FSEC vs. FBND

Last updated Jun 23, 2026

FSEC (Fidelity Investment Grade Securitized ETF) and FBND (Fidelity Total Bond ETF) are both exchange-traded funds - FSEC is a Intermediate Core Bond fund actively managed by Fidelity, while FBND is a Intermediate Core-Plus Bond fund actively managed by Fidelity. Both are actively managed. Over the past 5 years, FSEC returned 0.54%/yr vs 0.78%/yr for FBND. Their correlation of 0.80 suggests significant overlap in exposure. Both charge a 0.36% expense ratio.

Performance

FSEC vs. FBND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Investment Grade Securitized ETF (FSEC) 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, FSEC achieves a 0.86% return, which is significantly higher than FBND's 0.61% return.

FSEC

• 1D: -0.18%
• 1M: 0.41%
• YTD: 0.86%
• 6M: 0.87%
• 1Y: 6.18%
• 3Y*: 4.82%
• 5Y*: 0.54%
• 10Y*: —

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)

FSEC vs. FBND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FSEC Fidelity Investment Grade Securitized ETF	0.86%	8.33%	2.40%	5.22%	-12.62%	-0.62%
FBND Fidelity Total Bond ETF	0.61%	7.57%	2.13%	6.81%	-12.54%	1.83%

Correlation

The correlation between FSEC and FBND is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Mar 4, 2021	0.80

The correlation between FSEC and FBND has been stable across timeframes, ranging from 0.80 to 0.84 - a consistent structural relationship.

Return for Risk

FSEC vs. FBND — Risk / Return Rank

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

FSEC

FSEC Risk / Return Rank: 39
FSEC Sharpe Ratio Rank: 33
FSEC Sortino Ratio Rank: 34
FSEC Omega Ratio Rank: 34
FSEC Calmar Ratio Rank: 51
FSEC Martin Ratio Rank: 43

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.

FSEC vs. FBND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Investment Grade Securitized ETF (FSEC) 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.

	FSEC	FBND	Difference
Sharpe ratio: Return per unit of total volatility	1.17	1.28	-0.10
Sortino ratio: Return per unit of downside risk	1.78	1.91	-0.12
Omega ratio: Gain probability vs. loss probability	1.22	1.22	0.00
Calmar ratio: Return relative to maximum drawdown	2.46	1.83	+0.62
Martin ratio: Return relative to average drawdown	6.72	5.27	+1.45

FSEC vs. FBND - Sharpe Ratio Comparison

The current FSEC Sharpe Ratio is 1.17, which is comparable to the FBND Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of FSEC 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

FSEC vs. FBND - Drawdown Comparison

The maximum FSEC drawdown since its inception was -17.97%, roughly equal to the maximum FBND drawdown of -17.25%. Use the drawdown chart below to compare losses from any high point for FSEC and FBND.

Drawdown Indicators

	FSEC	FBND	Difference
Max Drawdown Largest peak-to-trough decline	-17.97%	-17.25%	-0.72%
Max Drawdown (1Y) Largest decline over 1 year	-2.52%	-2.66%	+0.14%
Max Drawdown (3Y) Largest decline over 3 years	-7.32%	-5.94%	-1.38%
Max Drawdown (5Y) Largest decline over 5 years	-17.97%	-17.25%	-0.72%
Max Drawdown (10Y) Largest decline over 10 years	—	-17.25%	—
Current Drawdown Current decline from peak	-1.20%	-1.32%	+0.12%
Average Drawdown Average peak-to-trough decline	-6.58%	-3.34%	-3.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	0.93%	-0.01%

Volatility

FSEC vs. FBND - Volatility Comparison

Fidelity Investment Grade Securitized ETF (FSEC) has a higher volatility of 1.27% compared to Fidelity Total Bond ETF (FBND) at 1.12%. This indicates that FSEC'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

	FSEC	FBND	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.27%	1.12%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	3.26%	2.85%	+0.41%
Volatility (1Y) Calculated over the trailing 1-year period	5.30%	3.83%	+1.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.78%	5.93%	+0.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.60%	6.10%	+0.50%

FSEC vs. FBND - Expense Ratio Comparison

Both FSEC and FBND have an expense ratio of 0.36%.

Dividends

FSEC vs. FBND - Dividend Comparison

FSEC's dividend yield for the trailing twelve months is around 4.44%, 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%
FSEC Fidelity Investment Grade Securitized ETF	4.44%	4.22%	3.22%	3.41%	2.21%	0.96%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FSEC and FBND in my portfolio?

FSEC and FBND have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSEC or FBND?

FSEC has higher volatility (1.27%) compared to FBND (1.12%). In terms of maximum drawdown, FSEC dropped -17.97% vs FBND's -17.25%.

Which ETF is better, FSEC or FBND?

On 5-year performance, FBND leads with 0.78% vs 0.54% for FSEC. Both ETFs have the same 0.36% expense ratio. On volatility, FBND has been the lower-risk option at 1.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FSEC or FBND?

Over the 5-year period, FBND has performed better with a 0.78% return vs 0.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FSEC or FBND?

FSEC and FBND have the same expense ratio: 0.36% per year.

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

FBND has the higher dividend yield at 4.70%, compared with 4.44% for FSEC.

What is the main difference between FSEC and FBND?

FSEC is categorized as Intermediate Core Bond, while FBND is Intermediate Core-Plus Bond.

Which has better risk-adjusted returns?

FBND currently has the higher Sharpe Ratio (1.28 vs 1.17), 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.