FSEC vs. PAB

Last updated Aug 2, 2026

FSEC (Fidelity Investment Grade Securitized ETF) and PAB (PGIM Active Aggregate Bond ETF) are both Intermediate Core Bond funds. Both are actively managed. Over the past 5 years, FSEC returned 0.26%/yr vs -0.31%/yr for PAB. Their correlation of 0.80 means they have usually moved in the same direction. FSEC charges 0.36%/yr vs 0.19%/yr for PAB.

Performance

FSEC vs. PAB - Performance Comparison

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

Returns By Period

In the year-to-date period, FSEC achieves a 0.23% return, which is significantly higher than PAB's -0.44% 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%

PAB

• 1D: -0.33%
• 1M: -1.08%
• 6M: -0.70%
• YTD: -0.44%
• 1Y: 2.13%
• 3Y*: 4.39%
• 5Y*: -0.31%
• 10Y*: —
• ALL TIME*: 0.08%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FSEC Fidelity Investment Grade Securitized ETF	$14.78M	$11.92M	$14.34M
PAB PGIM Active Aggregate Bond ETF	$386.36K	$333.07K	$1.06M

FSEC vs. PAB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FSEC Fidelity Investment Grade Securitized ETF	0.23%	8.33%	2.40%	5.22%	-12.62%	-0.47%
PAB PGIM Active Aggregate Bond ETF	-0.44%	7.55%	1.89%	6.37%	-14.24%	0.90%

Correlation

The correlation between FSEC and PAB is 0.81, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.81
Correlation (3Y) Balances recent behavior with more history.	0.84
Correlation (5Y) Shows whether the relationship held over a longer period.	0.81
Correlation (All Time) Calculated using the full available price history since Apr 15, 2021	0.80

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

Return for Risk

FSEC vs. PAB — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FSEC

FSEC Risk / Return Rank: 42
FSEC Sharpe Ratio Rank: 40
FSEC Sortino Ratio Rank: 39
FSEC Omega Ratio Rank: 37
FSEC Calmar Ratio Rank: 52
FSEC Martin Ratio Rank: 43

PAB

PAB Risk / Return Rank: 31
PAB Sharpe Ratio Rank: 32
PAB Sortino Ratio Rank: 31
PAB Omega Ratio Rank: 29
PAB Calmar Ratio Rank: 32
PAB Martin Ratio Rank: 30

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FSEC vs. PAB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Investment Grade Securitized ETF (FSEC) and PGIM Active Aggregate Bond ETF (PAB). 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	PAB	Difference
Sharpe ratio: Return per unit of total volatility	0.99	0.80	+0.19
Sortino ratio: Return per unit of downside risk	1.45	1.18	+0.27
Omega ratio: Gain probability vs. loss probability	1.18	1.14	+0.04
Calmar ratio: Return relative to maximum drawdown	1.84	1.07	+0.77
Martin ratio: Return relative to average drawdown	4.77	2.68	+2.08

FSEC vs. PAB - Sharpe Ratio Comparison

The current FSEC Sharpe Ratio is 0.99, which is comparable to the PAB Sharpe Ratio of 0.80. The chart below compares the historical Sharpe Ratios of FSEC and PAB, 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. PAB - Drawdown Comparison

The maximum FSEC drawdown since its inception was -17.97%, smaller than the maximum PAB drawdown of -19.27%. Use the drawdown chart below to compare losses from any high point for FSEC and PAB.

Drawdown Indicators

	FSEC	PAB	Difference
Max Drawdown Largest peak-to-trough decline	-17.97%	-19.27%	+1.30%
Max Drawdown (1Y) Largest decline over 1 year	-2.52%	-2.86%	+0.34%
Max Drawdown (3Y) Largest decline over 3 years	-6.34%	-5.02%	-1.32%
Max Drawdown (5Y) Largest decline over 5 years	-17.82%	-19.24%	+1.42%
Current Drawdown Current decline from peak	-1.82%	-2.30%	+0.48%
Average Drawdown Average peak-to-trough decline	-6.47%	-7.64%	+1.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	1.14%	-0.17%

Volatility

FSEC vs. PAB - Volatility Comparison

Fidelity Investment Grade Securitized ETF (FSEC) and PGIM Active Aggregate Bond ETF (PAB) have volatilities of 1.17% and 1.19%, 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	PAB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.17%	1.19%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	3.43%	3.08%	+0.35%
Volatility (1Y) Calculated over the trailing 1-year period	4.69%	3.83%	+0.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.80%	6.21%	+0.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.56%	6.10%	+0.46%

FSEC vs. PAB - Expense Ratio Comparison

FSEC has a 0.36% expense ratio, which is higher than PAB's 0.19% expense ratio.

Dividends

FSEC vs. PAB - Dividend Comparison

FSEC's dividend yield for the trailing twelve months is around 4.49%, less than PAB's 5.03% 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%
PAB PGIM Active Aggregate Bond ETF	4.65%	4.28%	4.25%	3.70%	2.81%	2.34%

Frequently Asked Questions

Can I hold both FSEC and PAB in my portfolio?

FSEC and PAB 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 PAB?

PAB has higher volatility (1.19%) compared to FSEC (1.17%). In terms of maximum drawdown, FSEC dropped -17.97% vs PAB's -19.27%.

Which ETF is better, FSEC or PAB?

On 5-year performance, FSEC leads with 0.26% vs -0.31% for PAB. On fees, PAB is cheaper at 0.19% 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 PAB?

Over the 5-year period, FSEC has performed better with a 0.26% return vs -0.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FSEC or PAB?

PAB is cheaper with a 0.19% expense ratio, compared with 0.36% for FSEC.

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

PAB has the higher dividend yield at 4.65%, compared with 4.49% for FSEC.

What is the main difference between FSEC and PAB?

They also come from different issuers: Fidelity and PGIM. Their fees differ too: 0.36% for FSEC and 0.19% for PAB.

Which has better risk-adjusted returns?

FSEC currently has the higher Sharpe Ratio (0.99 vs 0.80), 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.