LQD vs. FBNDX
LQD (iShares iBoxx $ Investment Grade Corporate Bond ETF) and FBNDX (Fidelity Investment Grade Bond Fund) are both funds - LQD is a Corporate Bonds fund tracking the iBoxx $ Liquid Investment Grade Index, while FBNDX is a Total Bond Market fund managed by Fidelity. Over the past 10 years, LQD returned 2.56%/yr vs 2.09%/yr for FBNDX. A 0.76 correlation means they provide meaningful diversification when combined. LQD charges 0.15%/yr vs 0.45%/yr for FBNDX.
Performance
LQD vs. FBNDX - Performance Comparison
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Returns By Period
In the year-to-date period, LQD achieves a 0.67% return, which is significantly higher than FBNDX's 0.06% return. Over the past 10 years, LQD has outperformed FBNDX with an annualized return of 2.56%, while FBNDX has yielded a comparatively lower 2.09% annualized return.
LQD
- 1D
- 0.21%
- 1M
- 0.56%
- YTD
- 0.67%
- 6M
- 0.36%
- 1Y
- 5.54%
- 3Y*
- 5.10%
- 5Y*
- -0.00%
- 10Y*
- 2.56%
FBNDX
- 1D
- -0.28%
- 1M
- 0.05%
- YTD
- 0.06%
- 6M
- 0.15%
- 1Y
- 4.25%
- 3Y*
- 3.98%
- 5Y*
- 0.04%
- 10Y*
- 2.09%
LQD vs. FBNDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 0.67% | 7.90% | 0.86% | 9.40% | -17.92% | -1.84% | 10.97% | 17.37% | -3.79% | 7.06% |
FBNDX Fidelity Investment Grade Bond Fund | 0.06% | 7.37% | 0.93% | 6.51% | -14.04% | -1.13% | 9.79% | 9.82% | -0.35% | 3.92% |
Correlation
The correlation between LQD and FBNDX is 0.85, 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 | 0.85 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.89 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.89 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Jul 29, 2002 | 0.76 |
The correlation between LQD and FBNDX shifts across timeframes, from 0.76 (all time) to 0.89 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
LQD vs. FBNDX — Risk / Return Rank
LQD
FBNDX
LQD vs. FBNDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) and Fidelity Investment Grade Bond Fund (FBNDX). 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.
| LQD | FBNDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.13 | ||
| Sortino ratioReturn per unit of downside risk | -0.24 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.21 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.66 | 1.61 | +0.06 |
| Martin ratioReturn relative to average drawdown | 4.76 | 4.79 | -0.03 |
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
| LQD | FBNDX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.05 | 1.18 | -0.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.00 | 0.01 | -0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.30 | 0.42 | -0.12 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | 0.53 | +0.01 |
Drawdowns
LQD vs. FBNDX - Drawdown Comparison
The maximum LQD drawdown since its inception was -24.95%, smaller than the maximum FBNDX drawdown of -42.76%. Use the drawdown chart below to compare losses from any high point for LQD and FBNDX.
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Drawdown Indicators
| LQD | FBNDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.95% | -42.76% | +17.81% |
Max Drawdown (1Y)Largest decline over 1 year | -3.34% | -3.02% | -0.32% |
Max Drawdown (3Y)Largest decline over 3 years | -8.43% | -6.09% | -2.34% |
Max Drawdown (5Y)Largest decline over 5 years | -24.95% | -18.74% | -6.21% |
Max Drawdown (10Y)Largest decline over 10 years | -24.95% | -18.74% | -6.21% |
Current DrawdownCurrent decline from peak | -3.51% | -1.89% | -1.62% |
Average DrawdownAverage peak-to-trough decline | -3.99% | -10.34% | +6.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | 1.01% | +0.16% |
Volatility
LQD vs. FBNDX - Volatility Comparison
iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) has a higher volatility of 1.62% compared to Fidelity Investment Grade Bond Fund (FBNDX) at 1.36%. This indicates that LQD's price experiences larger fluctuations and is considered to be riskier than FBNDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LQD | FBNDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.62% | 1.36% | +0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 3.90% | 2.91% | +0.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.36% | 4.12% | +1.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.64% | 6.03% | +2.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.68% | 5.02% | +3.66% |
LQD vs. FBNDX - Expense Ratio Comparison
LQD has a 0.15% expense ratio, which is lower than FBNDX's 0.45% expense ratio.
Dividends
LQD vs. FBNDX - Dividend Comparison
LQD's dividend yield for the trailing twelve months is around 4.56%, more than FBNDX's 3.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FBNDX Fidelity Investment Grade Bond Fund | 3.92% | 3.87% | 3.34% | 3.56% | 1.98% | 1.34% | 4.70% | 2.75% | 2.86% | 2.18% | 2.72% | 2.66% |
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 4.56% | 4.48% | 4.45% | 3.99% | 3.30% | 2.30% | 2.66% | 3.29% | 3.67% | 3.10% | 3.34% | 3.47% |
Frequently Asked Questions
LQD and FBNDX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LQD has higher volatility (1.62%) compared to FBNDX (1.36%). In terms of maximum drawdown, LQD dropped -24.95% vs FBNDX's -42.76%.
FBNDX currently has the higher Sharpe Ratio (1.18 vs 1.05), 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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