FTBD vs. FBND

Last updated Jun 24, 2026

FTBD (Fidelity Tactical Bond ETF) and FBND (Fidelity Total Bond ETF) are both exchange-traded funds - FTBD is a Nontraditional Bonds fund actively managed by Fidelity, while FBND is a Intermediate Core-Plus Bond fund actively managed by Fidelity. Both are actively managed. Over the past 3 years, FTBD returned 5.20%/yr vs 4.73%/yr for FBND. Their correlation of 0.94 suggests significant overlap in exposure. FTBD charges 0.55%/yr vs 0.36%/yr for FBND.

Performance

FTBD vs. FBND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Tactical Bond ETF (FTBD) and Fidelity Total Bond ETF (FBND). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FTBD achieves a 1.43% return, which is significantly higher than FBND's 0.72% return.

FTBD

• 1D: 0.11%
• 1M: 0.92%
• YTD: 1.43%
• 6M: 1.51%
• 1Y: 5.72%
• 3Y*: 5.20%
• 5Y*: —
• 10Y*: —

FBND

• 1D: 0.11%
• 1M: 0.69%
• YTD: 0.72%
• 6M: 0.80%
• 1Y: 4.71%
• 3Y*: 4.73%
• 5Y*: 0.79%
• 10Y*: 2.54%

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

FTBD vs. FBND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FTBD Fidelity Tactical Bond ETF	1.43%	8.35%	1.77%	3.65%
FBND Fidelity Total Bond ETF	0.72%	7.57%	2.13%	3.04%

Correlation

The correlation between FTBD and FBND is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jan 26, 2023	0.94

The correlation between FTBD and FBND has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

Return for Risk

FTBD vs. FBND — Risk / Return Rank

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

FTBD

FTBD Risk / Return Rank: 40
FTBD Sharpe Ratio Rank: 40
FTBD Sortino Ratio Rank: 41
FTBD Omega Ratio Rank: 38
FTBD Calmar Ratio Rank: 41
FTBD Martin Ratio Rank: 42

FBND

FBND Risk / Return Rank: 35
FBND Sharpe Ratio Rank: 36
FBND Sortino Ratio Rank: 37
FBND Omega Ratio Rank: 33
FBND Calmar Ratio Rank: 37
FBND Martin Ratio Rank: 35

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.

FTBD vs. FBND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Tactical Bond ETF (FTBD) and Fidelity Total Bond ETF (FBND). 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.

	FTBD	FBND	Difference
Sharpe ratio: Return per unit of total volatility	1.35	1.24	+0.11
Sortino ratio: Return per unit of downside risk	2.00	1.84	+0.15
Omega ratio: Gain probability vs. loss probability	1.24	1.21	+0.02
Calmar ratio: Return relative to maximum drawdown	1.93	1.77	+0.15
Martin ratio: Return relative to average drawdown	6.42	5.07	+1.35

FTBD vs. FBND - Sharpe Ratio Comparison

The current FTBD Sharpe Ratio is 1.35, which is comparable to the FBND Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of FTBD and FBND, 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

FTBD vs. FBND - Drawdown Comparison

The maximum FTBD drawdown since its inception was -6.98%, smaller than the maximum FBND drawdown of -17.25%. Use the drawdown chart below to compare losses from any high point for FTBD and FBND.

Drawdown Indicators

	FTBD	FBND	Difference
Max Drawdown Largest peak-to-trough decline	-6.98%	-17.25%	+10.27%
Max Drawdown (1Y) Largest decline over 1 year	-2.98%	-2.66%	-0.32%
Max Drawdown (3Y) Largest decline over 3 years	-6.56%	-5.94%	-0.62%
Max Drawdown (5Y) Largest decline over 5 years	—	-17.25%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-17.25%	—
Current Drawdown Current decline from peak	-0.72%	-1.21%	+0.49%
Average Drawdown Average peak-to-trough decline	-1.56%	-3.34%	+1.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.89%	0.93%	-0.04%

Volatility

FTBD vs. FBND - Volatility Comparison

Fidelity Tactical Bond ETF (FTBD) and Fidelity Total Bond ETF (FBND) have volatilities of 1.09% and 1.13%, 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

	FTBD	FBND	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.09%	1.13%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	3.22%	2.84%	+0.38%
Volatility (1Y) Calculated over the trailing 1-year period	4.27%	3.83%	+0.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.84%	5.93%	-0.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.84%	6.10%	-0.26%

FTBD vs. FBND - Expense Ratio Comparison

FTBD has a 0.55% expense ratio, which is higher than FBND's 0.36% expense ratio.

Dividends

FTBD vs. FBND - Dividend Comparison

FTBD's dividend yield for the trailing twelve months is around 5.01%, more than FBND's 4.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBND Fidelity Total Bond ETF	4.69%	4.70%	4.73%	4.26%	3.07%	1.86%	4.25%	2.90%	2.93%	2.56%	2.84%	3.26%
FTBD Fidelity Tactical Bond ETF	5.01%	5.04%	4.76%	4.69%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FTBD and FBND in my portfolio?

With a correlation of 0.91, FTBD and FBND move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FTBD or FBND?

FBND has higher volatility (1.13%) compared to FTBD (1.09%). In terms of maximum drawdown, FTBD dropped -6.98% vs FBND's -17.25%.

Which ETF is better, FTBD or FBND?

On 3-year performance, FTBD leads with 5.20% vs 4.73% for FBND. On fees, FBND 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, FTBD or FBND?

Over the 3-year period, FTBD has performed better with a 5.20% return vs 4.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FTBD or FBND?

FBND is cheaper with a 0.36% expense ratio, compared with 0.55% for FTBD.

Which ETF pays a higher dividend yield, FTBD or FBND?

FTBD has the higher dividend yield at 5.01%, compared with 4.69% for FBND.

What is the main difference between FTBD and FBND?

FTBD is categorized as Nontraditional Bonds, while FBND is Intermediate Core-Plus Bond. Their fees differ too: 0.55% for FTBD and 0.36% for FBND.

Which has better risk-adjusted returns?

FTBD currently has the higher Sharpe Ratio (1.35 vs 1.24), 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.