FSEC vs. OVB

Last updated Jun 3, 2026

FSEC (Fidelity Investment Grade Securitized ETF) and OVB (Overlay Shares Core Bond ETF) are both Intermediate Core Bond funds. Both are actively managed. Over the past 5 years, FSEC returned 0.57%/yr vs 0.90%/yr for OVB. A 0.71 correlation means they provide meaningful diversification when combined. FSEC charges 0.36%/yr vs 0.79%/yr for OVB.

Performance

FSEC vs. OVB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Investment Grade Securitized ETF (FSEC) and Overlay Shares Core Bond ETF (OVB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSEC achieves a 0.97% return, which is significantly lower than OVB's 2.92% return.

FSEC

• 1D: 0.00%
• 1M: 0.20%
• YTD: 0.97%
• 6M: 1.42%
• 1Y: 7.15%
• 3Y*: 4.89%
• 5Y*: 0.57%
• 10Y*: —

OVB

• 1D: 0.10%
• 1M: 0.65%
• YTD: 2.92%
• 6M: 3.23%
• 1Y: 10.07%
• 3Y*: 6.07%
• 5Y*: 0.90%
• 10Y*: —

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

FSEC vs. OVB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FSEC Fidelity Investment Grade Securitized ETF	0.97%	8.33%	2.40%	5.22%	-12.62%	-0.49%
OVB Overlay Shares Core Bond ETF	2.92%	7.72%	4.03%	6.89%	-16.96%	3.84%

Correlation

The correlation between FSEC and OVB is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (All Time) Calculated using the full available price history since Mar 5, 2021	0.71

The correlation between FSEC and OVB has been stable across timeframes, ranging from 0.69 to 0.72 - a consistent structural relationship.

Return for Risk

FSEC vs. OVB — Risk / Return Rank

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

FSEC

FSEC Risk / Return Rank: 43
FSEC Sharpe Ratio Rank: 38
FSEC Sortino Ratio Rank: 40
FSEC Omega Ratio Rank: 39
FSEC Calmar Ratio Rank: 52
FSEC Martin Ratio Rank: 45

OVB

OVB Risk / Return Rank: 61
OVB Sharpe Ratio Rank: 50
OVB Sortino Ratio Rank: 53
OVB Omega Ratio Rank: 56
OVB Calmar Ratio Rank: 76
OVB Martin Ratio Rank: 68

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. OVB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Investment Grade Securitized ETF (FSEC) and Overlay Shares Core Bond ETF (OVB). 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	OVB	Difference
Sharpe ratio Return per unit of total volatility	1.35	1.75	-0.40
Sortino ratio Return per unit of downside risk	2.04	2.58	-0.54
Omega ratio Gain probability vs. loss probability	1.26	1.35	-0.09
Calmar ratio Return relative to maximum drawdown	2.63	3.94	-1.31
Martin ratio Return relative to average drawdown	7.56	12.85	-5.29
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. OVB - Sharpe Ratio Comparison

The current FSEC Sharpe Ratio is 1.35, which is comparable to the OVB Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of FSEC and OVB, 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

	FSEC	OVB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.35	1.75	-0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.08	0.12	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.07	0.27	-0.19

Drawdowns

FSEC vs. OVB - Drawdown Comparison

The maximum FSEC drawdown since its inception was -17.97%, smaller than the maximum OVB drawdown of -21.69%. Use the drawdown chart below to compare losses from any high point for FSEC and OVB.

Drawdown Indicators

	FSEC	OVB	Difference
Max Drawdown Largest peak-to-trough decline	-17.97%	-21.69%	+3.72%
Max Drawdown (1Y) Largest decline over 1 year	-2.52%	-2.49%	-0.03%
Max Drawdown (3Y) Largest decline over 3 years	-7.32%	-8.18%	+0.86%
Max Drawdown (5Y) Largest decline over 5 years	-17.97%	-21.69%	+3.72%
Current Drawdown Current decline from peak	-1.09%	-0.04%	-1.05%
Average Drawdown Average peak-to-trough decline	-6.64%	-7.05%	+0.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	0.76%	+0.12%

Volatility

FSEC vs. OVB - Volatility Comparison

Fidelity Investment Grade Securitized ETF (FSEC) and Overlay Shares Core Bond ETF (OVB) have volatilities of 1.51% and 1.50%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSEC	OVB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.51%	1.50%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	3.11%	4.69%	-1.58%
Volatility (1Y) Calculated over the trailing 1-year period	5.35%	5.80%	-0.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.76%	7.31%	-0.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.61%	7.58%	-0.97%

FSEC vs. OVB - Expense Ratio Comparison

FSEC has a 0.36% expense ratio, which is lower than OVB's 0.79% expense ratio.

Dividends

FSEC vs. OVB - Dividend Comparison

FSEC's dividend yield for the trailing twelve months is around 4.44%, less than OVB's 6.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FSEC Fidelity Investment Grade Securitized ETF	4.44%	4.22%	3.22%	3.41%	2.21%	0.96%	0.00%	0.00%
OVB Overlay Shares Core Bond ETF	6.94%	6.00%	5.81%	5.20%	4.67%	4.59%	3.88%	0.58%

Frequently Asked Questions

Can I hold both FSEC and OVB in my portfolio?

FSEC and OVB have a correlation of 0.70, 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 OVB?

FSEC has higher volatility (1.51%) compared to OVB (1.50%). In terms of maximum drawdown, FSEC dropped -17.97% vs OVB's -21.69%.

Which ETF is better, FSEC or OVB?

On 5-year performance, OVB leads with 0.90% vs 0.57% for FSEC. On fees, FSEC is cheaper at 0.36% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FSEC or OVB?

Over the 5-year period, OVB has performed better with a 0.90% return vs 0.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FSEC or OVB?

FSEC is cheaper with a 0.36% expense ratio, compared with 0.79% for OVB.

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

OVB has the higher dividend yield at 6.94%, compared with 4.44% for FSEC.

What is the main difference between FSEC and OVB?

They also come from different issuers: Fidelity and Liquid Strategies. Their fees differ too: 0.36% for FSEC and 0.79% for OVB.

Which has better risk-adjusted returns?

OVB currently has the higher Sharpe Ratio (1.75 vs 1.35), 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.