.57%	3.52%

Correlation

The correlation between FNCL and FBND is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (10Y) Calculated over the trailing 10-year period	-0.02
Correlation (All Time) Calculated using the full available price history since Oct 10, 2014	-0.03

The correlation between FNCL and FBND shifts across timeframes, from -0.03 (all time) to 0.20 (1 year), reflecting how their relationship changes across market environments.

FNCL vs. FBND - Sectors Allocation Comparison

Sectors	FNCL	FBND
Financial Services	96.9%	0.2%
Technology	2.1%	-
Real Estate	0.7%	-
Industrials	0.2%	71.4%
Healthcare	0.0%	-
Communication Services	0.0%	-
Consumer Cyclical	0.0%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	1.1%
Utilities	-	27.5%

Return for Risk

FNCL vs. FBND — Risk / Return Rank

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

FNCL

FNCL Risk / Return Rank: 10
FNCL Sharpe Ratio Rank: 11
FNCL Sortino Ratio Rank: 10
FNCL Omega Ratio Rank: 10
FNCL Calmar Ratio Rank: 10
FNCL Martin Ratio Rank: 11

FBND

FBND Risk / Return Rank: 40
FBND Sharpe Ratio Rank: 40
FBND Sortino Ratio Rank: 42
FBND Omega Ratio Rank: 37
FBND Calmar Ratio Rank: 42
FBND Martin Ratio Rank: 39

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.

FNCL vs. FBND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Financials Index ETF (FNCL) 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.

	FNCL	FBND	Difference
Sharpe ratio: Return per unit of total volatility	0.16	1.46	-1.29
Sortino ratio: Return per unit of downside risk	0.32	2.17	-1.85
Omega ratio: Gain probability vs. loss probability	1.04	1.25	-0.21
Calmar ratio: Return relative to maximum drawdown	0.16	2.11	-1.95
Martin ratio: Return relative to average drawdown	0.43	6.37	-5.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FNCL vs. FBND - Sharpe Ratio Comparison

The current FNCL Sharpe Ratio is 0.16, which is lower than the FBND Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of FNCL 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.

Sharpe Ratios by Period

	FNCL	FBND	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.16	1.46	-1.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.14	+0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.42	+0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.44	+0.08

Drawdowns

FNCL vs. FBND - Drawdown Comparison

The maximum FNCL drawdown since its inception was -44.38%, which is greater than FBND's maximum drawdown of -17.25%. Use the drawdown chart below to compare losses from any high point for FNCL and FBND.

Drawdown Indicators

	FNCL	FBND	Difference
Max Drawdown Largest peak-to-trough decline	-44.38%	-17.25%	-27.13%
Max Drawdown (1Y) Largest decline over 1 year	-14.78%	-2.66%	-12.12%
Max Drawdown (3Y) Largest decline over 3 years	-17.29%	-5.94%	-11.35%
Max Drawdown (5Y) Largest decline over 5 years	-25.68%	-17.25%	-8.43%
Max Drawdown (10Y) Largest decline over 10 years	-44.38%	-17.25%	-27.13%
Current Drawdown Current decline from peak	-9.28%	-1.43%	-7.85%
Average Drawdown Average peak-to-trough decline	-6.90%	-3.35%	-3.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.56%	0.88%	+4.68%

Volatility

FNCL vs. FBND - Volatility Comparison

Fidelity MSCI Financials Index ETF (FNCL) has a higher volatility of 3.26% compared to Fidelity Total Bond ETF (FBND) at 1.27%. This indicates that FNCL'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

	FNCL	FBND	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.26%	1.27%	+1.99%
Volatility (6M) Calculated over the trailing 6-month period	11.03%	2.73%	+8.30%
Volatility (1Y) Calculated over the trailing 1-year period	14.76%	3.86%	+10.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.26%	5.92%	+13.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.34%	6.10%	+16.24%

FNCL vs. FBND - Expense Ratio Comparison

FNCL has a 0.08% expense ratio, which is lower than FBND's 0.36% expense ratio.

Dividends

FNCL vs. FBND - Dividend Comparison

FNCL's dividend yield for the trailing twelve months is around 1.70%, 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%
FNCL Fidelity MSCI Financials Index ETF	1.70%	1.45%	1.52%	1.91%	2.29%	1.75%	2.26%	2.17%	2.37%	1.60%	1.81%	2.17%

Frequently Asked Questions

Can I hold both FNCL and FBND in my portfolio?

FNCL and FBND have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FNCL or FBND?

FNCL has higher volatility (3.26%) compared to FBND (1.27%). In terms of maximum drawdown, FNCL dropped -44.38% vs FBND's -17.25%.

Which ETF is better, FNCL or FBND?

On 10-year performance, FNCL leads with 12.14% vs 2.56% for FBND. On fees, FNCL is cheaper at 0.08% per year. On volatility, FBND has been the lower-risk option at 1.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNCL or FBND?

Over the 10-year period, FNCL has performed better with a 12.14% return vs 2.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNCL or FBND?

FNCL is cheaper with a 0.08% expense ratio, compared with 0.36% for FBND.

Which ETF pays a higher dividend yield, FNCL or FBND?

FBND has the higher dividend yield at 4.70%, compared with 1.70% for FNCL.

What is the main difference between FNCL and FBND?

FNCL is categorized as Financials Equities, while FBND is Intermediate Core-Plus Bond. Their fees differ too: 0.08% for FNCL and 0.36% for FBND.

Which has better risk-adjusted returns?

FBND currently has the higher Sharpe Ratio (1.46 vs 0.16), 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.