FSEC vs. IBCA
FSEC (Fidelity Investment Grade Securitized ETF) and IBCA (iShares iBonds Dec 2035 Term Corporate ETF) are both Intermediate Core Bond funds. FSEC is actively managed, while IBCA is passively managed. Over the past year, FSEC returned 3.56% vs 2.05% for IBCA. Their 0.72 correlation means they have sometimes moved together and sometimes differently. FSEC charges 0.36%/yr vs 0.10%/yr for IBCA.
Performance
FSEC vs. IBCA - Performance Comparison
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Returns By Period
In the year-to-date period, FSEC achieves a 0.23% return, which is significantly higher than IBCA's -0.93% return.
FSEC
- 1D
- -0.30%
- 1M
- -0.94%
- 6M
- -0.25%
- YTD
- 0.23%
- 1Y
- 3.56%
- 3Y*
- 4.91%
- 5Y*
- 0.26%
- 10Y*
- —
- ALL TIME*
- 0.29%
IBCA
- 1D
- -0.12%
- 1M
- -1.72%
- 6M
- -1.05%
- YTD
- -0.93%
- 1Y
- 2.05%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 4.53%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $14.78M | $11.92M | $14.34M | |
| $2.52M | $2.28M | $2.03M |
FSEC vs. IBCA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FSEC Fidelity Investment Grade Securitized ETF | 0.23% | 5.72% |
IBCA iShares iBonds Dec 2035 Term Corporate ETF | -0.93% | 7.16% |
Correlation
The correlation between FSEC and IBCA is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.78 |
Correlation (All Time) Calculated using the full available price history since Mar 26, 2025 | 0.72 |
The correlation between FSEC and IBCA has been stable across timeframes, ranging from 0.72 to 0.78 - a consistent structural relationship.
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Return for Risk
FSEC vs. IBCA — Risk / Return Rank
FSEC
IBCA
FSEC vs. IBCA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Investment Grade Securitized ETF (FSEC) and iShares iBonds Dec 2035 Term Corporate ETF (IBCA). 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 | IBCA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | +0.53 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.11 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.84 | 0.96 | +0.87 |
| Martin ratioReturn relative to average drawdown | 4.77 | 2.59 | +2.17 |
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Drawdowns
FSEC vs. IBCA - Drawdown Comparison
The maximum FSEC drawdown since its inception was -17.97%, which is greater than IBCA's maximum drawdown of -3.48%. Use the drawdown chart below to compare losses from any high point for FSEC and IBCA.
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Drawdown Indicators
| FSEC | IBCA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.97% | -3.48% | -14.49% |
Max Drawdown (1Y)Largest decline over 1 year | -2.52% | -3.19% | +0.67% |
Max Drawdown (3Y)Largest decline over 3 years | -6.34% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -17.82% | — | — |
Current DrawdownCurrent decline from peak | -1.82% | -2.53% | +0.71% |
Average DrawdownAverage peak-to-trough decline | -6.47% | -0.90% | -5.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.97% | 1.18% | -0.21% |
Volatility
FSEC vs. IBCA - Volatility Comparison
The current volatility for Fidelity Investment Grade Securitized ETF (FSEC) is 1.17%, while iShares iBonds Dec 2035 Term Corporate ETF (IBCA) has a volatility of 1.30%. This indicates that FSEC experiences smaller price fluctuations and is considered to be less risky than IBCA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FSEC | IBCA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.17% | 1.30% | -0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 3.43% | 3.81% | -0.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.69% | 4.90% | -0.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.80% | 5.65% | +1.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.56% | 5.65% | +0.91% |
FSEC vs. IBCA - Expense Ratio Comparison
FSEC has a 0.36% expense ratio, which is higher than IBCA's 0.10% expense ratio.
Dividends
FSEC vs. IBCA - Dividend Comparison
FSEC's dividend yield for the trailing twelve months is around 4.49%, less than IBCA's 4.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
FSEC Fidelity Investment Grade Securitized ETF | 4.49% | 4.22% | 3.22% | 3.41% | 2.21% | 0.96% |
IBCA iShares iBonds Dec 2035 Term Corporate ETF | 4.44% | 3.19% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FSEC and IBCA have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBCA has higher volatility (1.30%) compared to FSEC (1.17%). In terms of maximum drawdown, FSEC dropped -17.97% vs IBCA's -3.48%.
On 1-year performance, FSEC leads with 3.56% vs 2.05% for IBCA. On fees, IBCA is cheaper at 0.10% per year. On volatility, FSEC has been the lower-risk option at 1.17%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, FSEC has performed better with a 3.56% return vs 2.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBCA is cheaper with a 0.10% expense ratio, compared with 0.36% for FSEC.
FSEC has the higher dividend yield at 4.49%, compared with 4.44% for IBCA.
They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.36% for FSEC and 0.10% for IBCA.
FSEC currently has the higher Sharpe Ratio (0.99 vs 0.63), 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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