IBGA vs. FSEC

Last updated Jun 4, 2026

IBGA (iShares iBonds Dec 2044 Term Treasury ETF) and FSEC (Fidelity Investment Grade Securitized ETF) are both Intermediate Core Bond funds. IBGA is passively managed, while FSEC is actively managed. Over the past year, IBGA returned 5.33% vs 6.85% for FSEC. A 0.76 correlation means they provide meaningful diversification when combined. IBGA charges 0.07%/yr vs 0.36%/yr for FSEC.

Performance

IBGA vs. FSEC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2044 Term Treasury ETF (IBGA) and Fidelity Investment Grade Securitized ETF (FSEC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IBGA achieves a -0.37% return, which is significantly lower than FSEC's 0.70% return.

IBGA

• 1D: -0.41%
• 1M: 0.62%
• YTD: -0.37%
• 6M: -1.42%
• 1Y: 5.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FSEC

• 1D: -0.27%
• 1M: 0.25%
• YTD: 0.70%
• 6M: 0.93%
• 1Y: 6.85%
• 3Y*: 4.79%
• 5Y*: 0.48%
• 10Y*: —

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

IBGA vs. FSEC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IBGA iShares iBonds Dec 2044 Term Treasury ETF	-0.37%	6.09%	-1.41%
FSEC Fidelity Investment Grade Securitized ETF	0.70%	8.33%	2.43%

Correlation

The correlation between IBGA and FSEC is 0.76, 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	0.76
Correlation (All Time) Calculated using the full available price history since Jun 13, 2024	0.76

The correlation between IBGA and FSEC has been stable across timeframes, ranging from 0.76 to 0.76 - a consistent structural relationship.

Return for Risk

IBGA vs. FSEC — Risk / Return Rank

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

IBGA

IBGA Risk / Return Rank: 20
IBGA Sharpe Ratio Rank: 20
IBGA Sortino Ratio Rank: 20
IBGA Omega Ratio Rank: 19
IBGA Calmar Ratio Rank: 20
IBGA Martin Ratio Rank: 20

FSEC

FSEC Risk / Return Rank: 42
FSEC Sharpe Ratio Rank: 35
FSEC Sortino Ratio Rank: 37
FSEC Omega Ratio Rank: 37
FSEC Calmar Ratio Rank: 55
FSEC Martin Ratio Rank: 47

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.

IBGA vs. FSEC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2044 Term Treasury ETF (IBGA) and Fidelity Investment Grade Securitized ETF (FSEC). 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.

	IBGA	FSEC	Difference
Sharpe ratio: Return per unit of total volatility	0.65	1.29	-0.64
Sortino ratio: Return per unit of downside risk	0.99	1.96	-0.97
Omega ratio: Gain probability vs. loss probability	1.11	1.25	-0.13
Calmar ratio: Return relative to maximum drawdown	0.81	2.73	-1.91
Martin ratio: Return relative to average drawdown	2.23	7.77	-5.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IBGA vs. FSEC - Sharpe Ratio Comparison

The current IBGA Sharpe Ratio is 0.65, which is lower than the FSEC Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of IBGA and FSEC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IBGA	FSEC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.65	1.29	-0.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.07	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.06	+0.15

Drawdowns

IBGA vs. FSEC - Drawdown Comparison

The maximum IBGA drawdown since its inception was -11.69%, smaller than the maximum FSEC drawdown of -17.97%. Use the drawdown chart below to compare losses from any high point for IBGA and FSEC.

Drawdown Indicators

	IBGA	FSEC	Difference
Max Drawdown Largest peak-to-trough decline	-11.69%	-17.97%	+6.28%
Max Drawdown (1Y) Largest decline over 1 year	-6.60%	-2.52%	-4.08%
Max Drawdown (3Y) Largest decline over 3 years	—	-7.32%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-17.97%	—
Current Drawdown Current decline from peak	-4.67%	-1.36%	-3.31%
Average Drawdown Average peak-to-trough decline	-5.05%	-6.63%	+1.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.40%	0.88%	+1.52%

Volatility

IBGA vs. FSEC - Volatility Comparison

iShares iBonds Dec 2044 Term Treasury ETF (IBGA) has a higher volatility of 2.59% compared to Fidelity Investment Grade Securitized ETF (FSEC) at 1.50%. This indicates that IBGA's price experiences larger fluctuations and is considered to be riskier than FSEC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBGA	FSEC	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.59%	1.50%	+1.09%
Volatility (6M) Calculated over the trailing 6-month period	5.68%	3.11%	+2.57%
Volatility (1Y) Calculated over the trailing 1-year period	8.21%	5.33%	+2.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.86%	6.76%	+3.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.86%	6.61%	+3.25%

IBGA vs. FSEC - Expense Ratio Comparison

IBGA has a 0.07% expense ratio, which is lower than FSEC's 0.36% expense ratio.

Dividends

IBGA vs. FSEC - Dividend Comparison

IBGA's dividend yield for the trailing twelve months is around 4.66%, more than FSEC's 4.45% yield.

Position	TTM	2025	2024	2023	2022	2021
FSEC Fidelity Investment Grade Securitized ETF	4.45%	4.22%	3.22%	3.41%	2.21%	0.96%
IBGA iShares iBonds Dec 2044 Term Treasury ETF	4.66%	4.49%	2.03%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IBGA and FSEC in my portfolio?

IBGA and FSEC have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IBGA or FSEC?

IBGA has higher volatility (2.59%) compared to FSEC (1.50%). In terms of maximum drawdown, IBGA dropped -11.69% vs FSEC's -17.97%.

Which ETF is better, IBGA or FSEC?

On 1-year performance, FSEC leads with 6.85% vs 5.33% for IBGA. On fees, IBGA is cheaper at 0.07% per year. On volatility, FSEC has been the lower-risk option at 1.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBGA or FSEC?

Over the 1-year period, FSEC has performed better with a 6.85% return vs 5.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBGA or FSEC?

IBGA is cheaper with a 0.07% expense ratio, compared with 0.36% for FSEC.

Which ETF pays a higher dividend yield, IBGA or FSEC?

IBGA has the higher dividend yield at 4.66%, compared with 4.45% for FSEC.

What is the main difference between IBGA and FSEC?

They also come from different issuers: iShares and Fidelity. Their fees differ too: 0.07% for IBGA and 0.36% for FSEC.

Which has better risk-adjusted returns?

FSEC currently has the higher Sharpe Ratio (1.29 vs 0.65), 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.