FTBFX vs. PFORX
FTBFX (Fidelity Total Bond Fund) and PFORX (PIMCO International Bond Fund (U.S. Dollar-Hedged)) are both mutual funds - FTBFX is a Intermediate Core-Plus Bond fund actively managed by Fidelity, while PFORX is a Global Bonds fund managed by PIMCO. Over the past 10 years, FTBFX returned 2.43%/yr vs 2.83%/yr for PFORX. At a 0.49 correlation, their price movements are largely independent. FTBFX charges 0.45%/yr vs 0.50%/yr for PFORX.
Performance
FTBFX vs. PFORX - Performance Comparison
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Returns By Period
In the year-to-date period, FTBFX achieves a 0.57% return, which is significantly higher than PFORX's -0.18% return. Over the past 10 years, FTBFX has underperformed PFORX with an annualized return of 2.43%, while PFORX has yielded a comparatively higher 2.83% annualized return.
FTBFX
- 1D
- 0.53%
- 1M
- 1.21%
- YTD
- 0.57%
- 6M
- 1.02%
- 1Y
- 5.30%
- 3Y*
- 4.80%
- 5Y*
- 0.60%
- 10Y*
- 2.43%
PFORX
- 1D
- 0.31%
- 1M
- 1.49%
- YTD
- -0.18%
- 6M
- 0.36%
- 1Y
- 2.47%
- 3Y*
- 5.31%
- 5Y*
- 1.43%
- 10Y*
- 2.83%
FTBFX vs. PFORX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FTBFX Fidelity Total Bond Fund | 0.57% | 7.50% | 2.13% | 7.25% | -13.58% | -0.44% | 9.34% | 9.89% | -0.66% | 4.19% |
PFORX PIMCO International Bond Fund (U.S. Dollar-Hedged) | -0.18% | 4.33% | 5.70% | 9.52% | -10.33% | -1.67% | 6.17% | 7.64% | 2.64% | 3.52% |
Correlation
The correlation between FTBFX and PFORX is 0.67, 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 | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.59 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Oct 16, 2002 | 0.49 |
The correlation between FTBFX and PFORX shifts across timeframes, from 0.49 (all time) to 0.67 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FTBFX vs. PFORX — Risk / Return Rank
FTBFX
PFORX
FTBFX vs. PFORX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Total Bond Fund (FTBFX) and PIMCO International Bond Fund (U.S. Dollar-Hedged) (PFORX). 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.
| FTBFX | PFORX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.74 | ||
| Sortino ratioReturn per unit of downside risk | +1.10 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.12 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.80 | 0.60 | +1.20 |
| Martin ratioReturn relative to average drawdown | 5.30 | 1.78 | +3.52 |
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Drawdowns
FTBFX vs. PFORX - Drawdown Comparison
The maximum FTBFX drawdown since its inception was -18.25%, which is greater than PFORX's maximum drawdown of -13.87%. Use the drawdown chart below to compare losses from any high point for FTBFX and PFORX.
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Drawdown Indicators
| FTBFX | PFORX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.25% | -13.87% | -4.38% |
Max Drawdown (1Y)Largest decline over 1 year | -2.89% | -3.99% | +1.10% |
Max Drawdown (3Y)Largest decline over 3 years | -5.82% | -3.99% | -1.83% |
Max Drawdown (5Y)Largest decline over 5 years | -18.25% | -13.71% | -4.54% |
Max Drawdown (10Y)Largest decline over 10 years | -18.25% | -13.87% | -4.38% |
Current DrawdownCurrent decline from peak | -1.31% | -1.67% | +0.36% |
Average DrawdownAverage peak-to-trough decline | -2.32% | -1.95% | -0.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.98% | 1.33% | -0.35% |
Volatility
FTBFX vs. PFORX - Volatility Comparison
Fidelity Total Bond Fund (FTBFX) has a higher volatility of 1.43% compared to PIMCO International Bond Fund (U.S. Dollar-Hedged) (PFORX) at 1.33%. This indicates that FTBFX's price experiences larger fluctuations and is considered to be riskier than PFORX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FTBFX | PFORX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.43% | 1.33% | +0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 2.85% | 3.38% | -0.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.84% | 3.82% | +0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.67% | 3.62% | +2.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.73% | 3.16% | +1.57% |
FTBFX vs. PFORX - Expense Ratio Comparison
FTBFX has a 0.45% expense ratio, which is lower than PFORX's 0.50% expense ratio.
Dividends
FTBFX vs. PFORX - Dividend Comparison
FTBFX's dividend yield for the trailing twelve months is around 4.36%, more than PFORX's 4.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FTBFX Fidelity Total Bond Fund | 4.36% | 4.36% | 4.15% | 4.15% | 2.54% | 1.89% | 5.22% | 3.03% | 3.19% | 2.97% | 3.61% | 3.30% |
PFORX PIMCO International Bond Fund (U.S. Dollar-Hedged) | 4.12% | 4.23% | 4.91% | 3.02% | 3.65% | 1.55% | 2.46% | 6.86% | 2.90% | 1.46% | 1.38% | 9.12% |
Frequently Asked Questions
FTBFX and PFORX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FTBFX has higher volatility (1.43%) compared to PFORX (1.33%). In terms of maximum drawdown, FTBFX dropped -18.25% vs PFORX's -13.87%.
FTBFX currently has the higher Sharpe Ratio (1.36 vs 0.63), 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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