FTBFX vs. USHY
FTBFX (Fidelity Total Bond Fund) and USHY (iShares Broad USD High Yield Corporate Bond ETF) are both funds - FTBFX is a Intermediate Core-Plus Bond fund actively managed by Fidelity, while USHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Constrained Index. FTBFX is actively managed, while USHY is passively managed. Over the past 5 years, FTBFX returned 0.58%/yr vs 4.16%/yr for USHY. At a 0.35 correlation, their price movements are largely independent. FTBFX charges 0.45%/yr vs 0.15%/yr for USHY.
Performance
FTBFX vs. USHY - Performance Comparison
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Returns By Period
In the year-to-date period, FTBFX achieves a 0.04% return, which is significantly lower than USHY's 1.29% return.
FTBFX
- 1D
- -0.42%
- 1M
- -0.58%
- YTD
- 0.04%
- 6M
- 0.39%
- 1Y
- 5.31%
- 3Y*
- 4.62%
- 5Y*
- 0.58%
- 10Y*
- 2.41%
USHY
- 1D
- 0.08%
- 1M
- -0.14%
- YTD
- 1.29%
- 6M
- 1.85%
- 1Y
- 6.84%
- 3Y*
- 8.79%
- 5Y*
- 4.16%
- 10Y*
- —
FTBFX vs. USHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FTBFX Fidelity Total Bond Fund | 0.04% | 7.50% | 2.13% | 7.25% | -13.58% | -0.44% | 9.34% | 9.89% | -0.66% | 0.82% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 1.29% | 8.81% | 8.45% | 12.73% | -11.18% | 5.02% | 6.17% | 14.24% | -2.41% | 0.16% |
Correlation
The correlation between FTBFX and USHY is 0.57, 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 | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2017 | 0.35 |
Over the past year, FTBFX and USHY have become more correlated (0.57) than their long-term average of 0.35, meaning their price movements have been converging.
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Return for Risk
FTBFX vs. USHY — Risk / Return Rank
FTBFX
USHY
FTBFX vs. USHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Total Bond Fund (FTBFX) and iShares Broad USD High Yield Corporate Bond ETF (USHY). 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.
| FTBFX | USHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.63 | ||
| Sortino ratioReturn per unit of downside risk | -0.97 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.36 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.65 | 2.83 | -1.18 |
| Martin ratioReturn relative to average drawdown | 4.97 | 12.68 | -7.71 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FTBFX | USHY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.24 | 1.88 | -0.63 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.10 | 0.57 | -0.47 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.51 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.92 | 0.58 | +0.34 |
Drawdowns
FTBFX vs. USHY - Drawdown Comparison
The maximum FTBFX drawdown since its inception was -18.25%, smaller than the maximum USHY drawdown of -22.44%. Use the drawdown chart below to compare losses from any high point for FTBFX and USHY.
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Drawdown Indicators
| FTBFX | USHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.25% | -22.44% | +4.19% |
Max Drawdown (1Y)Largest decline over 1 year | -2.89% | -2.43% | -0.46% |
Max Drawdown (3Y)Largest decline over 3 years | -5.82% | -4.66% | -1.16% |
Max Drawdown (5Y)Largest decline over 5 years | -18.25% | -15.56% | -2.69% |
Max Drawdown (10Y)Largest decline over 10 years | -18.25% | — | — |
Current DrawdownCurrent decline from peak | -1.82% | -0.41% | -1.41% |
Average DrawdownAverage peak-to-trough decline | -2.32% | -2.66% | +0.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 0.54% | +0.42% |
Volatility
FTBFX vs. USHY - Volatility Comparison
Fidelity Total Bond Fund (FTBFX) has a higher volatility of 1.39% compared to iShares Broad USD High Yield Corporate Bond ETF (USHY) at 1.13%. This indicates that FTBFX's price experiences larger fluctuations and is considered to be riskier than USHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FTBFX | USHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.39% | 1.13% | +0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 2.81% | 2.95% | -0.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.85% | 3.67% | +0.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.67% | 7.34% | -1.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.73% | 8.25% | -3.52% |
FTBFX vs. USHY - Expense Ratio Comparison
FTBFX has a 0.45% expense ratio, which is higher than USHY's 0.15% expense ratio.
Dividends
FTBFX vs. USHY - Dividend Comparison
FTBFX's dividend yield for the trailing twelve months is around 4.38%, less than USHY's 6.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FTBFX Fidelity Total Bond Fund | 4.38% | 4.36% | 4.15% | 4.15% | 2.54% | 1.89% | 5.22% | 3.03% | 3.19% | 2.97% | 3.61% | 3.30% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 6.93% | 6.79% | 6.89% | 6.63% | 6.08% | 5.07% | 5.30% | 5.92% | 6.30% | 0.73% | 0.00% | 0.00% |
Frequently Asked Questions
FTBFX and USHY have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FTBFX has higher volatility (1.39%) compared to USHY (1.13%). In terms of maximum drawdown, FTBFX dropped -18.25% vs USHY's -22.44%.
USHY currently has the higher Sharpe Ratio (1.88 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.
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