MBSD vs. FBND
MBSD (FlexShares Disciplined Duration MBS Index Fund) and FBND (Fidelity Total Bond ETF) are both exchange-traded funds - MBSD is a Mortgage Backed Securities fund tracking the ICE BofA Constrained Duration US Mortgage Backed Securities, while FBND is a Intermediate Core-Plus Bond fund actively managed by Fidelity. MBSD is passively managed, while FBND is actively managed. Over the past 10 years, MBSD returned 1.38%/yr vs 2.54%/yr for FBND. A 0.57 correlation means they provide meaningful diversification when combined. MBSD charges 0.20%/yr vs 0.36%/yr for FBND.
Performance
MBSD vs. FBND - Performance Comparison
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Returns By Period
In the year-to-date period, MBSD achieves a 0.60% return, which is significantly lower than FBND's 0.72% return. Over the past 10 years, MBSD has underperformed FBND with an annualized return of 1.38%, while FBND has yielded a comparatively higher 2.54% annualized return.
MBSD
- 1D
- 0.09%
- 1M
- 0.45%
- YTD
- 0.60%
- 6M
- 0.67%
- 1Y
- 4.57%
- 3Y*
- 4.26%
- 5Y*
- 0.72%
- 10Y*
- 1.38%
FBND
- 1D
- 0.11%
- 1M
- 0.69%
- YTD
- 0.72%
- 6M
- 0.80%
- 1Y
- 4.71%
- 3Y*
- 4.73%
- 5Y*
- 0.79%
- 10Y*
- 2.54%
MBSD vs. FBND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MBSD FlexShares Disciplined Duration MBS Index Fund | 0.60% | 7.12% | 2.30% | 4.46% | -9.49% | -1.40% | 5.43% | 6.05% | 0.32% | 0.86% |
FBND Fidelity Total Bond ETF | 0.72% | 7.57% | 2.13% | 6.81% | -12.54% | -0.43% | 9.41% | 9.82% | -0.57% | 3.52% |
Correlation
The correlation between MBSD and FBND 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 | 0.87 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.82 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since Oct 9, 2014 | 0.57 |
Over the past year, MBSD and FBND have become more correlated (0.85) than their long-term average of 0.57, meaning their price movements have been converging.
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Return for Risk
MBSD vs. FBND — Risk / Return Rank
MBSD
FBND
MBSD vs. FBND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FlexShares Disciplined Duration MBS Index Fund (MBSD) 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.
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.
| MBSD | FBND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.21 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.11 | 1.77 | +0.33 |
| Martin ratioReturn relative to average drawdown | 6.31 | 5.07 | +1.24 |
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Drawdowns
MBSD vs. FBND - Drawdown Comparison
The maximum MBSD drawdown since its inception was -14.36%, smaller than the maximum FBND drawdown of -17.25%. Use the drawdown chart below to compare losses from any high point for MBSD and FBND.
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Drawdown Indicators
| MBSD | FBND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.36% | -17.25% | +2.89% |
Max Drawdown (1Y)Largest decline over 1 year | -2.17% | -2.66% | +0.49% |
Max Drawdown (3Y)Largest decline over 3 years | -4.68% | -5.94% | +1.26% |
Max Drawdown (5Y)Largest decline over 5 years | -14.10% | -17.25% | +3.15% |
Max Drawdown (10Y)Largest decline over 10 years | -14.36% | -17.25% | +2.89% |
Current DrawdownCurrent decline from peak | -1.02% | -1.21% | +0.19% |
Average DrawdownAverage peak-to-trough decline | -2.81% | -3.34% | +0.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.72% | 0.93% | -0.21% |
Volatility
MBSD vs. FBND - Volatility Comparison
The current volatility for FlexShares Disciplined Duration MBS Index Fund (MBSD) is 0.97%, while Fidelity Total Bond ETF (FBND) has a volatility of 1.13%. This indicates that MBSD 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
| MBSD | FBND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.97% | 1.13% | -0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 2.51% | 2.84% | -0.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.49% | 3.83% | -0.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.16% | 5.93% | -0.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.27% | 6.10% | -1.83% |
MBSD vs. FBND - Expense Ratio Comparison
MBSD has a 0.20% expense ratio, which is lower than FBND's 0.36% expense ratio.
Dividends
MBSD vs. FBND - Dividend Comparison
MBSD's dividend yield for the trailing twelve months is around 4.19%, less than FBND's 4.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FBND Fidelity Total Bond ETF | 4.69% | 4.70% | 4.73% | 4.26% | 3.07% | 1.86% | 4.25% | 2.90% | 2.93% | 2.56% | 2.84% | 3.26% |
MBSD FlexShares Disciplined Duration MBS Index Fund | 4.19% | 4.23% | 3.91% | 3.39% | 3.03% | 2.41% | 2.78% | 3.42% | 3.22% | 3.30% | 3.02% | 3.46% |
Frequently Asked Questions
MBSD and FBND 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.
FBND has higher volatility (1.13%) compared to MBSD (0.97%). In terms of maximum drawdown, MBSD dropped -14.36% vs FBND's -17.25%.
On 10-year performance, FBND leads with 2.54% vs 1.38% for MBSD. On fees, MBSD is cheaper at 0.20% per year. On volatility, MBSD has been the lower-risk option at 0.97%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FBND has performed better with a 2.54% return vs 1.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MBSD is cheaper with a 0.20% expense ratio, compared with 0.36% for FBND.
FBND has the higher dividend yield at 4.69%, compared with 4.19% for MBSD.
MBSD is categorized as Mortgage Backed Securities, while FBND is Intermediate Core-Plus Bond. They also come from different issuers: Northern Trust and Fidelity. Their fees differ too: 0.20% for MBSD and 0.36% for FBND.
MBSD currently has the higher Sharpe Ratio (1.31 vs 1.24), 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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