FUTBX vs. FBND

Last updated Jun 23, 2026

FUTBX (Fidelity SAI U.S. Treasury Bond Index Fund) and FBND (Fidelity Total Bond ETF) are both funds - FUTBX is a Government Bonds fund managed by Fidelity, while FBND is a Intermediate Core-Plus Bond fund actively managed by Fidelity. Over the past 5 years, FUTBX returned -0.58%/yr vs 0.78%/yr for FBND. Their correlation of 0.84 suggests significant overlap in exposure. FUTBX charges 0.03%/yr vs 0.36%/yr for FBND.

Performance

FUTBX vs. FBND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity SAI U.S. Treasury Bond Index Fund (FUTBX) 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, FUTBX achieves a 0.18% return, which is significantly lower than FBND's 0.61% return.

FUTBX

• 1D: 0.23%
• 1M: 0.83%
• YTD: 0.18%
• 6M: 0.42%
• 1Y: 3.55%
• 3Y*: 3.03%
• 5Y*: -0.58%
• 10Y*: —

FBND

• 1D: -0.26%
• 1M: 0.58%
• YTD: 0.61%
• 6M: 0.71%
• 1Y: 4.87%
• 3Y*: 4.69%
• 5Y*: 0.78%
• 10Y*: 2.53%

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

FUTBX vs. FBND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FUTBX Fidelity SAI U.S. Treasury Bond Index Fund	0.18%	6.12%	0.70%	4.19%	-13.00%	-2.54%	7.76%	7.30%	0.95%	2.28%
FBND Fidelity Total Bond ETF	0.61%	7.57%	2.13%	6.81%	-12.54%	-0.43%	9.41%	9.82%	-0.57%	3.52%

Correlation

The correlation between FUTBX and FBND is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.84

The correlation between FUTBX and FBND has been stable across timeframes, ranging from 0.84 to 0.94 - a consistent structural relationship.

Return for Risk

FUTBX vs. FBND — Risk / Return Rank

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

FUTBX

FUTBX Risk / Return Rank: 13
FUTBX Sharpe Ratio Rank: 13
FUTBX Sortino Ratio Rank: 13
FUTBX Omega Ratio Rank: 12
FUTBX Calmar Ratio Rank: 13
FUTBX Martin Ratio Rank: 12

FBND

FBND Risk / Return Rank: 36
FBND Sharpe Ratio Rank: 36
FBND Sortino Ratio Rank: 38
FBND Omega Ratio Rank: 34
FBND Calmar Ratio Rank: 38
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.

FUTBX vs. FBND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity SAI U.S. Treasury Bond Index Fund (FUTBX) 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.

	FUTBX	FBND	Difference
Sharpe ratio: Return per unit of total volatility	0.94	1.28	-0.34
Sortino ratio: Return per unit of downside risk	1.40	1.91	-0.51
Omega ratio: Gain probability vs. loss probability	1.16	1.22	-0.06
Calmar ratio: Return relative to maximum drawdown	1.16	1.83	-0.67
Martin ratio: Return relative to average drawdown	3.16	5.27	-2.10

FUTBX vs. FBND - Sharpe Ratio Comparison

The current FUTBX Sharpe Ratio is 0.94, which is comparable to the FBND Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of FUTBX 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

FUTBX vs. FBND - Drawdown Comparison

The maximum FUTBX drawdown since its inception was -19.69%, which is greater than FBND's maximum drawdown of -17.25%. Use the drawdown chart below to compare losses from any high point for FUTBX and FBND.

Drawdown Indicators

	FUTBX	FBND	Difference
Max Drawdown Largest peak-to-trough decline	-19.69%	-17.25%	-2.44%
Max Drawdown (1Y) Largest decline over 1 year	-3.09%	-2.66%	-0.43%
Max Drawdown (3Y) Largest decline over 3 years	-5.42%	-5.94%	+0.52%
Max Drawdown (5Y) Largest decline over 5 years	-17.03%	-17.25%	+0.22%
Max Drawdown (10Y) Largest decline over 10 years	—	-17.25%	—
Current Drawdown Current decline from peak	-7.51%	-1.32%	-6.19%
Average Drawdown Average peak-to-trough decline	-6.96%	-3.34%	-3.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.13%	0.93%	+0.20%

Volatility

FUTBX vs. FBND - Volatility Comparison

Fidelity SAI U.S. Treasury Bond Index Fund (FUTBX) and Fidelity Total Bond ETF (FBND) have volatilities of 1.08% and 1.12%, 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

	FUTBX	FBND	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.08%	1.12%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	2.77%	2.85%	-0.08%
Volatility (1Y) Calculated over the trailing 1-year period	3.80%	3.83%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.81%	5.93%	-0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.15%	6.10%	-0.95%

FUTBX vs. FBND - Expense Ratio Comparison

FUTBX has a 0.03% expense ratio, which is lower than FBND's 0.36% expense ratio.

Dividends

FUTBX vs. FBND - Dividend Comparison

FUTBX's dividend yield for the trailing twelve months is around 3.64%, less than FBND's 4.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBND Fidelity Total Bond ETF	4.70%	4.70%	4.73%	4.26%	3.07%	1.86%	4.25%	2.90%	2.93%	2.56%	2.84%	3.26%
FUTBX Fidelity SAI U.S. Treasury Bond Index Fund	3.64%	3.43%	2.90%	2.12%	1.12%	0.86%	4.54%	2.75%	2.05%	1.65%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FUTBX and FBND in my portfolio?

With a correlation of 0.93, FUTBX 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, FUTBX or FBND?

FBND has higher volatility (1.12%) compared to FUTBX (1.08%). In terms of maximum drawdown, FUTBX dropped -19.69% vs FBND's -17.25%.

Which has better risk-adjusted returns?

FBND currently has the higher Sharpe Ratio (1.28 vs 0.94), 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.