FTBD vs. FLXR

Last updated Apr 1, 2026

Compare and contrast key facts about Fidelity Tactical Bond ETF (FTBD) and TCW Flexible Income ETF (FLXR).

FTBD and FLXR are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FTBD is an actively managed fund by Fidelity. It was launched on Jan 24, 2023. FLXR is an actively managed fund by TCW. It was launched on Nov 30, 2018.

Performance

FTBD vs. FLXR - Performance Comparison

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

FTBD vs. FLXR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FTBD Fidelity Tactical Bond ETF	0.29%	8.35%	1.05%
FLXR TCW Flexible Income ETF	0.17%	8.37%	4.77%

Returns By Period

In the year-to-date period, FTBD achieves a 0.29% return, which is significantly higher than FLXR's 0.17% return.

FTBD

• 1D: 0.46%
• 1M: -1.83%
• YTD: 0.29%
• 6M: 0.85%
• 1Y: 5.74%
• 3Y*: 4.63%
• 5Y*: —
• 10Y*: —

FLXR

• 1D: 0.29%
• 1M: -0.91%
• YTD: 0.17%
• 6M: 1.62%
• 1Y: 6.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FTBD vs. FLXR - Expense Ratio Comparison

FTBD has a 0.55% expense ratio, which is higher than FLXR's 0.40% expense ratio.

FTBD

Fidelity Tactical Bond ETF

FLXR

TCW Flexible Income ETF

Return for Risk

FTBD vs. FLXR — Risk / Return Rank

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

FTBD

FTBD Risk / Return Rank: 69
FTBD Sharpe Ratio Rank: 71
FTBD Sortino Ratio Rank: 71
FTBD Omega Ratio Rank: 59
FTBD Calmar Ratio Rank: 77
FTBD Martin Ratio Rank: 69

FLXR

FLXR Risk / Return Rank: 96
FLXR Sharpe Ratio Rank: 95
FLXR Sortino Ratio Rank: 96
FLXR Omega Ratio Rank: 96
FLXR Calmar Ratio Rank: 96
FLXR Martin Ratio Rank: 95

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. FLXR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Tactical Bond ETF (FTBD) and TCW Flexible Income ETF (FLXR). 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.

	FTBD	FLXR	Difference
Sharpe ratio Return per unit of total volatility	1.24	2.37	-1.14
Sortino ratio Return per unit of downside risk	1.77	3.29	-1.52
Omega ratio Gain probability vs. loss probability	1.22	1.48	-0.27
Calmar ratio Return relative to maximum drawdown	2.03	4.16	-2.13
Martin ratio Return relative to average drawdown	6.87	15.82	-8.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FTBD vs. FLXR - Sharpe Ratio Comparison

The current FTBD Sharpe Ratio is 1.24, which is lower than the FLXR Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of FTBD and FLXR, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FTBD	FLXR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.24	2.37	-1.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	2.69	-1.94

Correlation

The correlation between FTBD and FLXR is 0.74, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FTBD vs. FLXR - Dividend Comparison

FTBD's dividend yield for the trailing twelve months is around 5.08%, less than FLXR's 5.63% yield.

	TTM	2025	2024	2023
FTBD Fidelity Tactical Bond ETF	5.08%	5.04%	4.76%	4.69%
FLXR TCW Flexible Income ETF	5.14%	5.66%	3.44%	0.00%

Drawdowns

FTBD vs. FLXR - Drawdown Comparison

The maximum FTBD drawdown since its inception was -6.98%, which is greater than FLXR's maximum drawdown of -1.94%. Use the drawdown chart below to compare losses from any high point for FTBD and FLXR.

Drawdown Indicators

	FTBD	FLXR	Difference
Max Drawdown Largest peak-to-trough decline	-6.98%	-1.94%	-5.04%
Max Drawdown (1Y) Largest decline over 1 year	-2.98%	-1.47%	-1.51%
Current Drawdown Current decline from peak	-1.83%	-0.91%	-0.92%
Average Drawdown Average peak-to-trough decline	-1.59%	-0.37%	-1.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	0.39%	+0.49%

Volatility

FTBD vs. FLXR - Volatility Comparison

Fidelity Tactical Bond ETF (FTBD) has a higher volatility of 2.20% compared to TCW Flexible Income ETF (FLXR) at 1.04%. This indicates that FTBD's price experiences larger fluctuations and is considered to be riskier than FLXR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FTBD	FLXR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.20%	1.04%	+1.16%
Volatility (6M) Calculated over the trailing 6-month period	2.99%	1.60%	+1.39%
Volatility (1Y) Calculated over the trailing 1-year period	4.67%	2.55%	+2.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.94%	2.83%	+3.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.94%	2.83%	+3.11%