IBTM vs. FSEC
IBTM (iShares iBonds Dec 2032 Term Treasury ETF) and FSEC (Fidelity Investment Grade Securitized ETF) are both Intermediate Core Bond funds. IBTM is passively managed, while FSEC is actively managed. Over the past 3 years, IBTM returned 2.71%/yr vs 4.82%/yr for FSEC. Their correlation of 0.82 suggests significant overlap in exposure. IBTM charges 0.07%/yr vs 0.36%/yr for FSEC.
Performance
IBTM vs. FSEC - Performance Comparison
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Returns By Period
In the year-to-date period, IBTM achieves a -0.61% return, which is significantly lower than FSEC's 0.86% return.
IBTM
- 1D
- -0.31%
- 1M
- 0.33%
- YTD
- -0.61%
- 6M
- -0.56%
- 1Y
- 3.09%
- 3Y*
- 2.71%
- 5Y*
- —
- 10Y*
- —
FSEC
- 1D
- -0.18%
- 1M
- 0.41%
- YTD
- 0.86%
- 6M
- 0.87%
- 1Y
- 6.18%
- 3Y*
- 4.82%
- 5Y*
- 0.54%
- 10Y*
- —
IBTM vs. FSEC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
IBTM iShares iBonds Dec 2032 Term Treasury ETF | -0.61% | 8.06% | -0.14% | 3.48% | -5.01% |
FSEC Fidelity Investment Grade Securitized ETF | 0.86% | 8.33% | 2.40% | 5.22% | -3.74% |
Correlation
The correlation between IBTM and FSEC is 0.81, 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 | 0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Jul 8, 2022 | 0.82 |
The correlation between IBTM and FSEC has been stable across timeframes, ranging from 0.81 to 0.83 - a consistent structural relationship.
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Return for Risk
IBTM vs. FSEC — Risk / Return Rank
IBTM
FSEC
IBTM vs. FSEC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2032 Term Treasury ETF (IBTM) 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.
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.
| IBTM | FSEC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.41 | ||
| Sortino ratioReturn per unit of downside risk | -0.62 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.22 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.95 | 2.46 | -1.51 |
| Martin ratioReturn relative to average drawdown | 2.51 | 6.72 | -4.21 |
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Drawdowns
IBTM vs. FSEC - Drawdown Comparison
The maximum IBTM drawdown since its inception was -13.60%, smaller than the maximum FSEC drawdown of -17.97%. Use the drawdown chart below to compare losses from any high point for IBTM and FSEC.
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Drawdown Indicators
| IBTM | FSEC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.60% | -17.97% | +4.37% |
Max Drawdown (1Y)Largest decline over 1 year | -3.26% | -2.52% | -0.74% |
Max Drawdown (3Y)Largest decline over 3 years | -7.86% | -7.32% | -0.54% |
Max Drawdown (5Y)Largest decline over 5 years | — | -17.97% | — |
Current DrawdownCurrent decline from peak | -2.49% | -1.20% | -1.29% |
Average DrawdownAverage peak-to-trough decline | -4.78% | -6.58% | +1.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.23% | 0.92% | +0.31% |
Volatility
IBTM vs. FSEC - Volatility Comparison
iShares iBonds Dec 2032 Term Treasury ETF (IBTM) and Fidelity Investment Grade Securitized ETF (FSEC) have volatilities of 1.23% and 1.27%, 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.
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Volatility by Period
| IBTM | FSEC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.23% | 1.27% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 2.89% | 3.26% | -0.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.05% | 5.30% | -1.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.53% | 6.78% | +0.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.53% | 6.60% | +0.93% |
IBTM vs. FSEC - Expense Ratio Comparison
IBTM has a 0.07% expense ratio, which is lower than FSEC's 0.36% expense ratio.
Dividends
IBTM vs. FSEC - Dividend Comparison
IBTM's dividend yield for the trailing twelve months is around 3.96%, less than FSEC's 4.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
FSEC Fidelity Investment Grade Securitized ETF | 4.44% | 4.22% | 3.22% | 3.41% | 2.21% | 0.96% |
IBTM iShares iBonds Dec 2032 Term Treasury ETF | 3.96% | 3.87% | 3.96% | 3.39% | 1.38% | 0.00% |
Frequently Asked Questions
IBTM and FSEC have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FSEC has higher volatility (1.27%) compared to IBTM (1.23%). In terms of maximum drawdown, IBTM dropped -13.60% vs FSEC's -17.97%.
On 3-year performance, FSEC leads with 4.82% vs 2.71% for IBTM. On fees, IBTM is cheaper at 0.07% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, FSEC has performed better with a 4.82% return vs 2.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBTM is cheaper with a 0.07% expense ratio, compared with 0.36% for FSEC.
FSEC has the higher dividend yield at 4.44%, compared with 3.96% for IBTM.
They also come from different issuers: iShares and Fidelity. Their fees differ too: 0.07% for IBTM and 0.36% for FSEC.
FSEC currently has the higher Sharpe Ratio (1.17 vs 0.77), 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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