LMBS vs. FBND
LMBS (First Trust Low Duration Mortgage Opportunities ETF) and FBND (Fidelity Total Bond ETF) are both exchange-traded funds - LMBS is a Mortgage Backed Securities fund actively managed by First Trust, while FBND is a Intermediate Core-Plus Bond fund actively managed by Fidelity. Both are actively managed. Over the past 10 years, LMBS returned 2.67%/yr vs 2.56%/yr for FBND. A 0.51 correlation means they provide meaningful diversification when combined. LMBS charges 0.68%/yr vs 0.36%/yr for FBND.
Performance
LMBS vs. FBND - Performance Comparison
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Returns By Period
In the year-to-date period, LMBS achieves a 1.24% return, which is significantly higher than FBND's 0.50% return. Both investments have delivered pretty close results over the past 10 years, with LMBS having a 2.67% annualized return and FBND not far behind at 2.56%.
LMBS
- 1D
- -0.10%
- 1M
- 0.11%
- YTD
- 1.24%
- 6M
- 1.47%
- 1Y
- 6.09%
- 3Y*
- 5.73%
- 5Y*
- 3.03%
- 10Y*
- 2.67%
FBND
- 1D
- -0.20%
- 1M
- 0.31%
- YTD
- 0.50%
- 6M
- 0.30%
- 1Y
- 5.59%
- 3Y*
- 4.70%
- 5Y*
- 0.83%
- 10Y*
- 2.56%
LMBS vs. FBND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
LMBS First Trust Low Duration Mortgage Opportunities ETF | 1.24% | 7.05% | 5.15% | 6.10% | -3.07% | -0.91% | 1.64% | 4.10% | 1.62% | 1.68% |
FBND Fidelity Total Bond ETF | 0.50% | 7.57% | 2.13% | 6.81% | -12.54% | -0.43% | 9.41% | 9.82% | -0.57% | 3.52% |
Correlation
The correlation between LMBS and FBND is 0.80, 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 | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.75 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Nov 6, 2014 | 0.51 |
Over the past year, LMBS and FBND have become more correlated (0.80) than their long-term average of 0.51, meaning their price movements have been converging.
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Return for Risk
LMBS vs. FBND — Risk / Return Rank
LMBS
FBND
LMBS vs. FBND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Low Duration Mortgage Opportunities ETF (LMBS) 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.
| LMBS | FBND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.64 | ||
| Sortino ratioReturn per unit of downside risk | +2.63 | ||
| Omega ratioGain probability vs. loss probability | 1.62 | 1.25 | +0.37 |
| Calmar ratioReturn relative to maximum drawdown | 4.28 | 2.11 | +2.17 |
| Martin ratioReturn relative to average drawdown | 18.25 | 6.37 | +11.88 |
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
| LMBS | FBND | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.10 | 1.46 | +1.64 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.19 | 0.14 | +1.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.14 | 0.42 | +0.72 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.13 | 0.44 | +0.69 |
Drawdowns
LMBS vs. FBND - Drawdown Comparison
The maximum LMBS drawdown since its inception was -6.49%, smaller than the maximum FBND drawdown of -17.25%. Use the drawdown chart below to compare losses from any high point for LMBS and FBND.
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Drawdown Indicators
| LMBS | FBND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.49% | -17.25% | +10.76% |
Max Drawdown (1Y)Largest decline over 1 year | -1.43% | -2.66% | +1.23% |
Max Drawdown (3Y)Largest decline over 3 years | -1.72% | -5.94% | +4.22% |
Max Drawdown (5Y)Largest decline over 5 years | -6.12% | -17.25% | +11.13% |
Max Drawdown (10Y)Largest decline over 10 years | -6.49% | -17.25% | +10.76% |
Current DrawdownCurrent decline from peak | -0.34% | -1.43% | +1.09% |
Average DrawdownAverage peak-to-trough decline | -0.80% | -3.35% | +2.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.33% | 0.88% | -0.55% |
Volatility
LMBS vs. FBND - Volatility Comparison
The current volatility for First Trust Low Duration Mortgage Opportunities ETF (LMBS) is 0.68%, while Fidelity Total Bond ETF (FBND) has a volatility of 1.27%. This indicates that LMBS experiences smaller price fluctuations and is considered to be less risky than FBND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LMBS | FBND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.68% | 1.27% | -0.59% |
Volatility (6M)Calculated over the trailing 6-month period | 1.45% | 2.73% | -1.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.97% | 3.86% | -1.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.56% | 5.92% | -3.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.36% | 6.10% | -3.74% |
LMBS vs. FBND - Expense Ratio Comparison
LMBS has a 0.68% expense ratio, which is higher than FBND's 0.36% expense ratio.
Dividends
LMBS vs. FBND - Dividend Comparison
LMBS's dividend yield for the trailing twelve months is around 4.10%, 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% |
LMBS First Trust Low Duration Mortgage Opportunities ETF | 4.10% | 4.08% | 4.28% | 3.96% | 2.22% | 2.04% | 2.27% | 2.55% | 2.76% | 2.73% | 2.84% | 3.03% |
Frequently Asked Questions
LMBS and FBND have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FBND has higher volatility (1.27%) compared to LMBS (0.68%). In terms of maximum drawdown, LMBS dropped -6.49% vs FBND's -17.25%.
On 10-year performance, LMBS leads with 2.67% vs 2.56% for FBND. On fees, FBND is cheaper at 0.36% per year. On volatility, LMBS has been the lower-risk option at 0.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, LMBS has performed better with a 2.67% return vs 2.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FBND is cheaper with a 0.36% expense ratio, compared with 0.68% for LMBS.
FBND has the higher dividend yield at 4.70%, compared with 4.10% for LMBS.
LMBS is categorized as Mortgage Backed Securities, while FBND is Intermediate Core-Plus Bond. They also come from different issuers: First Trust and Fidelity. Their fees differ too: 0.68% for LMBS and 0.36% for FBND.
LMBS currently has the higher Sharpe Ratio (3.10 vs 1.46), 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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