GBF vs. FCBD
GBF (iShares Government/Credit Bond ETF) and FCBD (Frontier Asset Core Bond ETF) are both Intermediate Core Bond funds. GBF is passively managed, while FCBD is actively managed. Over the past year, GBF returned 4.02% vs 3.89% for FCBD. Their correlation of 0.92 suggests significant overlap in exposure. GBF charges 0.20%/yr vs 0.90%/yr for FCBD.
Performance
GBF vs. FCBD - Performance Comparison
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Returns By Period
In the year-to-date period, GBF achieves a 0.35% return, which is significantly higher than FCBD's 0.28% return.
GBF
- 1D
- 0.13%
- 1M
- 0.21%
- YTD
- 0.35%
- 6M
- 0.18%
- 1Y
- 4.02%
- 3Y*
- 3.64%
- 5Y*
- -0.19%
- 10Y*
- 1.51%
FCBD
- 1D
- 0.02%
- 1M
- -0.05%
- YTD
- 0.28%
- 6M
- 0.53%
- 1Y
- 3.89%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GBF vs. FCBD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
GBF iShares Government/Credit Bond ETF | 0.35% | 6.41% | -0.03% |
FCBD Frontier Asset Core Bond ETF | 0.28% | 6.29% | 0.04% |
Correlation
The correlation between GBF and FCBD is 0.91, 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 | 0.91 |
Correlation (All Time) Calculated using the full available price history since Dec 23, 2024 | 0.92 |
The correlation between GBF and FCBD has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.
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Return for Risk
GBF vs. FCBD — Risk / Return Rank
GBF
FCBD
GBF vs. FCBD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Government/Credit Bond ETF (GBF) and Frontier Asset Core Bond ETF (FCBD). 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.
| GBF | FCBD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.58 | ||
| Sortino ratioReturn per unit of downside risk | -0.86 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.30 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.48 | 2.38 | -0.90 |
| Martin ratioReturn relative to average drawdown | 4.37 | 7.25 | -2.88 |
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
| GBF | FCBD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.09 | 1.67 | -0.58 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.03 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.29 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 1.76 | -1.18 |
Drawdowns
GBF vs. FCBD - Drawdown Comparison
The maximum GBF drawdown since its inception was -19.67%, which is greater than FCBD's maximum drawdown of -1.64%. Use the drawdown chart below to compare losses from any high point for GBF and FCBD.
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Drawdown Indicators
| GBF | FCBD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.67% | -1.64% | -18.03% |
Max Drawdown (1Y)Largest decline over 1 year | -2.73% | -1.64% | -1.09% |
Max Drawdown (3Y)Largest decline over 3 years | -5.78% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -18.45% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -19.67% | — | — |
Current DrawdownCurrent decline from peak | -4.71% | -0.92% | -3.79% |
Average DrawdownAverage peak-to-trough decline | -3.67% | -0.35% | -3.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | 0.54% | +0.38% |
Volatility
GBF vs. FCBD - Volatility Comparison
iShares Government/Credit Bond ETF (GBF) has a higher volatility of 1.21% compared to Frontier Asset Core Bond ETF (FCBD) at 0.84%. This indicates that GBF's price experiences larger fluctuations and is considered to be riskier than FCBD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBF | FCBD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.21% | 0.84% | +0.37% |
Volatility (6M)Calculated over the trailing 6-month period | 2.64% | 1.72% | +0.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.75% | 2.35% | +1.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.93% | 2.60% | +3.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.28% | 2.60% | +2.68% |
GBF vs. FCBD - Expense Ratio Comparison
GBF has a 0.20% expense ratio, which is lower than FCBD's 0.90% expense ratio.
Dividends
GBF vs. FCBD - Dividend Comparison
GBF's dividend yield for the trailing twelve months is around 3.78%, less than FCBD's 4.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FCBD Frontier Asset Core Bond ETF | 4.23% | 4.34% | 0.08% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GBF iShares Government/Credit Bond ETF | 3.78% | 3.81% | 3.94% | 3.03% | 2.13% | 1.22% | 1.64% | 2.64% | 2.59% | 2.31% | 2.09% | 2.04% |
Frequently Asked Questions
With a correlation of 0.91, GBF and FCBD 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.
GBF has higher volatility (1.21%) compared to FCBD (0.84%). In terms of maximum drawdown, GBF dropped -19.67% vs FCBD's -1.64%.
On 1-year performance, GBF leads with 4.02% vs 3.89% for FCBD. On fees, GBF is cheaper at 0.20% per year. On volatility, FCBD has been the lower-risk option at 0.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, GBF has performed better with a 4.02% return vs 3.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GBF is cheaper with a 0.20% expense ratio, compared with 0.90% for FCBD.
FCBD has the higher dividend yield at 4.23%, compared with 3.78% for GBF.
They also come from different issuers: iShares and Frontier. Their fees differ too: 0.20% for GBF and 0.90% for FCBD.
FCBD currently has the higher Sharpe Ratio (1.67 vs 1.09), 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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