FSEC vs. OGSP

Last updated Jun 23, 2026

FSEC (Fidelity Investment Grade Securitized ETF) and OGSP (Obra High Grade Structured Products ETF) are both exchange-traded funds - FSEC is a Intermediate Core Bond fund actively managed by Fidelity, while OGSP is a Multisector Bonds fund actively managed by Obra. Both are actively managed. Over the past year, FSEC returned 6.18% vs 5.52% for OGSP. At a 0.16 correlation, their price movements are largely independent. FSEC charges 0.36%/yr vs 0.90%/yr for OGSP.

Performance

FSEC vs. OGSP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Investment Grade Securitized ETF (FSEC) and Obra High Grade Structured Products ETF (OGSP). 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 lower than OGSP's 1.94% return.

FSEC

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

OGSP

• 1D: -0.10%
• 1M: 0.48%
• YTD: 1.94%
• 6M: 2.18%
• 1Y: 5.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FSEC vs. OGSP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FSEC Fidelity Investment Grade Securitized ETF	0.86%	8.33%	3.99%
OGSP Obra High Grade Structured Products ETF	1.94%	6.22%	5.15%

Correlation

The correlation between FSEC and OGSP is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (All Time) Calculated using the full available price history since Apr 10, 2024	0.16

Return for Risk

FSEC vs. OGSP — 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

OGSP

OGSP Risk / Return Rank: 96
OGSP Sharpe Ratio Rank: 94
OGSP Sortino Ratio Rank: 96
OGSP Omega Ratio Rank: 98
OGSP Calmar Ratio Rank: 97
OGSP Martin Ratio Rank: 96

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. OGSP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Investment Grade Securitized ETF (FSEC) and Obra High Grade Structured Products ETF (OGSP). 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	OGSP	Difference
Sharpe ratio: Return per unit of total volatility	1.17	3.29	-2.11
Sortino ratio: Return per unit of downside risk	1.78	5.16	-3.38
Omega ratio: Gain probability vs. loss probability	1.22	2.10	-0.88
Calmar ratio: Return relative to maximum drawdown	2.46	11.18	-8.72
Martin ratio: Return relative to average drawdown	6.72	34.18	-27.46

FSEC vs. OGSP - Sharpe Ratio Comparison

The current FSEC Sharpe Ratio is 1.17, which is lower than the OGSP Sharpe Ratio of 3.29. The chart below compares the historical Sharpe Ratios of FSEC and OGSP, 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. OGSP - Drawdown Comparison

The maximum FSEC drawdown since its inception was -17.97%, which is greater than OGSP's maximum drawdown of -0.82%. Use the drawdown chart below to compare losses from any high point for FSEC and OGSP.

Drawdown Indicators

	FSEC	OGSP	Difference
Max Drawdown Largest peak-to-trough decline	-17.97%	-0.82%	-17.15%
Max Drawdown (1Y) Largest decline over 1 year	-2.52%	-0.50%	-2.02%
Max Drawdown (3Y) Largest decline over 3 years	-7.32%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.97%	—	—
Current Drawdown Current decline from peak	-1.20%	-0.10%	-1.10%
Average Drawdown Average peak-to-trough decline	-6.58%	-0.10%	-6.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	0.16%	+0.76%

Volatility

FSEC vs. OGSP - Volatility Comparison

Fidelity Investment Grade Securitized ETF (FSEC) has a higher volatility of 1.27% compared to Obra High Grade Structured Products ETF (OGSP) at 0.33%. This indicates that FSEC's price experiences larger fluctuations and is considered to be riskier than OGSP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSEC	OGSP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.27%	0.33%	+0.94%
Volatility (6M) Calculated over the trailing 6-month period	3.26%	0.77%	+2.49%
Volatility (1Y) Calculated over the trailing 1-year period	5.30%	1.69%	+3.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.78%	1.92%	+4.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.60%	1.92%	+4.68%

FSEC vs. OGSP - Expense Ratio Comparison

FSEC has a 0.36% expense ratio, which is lower than OGSP's 0.90% expense ratio.

Dividends

FSEC vs. OGSP - Dividend Comparison

FSEC's dividend yield for the trailing twelve months is around 4.44%, less than OGSP's 5.84% yield.

Position	TTM	2025	2024	2023	2022	2021
FSEC Fidelity Investment Grade Securitized ETF	4.44%	4.22%	3.22%	3.41%	2.21%	0.96%
OGSP Obra High Grade Structured Products ETF	5.84%	5.88%	4.55%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FSEC and OGSP in my portfolio?

FSEC and OGSP have a correlation of 0.22, 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 OGSP?

FSEC has higher volatility (1.27%) compared to OGSP (0.33%). In terms of maximum drawdown, FSEC dropped -17.97% vs OGSP's -0.82%.

Which ETF is better, FSEC or OGSP?

On 1-year performance, FSEC leads with 6.18% vs 5.52% for OGSP. On fees, FSEC is cheaper at 0.36% per year. On volatility, OGSP has been the lower-risk option at 0.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FSEC or OGSP?

Over the 1-year period, FSEC has performed better with a 6.18% return vs 5.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FSEC or OGSP?

FSEC is cheaper with a 0.36% expense ratio, compared with 0.90% for OGSP.

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

OGSP has the higher dividend yield at 5.84%, compared with 4.44% for FSEC.

What is the main difference between FSEC and OGSP?

FSEC is categorized as Intermediate Core Bond, while OGSP is Multisector Bonds. They also come from different issuers: Fidelity and Obra. Their fees differ too: 0.36% for FSEC and 0.90% for OGSP.

Which has better risk-adjusted returns?

OGSP currently has the higher Sharpe Ratio (3.29 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.