FSEC vs. IBCA

Last updated Apr 1, 2026

Compare and contrast key facts about Fidelity Investment Grade Securitized ETF (FSEC) and iShares iBonds Dec 2035 Term Corporate ETF (IBCA).

FSEC and IBCA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FSEC is an actively managed fund by Fidelity. It was launched on Mar 2, 2021. IBCA is a passively managed fund by iShares that tracks the performance of the ICE 2035 Maturity US Corporate Index. It was launched on Mar 25, 2025.

Performance

FSEC vs. IBCA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Investment Grade Securitized ETF (FSEC) and iShares iBonds Dec 2035 Term Corporate ETF (IBCA). The values are adjusted to include any dividend payments, if applicable.

FSEC vs. IBCA - Yearly Performance Comparison

	2026 (YTD)	2025
FSEC Fidelity Investment Grade Securitized ETF	0.26%	5.58%
IBCA iShares iBonds Dec 2035 Term Corporate ETF	-0.39%	7.15%

Returns By Period

In the year-to-date period, FSEC achieves a 0.26% return, which is significantly higher than IBCA's -0.39% return.

FSEC

• 1D: -0.11%
• 1M: -1.79%
• YTD: 0.26%
• 6M: 1.94%
• 1Y: 5.28%
• 3Y*: 4.54%
• 5Y*: 0.45%
• 10Y*: —

IBCA

• 1D: 0.67%
• 1M: -2.00%
• YTD: -0.39%
• 6M: 0.76%
• 1Y: 5.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FSEC vs. IBCA - Expense Ratio Comparison

FSEC has a 0.36% expense ratio, which is higher than IBCA's 0.10% expense ratio.

FSEC

Fidelity Investment Grade Securitized ETF

IBCA

iShares iBonds Dec 2035 Term Corporate ETF

Return for Risk

FSEC vs. IBCA — Risk / Return Rank

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

FSEC

FSEC Risk / Return Rank: 45
FSEC Sharpe Ratio Rank: 46
FSEC Sortino Ratio Rank: 45
FSEC Omega Ratio Rank: 42
FSEC Calmar Ratio Rank: 53
FSEC Martin Ratio Rank: 39

IBCA

IBCA Risk / Return Rank: 55
IBCA Sharpe Ratio Rank: 56
IBCA Sortino Ratio Rank: 53
IBCA Omega Ratio Rank: 47
IBCA Calmar Ratio Rank: 65
IBCA Martin Ratio Rank: 57

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. 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.

	FSEC	IBCA	Difference
Sharpe ratio Return per unit of total volatility	0.83	1.02	-0.19
Sortino ratio Return per unit of downside risk	1.20	1.44	-0.24
Omega ratio Gain probability vs. loss probability	1.16	1.19	-0.03
Calmar ratio Return relative to maximum drawdown	1.31	1.71	-0.39
Martin ratio Return relative to average drawdown	3.57	5.77	-2.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSEC vs. IBCA - Sharpe Ratio Comparison

The current FSEC Sharpe Ratio is 0.83, which is comparable to the IBCA Sharpe Ratio of 1.02. The chart below compares the historical Sharpe Ratios of FSEC and IBCA, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FSEC	IBCA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.83	1.02	-0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.07	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.05	1.13	-1.08

Correlation

The correlation between FSEC and IBCA is 0.66, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

FSEC vs. IBCA - Dividend Comparison

FSEC's dividend yield for the trailing twelve months is around 4.43%, more than IBCA's 4.01% yield.

	TTM	2025	2024	2023	2022	2021
FSEC Fidelity Investment Grade Securitized ETF	4.43%	4.22%	3.22%	3.41%	2.21%	0.96%
IBCA iShares iBonds Dec 2035 Term Corporate ETF	4.01%	3.19%	0.00%	0.00%	0.00%	0.00%

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.

Drawdown Indicators

	FSEC	IBCA	Difference
Max Drawdown Largest peak-to-trough decline	-17.97%	-3.48%	-14.49%
Max Drawdown (1Y) Largest decline over 1 year	-4.08%	-3.48%	-0.60%
Max Drawdown (5Y) Largest decline over 5 years	-17.97%	—	—
Current Drawdown Current decline from peak	-1.79%	-2.00%	+0.21%
Average Drawdown Average peak-to-trough decline	-6.82%	-0.70%	-6.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.50%	1.03%	+0.47%

Volatility

FSEC vs. IBCA - Volatility Comparison

The current volatility for Fidelity Investment Grade Securitized ETF (FSEC) is 1.92%, while iShares iBonds Dec 2035 Term Corporate ETF (IBCA) has a volatility of 2.48%. 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.

Volatility by Period

	FSEC	IBCA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.92%	2.48%	-0.56%
Volatility (6M) Calculated over the trailing 6-month period	3.38%	3.47%	-0.09%
Volatility (1Y) Calculated over the trailing 1-year period	6.42%	5.88%	+0.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.72%	5.91%	+0.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.68%	5.91%	+0.77%