FTBD vs. PIMIX
FTBD (Fidelity Tactical Bond ETF) and PIMIX (PIMCO Income Fund Institutional Class) are both funds - FTBD is a Nontraditional Bonds fund actively managed by Fidelity, while PIMIX is a Multisector Bonds fund actively managed by PIMCO. Both are actively managed. Over the past 3 years, FTBD returned 5.16%/yr vs 7.73%/yr for PIMIX. Their correlation of 0.82 suggests significant overlap in exposure. FTBD charges 0.55%/yr vs 0.54%/yr for PIMIX.
Performance
FTBD vs. PIMIX - Performance Comparison
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Returns By Period
In the year-to-date period, FTBD achieves a 1.32% return, which is significantly higher than PIMIX's 1.00% return.
FTBD
- 1D
- -0.17%
- 1M
- 0.81%
- YTD
- 1.32%
- 6M
- 1.45%
- 1Y
- 5.88%
- 3Y*
- 5.16%
- 5Y*
- —
- 10Y*
- —
PIMIX
- 1D
- 0.09%
- 1M
- 1.19%
- YTD
- 1.00%
- 6M
- 1.60%
- 1Y
- 7.88%
- 3Y*
- 7.73%
- 5Y*
- 3.58%
- 10Y*
- 4.72%
FTBD vs. PIMIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
FTBD Fidelity Tactical Bond ETF | 1.32% | 8.35% | 1.77% | 3.65% |
PIMIX PIMCO Income Fund Institutional Class | 1.00% | 11.08% | 5.45% | 6.18% |
Correlation
The correlation between FTBD and PIMIX is 0.80, 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 | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Jan 26, 2023 | 0.82 |
The correlation between FTBD and PIMIX has been stable across timeframes, ranging from 0.80 to 0.82 - a consistent structural relationship.
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Return for Risk
FTBD vs. PIMIX — Risk / Return Rank
FTBD
PIMIX
FTBD vs. PIMIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Tactical Bond ETF (FTBD) and PIMCO Income Fund Institutional Class (PIMIX). 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 | PIMIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.52 | ||
| Sortino ratioReturn per unit of downside risk | -0.80 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.37 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.98 | 2.15 | -0.17 |
| Martin ratioReturn relative to average drawdown | 6.61 | 7.27 | -0.66 |
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Drawdowns
FTBD vs. PIMIX - Drawdown Comparison
The maximum FTBD drawdown since its inception was -6.98%, smaller than the maximum PIMIX drawdown of -13.39%. Use the drawdown chart below to compare losses from any high point for FTBD and PIMIX.
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Drawdown Indicators
| FTBD | PIMIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.98% | -13.39% | +6.41% |
Max Drawdown (1Y)Largest decline over 1 year | -2.98% | -3.69% | +0.71% |
Max Drawdown (3Y)Largest decline over 3 years | -6.56% | -3.84% | -2.72% |
Max Drawdown (5Y)Largest decline over 5 years | — | -13.34% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -13.39% | — |
Current DrawdownCurrent decline from peak | -0.83% | -0.93% | +0.10% |
Average DrawdownAverage peak-to-trough decline | -1.56% | -1.69% | +0.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.89% | 1.09% | -0.20% |
Volatility
FTBD vs. PIMIX - Volatility Comparison
The current volatility for Fidelity Tactical Bond ETF (FTBD) is 1.09%, while PIMCO Income Fund Institutional Class (PIMIX) has a volatility of 1.42%. This indicates that FTBD experiences smaller price fluctuations and is considered to be less risky than PIMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FTBD | PIMIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.09% | 1.42% | -0.33% |
Volatility (6M)Calculated over the trailing 6-month period | 3.23% | 3.39% | -0.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.28% | 4.17% | +0.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.84% | 4.86% | +0.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.84% | 4.26% | +1.58% |
FTBD vs. PIMIX - Expense Ratio Comparison
FTBD has a 0.55% expense ratio, which is higher than PIMIX's 0.54% expense ratio.
Dividends
FTBD vs. PIMIX - Dividend Comparison
FTBD's dividend yield for the trailing twelve months is around 5.02%, less than PIMIX's 5.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FTBD Fidelity Tactical Bond ETF | 5.02% | 5.04% | 4.76% | 4.69% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PIMIX PIMCO Income Fund Institutional Class | 5.83% | 6.01% | 6.27% | 6.21% | 4.98% | 4.02% | 4.88% | 5.83% | 5.66% | 5.37% | 5.52% | 7.88% |
Frequently Asked Questions
FTBD and PIMIX 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.
PIMIX has higher volatility (1.42%) compared to FTBD (1.09%). In terms of maximum drawdown, FTBD dropped -6.98% vs PIMIX's -13.39%.
PIMIX currently has the higher Sharpe Ratio (1.91 vs 1.38), 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.
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