FSEC vs. PIFI

Last updated Jun 3, 2026

FSEC (Fidelity Investment Grade Securitized ETF) and PIFI (ClearShares Piton Intermediate Fixed Income ETF) are both Intermediate Core Bond funds. Both are actively managed. Over the past 5 years, FSEC returned 0.57%/yr vs 1.08%/yr for PIFI. Their correlation of 0.81 suggests significant overlap in exposure. FSEC charges 0.36%/yr vs 0.45%/yr for PIFI.

Performance

FSEC vs. PIFI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Investment Grade Securitized ETF (FSEC) and ClearShares Piton Intermediate Fixed Income ETF (PIFI). 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 higher than PIFI's 0.02% return.

FSEC

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

PIFI

• 1D: -0.03%
• 1M: -0.08%
• YTD: 0.02%
• 6M: 0.14%
• 1Y: 3.61%
• 3Y*: 3.78%
• 5Y*: 1.08%
• 10Y*: —

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

FSEC vs. PIFI - 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%
PIFI ClearShares Piton Intermediate Fixed Income ETF	0.02%	6.29%	2.52%	4.61%	-7.15%	-0.02%

Correlation

The correlation between FSEC and PIFI is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Mar 5, 2021	0.81

The correlation between FSEC and PIFI has been stable across timeframes, ranging from 0.80 to 0.82 - a consistent structural relationship.

Return for Risk

FSEC vs. PIFI — 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

PIFI

PIFI Risk / Return Rank: 37
PIFI Sharpe Ratio Rank: 38
PIFI Sortino Ratio Rank: 41
PIFI Omega Ratio Rank: 37
PIFI Calmar Ratio Rank: 36
PIFI Martin Ratio Rank: 34

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. PIFI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Investment Grade Securitized ETF (FSEC) and ClearShares Piton Intermediate Fixed Income ETF (PIFI). 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	PIFI	Difference
Sharpe ratio Return per unit of total volatility	1.35	1.39	-0.04
Sortino ratio Return per unit of downside risk	2.04	2.11	-0.07
Omega ratio Gain probability vs. loss probability	1.26	1.25	+0.01
Calmar ratio Return relative to maximum drawdown	2.63	1.79	+0.84
Martin ratio Return relative to average drawdown	7.56	5.25	+2.30
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. PIFI - Sharpe Ratio Comparison

The current FSEC Sharpe Ratio is 1.35, which is comparable to the PIFI Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of FSEC and PIFI, 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	PIFI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.35	1.39	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.08	0.30	-0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.07	0.23	-0.16

Drawdowns

FSEC vs. PIFI - Drawdown Comparison

The maximum FSEC drawdown since its inception was -17.97%, which is greater than PIFI's maximum drawdown of -10.59%. Use the drawdown chart below to compare losses from any high point for FSEC and PIFI.

Drawdown Indicators

	FSEC	PIFI	Difference
Max Drawdown Largest peak-to-trough decline	-17.97%	-10.59%	-7.38%
Max Drawdown (1Y) Largest decline over 1 year	-2.52%	-1.93%	-0.59%
Max Drawdown (3Y) Largest decline over 3 years	-7.32%	-2.75%	-4.57%
Max Drawdown (5Y) Largest decline over 5 years	-17.97%	-10.41%	-7.56%
Current Drawdown Current decline from peak	-1.09%	-1.30%	+0.21%
Average Drawdown Average peak-to-trough decline	-6.64%	-3.23%	-3.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	0.66%	+0.22%

Volatility

FSEC vs. PIFI - Volatility Comparison

Fidelity Investment Grade Securitized ETF (FSEC) has a higher volatility of 1.51% compared to ClearShares Piton Intermediate Fixed Income ETF (PIFI) at 0.82%. This indicates that FSEC's price experiences larger fluctuations and is considered to be riskier than PIFI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSEC	PIFI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.51%	0.82%	+0.69%
Volatility (6M) Calculated over the trailing 6-month period	3.11%	1.84%	+1.27%
Volatility (1Y) Calculated over the trailing 1-year period	5.35%	2.61%	+2.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.76%	3.66%	+3.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.61%	3.48%	+3.13%

FSEC vs. PIFI - Expense Ratio Comparison

FSEC has a 0.36% expense ratio, which is lower than PIFI's 0.45% expense ratio.

Dividends

FSEC vs. PIFI - Dividend Comparison

FSEC's dividend yield for the trailing twelve months is around 4.44%, more than PIFI's 3.75% 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%
PIFI ClearShares Piton Intermediate Fixed Income ETF	3.75%	3.16%	2.92%	2.29%	1.22%	0.25%

Frequently Asked Questions

Can I hold both FSEC and PIFI in my portfolio?

FSEC and PIFI have a correlation of 0.80, 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 PIFI?

FSEC has higher volatility (1.51%) compared to PIFI (0.82%). In terms of maximum drawdown, FSEC dropped -17.97% vs PIFI's -10.59%.

Which ETF is better, FSEC or PIFI?

On 5-year performance, PIFI leads with 1.08% vs 0.57% for FSEC. On fees, FSEC is cheaper at 0.36% per year. On volatility, PIFI has been the lower-risk option at 0.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FSEC or PIFI?

Over the 5-year period, PIFI has performed better with a 1.08% 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 PIFI?

FSEC is cheaper with a 0.36% expense ratio, compared with 0.45% for PIFI.

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

FSEC has the higher dividend yield at 4.44%, compared with 3.75% for PIFI.

What is the main difference between FSEC and PIFI?

They also come from different issuers: Fidelity and ClearShares. Their fees differ too: 0.36% for FSEC and 0.45% for PIFI.

Which has better risk-adjusted returns?

PIFI currently has the higher Sharpe Ratio (1.39 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.